How Cyprus Exposed The Fundamental Flaw Of Fractional Reserve Banking

- How Cyprus Exposed The Fundamental Flaw Of Fractional Reserve Banking (ZeroHedge, March 31, 2013): In the past week much has been written about the emerging distinction between the Cypriot Euro and the currency of the Eurozone proper, even though the two are (or were) identical. The argument goes that all €’s are equal, but [...] continue reading world news

Who’s Next? Italy’s Monte Dei Paschi Admits To ‘The Withdrawal Of A Few Billion Euros In Deposits’

- Who’s Next? Italy’s Monte Paschi Admits To Billions In Deposit Outflows (ZeroHedge, March 30, 2013): It appears, given news from Italy today, that European depositors are increasingly coming to the realization that deposits in their local bank are not ‘safe’ places to put their spare cash, but are in fact loans to extremely leveraged [...] continue reading world news

AND NOW: ECB Backs Jeroen Dijsselbloem’s Liquidation Policy ‘Template’

You can’t make this stuff up! - ECB Backs Dijsselbloem’s Liquidation Policy “Template” (ZeroHedge, March 29, 2013): It appears the European Central Bank is having trouble keeping its lies straight. When Jeroen Dijsselbloem (“Diesel-BOOM”, “D-Boom”, or just “Diesel”) made his now infamous “template” comment last week, reality was shattered for many trend-following, momentum-monkey, hope-and-dreamers that [...] continue reading world news

So Who Knew? In February Cyprus Deposit Outflows Soared To A Three Year High

- So Who Knew? In February Cyprus Deposit Outflows Soared To A Three Year High (ZeroHedge, March 28, 2013): The decision to crush Cypriot depositors (first all of them, then just the uninsured ones) came in March, without any prior hints of the carnage that was about to be unleashed upon Cypriot bank unsecured liabilities. [...] continue reading world news

Cyprus Capital Control Details Revealed

- Cyprus Capital Control Details Revealed (ZeroHedge, March 27, 2013): As of now, the banks are still expected to open tomorrow; some of the details of the capital controls to be put in place have been leaked (via Phileleftheros): *CYPRUS CONTROLS APPLY TO ALL ACCOUNTS, CURRENCIES *CYPRUS BANK CONTROLS INCLUDE CURBS ON CASHING CHECKS *CYPRUS [...] continue reading world news

Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus? … YES!!!

As I’ve said here: - Cyprus ‘Bank Holiday’ Gets Another Extension, Bank Reopening Now Set For Thursday: “First Cyprus has to make sure Putin’s ‘KGB Money’ has left the country, so that only the sheeple get screwed and not the Russian bear …” The following article is a must-read! - Have The Russians Already Quietly [...] continue reading world news

‘Wealth Tax’ Contagion Is Rapidly Spreading: Switzerland, Cyprus And Now ….

- The “Wealth Tax” Contagion Is Rapidly Spreading: Switzerland, Cyprus And Now …. (ZeroHedge, March 25, 2013): It was only yesterday that we wrote about comparable problems to those which Russian depositors may (or may not be?) suffering in Cyprus right, this time impacting wealthy Americans and their Swiss bank accounts, where as a result [...] continue reading world news

The Russians Are Outtahere: ‘The Cypriots Killed Their Country In One Day’

- The Russians Are Outtahere: “The Cypriots Killed Their Country In One Day” (ZeroHedge, March 25, 2013): It appears the Cypriots (or more clearly the European leaders) do not appreciate the extent to which Russia has propped up the local economy. “When the Russians leave who is going to stay at the Four Seasons for [...] continue reading world news

Why Cyprus Matters (And The ECB Knows It)

- Why Cyprus Matters (And The ECB Knows It) (ZeroHedge, March 23, 2013): WHEN THE RED QUEEN IS AFTER YOUR HEAD When Zig turns to Zag and the Red Queen is after your head then extraordinary care is necessitated. To quote Holmes, “The game is afoot” on the Continent. I have been asked, with some [...] continue reading world news

Bilderberg Angela Merkel Is Furious: ‘Cyprus’ Decision To Test Europe Is Unacceptable’

- Furious Merkel: “Cyprus’ Decision To Test Europe Is Unacceptable” (ZeroHedge, March 22, 2013): Europe’s paymaster – that would be Germany for those who have not paid attention to events over the past four years – is not used to being snubbed. It certainly is not used to being snubbed by what every empty chatterbox [...] continue reading world news

Cyprus Banks To Reopen Next Tuesday At Earliest As CAPITAL CONTROLS Become Reality

- Cyprus Banks To Reopen Next Tuesday At Earliest As Capital Controls Become Reality (ZeroHedge, March 20, 2013): We can only hope that nobody will be shocked that the greatly overhyped Friday Cyprus bank reopen has been postponed. CYPRUS BANKS EXPECTED TO REMAIN CLOSED THROUGH END OF WEEK:CYBC And since March 25, Monday, is another [...] continue reading world news

Is The Euro A Currency Or A Prison? (Wall Street Journal)

- Euro: Currency Or Prison? (ZeroHedge, March 20, 2013): The following Wall Street Journal article deserves to be read in its entirety… Authored by Vincent Cignarella, originally posted at WSJ Market Beat, Is The Euro a Currency or a Prison? Wearing the disguise of austerity, the euro has emerged as the gatekeeper of what is [...] continue reading world news

Cyprus Parliament Rejects European ‘Bailout’ Proposal: Calls Germany’s Bluff

- Cyprus Parliament Rejects European Bailout Proposal: Calls Germany’s Bluff (ZeroHedge, March 19, 2013): Just as we predicted yesterday, the Cyprus bailout vote has not passed parliament in a move that was merely there to force Germany’s bluff. CYPRUS BANK LEVY BILL DEFEATED WITH 36 VOTES AGAINST CYPRUS BANK LEVY BILL DEFEATED WITH 19 ABSTENTIONS [...] continue reading world news

Eurogroup Folds: Tells Cyprus To ‘Safeguard’ Depositors Under €100,000 Euros; Angry Russians To Get Even Angrier

- Eurogroup Folds: Tells Cyprus To “Safeguard” Depositors Under €100,000 Euros; Angry Russians To Get Even Angrier (ZeroHedge, March 18, 2013): Reuters headlines crossing the closing tape, supposedly out of a (very credible) Greek source, according to whom the Eurogroup will give Cyprus more flexibility on bank levy, and that Cyprus should safeguard depositors under [...] continue reading world news

Cyprus Government Raids Private Checking And Savings Accounts As Citizens Panic … Now It’s Clear Why DHS Needs 1.6 Billion Bullets And Armored Assault Vehicles

- Cyprus government raids private checking and savings accounts as citizens panic (Natural News, March 17, 2013): The day is coming when the U.S. government will claim it “owns” a portion of all our bank accounts, and it will electronically drain our accounts of money in a grand theft scheme designed to pay off the [...] continue reading world news

17 Signs That A Full-Blown Economic Depression Is Raging In Southern Europe

- 17 Signs That A Full-Blown Economic Depression Is Raging In Southern Europe – Is The U.S. Next? (Economic Collapse, March 14, 2013): When you get into too much debt, eventually really bad things start to happen.  This is a very painful lesson that southern Europe is learning right now, and it is a lesson [...] continue reading world news

1936 Redux: It’s Really Never Different This Time!

- 1936 Redux – It’s Really Never Different This Time (ZeroHedge, March 14, 2013): While chart analogs provide optically pleasing (and often far too shockingly correct) indications of the human herd tendencies towards fear and greed, a glance through the headlines and reporting of prior periods can provide just as much of a concerning ‘analog’ [...] continue reading world news

UK Bankruptcy Tzar On Verge Of Bankruptcy

- UK Bankruptcy Tzar On Verge Of Bankruptcy (ZeroHedge, March 13, 2013): Despite around $135 million in bailouts, the UK government’s Insolvency Service disputes its own insolvency. The FT reports that one British MP summed it up – “it is fair to say that if this was a company it would be in deep trouble.” [...] continue reading world news

Hedge Fund Manager Kyle Bass Warns “The ‘AIG’ Of The World Is Back”

- Kyle Bass Warns “The ‘AIG’ Of The World Is Back” (ZeroHedge, March 12, 2013): Kyle Bass, addressing Chicago Booth’s Initiative on Global Markets last week, clarified his thesis on Japan in great detail, but it was the Q&A that has roused great concern. “The AIG of the world is back – I have 27 [...] continue reading world news

Mark-To-Market Manipulation Hides $90 BILLION Losses For UK Banks

- Mark-To-Market Manipulation Hides $90 Billion Losses For UK Banks (ZeroHedge, March 12, 2013): Some have attributed the resurrection of the financial markets (or more appropriately the banks) from the March 2009 lows to the IASB/FASB changes to factual to fantasy accounting. The Telegraph reports today that from PIRC’s and the Bank of England’s Financial [...] continue reading world news

Foodstamp Recipients Hit Record High, Alongside Record Dow Jones And Record Debt: 20% Of Eligible Americans On EBT

- Foodstamp Recipients Hit Record, Alongside Record Dow Jones And Record Debt: 20% Of Eligible Americans On EBT (ZeroHedge, March 11, 2013): Record Dow Jones, record US debt ($16,701,846,937,879.74), and now, once more, record number of Americans on foodstamps. According to the USDA, an all time high of 47,791,966 Americans closed 2012 in possession of [...] continue reading world news

Jim Rogers: ‘We’re Wiping Out The Savings Class Globally, To Terrible Consequence’ (Video)

FYI. - Jim Rogers: We’re Wiping Out The Savings Class Globally, To Terrible Consequence (Peak Prosperity, March 9, 2013): Jim Rogers decries the growing uncertainty and recklessness of global central planners as the world enters unchartered financial markets: For the first time in recorded history, we have nearly every central bank printing money and trying [...] continue reading world news

Federal Reserve Injects Record $100 Billion Cash Into Foreign Banks Operating In The US In Past Week

- Fed Injects Record $100 Billion Cash Into Foreign Banks Operating In The US In Past Week (ZeroHedge, March 9, 2013): Those who have been following our exclusive series of the Fed’s direct bailout of European banks (here, here, here and here), and, indirectly of Europe, will not be surprised at all to learn that [...] continue reading world news

Humor: Greek ‘Inflation’

- Humor: Greek ‘Inflation’ (ZeroHedge, March 8, 2013): According to the Hellenic Statistical Authority (ELSTAT), Greek inflation eased in January to +0.1% – its lowest in 45 years. However, as ekathimerini notes, the prices for certain goods (like food, energy, phones, medicine) rose just a little more than that, leaving us with a simple question: [...] continue reading world news

‘When You Get This Kind Of Rigging, It Will End Very Badly’

- Druckenmiller: “When You Get This Kind Of Rigging, It Will End Badly” (ZeroHedge, March 5, 2013): When even Home Depot’s Ken Langone is questioning the reality of this rally (CEO of one of the best performing stocks since the Dow last traded here), you have to be a little concerned. However, it is Duquesne’s [...] continue reading world news

New York’s Homelessness Worst Since The Great Depression

- New York’s Homelessness Worst Since The Great Depression (ZeroHedge, March 5, 2013): State and local governments nationwide have struggled to accommodate a homeless population that has changed in recent years – now including large numbers of families with young children. As the WSJ reports, more than 21,000 children – an unprecedented 1% of the [...] continue reading world news

The Last Time The Dow Jones Was Here … What Could Possibly Go Wrong?

- The Last Time The Dow Was Here… (ZeroHedge, March 5, 2013): “Mission Accomplished” - With CNBC now lost for countdown-able targets (though 20,000 is so close), we leave it to none other than Jim Cramer to sum up where we stand (oh and the following list of remarkable then-and-now macro, micro, and market variables):  [...] continue reading world news

Did JPMorgan’s CIO Intentionally And Maliciously Start The Margin Call Avalanche That Crushed Lehman?

See also: - Why Is JPMorgan’s Gold Vault, The Largest In The World, Located Next To The New York Fed? - Did JPM’s CIO Intentionally And Maliciously Start The Margin Call Avalanche That Crushed Lehman? (ZeroHedge, March 3, 2013): It is conventional wisdom that in the days leading to Lehman’s bankruptcy filing on the night [...] continue reading world news

The Next Wave Of The Economic Collapse Is Almost Here

- 12 Things That Just Happened That Show The Next Wave Of The Economic Collapse Is Almost Here (Economic Collapse, March 3, 2013): Are we running out of time?  For the last several years, we have been living in a false bubble of hope that has been fueled by massive amounts of debt and bailout [...] continue reading world news

Why Is JPMorgan’s Gold Vault, The Largest In The World, Located Next To The New York Fed?

- Why Is JPMorgan’s Gold Vault, The Largest In The World, Located Next To The New York Fed? (ZeroHedge, March 2, 2013): When two weeks ago we exposed the heretofore secret location of JPM’s London gold vault (located under the firm’s massive L-shaped office complex at 60 Victoria Embankment) we thought: what about New York? [...] continue reading world news

16 Signs That The Middle Class Is Running Out Of Money

- Consumer Spending Drought: 16 Signs That The Middle Class Is Running Out Of Money (Economic Collapse, Feb 28, 2013): Is “discretionary income” rapidly becoming a thing of the past for most American families?  Right now, there are a lot of signs that we are on the verge of a nightmarish consumer spending drought.  Incomes [...] continue reading world news

Trust Me, This Time Is Different …

- Trust me, this time is different… (Sovereign Man, Feb 26, 2013): By 1789, a lot of French people were starving. Their economy had long since deteriorated into a weak, pitiful shell. Decades of unsustainable spending had left the French treasury depleted. The currency was being rapidly debased. Food was scarce, and expensive. Perhaps most [...] continue reading world news