Currency
Quotable
While assessing the proposed additional levy on bank accounts in Cyprus, Putin said that such a decision, should it be made, would be unfair, unprofessional and dangerous,’ Kremlin spokesman Dmitry Peskov told journalists.”
Putin and his Russian mob get a haircut in Cyprus
It was likely not an easy call for EU officials: How to make the Russian mob pay their fair share without punishing honest local citizens of Cyprus (assuming such creatures still exist there), and without triggering contagion into other EU periphery country banks based on this precedent of a direct tax on depositors?
The Russian mob, with Putin as headmaster, effectively owns Cyprus banking. The country has become their offshore bank, money laundry, and stop-over port for illegal arms shipments into the Middle East. [Any US fingerprints here in an attempt to stop the arms flow to the Syrian government? Nah, surely not…]. The mafia-state was feeling good about having their stash nice tucked away within an EU member country, knowing their illegal deposits were guaranteed by the rest EU taxpayers; a sweet deal indeed. Well, said Russians stopped feeling so good about this “sweet deal” sometime yesterday I suppose. [St. Patrick works in mysterious ways.]
Why not just push the nation out of the EU and stop pretending the rest of EU taxpayers should have anything to do with the future of Cyprus and its mafia supporters? Maybe it has something to do with the rest of the massive Russian deposits supporting “legitimate” banks within the Eurozone? Nah, surely not…
Any way you decide to share your outrage over the EU’s decision for depositors to take a haircut in Cyprus, it is yet another example of the many structural flaws in this idea/dream/delusion all these politically and culturally differing states within the Eurozone can co-exist under a single currency, monetary and fiscal policy.The goal of bringing nations, who warred against one another for thousands of years, together under a single regime in order to secure the future piece was laudable. But in the real world it still doesn’t seem practical. The guideposts established and tinkered with in this herculean effort to hold the single currency regime together are now pushing the nations further apart and spawning dangerous social unrest.
Sticking your finger in the eye of the Russian mafia has rarely proven a pleasant experience for most. Stay tuned.
EUR/USD Daily: Hmmm….maybe.
Jack Crooks
Black Swan Capital
Skype: blackswanfx
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The once-great promise of Fisker is gone, and unless it pulls off a miracle, it could go down as a repeat of the Solyndra fiasco: a symbol of poorly thought out federal loans and too much ambition.
In 2009, Fisker Automotive was an exciting company: With Detroit in shambles and a huge loan from the federal government, the startup automaker had plans to change the industry.
It was going to build 100,000 cars a year in Delaware and save or create 5,000 jobs. The Karma, its gorgeous, extremely efficient plug-in hybrid electric car, was on the way.
It landed a cover story on Forbes magazine in May, with the title, “The Next Detroit.” Justin Bieber and Leonardo DiCaprio were huge fans.
But today, no Karmas are being built.
…….an annotated great photo display of the story of Fisker HERE
Today legendary trader Jim Sinclair told King World News we have just witnessed one of the most important events in history and it will have a major impact on the gold market. Sinclair, who’s father was business partners with legendary trader Jesse Livermore, had this to say in this extraordinary and exclusive KWN interview:
“The wire reports on the Cyprus situation are working overtime to try to make the case that 80% of the deposits belong to the people of Cyprus, and only 20% of the deposits belong to the Russians. That’s absolutely false. After 1985, when the ‘Robber Barrons’ of Russia took over the general economics of Russia, that was the transformation from the KGB to private business. The primary place for exported Russian funds was Cyprus.
Now, there is one leader in the world that would be very dangerous to challenge and that is Putin of Russia….
…..continue reading HERE
Bank run in New York in 1933.
You can be forgiven for thinking that you don’t need to give a hoot about what’s going on in Cyprus this weekend.
After all, it’s just a little island somewhere in the Mediterranean.
But what’s going on in Cyprus could actually matter — not just to the rest of Europe, but to the rest of the world.
Here’s the short version of what’s happening:
Cyprus’s banks, like many banks in Europe, are bankrupt.
Cyprus went to the Eurozone to get a bailout, the same way Ireland, Greece, and other European countries have.
The Eurozone powers-that-be gave Cyprus a bailout — but with a startling condition that has never before been imposed on any major banking system since the start of the global financial crisis in 2008.
The Eurozone powers-that-be (mainly, Germany) insisted that the depositors in Cyprus’s banks pay part of the tab.
Not the bondholders.
The depositors. The folks who had their money in the banks for safe-keeping.
…….much more HERE
The Golden Age Comes To Mankind
Only After They Have Re-discovered Gold’s Value
5 Reasons Gold Will Set an All-Time Record In 2013
No two bull markets are ever exactly the same and gold is no exception. During the last secular gold bull market in the 1970s, gold rose from $35 in 1968 all the way to $200 by late 1974. Then completely unforeseen the unthinkable happened. Between late 1974 and mid-1976, gold prices were cut in half, dropping from about $200 to $100. At the time, many Gold Bugs sold out in fear & disgust. But then the unimaginable happened again; Gold prices started to climb and climb, rising from $100 in mid-1976 all the way to $800 by January 1980. Anyone who bought gold at $35 earned better than 20 times their investment. But most of that rise occurred in just the last two months of 1979.
Since 2001, gold has been the single best performing asset for a record 12 straight years. In fact, the average return on gold was just shy of 18%/year.
….much more HERE
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