Nigel Farage tonight-Get your money out of europe-BANK RUN
“I must say the thing I
find the shabbiest about it is there insisting that it doesn’t need to be
subjected to a vote in the Cypriot Parliament. I very much hope that the
members of the Cypriot Parliament say, ‘To hell with that, we demand another
vote.’
It’s funny isn’t it, the
Germans are going to have a vote on it in their Parliament, but the Cypriots
are being told that they shouldn’t have a vote on it. If that’s not moving into
a German dominated Europe, I don’t know what is.
I said last week that I
felt any savers who had money in other eurozone banks, particularly in the
Southern eurozone countries, really ought to think seriously about getting
their money out. Well, this afternoon something far more serious has happened.
The Dutch Finance Minister, about an hour and a half ago, said that he saw the
Cyprus eurozone bailout as now being a template of how they intend to act in
the future. So the burden of all of this will now fall on the private sector,
and not on the public sector.
Frankly, what that now
says is that anybody that has money, or anybody that has big money sitting in a
Spanish or an Italian bank, and particularly if you happen to be a financial
officer for a company, it would be criminally negligent of you to now leave
your money or a company’s money in a Spanish or an Italian bank.
I think what they’ve
done today is to spark a major run on those banks. I see that some of the banks
stocks have fallen 6% this afternoon, and I think in their desperation to keep
the eurozone propped-up, I really believe that long-term they have made an
absolutely fatal error. They have now crossed the bounds into one of complete
criminality, and from this their reputations will never, ever recover.”
6 comments:
Nigel Farage tonight-Get your money out of europe-BANK RUN
Eurozone has given an tenuous blessing for bank managers to tax, levy, filch, or just steal their depositors money in case the banks suffer liquidity problems.
Eurozone's 700 billion Euro fund will go by the wayside if banks can rob themselves. They call it recapitalizing themselves. How crude to think of that as an inside bank robbery. I apologize?
Think of it! Each bank may have a little stalin, or maybe a Robin Hood, at least the hood part will be right.
The socialist governments of Europe can become custodians, or conquerors, or a national monopoly of all national fiscal assets. They further will be able to delegate authority to give bankers the duty to maintain a healthy fiscal position in the banking business. Bankers will take charge of their depositors deposits necessary to insure that favorable fiscal banking balance is maintained in the Eurozone economy.
With the Eurozone economy already in the tank, how much is needed to make the Eurozone banks and governments appear to have a fiscal balance? Is there such a condition in our fiscally ravaged world as fiscal balance?
I think the Eurozone has gone to far this time. First they like the idea,. Then it is a bad idea. Then its a good idea for all banks. Then it is only good for cyprus. But, Spain, Italy and a few other very problematic economies are mulling over the same action for themselves. The Germans who liked it first, like it for everyone else but not themselves.
This one has shoes and it isn't walking, it is running, and where it is going is hard to tell.
Surely the effect on savers can be mitigated, switch the money to other vehicles. But how the heck can businesses that need millions in their bank account operate, ie companies with multi-million euro payrolls, supermarket chains, etc? It's sobering to be told that when I deposit my company's takings in the bank, or even accept a credit card....that I am "investing".
A deal reached Monday in Brussels may have saved Cyprus from becoming the first country to crash out of the euro, but it came at the cost of widening the political mistrust between the strong economies of Europe's north and the weaklings of the south.
Several officials familiar with talks in Nicosia and Brussels over the €10 billion ($13 billion) rescue for the island described more than a week of chaotic negotiations. European officials cited Cypriot foot-dragging, reversals and dropped communications, a situation one European Union official called "terrifying." Cypriot officials described their European opposites as demanding and inflexible.
Funny how the world goes round, while I worry about the mortgate payment, others are worried about which bank is safe to put their millions in.
Funny how the world goes round, while I worry about the mortgate payment, others are worried about which bank is safe to put their millions in.
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