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Is Anyone Else Concerned About Cyprus?

  • Thread starter Thread starter pinegrovedave
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Is Anyone Else Concerned About Cyprus?

pinegrovedave 33 Replies 2,098 Views
Page 2 of 2 · Replies 21–34 of 34
#21
I've been in the financial markets for almost 15 years now. One thing i learned is to keep YOUR debt as close to zero as possible(including RE), Save $$$(not in a bank), and to not leverage anything. You have to prepare yourself for the next crash. Crash's are where the transfer of wealth occurs. be on the right side next time. I will.
 
#22
pinegrovedave said:
The banks are due to open tomorrow. They've been closed since the 15th and nobody has been able to get to their money. Food shortages are looming while those with cash are buying up the foodstuffs in the markets. Supermarkets are not accepting credit cards, but are demanding cash...which of course means that many Cypriots cannot purchase food.

Meanwhile, while the banks are closed, the gov't and the EU are talking about levying some pretty hefty taxes on the deposits. What that means is that the citizens will be coughing up a large portion of the bailouts so that the mismanaged bank(s) can remain solvent.

I also read somewhere that Spain is "eyeing" this model as a viable option for their problems as well. There was a big fear that once they open, there will be a run on the banks, but capital controls imposed means that people can't take their money and move it out of the country and they'll have limited access to their funds.

This could get ugly...very fast.
Click to expand...
PGD/// what about Syria, North Korea, Egypt, Palestine, Iran..:jimlad:
did you hear the S&P hit an all time high today? even with the "Euro" crisis.
i think it's alot of noise, like fishwhistle said we lost more in the downturn. and the plan has not been implemented yet, maybe if the cypriots took to the streets and kicked some gov't ass, they'd back off...
anyway diversity is the key, if one institution fails, have something in the other/ aka bonds, stocks, commodities, real estate, hookers.....
 
#23
Just heard deposit confiscation was proposed and discussed at the last g-20 meeting. Jim Rogers and Marc Faber are saying pull your money now! Jim Sinclair says the same thing, and urges buying gold w the funds.
 
#24
I like both those guys mendel. Both are highly intelligent. Always play safe...it's not about wealth generation as it is wealth preservation..word to the wise. everyone else, i'll be ready to transfer your wealth my way next round :)
 
#25
mendel said:
Just heard deposit confiscation was proposed and discussed at the last g-20 meeting. Jim Rogers and Marc Faber are saying pull your money now! Jim Sinclair says the same thing, and urges buying gold w the funds.
Click to expand...

If you believe this fear is warranted I have to side with the person earlier in the thread who suggests you buy weapons, ammo, re-loading equipment and supplies, and non-perishable food.

Gold will not save you if the shit really hits the fan.
 
#28
Big problem coming is the Treasury Bonds that will default.4 trillion worth! Get ready for the Governments to collapse !
 
#29
The Canadian Government Offers "Bail-In" Regime, Prepares For The Confiscation Of Bank Deposits To Bail Out Banks
 
#31
Folks really shouldn't be surprised. History repeats itself. And there's a reason for that.
 
#33
A good question to ask your banking institution: Am I a Depositor with the protection rights of a Depositor or am I known as an Investor and or Unsecured creditor? Get it in writing and notarized. If you are known as an investor or unsecured creditor 90% of your rights as a Depositor have been removed.
http://www.fdic.gov/about/srac/2012/gsifi.pdf
 
#34
I've been receiving a few interesting emails from USAA regarding banking issues around the globe. I feel fairly solid with them, but they can only do so much. My horde of gold needs protection faeries.
 
Page 2 of 2 · Replies 21–34 of 34
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