Have nothing to do with the [evil] things that people do, things that belong to the darkness. Instead, bring them out to the light... [For] when all things are brought out into the light, then their true nature is clearly revealed...

-Ephesians 5:11-13

Tag Archives: Cyprus

Greeks Shout “NO!”

This article was published by The McAlvany Intelligence Advisor on Monday, July 6, 2015:  

Greek citizens shouted “No!” to further austerity measures for the hapless country in exchange for more of what got it into trouble in the first place: other people’s money. The lopsided 60-40 vote astonished telephone pollsters, who predicted a much narrower victory for Greek Prime Minister Alexis Tsipras of the far-left Syriza party. Although the issues were far more complicated than the referendum made it appear, the 68-word ballot question made it easy: do you want more increases in taxes, more cuts in pension benefits, another increase in the VAT … or not?  Translated into English, the ballot read:

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Greece to the EU: NO!

This article was published online at TheNewAmerican.com on Monday, July 6, 2015:  

In an astonishing blow to the European Union’s credibility, Greek voters, fed up with five years of austerity, continuing recession, 25-percent unemployment, and severe cuts in pension payouts, strongly said “No!” at the ballot box Sunday. The 68-word ballot question, rejected by 61 percent of the voters, reads (translated into English):

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Obama Executive Order to Force Americans to buy Government Bonds

Halfway through his State of the Union message Tuesday night, the president announced he was unilaterally going to fix another perceived problem through an executive order: mandating a requirement that all employers not already offering retirement plans start doing so. Said the president:

Let’s do more to help Americans save for retirement.

Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401(k)s.

That’s why, tomorrow, I will direct the Treasury to

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Controversial Harvard Professors predict high inflation and defaults for the US

The two Harvard professors who made themselves famous, and then infamous, are at it again, now predicting that America will soon be forced to

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Federal Court Rules that the Bitcoin is Money

When the Securities and Exchange Commission (SEC) charged that Trendon Shavers, the founder of Bitcoin Savings and Trust (BTCST) was running a Ponzi scheme, Shavers challenged the agency by claiming that bitcoins didn’t fall under their definition of securities and so therefore he and his company were exempt from SEC rules. Federal Judge Amos Mazzant ruled otherwise, which was bad news for Shavers but good news for

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Pro-Euro German Finance Minister Now Having Second Thoughts?

This, at least, is the gist of the headline from the AP: “German who helped start euro now calls for its end.” The AP article that backed it up was just four paragraphs long and led me to think: this guy has awakened to reality! He’s been converted to free market principles! Hallelujah!

Even Ambrose Evans-Pritchard, the conservative writer for the liberal Telegraph, seemed to buy the line, saying

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The Best of the “Iron Lady”

I’ve had a most pleasant time reviewing, sorting, reflecting on, and selecting the best of Margaret Thatcher’s pithy quotes, including perhaps her most famous one:

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Bank of Cyprus Expands Robbery of Depositors’ Money

Outrage upon outrage. Audacity upon audacity. In an email to its depositors last week, the wonderful amazing Bank of Cyprus informed its trusting depositors that it was going to take more of their money. Instead of limiting the theft of amounts over $130,000 to 40% the BOC is raising the amount of the robbery to 60%!

But there’s good news!  37.5% of the theft will be converted into ownership in the wonderful amazing bank with – ready? – full voting rights! And, in addition – wait for it! – they will receive any dividends the bank might declare in the future accruing to that ownership!

Oh, but there’s bad news as well. Sorry. The wonderful amazing BOC is going to withhold “temporarily” an additional 22.5% to “ensure” that the bank can meet the terms imposed by its new true real owners: the Eurozone commission, the International Monetary Fund and the European Central Bank.

It gets even better. The BOC is setting up a commission (always good to hear that) to study 1) just how long that “temporary” hold will be, and 2) the possibility that that additional amount will also be converted into ownership of the wonderful amazing bank. Here’s how Bloomberg phrased it:

The Central Bank of Cyprus will appoint an independent valuer for the commercial lender and all or part of the 22.5 percent additional haircut may also be converted into shares within 90 days of that process being completed, according to the statement. Any remaining amount will be returned to customers with interest, the central bank said.

But not everyone gets to participate in this wonderful amazing opportunity to own a part of a wonderful amazing bank. Only if you have more than $130,000 in your account do you get to participate. If you have less than that, well, too bad, you’ll just have to muddle through without being offered this grand opportunity:

The so-called bail-in won’t apply to Bank of Cyprus account holders whose debts to the lender bring their net balance below the 100,000-euro threshold, according to the statement. Holders of accounts at other banks on the Mediterranean island aren’t being touched.

Well, shoot! It must mean that only depositors at the wonderful etc. BOC will be able to participate. This is discrimination! This is unfair! There ought to be a law!

The message being sent via email by the BOC is being received by every bank depositor in the world: your bank can take your money and keep it. That’s just how things are these days. Get used to it.

 

 

 

The wonderful amazing Bank of Cyprus

We know about the Bank of Cyprus. It’s the key player in the bailout of the Cyprus banking industry: the last man standing. It has given haircuts of 40% of amounts over $130,000 held in the bank. I’ve called the process of theft “turning depositors into lenders”. I should have added “by force.” But Wikipedia was effusive with its praise of how wonderful BOC is:

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Many of the articles on Light from the Right first appeared on either The New American or the McAlvany Intelligence Advisor.
Copyright © 2021 Bob Adelmann