Daily Digest

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Daily Digest 3/29 - Cyprus Banks Reopen, U.S. Army Fights Brain Drain

Friday, March 29, 2013, 12:46 PM

Economy

It’s head for “the mattresses” time for savers worldwide (GE Christenson)

However, this emergency funding comes with a draconian penalty for the trusting taxpaying savers. In this instance, the European Central Bank has cut a secret deal with the Cypriot government to raid the bank accounts of all the country’s bank depositors, between six and ten percent (the latest plan is to confiscate about 40% of uninsured deposits). This proposed robbery, if it comes to pass, will confiscate billions from citizens and non-citizens alike who have placed their trust in the security of Cyprus’s banks. What has resulted, of course, is riotous response throughout the nation and frantic sell-offs in world equity markets.

Cyprus banks reopen amid tight security and tough curbs (Nervous Nelly)

Cyprus is the first eurozone member country to bring in capital controls.

Cyprus needs to raise 5.8bn euros ($7.4bn; £4.9bn) to qualify for a 10bn-euro bailout from the European Commission, European Central Bank and the International Monetary Fund, the so-called troika.

Cyprus - The Answer Is Uniastrum (Wendy SD)

The problem is the way these things work. The reporters, from any news agency, are handed out stuff from the government. They have to publish it. There is no choice. So it appears as official jargon that they hope we will all believe. Then the members of the Press cannot be too critical or say too much or they will be shut off and ostracized by Brussels or Berlin or wherever they reside. Consequently much of what we read in or from the European Press is less than forthcoming. Not lies necessarily; but not exactly all of the truth. I do not fault the Press one iota here because there is nothing else they can do but I caution you not to believe too much of what you read. America has much more, significantly more, freedom of the Press than Europe allows.

Hundreds Of Armed Vigilantes Seize Mexican Town, Arrest Local Police (Wendy SD)

Members of the area’s self-described “community police” say more than 1,500 members of the force were stopping traffic Wednesday at improvised checkpoints in the town of Tierra Colorado, which sits on the highway connecting Mexico City to Acapulco. They arrested 12 police and the former director of public security in the town after a leader of the state’s vigilante movement was slain on Monday.

After court rules Hollande he can’t put 75% tax on salaries, French President vows to hit companies directly (westcoastjan)

But in a delicate balancing act designed to woo business, the Socialist president also pledged a “simplicity shock” that would slash France’s notorious red tape and added that he would not raise taxes in the next two years but would cut state spending instead. He also re-iterated his promise to reverse rising unemployment, despite record levels in France.

Les misérables: Despite welfare state and wine, unhappiness reigns in France (westcoastjan)

Despite free access to health care, hospitals, public school and universities, dissatisfaction is so prevalent in France it ranked worse than Iraq and Afghanistan in a survey of expectations for 2012, according to a WIN-Gallup poll.

Hollowed out: US Army fights brain drain (westcoastjan)

He and the other students are learning about military doctrine in an educational programme for officers.

During class, someone mentions the Iraqi city of Falluja, where American contractors were once killed and strung up from a bridge.

The seminar leader, Zsolt Szentkiracli, changes the subject.

Highest paid banker on Wall Street suing renovators of neighbouring building for ruining view from his 360-degree glass penthouse (westcoastjan)

However Mr. Handler, whose three-bedroom apartment sits atop 1 York Street, claims that as well as causing him anguish, the renovations do not comply with the TriBeCa neighbourhood’s planning laws. The dispute has tarnished a run of good fortune for Mr. Handler, who received a 36% rise last year after the share price of Jeffries, once a boutique investment bank, rose by 48%.

Should airlines start charging passengers by the pound? (westcoastjan)

That was especially true when soaring fuel prices in 2008 threatened to upend the industry — a year before the recession actually did. But one economist suggests airlines haven’t gone far enough, that it’s time airlines built a system to monetize their greatest weight variable: the passenger.

More Scientific Evidence Linking Fracking and Earthquakes (James S.)

The study focused its research on seismic activity in Oklahoma over the past two years and concluded that a 4.8-magnitude earthquake centered near Prague on 5 November 2011, was "induced" by the injection wells. Two subsequent earthquakes, including a 5.7-magnitude “event” the following day, was the biggest in contemporary state history, were caused by the first earthquake and existing tectonic stresses in the earth.

Money for aquaculture, but not wild salmon, critics note (westcoastjan)

"This is an extensive report with serious implications for the British Columbia sockeye salmon fishery. Going forward, the Government is working with partners and reviewing Justice Cohen's findings and recommendations very carefully. The Government of Canada has long recognized the importance of protecting sockeye salmon in the Fraser River," DFO Official Melanie Carkner wrote to the CBC.

Gold & Silver

Click to read the Gold & Silver Digest: 3/29/13

Provided daily by the Peak Prosperity Gold & Silver Group

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5 Comments

littlefeatfan's picture
littlefeatfan
Status: Silver Member (Offline)
Joined: Jul 20 2009
Posts: 141
More 3E related Links, Resources and Cartoons

http://3es.weebly.com/  useful resource? give a thumbs up!

RESOURCES

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
westcoastjan's picture
westcoastjan
Status: Platinum Member (Offline)
Joined: Jun 4 2012
Posts: 572
re Canadian Bail in procedures

I hope that every Canadian who follows this site will look at this and forward it to everyone they know. Time to wake up the sheeple to the fact that the govt is laying the foundation to do a Cyprus on us, if and when needed. Time for people to start paying attention and waking up to reality!

Jan

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4149
Big depositors in Cyprus to lose far more than feared

"Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back".

 

Thanks to zerohedge for spotting this.

to_be_frank's picture
to_be_frank
Status: Member (Offline)
Joined: Oct 27 2012
Posts: 11
Not much brandy in the dog's little barrel.

Ah, but our saving grace is deposit insurance.  Canada Deposit Insurance Corporation will indemnify all bank deposits up to $100,000 per insured account.  Except that, according to the CDIC Annual Report (2012) http://www.cdic.ca/CDIC/FinRpts/Documents/AR2012/AR2012.pdf they have $2.441 billion of cash and investments on hand.  National Bank, the smallest of our big six banks, according to its 2012 annual report http://www.nbc.ca/bnc/files/bncpdf/en/2/e_ri_ar2012.pdf has account holder deposits of $93 billion.  Hmm... we had better not have a failure of one of the big six.

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