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Thread: Cyprus Banking

  1. #1
    Senior Member Gerry Clinchy's Avatar
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    Default Cyprus Banking

    Well, Cyprus decided not to take 6% to 10% of everyone's deposits ... they just took 40% of the deposits of "the rich". That meant ... 40% of deposits over $130,000 (evidently the amount below that is "insured")

    The Russians are upset, since there is a lot of Russian $ in those larger accounts.

    The Russians should actually be a bit relieved, since not too many Russians are going to be risking putting their funds in Cypriot banks in the future. That would mean the money would either have to stay in Russia, or it could be a windfall for Swiss banks?

    If banking is a big business in Cyprus, ya think maybe that it's not going to be very attractive to much of anyone in the future? A temporary bailout, but one that the rest of the Cypriot economy might go down the bowl as a result of it.
    G.Clinchy@gmail.com
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  2. #2
    Senior Member Franco's Avatar
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    Cyprus' economy is already in the toilet as is the Euro currency. We aren't that far behind. When currency has no backing and fiat money is the norm, what else would one expect?

    Funny how the rest of Europe blames the Germans for the failure of the Euro when Germany is the only country that actually produces something of value. It won't be long before Germany isolates from the rest of Europe. Notice how they are taking their gold assets out of foreign banks and bring it home? The rest of northern Europe is following in Germany's monetary policy.
    Last edited by Franco; 03-25-2013 at 07:40 PM.
    It's such a shame that in the USA, defending Liberty has become such a heroic deed.

  3. #3
    Senior Member
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    Next up. SPAIN or PORTUGAL

  4. #4
    Senior Member Goose's Avatar
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    Bitcoins...

  5. #5
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    Quote Originally Posted by Goose View Post
    Bitcoins...
    Bingo!!!! Scares the crap out of govts

  6. #6
    Senior Member sick lids's Avatar
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    Quote Originally Posted by Goose View Post
    Bitcoins...
    First time hearing about these, but I could not find anywhere to spend them if I had them.

  7. #7
    Senior Member Uncle Bill's Avatar
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    Quote Originally Posted by Goose View Post
    Bitcoins...
    Waytuhgo Goose! Can you spend those in Cuber???
    When the one you love becomes a memory, that memory becomes a treasure.

  8. #8
    Senior Member Goose's Avatar
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    Quote Originally Posted by Uncle Bill View Post
    Waytuhgo Goose! Can you spend those in Cuber???
    I bet I could buy lots of them Cubar ceegars with just a few bitcoins!

  9. #9
    Senior Member Uncle Bill's Avatar
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    Quote Originally Posted by Goose View Post
    I bet I could buy lots of them Cubar ceegars with just a few bitcoins!
    Hada laugh today listening to Rush. He pulled out a stogie from his humidor that he couldn't draw through. He said it must have been rolled by a disgruntled communist. I suspect all his cigars are from Cuber, brought over by his cigar "Afficianado" buddy, Marvin Shankin. I only smoked one of those big-bucks items, and it was, as they Mounds folks say, "Indescribably delicious.".like the difference between a $1,000 bottle of French wine, and a jug of 2-Buck-Chuck.

    UB
    When the one you love becomes a memory, that memory becomes a treasure.

  10. #10
    Senior Member Uncle Bill's Avatar
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    Quote Originally Posted by Goose View Post
    I bet I could buy lots of them Cubar ceegars with just a few bitcoins!
    If these rates continue to soar, we'd all be foolish to not get into owning a poket full of bitcoins. UB


    March 29, 2013

    Bitcoin's Moment

    Dear Laissez Faire Today Reader,
    Jeffrey Tucker
    Bitcoin may reach $100 today. That brings the total value of the existing Bitcoin stock (10,960,500) to more than $1 billion.
    It was only a few weeks ago when a local Bitcoin trader in my town wanted a 40% premium for a local cash-to-BTC exchange at the rate of $70 per coin. I balked on grounds that it was too high, since the prevailing market rate was $48. Today, that same trader is asking $132. Seems like I passed up a good deal.



    Many people fear that Bitcoin is overpriced right now. This view is held even by people in the Bitcoin community who worry that a move from $15 to $93 in three months is not good for long-term viability. A crash could bring down the currency unit in devastating ways, leading to another round of debunking and clucking from the advocates of government money.

    But here's the truth: No one knows for sure. Maybe the price will keep climbing. Next month at this time, people might be kicking themselves for not getting in right now. My instincts right now tend in this direction. I'm seeing BTC at $250, then $500, and then $1,000 by year-end.
    When the one you love becomes a memory, that memory becomes a treasure.

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