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(Hot Air)   The EU's plan to destroy their economy altered, new plans in place should only mostly destroy their economy   (hotair.com) divider line 342
    More: Followup, Cypriot, European debt crisis, bank rescues, deposits  
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6392 clicks; posted to Business » on 18 Mar 2013 at 11:08 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-18 11:06:41 AM  
Don't be surprised if depositors start to move away from European banks and look for other options to protect their savings from the governments that can't solve their spending problems.

Yeah, that's right, professor. They've been "solving" their spending problems in Europe for four years now and all that's resulted is higher unemployment.
 
2013-03-18 11:10:26 AM  

Speaker2Animals: Don't be surprised if depositors start to move away from European banks and look for other options to protect their savings from the governments that can't solve their spending problems.

Yeah, that's right, professor. They've been "solving" their spending problems in Europe for four years now and all that's resulted is higher unemployment.


I don't have a gambling problem, I have a "can't win my money back problem."
 
2013-03-18 11:13:22 AM  
Silly Euroweenies.
 
2013-03-18 11:15:32 AM  
i.qkme.me
 
2013-03-18 11:16:57 AM  
Socialist people problems
images.sodahead.com
/oh wait.
 
2013-03-18 11:18:25 AM  
Done in 4
 
ZAZ [TotalFark]
2013-03-18 11:19:59 AM  
All of that means that (a) the run on banks will continue, and (b) the EU isn't going to get its €5.8 billion from the confiscation.

Why would the EU not get the full amount? Banks aren't allowing big withdrawls before the tax is implemented (according to other stories).
 
2013-03-18 11:20:12 AM  
I hate the phrase, but this is blatant privatization of profits and socialization of losses.  Seriously, who the fark would put their money in a bank under this policy?
 
2013-03-18 11:20:16 AM  
So let me get this straight. You have an issue with the banks not being able to lend because its too risky as they cannot risk the capital. So to get at that money the government is going to tax it so they can pay their debt to the banks?

....yeah good luck with that

On brighter news, I'll be offering that once in a life time experience to live like Mad Max European Tours this time next year!
 
2013-03-18 11:20:28 AM  
1.bp.blogspot.com

Whoo-hoo-hoo, look who knows so much. It just so happens that your economy here is only MOSTLY destroyed. There's a big difference between mostly destroyed and all destroyed. Mostly destroyed is slightly rebuilt. With all destroyed, well, with all destroyed there's usually only one thing you can do:  go through their central banks and look for loose change.
 
2013-03-18 11:20:41 AM  
Got a real source by any chance instead of some poo-flinger's blog? Or is this just the thing they've discussed where they basically said that it's up to Cyprus to determine how to handle raising the money as long as they raised the money?
 
2013-03-18 11:21:26 AM  

sab6300: Done in 4


I was expecting the kid in the pool, or maybe the altered the economy quote on Obama (regardless of the EU).

Close enough.
 
2013-03-18 11:25:35 AM  
Article did not capture what I saw as one of the more interesting aspects of the deal; Cyprus is alleged to have become a large money laundering operation for the Russian mob and corrupt govt officials. The response could be real interesting when the EU pulls 10% from those guys. The EU will probably be banned from adopting Russia's unwanted orphans.
 
2013-03-18 11:25:42 AM  
Grade A dimwits, the lot of 'em. Of course people are going to take their money out if you start doing this crap. That's part of what caused the Great Depression.

If Europe could stop shooting each other in the foot for a couple of months the world economy might recover. Despite the insanity in Washington right now, the US economy is one of the strongest in the world, so they're not holding everyone back. Certainly China isn't. Even Putinized Russia is doing well.
 
2013-03-18 11:29:34 AM  
Yay austerity!
 
2013-03-18 11:29:47 AM  

Ambitwistor: [1.bp.blogspot.com image 270x198]

Whoo-hoo-hoo, look who knows so much. It just so happens that your economy here is only MOSTLY destroyed. There's a big difference between mostly destroyed and all destroyed. Mostly destroyed is slightly rebuilt. With all destroyed, well, with all destroyed there's usually only one thing you can do:  go through their central banks and look for loose change.


Beautiful, just beautiful ....

Also ...

There's an App for that

static3.businessinsider.com
 
2013-03-18 11:32:34 AM  
The lunch is over and it turns out it was not free after all.  Here's the check.
 
2013-03-18 11:32:46 AM  

Clemkadidlefark: Ambitwistor: [1.bp.blogspot.com image 270x198]

Whoo-hoo-hoo, look who knows so much. It just so happens that your economy here is only MOSTLY destroyed. There's a big difference between mostly destroyed and all destroyed. Mostly destroyed is slightly rebuilt. With all destroyed, well, with all destroyed there's usually only one thing you can do:  go through their central banks and look for loose change.

Beautiful, just beautiful ....

Also ...

There's an App for that

[static3.businessinsider.com image 385x289]


I thought the Jobs marketer was dead.
 
2013-03-18 11:33:42 AM  
The upside of this will be more support of UKIP in Britain. The EU is unraveling.
 
2013-03-18 11:34:45 AM  
Hmm. This doesn't seem to be working. Should have gone for 20%.
 
2013-03-18 11:35:13 AM  

The Irresponsible Captain: Grade A dimwits, the lot of 'em. Of course people are going to take their money out if you start doing this crap. That's part of what caused the Great Depression.

If Europe could stop shooting each other in the foot for a couple of months the world economy might recover. Despite the insanity in Washington right now, the US economy is one of the strongest in the world, so they're not holding everyone back. Certainly China isn't. Even Putinized Russia is doing well.


China's banking system operates under the 'new math' method.
 
2013-03-18 11:35:22 AM  

GentlemanJ: The upside of this will be more support of UKIP in Britain. The EU is unraveling.


It's almost as if a collection of smaller governmental entities can only function when they have a strong central authority who can enforce actions across lines of demarcation.

I wonder where in the world such a thing exists?
 
2013-03-18 11:35:37 AM  
http://www.youtube.com/watch?v=d0nERTFo-Sk

http://www.youtube.com/watch?v=GTQnarzmTOc

Yeah!  I get to whip out the Keynes vs. Hayek rap battles.  :-)

//surprisingly good economic summaries for funny vids.
 
2013-03-18 11:35:48 AM  
Home safe sales will be going up.
 
2013-03-18 11:36:05 AM  
Hot Air's understanding of economics is somewhere around potato.
 
2013-03-18 11:37:53 AM  

Gdalescrboz: Speaker2Animals: Don't be surprised if depositors start to move away from European banks and look for other options to protect their savings from the governments that can't solve their spending problems.

Yeah, that's right, professor. They've been "solving" their spending problems in Europe for four years now and all that's resulted is higher unemployment.

I don't have a gambling problem, I have a "can't win my money back problem."


Your analogy is horrible and idiotic. Austerity didn't work in the 1920's is not working now and will never work as a tool for economic recovery.

1. Implement austerity measures
2. Lay off people in the public sector, stop providing services vital to maintaining a thriving workforce.
3. See consumer consumption, go down. See companies lay off more people further reducing consumer consumption. See companies drop contracts, delay expenditures in contracting economy.
4. Tax revenues have gone down.
5. Return to step 1?
 
2013-03-18 11:40:24 AM  
Can we get a photoshop of an EU flag with a Scumbag Steve hat on it?


/Scumbag EU: Bails out greedy banks - makes innocent depositors pay for it, causes bank panic.
 
2013-03-18 11:41:18 AM  
main page politics.... *backs away slowly*
 
2013-03-18 11:41:19 AM  
This is what you guys want for the US.

Funny.
 
2013-03-18 11:42:07 AM  

MyKingdomForYourHorse: So let me get this straight. You have an issue with the banks not being able to lend because its too risky as they cannot risk the capital. So to get at that money the government is going to tax it so they can pay their debt to the banks?


THIS.   Seriously this is nothing more than handing money over to the banks directly from the depositors.  This money wont be freed up and used to create liquidity.  This money will stay in the coffers of the bank.

Hey Mortimer - lets open a new bank account, say we guarantee the investors 100% of their money and offer them less than 1% in returns on it.  After the suckers have given us their money lets get the government to steal 6.75% and give it back to us.  Our total profit is all the interest on what we lend out AND 6.75% risk free.  GENIUS.

fark investment banks and the governments lining their pockets.
 
2013-03-18 11:42:26 AM  
Cypress got drunk and decided it needed to use the shotgun to get the tick off its shin.

Truly the dumbest thing uttered in public since "Hey, those Tulip Bulbs will be worth something someday".
 
2013-03-18 11:42:29 AM  

monoski: Article did not capture what I saw as one of the more interesting aspects of the deal; Cyprus is alleged to have become a large money laundering operation for the Russian mob and corrupt govt officials. The response could be real interesting when the EU pulls 10% from those guys. The EU will probably be banned from adopting Russia's unwanted orphans.


And guess who will have runs on the banks? You assume only the mafia uses their banks. Just like only rich people care about the stock market.
 
2013-03-18 11:42:40 AM  
I'm so glad my plan to cause a run on the banks worked.
I'm getting so good at this.  This time was practically foolproof.
With Washington Mutual I just got lucky.
 
2013-03-18 11:43:48 AM  

monoski: Article did not capture what I saw as one of the more interesting aspects of the deal; Cyprus is alleged to have become a large money laundering operation for the Russian mob and corrupt govt officials. The response could be real interesting when the EU pulls 10% from those guys. The EU will probably be banned from adopting Russia's unwanted orphans.


I can understand wanting to seize hoards of money from the Russian mob.  I'm sure the Eurocrats thought that would be a great way to balance the books, take money from the criminal element with them having no legal recourse.

The problem is the impact on everyday Cypriots, not to mention foreigners residing in Cyprus, and the overall damage to customer confidence in the banking system that is produced by an arbitrary seizure of the funds of law abiding citizens.

It was a chainsaw solution to a problem that needed a surgeon's scalpel.
 
2013-03-18 11:44:05 AM  

Pair-o-Dice: The Irresponsible Captain: Grade A dimwits, the lot of 'em. Of course people are going to take their money out if you start doing this crap. That's part of what caused the Great Depression.

If Europe could stop shooting each other in the foot for a couple of months the world economy might recover. Despite the insanity in Washington right now, the US economy is one of the strongest in the world, so they're not holding everyone back. Certainly China isn't. Even Putinized Russia is doing well.

China's banking system operates under the 'new math' method.


China will have a collapse as well, a big one, not too far in the future. They are repeating the mistakes of the US, and the Europeans in many ways.
 
2013-03-18 11:45:18 AM  
I have a bother in law who lives in Cyprus. He is a liberal and hates the US. The irony here makes me chuckle.
 
2013-03-18 11:48:54 AM  

GentlemanJ: The upside of this will be more support of UKIP in Britain. The EU is unraveling.


Or the opposite - this is essentially the sort of thing that happened in the US before full federalization and a stronger central authority was instituted.
 
2013-03-18 11:49:44 AM  

Silverstaff: I can understand wanting to seize hoards of money from the Russian mob. I'm sure the Eurocrats thought that would be a great way to balance the books, take money from the criminal element with them having no legal recourse.


The thing that kills me here is that they're also the ones that could give a rats ass about liquidity or a run on the bank.  All they have to do is start yanking their cash out, cause a panic - runs on the banks happen.. then they dont have a problem of people not caring where their money comes from.  They do cash business.. farking with them is the wrong thing to do for many reasons.
 
2013-03-18 11:51:19 AM  
God I wish fark let you edit for spelling. sigh.
 
2013-03-18 11:53:37 AM  

Thunderpipes: This is what you guys want for the US.

Funny.


We want to tax deposits?
 
2013-03-18 11:57:03 AM  
When the Olympics moved on, taking its building projects with it, it left a little like a thief in the night. Exactly like a thief in the night in fact. It usually left in the very early hours of the morning, and the following day there always turned out to be a very great deal of stuff missing. Whole cultures and economies would collapse in its wake, often within a week, leaving once-thriving countries desolate and shell-shocked but still somehow feeling they had been part of some great adventure.
 
2013-03-18 11:59:24 AM  
Ah, Credit Unions. Ahhhhhh.

/Join them before Congress locks out new membership.
 
2013-03-18 11:59:40 AM  

skozlaw: Got a real source by any chance instead of some poo-flinger's blog? Or is this just the thing they've discussed where they basically said that it's up to Cyprus to determine how to handle raising the money as long as they raised the money?


NPR story.

I found the breaking news from a blog to be suspect also, so I went looking for confirmation.
 
2013-03-18 12:00:14 PM  

Silverstaff: It was a chainsaw solution to a problem that needed a surgeon's scalpel.


Oh don't worry about that....we've entered the wishy washy ambiguous stage now, where two perfectly likeable doctors have told you two totally different things....

Yes Mr Watson, it's perfectly fine....we're just going to amputate below the knee...
No Mr Watson, we don't need to remove your entire lower leg, we just need to make a small incision here.


Right now the patient is currently sat outside in the waiting room with their hospital gown...and they are shiatTING BRICKS on whether or not they are going to have a leg to stand on, the other side of the anaesthetic.

This is the bit I hate about european politics....inevitably all anyone does is kick the ball a few hundred yards further down the road..
 
2013-03-18 12:00:54 PM  
 xria: GentlemanJ: The upside of this will be more support of UKIP in Britain. The EU is unraveling.

Or the opposite - this is essentially the sort of thing that happened in the US before full federalization and a stronger central authority was instituted.


Nationalism wasn't nearly as much a factor here.  The extremity of nationalism in Europe never fails to surprise me.
 
2013-03-18 12:01:59 PM  

Gdalescrboz: Speaker2Animals: Don't be surprised if depositors start to move away from European banks and look for other options to protect their savings from the governments that can't solve their spending problems.

Yeah, that's right, professor. They've been "solving" their spending problems in Europe for four years now and all that's resulted is higher unemployment.

I don't have a gambling problem, I have a "can't win my money back problem."


But I think I have a plan for winning at craps, I'll just bet it all on green.

First thing I'll do is; change the rules.
 
2013-03-18 12:02:50 PM  
Austerity is like addressing a heart condition from obesity by cutting off your leg because you'll weigh less.
 
2013-03-18 12:03:43 PM  

DamnYankees: Thunderpipes: This is what you guys want for the US.

Funny.

We want to tax deposits?


You want to take money from people, same thing really. You want the government to have the power to simply take money as they see fit, and punish people for being responsible. Not much different.
 
2013-03-18 12:05:15 PM  

Thunderpipes: You want to take money from people, same thing really. You want the government to have the power to simply take money as they see fit, and punish people for being responsible. Not much different.


I do like taking money from people. It gives me a high, like when I go around and infect sleeping hobos with Kuru.
 
2013-03-18 12:05:50 PM  
EVERYBODY QUICK: HOW DOES THIS FIT IN MY MANICHEAN VIEW OF THE WORLD???
 
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