Thieves steal money from every bank account in cyprus!

According to the current news, Cypriats said .. KMA to the ECB.
Prior to the announcement BitCoin hit 62 but has settled back to 60.
Gold spiked at the same time to 1617 and is now trading around 1612.

I think the ECB shot themselves in the head, not the foot, I'm going to guess that when the banks do reopen later this week in Cyprus, there is still going to be a run. As the old sayin says: "Fool me once, shame on you. Fool me twice, shame on me."

The cypriats have been duly warned. "We Want To Steal Your Money"

I think the Italians and the Spaniards should pay attention. The smart ones will probably take their money out too.

 

Cyprus' Banks Might Never Reopen, Warns Germany



(Newser) – On the heels of yesterday's crushing rejection of its controversial bank deposit tax, the what-the-heck-is-Cyprus-going-to-do watch continues. The BBC reports that President Nicos Anastasiades is in crisis talks with party leaders and examining "alternative plans." The country's banks remained closed through tomorrow, and officials now say the closure could be extended until Tuesday. But Germany's finance minister last night issued a much more dire warning: Cypriot banks may never reopen. Wolfgang Schäuble's key statement, per the BBC:

• "The ECB (European Central Bank) has made it clear that without a reform program for Cyprus the aid can't continue. Two big Cypriot banks are insolvent if there are no emergency funds from the European Central Bank. Someone has to explain this to the Cypriots and I think there's a danger that they won't be able to open the banks again at all."

One of its plan B options may involve Russia, which received a Cypriot delegation in Moscow. The Wall Street Journal reports that the group intended to discuss a "long-shot plan" in which Russia would hand over billions and get a share in the country's banks and offshore energy fields in return. But as of today, "There were no offers, nothing concrete," says Cyprus' finance minister, "we're happy with a good beginning." The other plan Bs the BBC floats: bank mergers or a bond issue. In the meantime, the country is considering "contingency measures" that could be put in place should the banks reopen, such as daily withdrawal maximums and slowing the pace with which transactions clear.


Cyprus' Banks Might Never Reopen, Warns Germany - Cypriot officials acknowledge tomorrow's planned opening may not occur

 

Here in the US this will come in the next couple of years. But it will be converting 401K to govt pension or forcing 401K to hold 50% in govt bonds.

If I could withdraw from my 401K I would drain every penny and convert to tangibles.

 

Did that, feels good. Tax Penalty was a hit but bird in the hand is worth nothing if over taxed.

 

I keep telling my friends to do the same, but they never listen... Housing market is starting to boom again, dow at 14,000+, etc et al...

 

Maybe not a couple of years. Maybe a couple of months, or weeks.