An absolute read by Reggie Middleton...including 20 minute vid explaining stuff
Submitted by Reggie Middleton on 04/01/2013 06:17 -0400


It is my opinion that banks worldwide are simply not safe anymore, and we are on the precipice of a banking crisis that will make the Lehman fiasco look like a test run. For one, interest rates will definitely have to rise. Yes, I know Bernanke is running ZIRP, the ECB is QE to infinity and beyond, yada, yada... But these entities are not the end all and be all for market rates. They can manipulate rates, but they can't ultimately control them for the long term. After 6 years, it's been long term... With banks failing and taking depositor's and bondholder's funds with them, there's simply not enough people stupid enough to accept .7% returns in exchange for the very likely possibility of losing a large chunk of (the majority of, or possibly all of) their principal to go around!!! This central bank Ponzi scheme of printing more money to pay for the debt that you couldn't afford to pay back because you didn't have the money relies on the "Greater Fool Theory". Common sense dictates that this theory is predicated on an ample supply of "Greater Fools". What you will read below should shake the foundations of your belief in the EU banking system, and hopefully will start a dearth in "Greater Fools"! Even more alarming, it actually gets worse from here. Oh yeah, if you have believe that the information below actually identifies a gross misrepresentation of fact, omission or outright fraud, simply contact the SEC and let them know that Reggie Middleton suggested they look into it. You can actually use this form to convery my message.

I have compiled a list of at least 6 banks which I feel are at risk of being Cyprus'd, with more being added weekly. The first bank report, whose subject is still steadily accepting deposits at measly interest rates, is available for download right now for all paying BoomBustBlog subscribers (click here to subscribe), reference EU Bank Capital Confusion, Potential Failure. Those of you who actually follow this banking stuff may very well be shocked at how bold the actions described therein actually are!

First Off Let's Make Bank Collapse Real...
To begin with, let's make this Cyprus thing real, by showing a live example of what happens when to a real small business that had the gall to bank with Laikie Bank, from the Bitcoin forum I excerpt a post that puts things into perspective, re: bank account confiscation:

There is an actual bankstatement screenshot here



Most of the circulating assets on our business Current Account are blocked.
Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years.
I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.
The business is definitely ruined, all Cypriot workers to be fired.
We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.
Special thanks to:
- Jeroen Dijsselbloem
- Angela Merkel
- Manuel Barroso
- the rest of officials of "European Comission"

Laiki Bank has offered details...

More here....

www.zerohedge.com/contributed/2013-04-01...-scrambled-capital-0




Jane

angelchemuel wrote: If this happened in Cyprus, you can't really see the Bullingdon boys doing differently, can you?

2 weeks before Ireland had its share of bothers, over 40 billion euros 'disappeared' from bank accounts.
Ofc no-one in the media connected this to a bank run (despite telling us about it) and hence the 'problem'.

Have you two read and watched Reggie Middletons piece?....just curious as it covers Ireland etc.
Would appreciate your views

Jane

angelchemuel wrote:
What you have to ask yourself is, what sort of scenario could you envisage where a central bank does not have 'enough' money?
The whole thing is so mind staggeringly huuuge it beggars belief.
Its why Mike for example still continues to believe in it, his mind cannot comprehend the alternative.
Its like typing 1/0 into a calculator.

angelchemuel wrote: I haven't, Jane, I will watch it tomorrow and let you know what I think. I've seen him on the KR before several times.

angelchemuel wrote: so do you think these people were morally wrong for pulling their savings outta the banks?

Mike wrote:
No not necessarily Mike....let's be honest, who wouldn't if you had their kind of wealth, were responsible for your company's future and paying wages and you heard the rumblings. Having said that, they certainly hammered the last nail into Cyprus' coffin with their actions...a rock and a hard place for them I guess.


Jane

link

Mike wrote:
Awwww Gawwwwd...you couldn't make this shit up!
Wash, rinse, spin....repeat!

Jane

angelchemuel wrote:
Hilarious innit

andyh wrote:
Fubar comes to mind!
I am now pretty much convinced the whole finance/banking sector are making it up as they go along!

Jane

They have to, theres no choice, the denial has to continue.
Its truly incredible how far this can go tbh. Just goes to show how indoctrinated we all are.

angelchemuel wrote: I've had time to read this and watch the video now, although it was a few days ago. But I think I can remember most of it. I totally agree that other banks will be 'Cypused', as he put it, I don't believe any bank in Europe can guarantee deposits. I couldn't really comment about some of the more technical stuff, as I don't know anything like as much about it as he does.

But I don't agree with his views on interest rates at least with regard to the UK. He may very well be right with regard to Europe, I don't know. But certainly in Britain there is so much personal debt:

www.telegraph.co.uk/finance/economics/98...ebt-levels-soar.html

www.mortgagestrategy.co.uk/latest-news/u...ifax/1065399.article

www.thedebtpeople.co.uk/debt-management-...ehold-debt-is-57635/
And very little in the way of savings:

citywire.co.uk/money/asset-rich-cash-poo...4-in-savings/a579578
...that I don't think this rise in interest rates can happen in the UK because it would be pandemonium. People are barely breaking even now. Of course, the banks want to steal everything from everyone, but they like to do it slowly, the boiling the frog technique, so that not many people notice that they're getting fucked every day of their lives. The Daily Telegraph predicted the following:

www.telegraph.co.uk/finance/personalfina...re-years-of-0.5.html
They might be wrong, but I see this as more likely. Put it this way, if interest rates do rise significantly then the lid's coming off the kettle.

But either way, I wouldn't have any money in the bank, or the bare minimum that you can for practical purposes, as any country could be next to get the Cyprus treatment. There is a short article regarding this here:

www.truthmediatv.org/2013/04/deposit-con...lled-for-by-ceo.html

famagusta-gazette.com/cyprus-must-find-m...nsions-p18881-69.htm
There is an article about this on Press TV as well which is not currently working, but the link is here:

www.presstv.ir/detail/2013/04/08/297246/...of-imminent-default/

www.guardian.co.uk/business/2013/apr/11/...d-debt-analysis-bill

More at link

angelchemuel wrote: Crazy, but unsurprising. According to this the GDP of Cypus is about $25 billion, which is circa 19 million euros. So in effect this is like someone coming to Britain and stating that it needs to contribute £1.5 trillion to its own bailout.

I did notice the following in that article:
So their physical assets will be in decline, while they're increasingly reliant on the stability of the Euro and their own banks for their survival. It's not a very good situation to be in.

Same thing has happened all over the EU.
First one bailout figure then another and another and more and more money gets poured down the proverbial black hole.
The first 'estimates' are always bullshit in each and every single instance.

andyh wrote: It's rather like trying to answer the question: if you've got a bucket with a hole in, how much water do you need to pour into it until the bucket is full?