Cyprus Banks to limit cash withdrawls and credit card charges when they open

[M0ose22 0]

http://www.nytimes.com/2013/03/28/business/global/tensions-escalate-in-cyprus-as-banks-prepare-to-reopen.html?pagewanted=all&_r=0

 

 

"The measures, which are supposed to be in effect for only a week but could be extended, will bar electronic transfers of funds from Cyprus to other countries. And individuals will not be allowed to take more than 3,000 euros cash outside the country, well below the current restriction of 10,000 euros, or $13,000. Credit and debit card charges will be capped at 5,000 euros per person per month. And checks cannot be cashed, although they can be deposited. Under European Union treaties, restricting the free movement of capital is forbidden. Critics say that what is happening in Cyprus shows that E.U. rules will be flouted when the International Monetary Fund, the European Central Bank and E.U. leaders find it convenient to do so."

[njJoniGuy 2,131]

Coming to a debtor nation near you!

(We're all fooked, I'm afraid)

[RubberBullets 65]

Im beginning to like having some cash stuffed under my mattress.... Seriously.. other than a checking account is it worth keeping money in banks for the paltry interest rates they give now?

[ryan_j 0]

I already have offshore bank accounts in the caribbean. Let them come try and take it.

[JrzyGuy30 0]

Im beginning to like having some cash stuffed under my mattress.... Seriously.. other than a checking account is it worth keeping money in banks for the paltry interest rates they give now?

 

Problem will be that the US dollar will be worthless if they call on our debts in the EU and we don't pay them or borrow more from china to pay. Gold and bullets will be the items of value if hyper inflation were to hit!

[Combat Auto 174]

This is very ominous...These precedents sometimes do get duplicated (hey, look at how the antis tri to out do each other)...We are doing this (tax on wealth) in our country in another way - by printing cash. So everyone of our dollars are incrimently devalued...What amazes me most is how the liberal/socialist/collective movement has gained "mo" in the USA - when we can see into the future outcome of this movement in Europe....Also amazing is how Ann Rand was extremely spot on in her book "Atlas Shrugged" ca 1950? her future view is our present existence where collectivism has taken down economies all over the world...Read the cliff notes (like me) to save time.

[RubberBullets 65]

Problem will be that the US dollar will be worthless if they call on our debts in the EU and we don't pay them or borrow more from china to pay. Gold and bullets will be the items of value if hyper inflation were to hit!

 

Yes but gold and bullets are both hyper inflated themselves at this point in time... So if one was looking to trade currency for those two commodities at the moment, you'd be on the losing end. (Spoiler: The USD will not collapse in the coming months)

[mattio41 0]

Just saying.....

 

Cyprus has strict gun control. Private citizens are completely forbidden from owning handguns and rifles in any calber, even .22 rimfire. Only shotguns are allowed, and these require a license. Shotguns are limited to two rounds. The only shotguns typically sold in stores are double-barreled side-by-sides or over-unders. Pump actions and semiautomatics are prohibited. A private citizen can own a total of ten different shotguns. A citizen is not required to specify a reason for ownership to obtain a license, but most own their guns for hunting. Licenses are issued by provincial police. A gun license is required to buy ammunition, and ammunition sales are recorded. A shotgun owner may purchase up to 250 shells at one time. Cyprus also controls airguns, and airgun owners require a license.

 

http://en.wikipedia.org/wiki/Gun_politics#Cyprus

 

[Howard 538]

Well with Uncle Ben printing $85 billion a month we really have the same wealth tax taking place here. The only place to put money is in the stock market, which is what Uncle Ben is trying to get you to do. That is why the market is up so much. Then you have the government telling us all there is no inflation. Have you tried to buy food, fuel or ammo? Yea right, there is no inflation

 

The really scary part is what is happening to kids entering the work force today. Unless they are very lucky and went to top schools they are getting jobs that pay much much less in real terms than what I made when I was their age. Further, they are not getting but a tiny amount in raises and have to pay for benefits and fund their own retirement. Their standard of living will be much lower than what was the case for those of us that entered the work force 20 to 30 years ago.

[gunguy1960 2]

Robin hood mentality, caused by the deadliest of the ten deadly sins, envy. Words like fairness and equality are used to justify theft from others, imagine your bank closing while they decide just how much will be stolen from you.

[Maksim 1,504]

No different than any other bank failure in the united states.

 

Indymac for instance. People over 100k FDIC limit lost money. Under it no problem.

 

You just have to know it is possible.

[Howard 538]

No different than any other bank failure in the united states.

 

Indymac for instance. People over 100k FDIC limit lost money. Under it no problem.

 

You just have to know it is possible.

 

Most bank failures in the US result in no loss to depositors no matter how much money they have in the bank. The reason is the FDIC usually comes in on a Friday afternoon and closes them under a pre-arranged take-off by another company that honors all deposits.

[Rob0115 1,105]

There really is no safe place for money anymore.

[1LtCAP 4,263]

Im beginning to like having some cash stuffed under my mattress.... Seriously.. other than a checking account is it worth keeping money in banks for the paltry interest rates they give now?

 

in my opinion, no it is not. all i keep in the bank is operating expenses. nothing more.

 

that being said.....i don't have much to worry abuot, as i spend like a loon.......

[maintenanceguy 510]

Get Ready - coming to a country near you.

 

Unlike the rest of the country, I'm sure most here already understand this but right now the Fed is propping things up by printing money to buy stocks, bonds, and mortgages from banks as fast as they can. this inflates the value of all investments by making investment's scarce and creating the new bubble we're seeing in the stock market.

 

This is the last game the Fed has to play and they're having to do it faster and faster to keep it working. The problem is that eventually it won't work and the abundance of new money in the market will cause the value of that money to plummet. I expect it to happen soon. We are already solving the debt problem - we're inflating our way out. For me, chart 2 below is scarier than chart 1.

 

 

[Maksim 1,504]

Most bank failures in the US result in no loss to depositors no matter how much money they have in the bank. The reason is the FDIC usually comes in on a Friday afternoon and closes them under a pre-arranged take-off by another company that honors all deposits.

 

Depending on their size.

 

Indymac bank depositors lost money over $100k... I was there dealing with it. (through UBS where I worked at the time).

 

The issue with failure is less people losing money, and more with Credit Default Swaps.

 

A takeover of a bank.... no CDS triggered.

Failure = Triggered.

 

That is why the fed started coming in to bail folks out.

 

if a "Bank" started offering 30% interest rates right now, people should be very cautious.... when everything else is lower. People should not be protected from stupidity.

Why should the taxpayers bail out stupidity?

 

Personally, I am all for the model being taken in Cyprus. Insured deposits of 100k Euro protected, anything above that, people take haircut, all the way from depositors to bond holders. It is a risk you take.

 

The money that was in those banks was either dirty money or stupid money. I don't believe people should be on the hook to bail them out.

[71ragtopgoat 23]

Problem will be that the US dollar will be worthless if they call on our debts in the EU and we don't pay them or borrow more from china to pay. Gold and bullets will be the items of value if hyper inflation were to hit!

+1

When those EBT cards the invading masses have stop working you wont even trade ammo for gold.

Its another reason why I think the feds are pushing like crazy for gun registration(background checks)

They will come knocking on your door looking for both your gold and guns.

[1LtCAP 4,263]

no....cash will always have value somewhere. as long as you're willing to accept that green worthless cloth in exchange for a product or service, and you can find someone else that will, it will have value. remember.....WE are the economy, not wallstreet, not the banks, not that evil dark cloud......but US.