My bank account's got robbed by European Commission. Over 700k is lost.

[f4tal1ty]

Well it really doesnt matter how many depts a country in the Eurozone has.

When Goldman Sucks wants to make money, they just give a call to S&P, Moodys, Fitch etc. to rate the credit-worthiness of a country down, interests rise untill they are unapayable for the country, and Draghi (Ex-Goldman Sachs employee and President of the ECB) prints new money and with the ESM and EFSF the rest of the Euro countries pay the depts directly to the creditors.

(of course the mainstream media states, the stronger EU countries rescued the bankrupt country and are now in position to impose economical sanctions, making people rush against each other, but actually the only thing they did is bailing out their own banks out of the risky credits)

It's just so easy to get peoples money, just inflate the depts away and steal 10% of their money every year.

Why the fuck are the governments and banksters so insane to rob peoples bank accounts so obviously, risking EU wide riots, if they could do it way more discrete?

[killerstorm]

so easy to get peoples money, just inflate the depts away and steal 10% of their money every year.

Last time I checked, ECB's inflation target was 2% per year, and they have adhered to it.

If they were inflating at faster pace there would be no problem with "depts".

(IN other news, current Bitcoin monetary base inflation is 12.5% per year. Wake up, sheeple!)

[myrkul]

(IN other news, current Bitcoin monetary base inflation is 12.5% per year. Wake up, sheeple!)

[carlos]

It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors

Go ahead spread the FUD

[f4tal1ty]

Looking at the price of gold, oil, immovables, stocks etc. you can see the target inflation rate of the ECB is totally out of the world.

With Bernanke's and Draghi's loose monetary policy I am astonished the inflation rate isnt even higher, but it takes time for the fresh money to reach the real economy and increase prices.

[myrkul]

It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors

Go ahead spread the FUD

When the Fear, Uncertainty, and Doubt are regarding the government and banks, they're not unwarranted.

[jago25_98]

Some people have said that there was risk here that should have been foreseen. To that I say - when you recieve your wages or income with that institution:
- how liquid is it? (how much of your money is actually retained
- of the investments they make, where are these investments made?
- how much exactly is the country your bank is in in debt?

You don't know, do you?

I've been looking for this info for a long time and it's very hard to come by. The reason - if it was easy we'd have a lot more capital flight.

I know how you feel. I had my life savings wiped out when the FSA shutdown the hedge fund I was with and haven't investigated their trading history (i.e. it's suspicious) and now renamed the FCA I think

[solex]

It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors

Go ahead spread the FUD

Agreed. The Web of Debt article criticizes New Zealand's central bank, and yet Mike Shedlock (Mish) praises them:

http://globaleconomicanalysis.blogspot.co.uk/2013/03/fraudulent-guarantees-fictional-reserve.html

Mish has a better grip on the situation.

[cho]

All my sympathy to zeroday.

I'm surprised to read comments stating that such a loss was well deserved . For so much fake reasons : because zeroday earned too much interest, because having more than 100k€ is stupid, because tax evasion is bad, ...
BUT I've read one half-good reason : "because you shouldn't trust your bank ; remember a deposit is to be viewed as a loan"
That one reason is a killer, because it is fundamentally true. But you can't blame zeroday for having been exposed to bank failure risk, unless you yourselves completely avoid to have any deposit at any bank.

There's been a very insightful post earlier on this thread, stating that we're screwed because we can either
1. Use banking services, and get bail-in / haircut screwed, cyprus style
2. Use only cash, and get fined / jailed because it's forbidden in most places above a certain threshold.
(3. Use only bitcoin : you're not screwed, but it's a bit early yet)

In other words, we are required by Law to use unsafe banking services, with no means of checking banks risk exposure. In other words, we are officially serfs with essentially no private property rights, since the very system that is supposed to enforce those rights is built around a huge fallacy. Some people already knew this, but now it's official and undeniable.

I feel this whole episode will help spread awareness about the banking system rules - an awareness that, at some point, will make that banking system unsustainable.

Does anyone know if there exists, in the eurozone, a deposit-only bank ?

[zeroday]

The Spectator magazine: Forget Cyprus, the real savings robbery is in Britain

[marcus_of_augustus]

There's been a very insightful post earlier on this thread, stating that we're screwed because we can either
1. Use banking services, and get bail-in / haircut screwed, cyprus style
2. Use only cash, and get fined / jailed because it's forbidden in most places above a certain threshold.
(3. Use only bitcoin : you're not screwed, but it's a bit early yet)

In other words, we are required by Law to use unsafe banking services, with no means of checking banks risk exposure. In other words, we are officially serfs with essentially no private property rights, since the very system that is supposed to enforce those rights is built around a huge fallacy. Some people already knew this, but now it's official and undeniable.

Yes, I think that was me that posted that thought. I've been pondering some more on this and it was perplexing to me why these cash controls limits were really being rolled out so rapidly as they are known to be so destructive to economic activity so it is a desperate move, official reason was "tax evasion" like everything they are doing with capital controls ... but the more I think about it is probably because large reserves of paper cash outside the banking system is going to leave the banks undercapitalised.

They use these unsecured deposits as Tier 1 capital when assessing the bank for solvency under the Basel rules so people pulling money out of the system in the form of paper cash and stuffing mattresses is going to crash the system, since all the banks are now tied together in vast web of derivatives that share the risks all around equally, the macro risk from cash leaving the system in the form of paper has now become a systemic failure risk. The net effect being that paper cash cannot be allowed in large quantities since the digital fiat system cannot function alongside it ... seems to me much more plausible than the weak and unsupported, unquantified  "tax evasion" argument, the economic pain incurred from banning a cash economy is justifiable since the financial calamity of systemic failure is a worse outcome.

In another note, when you loan money from a bank invariably collateral in some form is demanded. Now that it is obvious that a cash deposit at a bank is essentially an unsecured loan to the bank, (except for custodial accounts) perhaps it is time for cash depositing customers to be demanding collateral from the bank before extending unsecured overnight cash deposits?

[killerstorm]

Some people have said that there was risk here that should have been foreseen. To that I say - when you recieve your wages or income with that institution:
- how liquid is it? (how much of your money is actually retained
- of the investments they make, where are these investments made?
- how much exactly is the country your bank is in in debt?

You don't know, do you?

I've been looking for this info for a long time and it's very hard to come by.

Well, it is easy to find financial report for any publicly owned company, including banks. They are not 100% detailed, but probably detailed enough.

Some banks publish info on liquidity.

And in most cases you can observe huge loss before bank goes insolvent.

[behindtext]

Some people have said that there was risk here that should have been foreseen. To that I say - when you recieve your wages or income with that institution:
- how liquid is it? (how much of your money is actually retained
- of the investments they make, where are these investments made?
- how much exactly is the country your bank is in in debt?

You don't know, do you?

I've been looking for this info for a long time and it's very hard to come by.

Well, it is easy to find financial report for any publicly owned company, including banks. They are not 100% detailed, but probably detailed enough.

Some banks publish info on liquidity.

And in most cases you can observe huge loss before bank goes insolvent.

having dealt with many banks myself, it is _very_ important to know your bank (KYB). this means understanding, at a minimum, your bank's relative position amongst other banks in its jurisdiction.

example: you have USD 1 mln in the US. storing these funds with Bank of America is a bad idea because BoA has a history of liquidity problems. i would recommend banking with Chase or a smaller regional bank.

similar comments apply to other jurisdictions. it totally sucks to have all those funds frozen/held by a bankrupt bank, i feel for you.

[zeroday]

Yet another victim.

Neil Hodgson, 48, who moved to Paphos, on the south-west coast of the island, six years ago, said he has lost nearly £200,000. The former farmer, who has two accounts with Bank of Cyprus, added: ‘I had more than €300,000 in my deposit account and €20,000 in my current account. When I went to the bank the other day I was told the total balance for both is €100,000.]Neil Hodgson, 48, who moved to Paphos, on the south-west coast of the island, six years ago, said he has lost nearly £200,000. The former farmer, who has two accounts with Bank of Cyprus, added: ‘I had more than €300,000 in my deposit account and €20,000 in my current account. When I went to the bank the other day I was told the total balance for both is €100,000.

SOURCE: dailymail.co.uk

Also, this is the answer to those who advised me to keep money separated between many accounts less than 100k each.
This trick won't work as they "insure" only 100k euro of the whole assets on all accounts per person or entity. So, there were absolutely no chance to save operating funds of my business.

[myrkul]

Yet another victim.

Neil Hodgson, 48, who moved to Paphos, on the south-west coast of the island, six years ago, said he has lost nearly £200,000. The former farmer, who has two accounts with Bank of Cyprus, added: ‘I had more than €300,000 in my deposit account and €20,000 in my current account. When I went to the bank the other day I was told the total balance for both is €100,000.]Neil Hodgson, 48, who moved to Paphos, on the south-west coast of the island, six years ago, said he has lost nearly £200,000. The former farmer, who has two accounts with Bank of Cyprus, added: ‘I had more than €300,000 in my deposit account and €20,000 in my current account. When I went to the bank the other day I was told the total balance for both is €100,000.

SOURCE: dailymail.co.uk

Also, this is the answer to those who advised me to keep money separated between many accounts less than 100k each.
This trick won't work as they "insure" only 100k euro of the whole assets on all accounts per person or entity. So, there were absolutely no chance to save operating funds of my business.

Well, the idea is to split it up amongst several accounts in several banks, ideally in several countries. This is impractical for all but the very rich, though.

[SolarSilver]

Also, this is the answer to those who advised me to keep money separated between many accounts less than 100k each.
This trick won't work as they "insure" only 100k euro of the whole assets on all accounts per person or entity. So, there were absolutely no chance to save operating funds of my business.

Are you even sure the guarantee is even valid for entities, companies and organizations? From what understand of the implementation (here in Belgium), it's it only private citizens that get EUR 100k guaranteed, companies and the like are fair game...

[zeroday]

As you may see on a screen shot in the first post, 100k euro is available.

[carlos]

So, there were absolutely no chance to save operating funds of my business.

"Operational"? Whats your weekly/monthly turnover on account?
Is it really justifiable to have almost 1M EUR in standard deposit account?
The more FUD you spread the more I'm starting to believe that your screen is fake. Having this kind of sum on standard account and not to care about mitigating risks (diversify, diversify, diversify) is strange... Was the interest worth it? Whats the motivation behind it?

Looking at your signature, you weren't robbed by European Commision - again pure FUD.

You were robbed by your cyprian bankers playing moral hazard and your cyprian politicians playing their own gains... Not by EU nor EC... Your sig is laughable.

[zeroday]

"Operational"? Whats your weekly/monthly turnover on account?
Is it really justifiable to have almost 1M EUR in standard deposit account?
The more FUD you spread the more I'm starting to believe that your screen is fake. Having this kind of sum on standard account and not to care about mitigating risks (diversify, diversify, diversify) is strange... Was the interest worth it? Whats the motivation behind it?

It is not a grocery store. Contract amounts varied from five to six figures. Execution of an order takes months. We still owe significant amounts to our clients and contractors!
Fuck!! My friend owes Hotel business and they lost over 1.2 million on operational account! Moreover, they are losing their property and he was thinking of suicide on the day when it become clear that the money is lost !

Looking at your signature, you weren't robbed by European Commision - again pure FUD.

You were robbed by your cyprian bankers playing moral hazard and your cyprian politicians playing their own gains... Not by EU nor EC... Your sig is laughable.

Reading every Cyprus-related article starting from March 16 gives me a clear picture of what is really happening and whom to blame. In the beginning of February EU had already prepared their plan to rob Cyprus depositors.

Probably the whole catastrophe in Cyprus for you is just FUD and fake, but for me it is reality! And I paid for it from my own pocket!

[carlos]

Probably the whole catastrophe in Cyprus for you is just FUD and fake, but for me it is reality! And I paid for it from my own pocket!

And the solution is to spread FUD that we are next ... Come on! You really mean it?
Catastrophe? More like market correcting the banking bubble you lived in... Sad bud reality.
What was the turnover figure per month or per week? What was the interest on that account?