The Banksters have gone well and truly crazy - Updated
This bank bailout in Cypress is insane. You can get the wonky details here, which include Russian mobsters, but the shorter is: The major bank in Cypress is nationalized. The bank fucked up. They intend to bail out the bank by taking between almost 7% to 10% of the depositor's money.
Unsurprisingly this has already led to a run on the ATM machines that ran them dry. Suspect they haven't refilled them. Meanwhile, the bank holiday that was supposed end tomorrow has been extended to Thursday to give the Banksters time to legalize the thievery.
I'll be surprised if this doesn't backfire. It brings to mind this quote from an old but still timely Atlantic piece, The Silent Coup: "But inevitably, emerging-market oligarchs get carried away; they waste money and ... look first to ordinary working folk—at least until the riots grow too large."
Update: The Cypriot Parliament rejected the Bankster's bailout deal. No way they're going to take depositor's cash. Can't blame them for wanting to avoid the torches and pitchforks. Don't understand this scam well enough to predict what the Banksters will do next but I'll be surprised if people don't take their money out of that bank anyway, if it ever opens its doors again.
posted by Libby Spencer at 6:57 PM
5 Comments:
Sounds like one of those "prepper" fantasies -- those guys who put it all in gold and bury it in the back yard.
Maybe they're not so crazy?
Maybe it won't happen here, but I think there may come a time when cash is no longer king, but a crime -- when most transactions will require a paper trail and we'll buy into the rhetoric about drugs and terrorism and go along with it.
What's in your wallet?
The anti-cash thing is subtle, but it's been going on for a long time. Seem to to recall some state making it illegal to use cash for certain things. Was it Louisiana? Can't quite recall the details.
Is there much cash in Louisiana anyway? OK, ok, that was mean, but I can't help it. Remember when Nixon retired everything above the hundred dollar bill so that you couldn't carry too much with you? It was supposed to fight the drug traffic, which was naive at best and dishonest more likely. What it was about was keeping us from taking money out of the country.
I see it as just another small step for control. . . Every time I pay a toll, or buy gas or anything else, they know where I am and what I'm doing. Even if I'm only going to visit dad or buying groceries, it bothers me that I'm leaving a trail that the government can use -- and every time I look at something on the web, anyone can know what it is and can use it to sell me stuff or conjecture about my motives.
this stuff seems to accelerate without much resistance.
During the American Revolution, much was made about having a right to own one's personal information and we're sure done away with that.
Bothers me.
The surveillance state is now a permanent fixture. I gave up on believing in the possibility of privacy when I found out how much they could learn just from your ATM/bank records.
Forget about Nostradufus, Orwell got it right.
And all in the name of safety and security, of course. As the sign at Miami International used to say: Patience, a drug free America comes first
Hows that workin' out for ya, DEA?
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