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Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?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