Topic: European Union is robbing its citizens' bank accounts. 9.9% to be confiscated. - page 10. (Read 33189 times)

https://bitcointalksearch.org/topic/m.1656295

Corrupt politicians should get the death penalty.

What? Have those EUbitches went suicidal now?

>SOURCE: telegraph.co.uk<

Now they decided to rob one of biggest bank in Cyprus. This means that from now our assets can only be safe in our home safe.

http://www.nytimes.com/2013/03/22/business/global/eurogroup-chief-takes-some-blame-for-cyprus-crisis.html?_r=0

“Whether we are incompetent or not, I’ll leave up to you to judge.”
~Jeroen Dijsselbloem, Dutch finance minister who announced the plan to steal money from depositors on Cyprus~

Are you part Dailek or something?  LOL

Expunge, exterminate, expel, remove, throw out, eliminate, displace, unseat, defeat, disarm, whatever you want to call removing them from power.

Expunge gives a meaning of absolution - to remove from record.

If it is your government doing the robbing, then it is time to expunge the criminals and start over again.

Looks like most people will be playing hot potato with the euro now. I wonder who's gonna end up having all these euros if people start converting them to other assets.

It's looking like absolute bedlam over in Cyprus.  Here's a quote from the Telegraph's live blog:


There is no way Cyprus will stay in the EU after this.  If I was over there I would be standing at ATMs and banks handing out pamphlets with bitcoin info on them and offering to sell bitcoins to people by putting my email address and QR code on the pamphlets.  Of course, I would cash any Euros I got into BTC immediately to avoid the EU risk.

I don't know, i don't see a lot of berries in the real world.
One main difference between berries and our current world economy is that we value information.
Information is pretty renewable so you don't need to wait for the berries to grow.
An information economy completely destroys the berry example as knowledge does not become consumed and yet is tradeable.

So there is a lot of 'stuff' in our economy that cannot be consumed away and yet requires money to be traded.
We need new financial room to exchange ideas because we value ideas in terms of money.
In essence, you need to redistribute your berries so that these new informational goods also are covered.
You have two options. Either you take a certain percentage of everyones berries and allocate it to the new dynamics in your economy, or you bring more berreis into circulation that you allocate to the new dynamic.

Our economy is at this time so very much more complex than your berry example that there is just no way you can start to compare the two. You cannot have the ammount of economical interactions without an abstracted buffer (we call it credit).

What if crusoe didn't just have a berry bush but also a cage with writers? Painters? Software architects?
Would he even be able to count his berries without also feeding his mathematicians? Who would have taught him to count if there were no mathematicians (that need a daily dose of berries) that devoted their lifes to discovering the magic of numbers?

So to facilitate all these processes you need to pump money through the veins of society. You need to redistribute your berries so you can reap the benefits of the mathematician helping you lose less berreis due to inefficiency. In the end you gain berries because you can use them more efficently.
And you get most of it back through stuff like taxes. You can issue 100 berry credits to the mathematician and you know he will consume only 10 real berries. The mathematician will use 90 berries to distribute his latest ideas (this is a requirement of you to give him the berries) and everyone who consumes berries in this society will be able to save 5% of their berries due to more efficient processing. You then ask for 85 berries back from the mathematician (in taxes or as payback on a loan) and altho you lost 5 berries your whole economy just got upgraded and you have to produce 5% less berries (or enoy them for 5 more percent) to feed this system. To get this 5% saving you will need to have 100 berries. But since you don't, and you never plan on actually consuming them, they can be replaced by tokenberries.
So you invent tokenberries.
By inventing tokenberries you have made your long term real-berry expenses less by 5%!

So there are actual real reasons why we have these credit systems.

But we agree that they are sick at the moment.
I think that is entirely due to human greed.
There is no situation thinkable (with or without credit) where a more powerfull group will not try to somehow abuse a less powerfull group. This has absolutely nothing to do with credit or governments. It has to do with how our brains operate.
In any situation, in any system there will be people driven to have it better than others.
Any system you can think of can and will be abused, be it social, financial or technological.

The financial instruments are not the problem, the way they are used by fellow humans is the actual problem.
Untill we can find a way to properly control the entities that create the life around us we have no hope of changing this as we will be exchanging one 'evil' for another, but random, new soon to be evil.
No ammount of discussion about the pro's and cons of credit will change our human nature.

No shit, Sherlock?

Sorry for the irony, but where did I say the opposite? I'm repeating post after post that bank shareholders should lose everything, and get absolutely nothing in return.
Their clients will inevitably have to lose something too, but they should at least receive the bank's assets in return.


This "sick financial world" only exists mainly due to central bank's monopoly on money supply. Add to that also all the regulation they impose, creating insurmountable barriers of entry in the banking business.


It seems you post in these boards much more than you read and learn from them.

All these financial instruments, all these high profits, were only possible due the artificial creation of credit through money supply inflation. Please, study how business cycles are formed.



Bravo, jususranvier.

Just to nitpick a bit (fair notice, I am a minarchish libertarian) The government is there to produce something: an environment of law and order, which in turn fosters greater economic activity. People can spend more time doing useful things because we do not have to be constantly looking over our shoulders and fighting off robbers. Or, at least, that is how it should work (but governments are bloated and irresposibly trying to do more than they should and we need to cut back their powers to a great degree).
[/quote]

What happens when it's your government that is the robber?

I don't see why anyone would leave money in a bank after this. Let the mattress stuffing begin...

English translation:

Hopea.fi, a vendor selling investment gold and silver, is suspending the sales of investment gold for now. The reason is Cyprus bank crisis.

"This has become too risky. In dealing with gold, the money involved is bigger than in dealing with silver, therefore I need a lot of cash to operate it. At the moment, having big accont balances in Euro is not prudent", says Risto Pietilä, Managing Director of the said company.

Hopea.fi, est. 2006, has annual sales in the tune of EUR 1 million. Due to the small volume, the financial situation of the company warrants being cautious. The banking crisis has further increased this.

The selling and buying of investment silver continues unabated, because in silver, the average trade is smaller and markup is higher. Also the selling [actually: buying] of scrap gold is unaffected.

Last time the company saw suspension of gold sales, was in autumn 2008, also then due to worldwide banking crisis.

Pietilä thinks the gold sales will be restored in maybe a few weeks.

"It is dependent on whether there is a bank run in Euro area. I consider it possible. The foreign depositors may withdraw their money from Cypriot banks as soon as it is possible.", Pietilä says.

"At any rate, having large EUR balances in this situation is stupid. If the Russian depositors are bailed out using ECB funds, the markets get the signal that the easing will continue, leading to erosion of the value of currency. On the other hand, letting the Cyprus banks fail will induce fears that also our deposits will be cut in the future", he continues.

Aaaaaaaaaaaaaaaaaaaaaaaaaaaaaah!  My eyes are bleeding from seeing Finnish!

Levity aside, were you basically saying that holding gold instead of Euros was safest at this point?

I was interviewed in the leading Finnish newspaper concerning why I quit selling investment gold since the Cyprus crisis hit:

http://www.hs.fi/talous/Kullanmyyj%C3%A4+j%C3%A4%C3%A4dytti+sijoituskullan+myynnin+Kyproksen+pankkikriisin+takia/a1363789689013

con·text 
/ˈkäntekst/
Noun

    The circumstances that form the setting for an event, statement, or idea, and in terms of which it can be fully understood and assessed.
    The parts of something written or spoken that immediately precede and follow a word or passage and clarify its meaning.

That's only sanity if you define "sane as "doing the same thing again and expecting a different result."