Cyprus bailout = money shift to tangible assets (gold, silver, etc...)

Discussion in 'Bullion Investing' started by YoYoSpin, Mar 17, 2013.

  1. Revi

    Revi Mildly numismatic

    The reason they took the Cypriots' money is that they could, and a lot of it is Russian money. The EU folks figured that it was a big piggy bank, and a little country like that can't fight back. It's just the first of many bank robberies they will end up doing.
     
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  3. InfleXion

    InfleXion Wealth Preserver

    Most of the Russian oligarchs got their money out via London branches that were open when Cyprus branches were closed. That's why the confiscation percentage kept increasing to meet monetary demands.

    And now they are selling a good portion of their gold for a measley $400 million.

    This was a direct attack on the money launderers and tax evaders located in Cyprus - who would stand up for them? Let them be robbed, it's OK as long as it doesn't happen to you. /sarc. I'm sure people in Nazi Germany had a similar sentiment if they weren't Jewish.

    I agree that this was likely the first of many. Canada, New Zealand, and others are already writing up "bail-in" legislature so that when this happens again it will be on clearer terms. If it does happen elsewhere you can bet there won't be an announcement beforehand as was done in this case. People will wake up to their funds being gone just like during the Great Depression. It's almost as if these bankers want a bank run. They're doing a good job of herding people that way.
     
  4. Duke Kavanaugh

    Duke Kavanaugh The Big Coin Hunter

    Well a bank run would hurt them no a day's.
     
  5. SilverForLife

    SilverForLife Member

    Classic pump and dump.:eek:
     
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