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View Diary: Saturday Night Loser's Club, Vol. CCCLXVII: Movie Spoilers Edition (61 comments)

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  •  Biggest loser story of the week (7+ / 0-)

    goes to Cyprus.

    The banksters are going to confiscate the savings from Cyprus banks one way or another -- and one day when they come for our hard-earned money we will look back on this day as the beginning of the end.

    We all know that the Russian gangsters who launder money through Cyprus won't be touched because they can afford to hire hit men.

    It's the little guys who will be fucked.

    And one day it will be the rest of us bending over as well.

    •  It really does feel like they are trying this (7+ / 0-)

      thing on for size. Freakin' Shock Doctrine on steroids. I pulled my paltry sheeite out of Wall Street. Now it's in CD's in small local banks. If not there - where? Folgers can in the back yard?

       I am now thinking that the local vet who has been calling for folks to get into metals and stock food may not be wrong! Just shoot me!

      if a habitat is flooded, the improvement for target fishes increases by an infinite percentage...because a habitat suitability index that is even a tiny fraction of 1 is still infinitely higher than zero, which is the suitability of dry land to fishes.

      by mrsgoo on Sat Mar 23, 2013 at 08:38:57 PM PDT

      [ Parent ]

    •  in this case, it's a case of..... (2+ / 0-)
      Recommended by:
      Youffraita, RiveroftheWest

      ......size mattering as well, since Cyprus is an extremely small nation and thus easy to pick on.  Larger nations, mob or no, a bit tougher.

      "It's only in books that the officers of the detective force are superior to the weakness of making a mistake." (Wilkie Collins, The Moonstone)

      by chingchongchinaman on Sat Mar 23, 2013 at 10:36:04 PM PDT

      [ Parent ]

      •  Also, they're stuck with the Euro. (5+ / 0-)

        Iceland had pretty much the same problem, but had its own currency, and had the political will to let the banks default (I think; see Krugman's column in Friday's NYT for the details).

        Iceland had one other major advantage: it's not a tax haven.  Cyprus is.  And (again per Le Krugster), Cyprus would like to continue to be a tax haven -- so there is probably not the political will to let the banks go belly-up.

        Having one's own sovereign currency, as it turns out, is enormously helpful when the banksters implode the economy.

        Of course, keeping banks small and requiring depository banks and speculative banks to be separate entities (per Glass-Steagall) is the best policy of all.

        Irony takes a worse beating from Republicans than Wile E. Coyote does from Acme. --Tara the Antisocial Social Worker

        by Youffraita on Sat Mar 23, 2013 at 10:47:32 PM PDT

        [ Parent ]

        •  obviously the Euro is working out to be..... (3+ / 0-)
          Recommended by:
          Youffraita, cfk, RiveroftheWest

          ......a bad idea, sentimental past semi-nationalist reasons aside for keeping one's own nation's currency.  And I like Europe, on the whole, just not how the EU is behaving now.

          "It's only in books that the officers of the detective force are superior to the weakness of making a mistake." (Wilkie Collins, The Moonstone)

          by chingchongchinaman on Sat Mar 23, 2013 at 11:23:30 PM PDT

          [ Parent ]

          •  Not saying the Euro is a bad IDEA (3+ / 0-)

            ...but perhaps in practice it's way trickier than planned?

            "The operation was a great success!  Unfortunately, the patient died." -- kind of thing?

            Irony takes a worse beating from Republicans than Wile E. Coyote does from Acme. --Tara the Antisocial Social Worker

            by Youffraita on Sat Mar 23, 2013 at 11:47:05 PM PDT

            [ Parent ]

            •  perhaps; I've generally thought that..... (0+ / 0-)

              ......with people doing so many transactions via credit card/plastic in general, all the currency conversions could be electronic and worked into the credit card/debit card/ATM fees.  It's a better system for each country in Europe to have its own currencies, because of the wildly diverse nature of the countries' different economies.

              "It's only in books that the officers of the detective force are superior to the weakness of making a mistake." (Wilkie Collins, The Moonstone)

              by chingchongchinaman on Sun Mar 24, 2013 at 11:07:22 AM PDT

              [ Parent ]

        •  Naked Capitalism says Cyprus is very transparent (1+ / 0-)
          Recommended by:
          chingchongchinaman

          and not a tax haven.

          There are two kinds of people in this world. The kind who divide the world into two kinds of people, and the kind who don't.

          by upstate NY on Sun Mar 24, 2013 at 08:55:50 PM PDT

          [ Parent ]

    •  This is the definition of a no win situation (4+ / 0-)

      There is no successful way out of this mess.
       Every approach causes more upheaval and destruction.
      And thats why the entire EU bureaucracy is freaked out, disproportionate to Cyprus' tiny size. They thought they were clever enough when designing the EU that nothing like this could ever happen.

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