andyh wrote:
Just in: the Cyprus central bank has now repeated its denial that Laiki Bank is to close.... (see previous post). As you were

Oh no it won't, oh yes it will, oh no it wont :p

Outside the Cypriot parliament now:

bitcoincharts.com/markets/bitfloorUSD.html

Bitcoin now passing $70 ffs lol.

Yes I do. So explain to ignoramus here then how having 'cash in hand' is going to be of any use whatsoever? I appreciate there will be a sort of 'cooling off' period so in the 'transition' one might be able to stock up and head for the hills, that's if currency is still acceptable. Am I being to nitty picky?



It's very clear in Cyprus' case unfortunately, they are not covered by the deposit insurance scheme.

Jane

angelchemuel wrote:
It won't (re: cash in hand).
The only use of pulling cash out is to prevent the bankers snatching it.
The gov can render the currency worthless by simply declaring it no longer legal tender, changing the currency and offering you 'pennies on the pound' so to speak in exchange for the old currency for the new.
They can also hyperinflate.

However after doing the above I'm guessing there would have to be some kind of debt write off, I cannot see poor people really having much to worry about as under such scenarios everyones in the same boat.
This is why I keep a few sovereigns, the idea is I can buy my family a boat passage somewhere if need be. There would be cargo ships leaving on the same day perhaps also the day after tshtf.

Re the cover scheme, yes it only covers bad banks not bad nation states lol....(nervous laughter here btw)

No-one has UL to Youtube yet, but here is a link to today's Keiser Report:

rt.com/shows/keiser-report/episode-421-598/

There is a clip here:

!

@ Andy.... That's what I thought. Also good to know I'm not such a silly billy!
@WuB....Thank you for posting that. The second half is also very interesting good. Have to admit my ears pricked at the Bitch Face Clinton section. I had said in passing here a couple of days ago she is apparently being investigated, and under house arrest according to somewhere else, not Max.

Anyhoo....just been watching RT news live. They are covering Cyprus really well. There is a roumoured Plan C going around now that they will leave the Eurozone altogether...with Russian help.

Jane

Here's the whole thing
rt.com/shows/keiser-report/episode-421-598/

Jane

If they default then we can expect some real big trouble, its already unravelling, lets face it, I pulled my money out today I can easily see a hell of a lot more people thinking exactly the same as me.

angelchemuel wrote: I haven't watched it yet, but I'm about to. BTW, the only reason I'm holding some cash is to protect myself against exactly what is happening in Cyprus now; ie. a short period where you can't get any money out and there is some sort of stand off. Eventually you could have a Weimar Republic type scenario, in which case this would be useless. I honestly don't think that scenario is that likely, or if it does happen it won't last long, because it would result in a total breakdown of society. Potentially you could lose electricity because the people that turn up to run the National Grid would be unlikely to attend their jobs when it didn't buy food any more. There's all sorts of things the social controllers can do in that scenario to restore order, but I just don't see it being allowed to get to that point without the solution being offered, because a small amount of managed chaos is so much more effective.

Having said that, I don't think any normal person can predict what is going to happen, you really need inside information. All you can do is protect yourself as much as possible against a few possible scenarios, have some cash, possibly an alternative bartering mechanism, a small amount of food to fall back on, and I guess the ability to be mobile. It's really impossible to predict what will happen, there could be a stay of execution for the Eurozone or this could have more immediate consequences, it's impossible to say at the moment. What I am sure of is that I'm not going to sit on a hill of beans and shoot it out with people with a shotgun because I don't want to live that way, and I remain convinced that such a scenario isn't likely.

Sky are saying that they are going to limit withdrawals to 260 euros per day per customer....mhm....think they are just saying/ticker tapping that for 'our benefit'.....cos RT aren't saying nothing about that!

Jane

angelchemuel wrote: The Guardian reported this as well. Basically inevitable because they haven't got the cash to give to people, it doesn't exist!

Why have people been using cash machines to take their money out?

You can only take small amounts out at a time why aren't they using the internet to move it to other accounts or e wallets such as neteller or moneybooker ?

If for some strange reason they couldn't open accounts such as these i would even consider opening multiple betting exchange,bookmaker accounts that are based in Malta to stop them from stealing my money in the very short term.

The other option is to by foreign currency over the net.

humanspirit wrote:
They had blocked all electronic transactions, I'm assuming this still stands.

oioioi wrote:
So no debit transactions,fucked then.

humanspirit wrote:
Ah, well you see, if you put money via your debit card into something like that....you can only transfer it back to that card...fat lot of good if that bank has gone! You are not allowed to transfer it to another account...gaming says that's laundering...that's why that law is in place under gaming license regulations.

Jane

Can they use their debit cards though,if so it would be easy to get money out,if not no chance.

It is rumoured that the Kremlin is privately offering to help bail out Cyprus in exchange for the right to use a naval base in the Greek part of the Island.

Doesn't Britain have two Sovereign base areas in Cyprus?

I can't see that working out too well!

No, everythings frozen. Although msm today are trying to say that some atm's are working, just the ones that are empty aren't. I would read that as panic tbh. I know of people over here that have been taking out cash "just in case". Banks over here know this obviously, so they are trying their damndest to stop the money getting out of UK banks.
But that's just my thoughts.

Jane