There is a run on banks consequest to the Cyprus Government taking money out of bank Savings Account of people.
This created panic and there has been a run on the banks with people running to ATMs to withdraw money.
Banking is built on Trust.
If the Government, because of its financial imbroglio breaches it the Economic system will collapse along with the Society!
“As of right now, citizens of Cyprus are scrambling to withdraw funds from their bank accounts after the EU, with agreement from the Cypriot government, announced they will decimate funds held in personal bank accounts to the tune of up to 10% of existing deposits.
The European Union has made the determination that the people of Cyprus are now responsible for the hundreds of billions of dollars in bad bets made by their government and bank financiers, and they are moving to confiscate money directly from the bank accounts of every citizen in the country.
Restrictions have been imposed to stop people emptying their accounts or moving their money out the country after the Cypriot government announced that up to ten per cent of deposits will be seized and used to bailout the island’s crisis-hit banking system.
The deal with other eurozone finance ministers is the first time that ordinary citizens’ deposits have been directly raided in this way.
…
One furious expat said: ‘This is plain theft. I’d love to hear someone explain to me why it isn’t.’
…
Under the deal, all bank deposits over €100,000 will be hit with a levy of 9.9 per cent. Those with smaller savings will pay 6.75 per cent.
…
The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.
Cyprus’ President Nicos Anastasiades tried to calm his nation on Sunday, and convince lawmakers to vote for the bailout plan, which includes the deposit tax.
“A disorderly bankruptcy would have forced us to leave the euro and forced a devaluation,” he said in a speech.
The move is being closely watched by policy makers because of the potential to destabilize financial markets in Europe. The worry is that depositors in other financially weak, or bailed out, nations might fear similar bailout provisions in the future from the EU.
“The question is whether this becomes a full-blown crisis or a mini-crisis,” said Steven Englander, global head of foreign exchange strategy at Citi. “Depositors and investors elsewhere could easily see this as another in a string of ‘one-offs’ and react badly.”
In the last two posts I blogged on ‘Who runs the World Economy, Gold Price Fixed by Banks caught for frauds”.
The purpose of the first article was to point out the facts that the World is run not by Governments but by a Cabal that has vast sums of money at its disposal ans with this it dictates, influences and guides the World Economy.
To what end?
The ostensible purpose is to protect Civil Rights, Democracy and prevention of another World War and catastrophes like the Holocaust.
The facts:
World Control.
1.The ultra-wealthy have enough money sitting in offshore banks to buy all of the goods and services produced in the United States during the course of an entire year and still be able to pay off the entire U.S. national debt.
2.According to a report that was released last summer, the global elite have up to 32 TRILLION dollars stashed in offshore banks around the globe.
U.S. GDP for 2011 was about 15 trillion dollars, and the U.S. national debt is sitting at about 16 trillion dollars, so you could add them both together and you still wouldn’t hit 32 trillion dollars.
In 2010, the new Fed data indicate, America’s top 1 percent held 34.5 percent of the nation’s household wealth, almost exactly the same share of the nation’s wealth that the top 1 percent held in 1995 and not all that much more than the 30.1 percent share America’s top 1 percent held in 1989.
According to an outstanding NewScientist article, a study of more than 40,000 transnational corporations conducted by theSwiss Federal Institute of Technology in Zurich discovered that a very small core group of huge banks and giant predator corporations dominate the entire global economic system…
3.An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy.
The researchers found that this core group consists of just 147 very tightly knit companies…
When the team further untangled the web of ownership, it found much of it tracked back to a “super-entity” of 147 even more tightly knit companies – all of their ownership was held by other members of the super-entity – that controlled 40 per cent of the total wealth in the network.
“In effect, less than 1 per cent of the companies were able to control 40 per cent of the entire network,” says Glattfelder. Most were financial institutions. The top 20 included Barclays Bank, JPMorgan Chase & Co, and The Goldman Sachs Group.
The amount of power and control that this gives them is hard to describe.
4.Unfortunately, this same group of people have been running things for a very long time. For example, New York City MayorJohn F. Hylan said the following during a speech all the way back in 1922…
The real menace of our Republic is the invisible government, which like a giant octopus sprawls its slimy legs over our cities, states and nation. To depart from mere generalizations, let me say that at the head of this octopus are the Rockefeller-Standard Oil interests and a small group of powerful banking houses generally referred to as the international bankers.
The little coterie of powerful international bankers virtually run the United States government for their own selfish purposes.
They practically control both parties, write political platforms, make catspaws of party leaders, use the leading men of private organizations, and resort to every device to place in nomination for high public office only such candidates as will be amenable to the dictates of corrupt big business.
These international bankers and Rockefeller-Standard Oil interests control the majority of the newspapers and magazines in this country. They use the columns of these papers to club into submission or drive out of office public officials who refuse to do the bidding of the powerful corrupt cliques which compose the invisible government.
It operates under cover of a self-created screen [and] seizes our executive officers, legislative bodies, schools, courts, newspapers and every agency created for the public protection..
For additional information follow the link at the end of the post and my blogs on Rothschild s,Illuminati, Finance and Banks..
5.These elite meet at every major event where the World Leaders meet, at the back rooms and quietly decide wolrd affairs.
Most of the World Leaders are Members of the Societies being controlled by these Wealthy people.
They capture Legislative Offices, Media and Manipulate Public Opinion.
Please read my blogs on who controls the US Media , media Ownership in India .
To what Purpose?
Simple Make more money.
We are being run by an Oligarchy of a Wealthy Group irrespective of Nations and political affiliations.
This is very clearly hinted by Frederick Forsyth in his Book The ICON.
Of these banks which fix Price of Gold listed below,HSBC was caught laundering drug money and despite Public Show of anger by the US it is being let off.
Goldman Sachs was bailed out, the Executives had Bonus paid out to them even after bail out and stinging comment of President Obama was met by severe criticism by The Finance Industry!
Societe Genearale
Deutsche Bank AG (DBK), JPMorgan Chase & Co. (JPM), UBS AG (UBSN) and Depfa Bank Plc were convicted by a Milan judge for their role in overseeing fraud by their bankers in the sale of derivatives to the city of Milan.(Bloomberg .com)
“Barclays boss Bob Diamond has been shamed into giving up his bonus after his bank was fined £290million for trying to rig money markets.
The massive fine was imposed by the UK Financial Services Authority and US watchdogs after Barclays was found to be deliberately manipulating the rate at which banks lend to each other.
The bank knowingly fed false information into the system used to calculate the Libor rate for British banks and Euribor rate for European banks so its traders could make profits by speculating on rates.(The mirror UK)
Continuing on the trail of exposing what is rapidly becoming one of the largest frauds in commodity markets history is the most recent interview by Eric King with GATA’s Adrian Douglas, Harvey Orgen (who recently testified before the CFTC hearing) and his son, Lenny, in which the two discuss their visit to the only bullion bank vault in Canada, that of ScotiaMocatta, located at 40 King Street West in Toronto, and find the vault is practically empty!
The multi-million pound loss occurred within weeks of the investment bank uncovering the much larger multi-billion fraud by rogue trader Jerome Kerviel. On top of the €4bn hit Mr Kerviel’s actions caused, the bank suffered a dramatic blow to its reputation.
Although smaller, the Sfr182m hole uncovered in 2007 led to lawsuits and the liquidation of the Swiss subsidiary in which it took place. SocGen did not refer to the problems in any of its annual reports published at the time.
The alleged fraud took place in December 2007. It happened at Rosbank Switzerland, the Swiss branch of SocGen’s Russian subsidiary Rosbank.
The loss is detailed in Rosbank’s 2007 annual report in which it is described as a “fraud”. In its 2008 update Rosbank gave more details including how the situation had been remedied – through the injection of Sfr174.7m of shareholder fund.(telegraph UK).
Members who fix Gold Prices.
Scotia-Mocatta — successor to Mocatta & Goldsmid and part of Bank of Nova Scotia
Barclays Capital — Replaced N M Rothschild & Sons when they abdicated
Deutsche Bank — Owner of Sharps Pixley, itself the merger of Sharps Wilkinswith Pixley & Abell
HSBC — Owner of Samuel Montagu & Co.
Société Générale — Replaced Johnson Matthey and CSFB as fifth seat.
These are the banks that Fix Gold Prices?
You expect them be honest?
The purport of this post(second part) has something else to bring out altogether
As the post is getting too long I will conclude in the next post and explain who really runs the World and Economy, definitely not the Governments!
Related;
There are a couple of things which defy Logic and common sense.
There are a couple of things which defy Logic and common sense.
For instance,
The ever Increasing price of Gold.
The Price of Petroleum Products.
Gold;
Gold Bullion Vault.
Gold price as all of us are aware is going up every day and if the price dips by Rs 20 in a day, it raises by about 60-70 rupees the next Day .
The economists tell us, if the price of Gold goes up the price of essential commodities and other items will shoot up.
They do.
Well, if the price of Gold drops, what would you expect?
The price of commodities must come down, right?
No,They keep rising.
The same economists tell us that, if the price of Gold goes up,Demand goes up(?) as more people want Gold, expecting the Gold price to go up and the Price of commodities also go further up because of Inflation!
We know in general, though there are exceptions,common people try to avoid buying Gold when the prices are high and wait till they come down.
This does not happen.
Then people are bombarded with news items after news item that the price of Gold is likely to go up, thus hastening people to buy up.
Few know that these news items are planted and in most cases news time is bought for(this is different from advertisement;while in an advertisement, you know it is;in paid news it is innocuous and it is read as part of News).
To boost artificial demand of Gold the Gold is purchased by Institutions as investment to back up currency.
If an ordinary man holds back buying, it sounds silly and foolish of a Banker to buy up when the Price is high.
This is a part of the strategy to drive the gold Price up.
These are fixed by the US Oil companies in collusion with their competitors( !)(US Companies of Course) and later by the Oil Producing Countries in the Middle east Venezuela.
For namesake, the US has some Laws restricting price-fixing by the Oil Companies, which are an eyewash,(read details in Wiki Oil Price fixing).
OPEC, Organisation for Oil Exporting Countries, was formed in retaliation to Eisenhower’s Law in 1960 placing Embargo on Oil imports from Venezuela and the Persian Gulf.
This group has a different agenda.
But as time went on these countries were brought under the influence of the US for Oil.
There is furor in the US over the US Bill on Taxes which was passed yesterday with a lot of maneuvering by Obama Administration.
There has been a hue and cry over the Bill stating that it will increase inflation for it aims at increasing Revenue without a cut in spending.
US ‘Fiscal Cliff Bill’ Reaction
Those who object to this Bill really mean spending on Social Welfare and expenses accruing on account of relief to the middle Income and Lower Income Group.
As expected these Groups welcome the Bill.
No body suggests that there should be a cut in Military spending or conspicuous consumption.
They are enraged that The Corporate are not given more, forgetting the doles for Corporate misadventures in the recent past.
If the US Economy is to improve,it is only effecting a curb on military spending and Conspicuous consumption.
These are the details of The US Bill.
Story:
—Income tax rates: Extends decade-old tax cuts on incomes up to $400,000 for individuals, $450,000 for couples. Earnings above those amounts would be taxed at a rate of 39.6 percent, up from the current 35 percent. Extends Clinton-era caps on itemized deductions and the phase-out of the personal exemption for individuals making more than $250,000 and couples earning more than $300,000.
—Estate tax: Estates would be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates. In 2012, such estates were subject to a top rate of 35 percent.
—Capital gains, dividends: Taxes on capital gains and dividend income exceeding $400,000 for individuals and $450,000 for families would increase from 15 percent to 20 percent.
—Alternative minimum tax: Permanently addresses the alternative minimum tax and indexes it for inflation to prevent nearly 30 million middle- and upper-middle income taxpayers from being hit with higher tax bills averaging almost $3,000. The tax was originally designed to ensure that the wealthy did not avoid owing taxes by using loopholes.
—Other tax changes: Extends for five years Obama-sought expansions of the child tax credit, the earned income tax credit, and an up-to-$2,500 tax credit for college tuition. Also extends for one year accelerated “bonus” depreciation of business investments in new property and equipment, a tax credit for research and development costs and a tax credit for renewable energy such as wind-generated electricity.
—Unemployment benefits: Extends jobless benefits for the long-term unemployed for one year.
—Cuts in Medicare reimbursements to doctors: Blocks a 27 percent cut in Medicare payments to doctors for one year. The cut is the product of an obsolete 1997 budget formula.
—Social Security payroll tax cut: Allows a 2-percentage-point cut in the payroll tax first enacted two years ago to lapse, which restores the payroll tax to 6.2 percent.
—Across-the-board cuts: Delays for two months $109 billion worth of across-the-board spending cuts set to start striking the Pentagon and domestic agencies this week. Cost of $24 billion is divided between spending cuts and new revenues from rule changes on converting traditional individual retirement accounts into Roth IRAs.
That’s not what the Pledge says. Signers pledge to the taxpayers of their Congressional district (or state in the case of senators) and to the American people that they won’t support a net income tax increase. The Pledge is made in writing to voters before a politician is elected so that these voters can hold the politician accountable on the tax issue. Pledge enforcement is done by voters, not by Grover Norquist or Americans for Tax Reform.
freedomoutpost.com
On Income Tax Increase.
Become so hysterical that they have a petition signed.
‘
Fact: That’s not what the Pledge says. Signers pledge to the taxpayers of their Congressional district (or state in the case of senators) and to the American people that they won’t support a net income tax increase. The Pledge is made in writing to voters before a politician is elected so that these voters can hold the politician accountable on the tax issue. Pledge enforcement is done by voters, not by Grover Norquist or Americans for Tax Reform.
Myth: The Taxpayer Protection Pledge “Ships Jobs Overseas.”
Fact: This baseless assertion had its origins in the bowels of the DCCC. It makes no logical sense. It has been debunked by several large fact checking services, including FactCheck.org, Politifact, and the Associated Press. FactCheck.org called the charge, “blatantly false.” They further noted that, “[The Pledge] leaves ample room for elimination of any number of special tax breaks so long as the overall level of taxation is not increased. To claim that this ‘protects’ any particular provision of the tax code is simply untrue.” The AP said that, “the pledge… makes no promise to protect [particular tax preferences or taxpayers]. It says nothing about jobs. It’s a pledge to oppose tax increases.” As you will see below, the Pledge does not protect any particular tax preference.
Iowa Republican Party Chairman A.J. Spiker on Tuesday urged the two Iowa Republicans in the House, U.S. Reps. Steve King and Tom Latham, to vote no on the “ill-advised bill.”
“The bill passed by the Senate (Tuesday) morning raises taxes without any meaningful spending cuts. The so-called fiscal cliff deal will only hurt middle class families, continue out-of-control government spending and fails to address the $16.5 trillion federal deficit,” Spiker said in a release.
Another U.S. representative from Iowa, Bruce Braley, a Democrat, said he would vote for the measure. The positions of U.S. Reps. Leonard Boswell and Dave Loebsack, the other two Democratic representatives from Iowa, were not known.
U.S. Sen. Tim Johnson, D-S.D., was among the 89 affirmative votes early Tuesday. He said the package is imperfect, but protects the middle class from tax increases.
“It will keep tax rates the same for the vast majority of Americans,” Johnson said in a release.
“It was also important for me that the legislation asks millionaires and billionaires to pay the same rates they did during the Clinton Administration. We can’t get our fiscal house in order on the backs of the elderly and students. The richest among us will now pay a little more to improve our fiscal situation.”
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