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View Diary: Bank Run in Cyprus, Will it Spread to Southern Europe? (322 comments)

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  •  That may very well be the reaction worldwide (15+ / 0-)

    Not only in Banks but in Brokerage accounts , Credit Unions etc.  Anyone gleefully look at their 401K balance may be in for a rude surprise if people feel the need to take profits in equities and get the cash out of the system.

     The 6.9% deduction from all accounts under 100K, should also be clearly delineated. Once again the people who can afford it the least will get hit.

    It should also be noted that , despite congress' feeble effort, the banks are confiscating money by the 10s of billions in fees. The most egregious of course is the fees levied on accounts under a certain size. This happens every month. Depending on account size plus adding in other fees, it already may be over 6.9% for many Americans.

    Hey Bernanke, so much for the "wealth effect" you have used as an excuse to push the markets up...

    “ Success has a great tendency to conceal and throw a veil over the evil of men. ” — Demosthenes

    by Dburn on Sun Mar 17, 2013 at 10:19:11 AM PDT

    [ Parent ]

    •  You mean we shouldn't trust... (10+ / 0-)

      these guys?

      Should we really hold small things like these against the banks? laundering drug money, or deliberately misleading investors and regulators about losses or Colluding to artificially inflate or deflate the most widely used interest rate in the world (Libor) (see this infographic to explain how this affects...just about everyone...) and even moving money for organizations linked to Al Qaeda and Hezbollah...

      ...and Russian gangsters; helping countries like Iran, the Sudan and North Korea evade sanctions; and, in between helping murderers and terrorists and rogue states...
      After all, they've paid their fines, and they've said they're sorry, time and time again, so what's not to trust?
      •  With the way things are going - it's become (3+ / 0-)
        Recommended by:
        RWood, kurious, Just Bob

        difficult to tell what is snark any more!

      •  The first 3 letters of "fungible" are F-U-N ! (2+ / 0-)
        Recommended by:
        Dburn, kurious

        Thump! Bang. Whack-boing. It's dub!

        by dadadata on Sun Mar 17, 2013 at 03:02:20 PM PDT

        [ Parent ]

      •  Well yes of course we should (5+ / 0-)

        after all they make more money than we do. It's foregone conclusion in the US, that if people make a lot of money that not only should we trust them,we should allow them to influence policy because clearly they know what's best for us.

        Now if  we don't make a lot of money, it's a veritable shoo-in that we have no idea what we are talking about when we discuss such weighty matters like the economics of forceful material wealth acquisition. Note I didn't mention illegal, because if you have gotten the money, nothing is illegal any more.

        In fact when we exercise our first amendment rights we are thrown in jails, beaten like rag dolls, shot, cuffed, pepper sprayed, marginalized, minimized, downsized , outsourced, advertised, and thrown out of our homes.
        They have us on blacklists, enemy lists, insurance risk lists, credit lists, scam marketing lists, law enforcement lists, NSA lists, terrorist lists, No fly lists, stolen identity lists, Pharmaceutical lists  with no way to ever get off any of the lists unless of course we can forcibly acquire wealth and pay to get off the lists.

        Nevertheless we are lucky to live in a country like this and if we don't like it we should leave it ...just like the wealthy who invest, save , exploit , pollute, hire, fire, avoid taxes while the govt by the people for the 1%  protects their intellectual property,  goods, foreign interests with the lives of our youth and look the other way while they rob, steal , mug, embezzle and never get convicted for fear the economy well go bad for the 1%.

         We are whiners complainers, unemployed, lazy, shiftless, noisy deadbeats who should know our place in this giant land of opportunity. You betcha. That's working for minimum wage  no matter what our age, education, experience and our ability to lift >50 pound and never never never think about using food-stamps without taking the toughest drug test they can come up with or owning $12.43 worth of obsolete electronics that "generally aren't found with poor people".

        Things have changed.  So of course we should trust these people and never complain when they commit daylight robbery in clear sight while the AG claims they can't be prosecuted even though we have the highest prison population in the world.

        It could damage the stock market for the few who aren't computers that still participate and cause economic hardship. Oh wait, we already have economic hardship for the un-1%. Well, it will be worse for the un-1% if we dare to demand prosecution of the 1%.  How? They don't want us to know , that's why they can't tell us. See how easy it is to trust them?

        “ Success has a great tendency to conceal and throw a veil over the evil of men. ” — Demosthenes

        by Dburn on Sun Mar 17, 2013 at 04:01:46 PM PDT

        [ Parent ]

    •  Agreed - I'm 'fortunate' in that I have a 'free' (5+ / 0-)
      Recommended by:
      RWood, kurious, Joieau, Fonsia, Dburn

      checking/savings account in a credit union.  The only fees I've ever paid is the purchase of the checks and when I've forgotten to xfer money from savings to checking to cover a check written and they do the xfer.

      'feeble effort', my ass.  They're doing just as they've been told to do, with a few exceptions.

    •  Since their Accounts are Actually Insured (2+ / 0-)
      Recommended by:
      nchristine, Cliss

      Accounts in the EU are insured up to a 100,000 euros. If they had only levied a tax on money beyond that point it would have been more defensible. But going after the lenders whose money is supposed to be insured against loss says that bank insurance is meaningless under EU law. And their pathetic justification that it is just tiny little Cyprus being trampled on so it doesn't matter and other regions need not worry demonstrates what a sham the EU has become in that they feel free to treat some member nations more equally then others.

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