Socio-Economics History Blog

Socio-Economics History Blog

Daylight Robbery in Cyprus will come to Haunt EMU !

by mosesman

banksters_robbing_sheeple

  • It is hard to believe that Eurozone finance ministers do not understand the consequences or anticipate the bank runs, their action in Cyprus will cause! The western Illuminati may be getting ready to pull the plug on the entire system to trigger a global economic, financial and currency collapse leading to World War 3!
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  • Kicking sand at the Russian Bear by attempting to steal Russian funds in Cyprus cannot be a friendly gesture. Of course, the banksters know the Russians, KGB, oligarchs … have billions in Cyprus!
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    Daylight robbery in Cyprus will come to haunt EMU ! 
    by , http://www.telegraph.co.uk/ 
    One’s first reflex is to gasp at the stupidity of the EU policy elites, but truth is that most EU officials handling the Cyprus crisis know perfectly well that their masters have just set the slow fuse on a powder keg – and they can only pray that it is slow.
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    The decision to expropriate Cypriot savers – even the poorest – was imposed by Germany, Holland, Finland, Austria, and Slovakia, whose only care at this stage is to assuage bail-out fatigue at home and avoid their own political crises.
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    This latest debacle has caught me on the hop, literally, since I am in Tokyo learning about Abenomics, so let me just make a few quick points before going off for a pint of sake.
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    The EU creditor states have at a single stroke violated the principle that insured EU bank deposits of up $100,000 will be guaranteed come what may, and in doing so they have more or less thrown Portugal under a bus.
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    They appear poised to seize large sums from Russian banks – €1.3bn from state-owned VTB alone, and therefore from the Kremlin – prompting the condign riposte from Vladimir Putin that the action is “unfair, unprofessional and dangerous.”
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    They have demonstrated that the rhetoric of EMU solidarity is just hot air, that they will not force their own taxpayers to share a single cent of clean-up costs for the great joint venture of monetary union – in which northern banks, insurers, pension funds, and indeed governments, were complicit.
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    Their refusal to pay is entirely understandable in one sense – and if I were a German taxpayer, I would not care to swallow these losses either – but then the leaders of these creditor countries can hardly expect the world to believe that they will in fact do whatever it takes to hold EMU together. Quite obviously, they will not.
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    The sooner this is made clear, the better. The sooner they take the proper course of withdrawing from EMU and organise the break-up the euro in the least disruptive way, the sooner Europe can recover.
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    We have already seen the EU solidarity mask slip a few times, not least in the repeated retreats over Greece, and again when German-led quartet resiled from last year’s summit deal to let the ESM bail-out fund take some of the weight of recapitalising banks off the shoulders of the Irish and Spanish states.
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    read more!

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