In the meantime, re Cyprus
On Mar 18, 2013, at 8:33 AM, J wrote:
today is a beautiful foggy morning in wonderful hong kong
let us not add fuel to already smoldering pile
let us throw in some dynamite
re gold, i am guessing you meant gold gold, as in the lovely precious physical, that which is shiny, solid, weighty, massive, eternal, and true
as opposed to other derivatives passing as gold, that which be paper or even less, electronic blips
whether by fiat money hyper inflation, or
by depressing credit diaper deflation, or
austerity this, fiscal ceiling that, or hunt down and chase back 10-years something else
the gigantica tally in the trillion sums universal shall be balanced, mathematically speaking
from a argentina to a z zimbabwe
everywhere
oh, but let us not be concerned, because inflation is tame, since team usa is producing more energy than saudi arabia, and ...
well, print ever more and for far longer
and under the dire circumstances, capitalists would be making some serious long term investments and the jobs picture should turn robust
then, perhaps not
in any case, recommendation: ...
neh, later, must get back to diligence
for tomorrow must break from passion so as to attend the gold-specific day of money & mining
i want to but do not understand what it is about gold that people do not like
am willing to find out
amen
From: G
Sent: Monday, March 18, 2013 8:18 AM
Subject: Re: Comments - Week of March 11
If ever there was a signal to all europeans to go buy some gold. this is it.
The finance ministers have shown one of their cards
(Albeit if I was german I am happy that finally my representative was getting some balls )
But 6-10% confiscated to solve a banking crisis.
We not far to get to 10% confiscated to pay down national debt in a one time tax.
of course what the real twist is they could next try to confiscate/ tax Cypriots that have money outside Cyprus, in london or athens or geneva. And demand that the uk hand over the lists of cyrpiots
Best regards
G
----- Original Message -----
From: I
Sent: Mon Mar 18 08:14:04 2013
Subject: Re: Comments - Week of March 11
Deposit insurance is evil as it's abused by the weakest banks. In the days before being taken over by the FDIC Washington Mutual was offering 5% 1 year CD rates which was much higher than what other banks offered.
According to this <http://www.calculatedriskblog.com/2013/03/cyprus-update.html> :
As a few people have noted, Cyprus banks have been paying very high interest rates on deposits. I found a 5 year jumbo CD yielding 11% per year.
On 3/17/2013 4:45 PM, G wrote:
A few observations
1. I am sure hsbc is super happy to have sold their shareholding of laiki bank (cyprus popular bank)
2. Cyprus banks are suffering because of their greek mainland exposure.
This will make a lot of cypriots angry.
Once again greeks failed to come to their aid.
3. What a different world Cyprus might look like if they had merged north and south of the island. And were instead connected to the fast growing turkish economy (of course it would also means that the greeks would have been over run by turks from asia minor )
4. I will lose 100 dollars in this process , from accounts sitting idle at the laiki bank (that go back 15 yrs , to when we had our shipping fleet register in cyrpus - because cyrpus had a great tax treaty network ).
5. Deposit insurance. Is it relevant in any place that can not print money. Ie can only cover if one is solvent themselves or can print fiat money.
6. Natural gas. Same fields shared with israelis. Enough said.
Best regards
G
----- Original Message -----
From: B
Sent: Mon Mar 18 01:37:08 2013
Subject: Re: Comments - Week of March 11
ekathimerini.com
The word from high places -- (so this is not just a mistake of some rogue negotiators):
Like it or not, a precedent is created.
Naturally, the depositors are responsible:
Merkel: Cypriot depositors must share responsibility
<http://photo.ekathimerini.com/kath/engs/img/NEWS/2012/08/merkelchair.jpg> <http://photo.ekathimerini.com/kath/engs/img/NEWS/2012/08/merkelchair.jpg> <http://wwk.kathimerini.gr/kathnews/images/dot_clear.gif> <http://wwk.kathimerini.gr/kathnews/images/dot_clear.gif>
German Chancellor Angela Merkel stated that all depositors in Cypriot banks should share the responsibility of bailing out the state.
Addressing an election rally on Saturday night, Merkel said that “anyone having their money in Cypriot banks must contribute in the Cypriot bailout. That way those responsible will contribute in it, not only the taxpayers of other countries, and that is what’s right.”
Her finance minister, Wolfgang Schaeuble announced he will ask the Bundestag for a preliminary approval of the Eurogroup decision for lending 10 billion euros to Nicosia. That approval should come as early as possible, said Schaeuble.
Deutsche Welle reported on Sunday that even the painful package of bank account haircut and tax hikes on interest and corporate earnings may not be enough to convince German deputies to back the bailout.
Cyprus President Nicos Anastasiades operates on a super-tight timetable in his effort to convince the island’s Parliament and the people of the necessity of the bailout measures imposed by the Eurogroup.
After 8 p.m. on Sunday he will deliver his keynote televised address to the people, having shaken off European Central Bank pressure for the bill to be passed on Sunday.
On Monday at 11 a.m. Anastasiades will inform deputies behind closed doors in Parliament, ahead of the plenary session at 4 p.m. for the debate and voting on the bill.
A major rally is being prepared for Monday afternoon outside Parliament during the debate of the bill, with AKEL general secretary Andros Kyprianou saying that people are ready to protest and will not need any party motivation.
Meanwhile a top governing party official confirmed the idea of offering depositors some of the takings from hydrocarbon sales.
“It is possible that future revenues from natural gas will be interconnected the losses of depositors who will have their bank account taxed,” said alternate president of ruling Democratic Rally, Averof Neofytou.
On Sun, Mar 17, 2013 at 6:22 AM, Harry wrote:
This fits perfectly to my personal impressions when I visited Egypt in January. Almost everywhere, you saw that the country was running out of foreign reserves. I wrote to a friend
Currently, I am in Sharm el Sheikh, Egypt to escape the grim German winter, enjoy the sun, and play golf. Very, very bizarre! One week for EUR 577 in a first class hotel (including 4-hour flight, hotel room size approx 70 sqm) was an offer I could not resist. However, the country is totally fucked up. The quite exclusive golf club is little frequented. The adjacent conference center is totally empty, pictures on the wall remind of better times (Clinton, Kohl, and other leaders). The fairway villas beside the golf course are already abandoned, doors standing open, smashed windows, a (still very nice) golf course in a very bizarre civil war scenery. The botanical garden and the so called “Peace Park and Museum” have already fallen to ruins.
________________________________
From: M
Sent: Friday, March 15, 2013 3:17 AM
Subject: Re: Comments - Week of March 11
Egypt about to implode?
If so, implications for the market?
M
blogs.the-american-interest.com
Egypt’s death spiral is now scaring off even its closest friends. Last year, Qatar give an Egypt in crisis $5 billion in aid money. But Qatar won’t help Egypt anymore, according to the FT <http://www.ft.com/intl/cms/s/0/464a9350-8a6d-11e2-bf79-00144feabdc0.html#axzz2NIfXEFmn> <http://www.ft.com/intl/cms/s/0/464a9350-8a6d-11e2-bf79-00144feabdc0.html#axzz2NIfXEFmn> .
A $4.8 billion grant from the IMF could stanch the bleeding, but it requires Egypt to accept austerity measures. Austerity remains deeply unpopular with most Egyptians, and politicians are reluctant to risk losing support among constituents.
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