'Fleecing The Common Man' and Living Like Kings...

[WhiskeyGirl]

"Sound Familiar? Cyprus’ President Calls On Country to ‘Share the Burden’"

'We don't have a spending problem, we have a 'paying' problem.'  Why isn't it called what it is?  A vote buying scam?  The elite living like kings and queens on the backs on the common man, woman, and child?

'We should use 'our' pension money to invest in urban housing (bad loans, cronyism, nepotism, and favoritism).' Why isn't it called what it is?  A vote buying scam?  Stealing from the common man, woman, and child?  The elite living like kings and queens on the backs on the common man, woman, and child?

NICOSIA, Cyprus (TheBlaze/AP) – Cyprus’s president called on the country to “share the burden” of solving its financial crisis Friday as banks opened for normal business for the second day, but with strict restrictions still in place on how much money their clients can access.

“The deal we agreed on, after the dramatic hours we all lived through last week, is without doubt painful,” President Nicos Anastasiades said during a speech at a civil servants union convention Friday.

 ::snipping2::

One bank, Laiki, is to be split up, with its nonperforming loans and toxic assets going into a “bad bank.” The healthy side will be absorbed into the Bank of Cyprus. Savers with more €100,000 in both Bank of Cyprus and Laiki will face big losses — possibly as much as 80 cents on the euro.

 ::snipping2::

“We are not going to leave, I stress, from the euro. …. We will not, I stress, endanger the future of our country with dangerous experimentation.”

read more here - http://www.theblaze.com/stories/2013/03/29/sound-familiar-cyprus-president-calls-on-country-to-share-the-burden/

Who made all the bad loans?  Was there cronyism?  Nepotism?  Crony capitalism?

Who's going to jail for all the financial bad business? 

from the comments -

GhostOfJefferson
Posted on March 29, 2013 at 10:00am

And this kids, is fascism in action. Real fascism, not the pretend kind that the Left pretends not to like.

It’s the socialization of risks, but the privatization of profit. The private entity is joined at the hip with the government, and the two work to essentially fleece the common man. A public-private venture if you will.

A free market would see the banks fail if ever they got to this point, which frankly in a free market they cannot since they’d have to have assets to begin with that justify their investments, and they couldn’t leverage what they don’t own. Simply put, this couldn’t happen without whole lots of government “support” of banks.

But hey, real fascism is what is desired, and by golly, they’re shoveling it at us like a steam loader on steroids.

Why aren't they letting the banks fail?  Letting the bankers lose everything?  Go to jail?

What's wrong with this picture?

[WhiskeyGirl]

Fleecing the common man...

Don't trust the banks!!!

Kyprou, 62, born in Larnaca, had worked most of his life as a chauffeur and driverin England, proudly buying his London council flat and scrimping to put aside money in Cyprus for when he returned for holidays and eventually to retire. "I'd put aside £50 here, £20 there, all my life," he said. Over decades, he had built up around €6,000 (£5,200) in a Larnaca account. "It was a state building society; I assumed it was safe."

But now, as depositors holding less than €100,000 are made to pay 6.75% and those with more than €100,000 9.9% as part of a €10bn (£8.7bn) bailout agreed in Brussels, Kyprou stands to lose €400 overnight. "That's a lot for someone like me," he said.

 ::snipping2::

In Larnaca, the third largest city on the tiny eastern Mediterranean island, the queues at cashpoints had shrunk by Sunday night but the mood was one of shock, anger and injustice. Only three weeks ago, Cyprus voted in elections where, for once, the island's defining issue of its 40-year-old division into the Greek-speaking south and the Turkish north was overtaken by more urgent worries. The country of 1.1 million people had been ravaged by its worst economic crisis since the 1970s, with unemployment at a record high of 15% and fears of meltdown in a bloated banking sector which was more than eight times the size of the nation's economy. The Conservative winner Nicos Anastasiades promised at least that savers' deposits were safe. This weekend he accepted bailout terms that turned that promise on its head.

Stelios Zinga, a truck driver in his late 50s, had joined the cashpoint queues. "People are panicking, they're afraid of losing their money, they don't feel they can trust banks anymore," he said. "The problem with this levy is that it is the cautious, working-class people who are being made to pay."

 ::snipping2::

One flabbergasted Larnaca bank employee, 28, was grabbing a coffee before returning to the rolling TV news he said the nation was glued to. He found the bank levy an "extraordinary" surprise. "Are we the guinea pigs? There's a feeling they are trying this out on us before they do it elsewhere. Let's see how the markets react."

Emphasis added.

I imagine to the global elite, anything earned, lost, saved, or taxes by these folks is chump change...the lives of the common man don't matter.  I'm sure the elite expect some collateral damage, but the lives of the common people don't matter...their money is but chump change...

read more here - http://www.businessinsider.com/reactions-to-cypress-bailout-2013-3

[WhiskeyGirl]

The fleecing explained -

In an effort to correct America's economic woes, some economists have suggested an end to the Federal Reserve Board.

Forbes, for example, published an article by Nathan Lewis on March 14 titled: “If Alan Greenspan Wants to ‘End the Fed,' Times Must be Changing.”

As the world's leading central bank, the Fed's demise would certainly signal a new monetary age.

The Fed is uniquely powerful and privileged. It possesses the monopoly of creating the world's Reserve Currency, the U.S. dollar, by which all major raw materials are priced. It is this control of the Reserve Currency and the setting effectively of international interest rates that makes the Fed the world's most powerful central bank. Unlike any U.S. corporation or individual, the Fed is subject neither to tax nor audit. Amazingly, it is owned privately and not by the U.S. government.

Since the Fed opened its doors in 1914, the dollar has been reduced in value by some 98 percent. Dollar debasement has effectively helped to impoverish all Americans, especially the working middle class who do not benefit from many government handouts.

Emphasis added.

Read more: http://triblive.com/business/brownebusiness/3685080-74/currency-fed-reserve#ixzz2OwLiOsa0

Obamanomics creating poverty and forcing working people into slavery...

just my humble opinions

[WhiskeyGirl]

"Why We Really Don’t Need The Federal Reserve?"

... ”Does any nation really need a ‘Fed’?”

The answer is, unequivocally, “no.” Especially if it’s modeled after the United States Federal Reserve.

The individual depositors who were the protected class when the Fed was originally formed are little more than cannon fodder today. Instead, the banks the Fed supports have become the protected few.

To be honest, I didn’t always think this way. For much of my career, I took the Fed for granted, believing like millions of Americans that it was acting in our country’s best interest.

Then I sat down with legendary investor Jim Rogers in Singapore a few years back at the onset of the current financial crisis. During our discussion, he pointed out several things that really made me think about the Fed and its role in not only creating this crisis, but making it worse.

 ::snipping2::

Every 1913 dollar is now worth $0.04 cents. Goods and services that cost a buck back then now will set you back $21. Where’s the stability in that?

 ::snipping2::

That’s your Federal Reserve at work. It’s robbing America by gradually sucking the life out of the financial system. Over time, it will cause the system to collapse — just ask anybody in the former Soviet Union. They had a “Fed,” and no Soviet bank ever failed per se. However, the state eventually took so much wealth from the people that the entire system broke.

 ::snipping2::

In today’s environment, credit is diffused globally far beyond the Fed’s reach. What’s more, there’s too much of it and the banking system is now so big that the risks it holds dwarf the Fed’s liquidity capacity. For example, there are an estimated $600 trillion to $1.5 quadrillion in derivatives products worldwide at the moment. Global gross world product is approximately $79 trillion by comparison.

 ::snipping2::

No. We do not need a Fed because dissolving it would:

    Force any government that has one to live within its means;

    Restore the appropriate level of risk to the global financial community; and,

    Nullify the risks involuntarily forced upon the public in the name of political priorities.

  Emphasis added.

read more here - http://etfdailynews.com/2013/03/28/why-we-really-dont-need-the-federal-reserve/

The elite continue living like kings and queens and fleecing the common people...

just my humble opinions