The European Union is demanding that Cyprus pay in some way for part of the bailout of its troubled banks. There are several plans afoot, and they all include someone losing deposit money. One plan says it will now protect all “insured” accounts, but that means billions in uninsured money is up for grabs.
The uninsured money, no doubt, belongs to bank customers, who are mad as hell they are being fleeced.
There are simply going to be some bank failures. One billionaire thinks this may turn into another Lehman event that could cause another financial meltdown. Lehman was the fourth largest investment bank before it went belly up five years ago. Financial analyst Greg Mannarino says, “Cyprus is the spark that could light the fuse that sets the Euro Zone on fire.”
Seven Heads and Ten Horns
17 Member States of the Eurozone
The eurozone is an economic and monetary union (EMU) of 17 European Union (EU) member states that have adopted the euro (€) as their common currency and sole legal tender. The eurozone currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
The European Union (EU) is an economic and political union of 27 member states that are located primarily in Europe. The EU is represented at the United Nations, the WTO, the G8 and the G-20.
After World War II, moves towards European integration were seen by many as an escape from the extreme forms of nationalism that had devastated the continent. The 1948 Hague Congress was a pivotal moment in European federal history, as it led to the creation of the European Movement International and also of the College of Europe.
In 1951, the Treaty of Paris was signed, creating the European Coal and Steel Community (ECSC). The Treaty of Paris was an international treaty based on international law, designed to help reconstruct the economies of the European continent, prevent war in Europe and ensure a lasting peace. The original idea was conceived by Jean Monnet, a senior French civil servant and it was announced by Robert Schuman, the French Foreign Minister, in a declaration on 9 May 1950. The aim was to pool Franco-German coal and steel production, as these two raw materials were the basis of the industry (including war industry) and power of the two countries. The proposed plan was that Franco-German coal and steel production would be placed under a common High Authority within the framework of an organization that would be open for participation to other European countries.
1952 saw the creation of the European Coal and Steel Community, which was declared to be "a first step in the federation of Europe."
The founding members of the European Coal and Steel Community were Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany.
In 1957, the six countries signed the Treaty of Rome, which extended the earlier cooperation within the European Coal and Steel Community (ECSC) and created the European Economic Community, (EEC) establishing a customs union. They also signed another treaty on the same day creating the European Atomic Energy Community (Euratom) for cooperation in developing nuclear energy. Both treaties came into force in 1958.
Monetary policy of the zone is the responsibility of the European Central Bank (ECB) which is governed by a president and a board of the heads of national central banks. The principal task of the ECB is to keep inflation under control. Though there is no common representation, governance or fiscal policy for the currency union.
The New Holy Roman Empire
The Treaty of Brussels was signed on 17 March 1948 between Belgium, France, Luxembourg, the Netherlands and the United Kingdom, as an expansion to the preceding year's defence pledge, the Dunkirk Treaty signed between Britain and France. As the Treaty of Brussels contained a mutual defence clause, it provided a basis upon which the 1954 Paris Conference established the Western European Union (WEU) and expounded the group to Seven (7) heads of nations with the addition of Italy and West Germany.
"The intensely linked ten (10) nation core of Europe known as the Western European Union, developed out of the Papacy, and was the precursor to the European Union.
(modified Brussels Treaty - 1954)
All member countries of the WEU became members of NATO, and then the WEU joined the European Union in 1999.
The power of the Papacy
Egypt gets the most U.S. foreign aid of any country except for Israel. (This doesn't include the money spent on the Iraq and Afghanistan wars.) The exact amount varies from year to year and there are many different funding streams, but U.S. foreign assistance to Egypt has averaged about $2 billion a year since 1979, when Egypt struck a peace treaty with Israel following the Camp David accords, according to the Congressional Research Service.
The Pope and Vatican fueled the protests in Egypt by calling upon European Union leaders
to take retaliatory action in response to the Coptic Church shootings of 2011.
Bank of Cyprus staff protest
Cyprus is the third largest island in the Mediterranean Sea, and a member state of the European Union. It is located east of Greece, south of Turkey, west of Syria and Lebanon, northwest of Israel and the Gaza Strip, and north of Egypt.
People working for the largest bank in Cyprus massed at the Nicosia headquarters in support of the bank’s chairman, who has resigned in the wake of the country’s bailout. Andreas Artemis quit after the country’s central bank appointed an administrator to oversee the restructuring of the Bank of Cyprus. Staff are also anxious about what the restructuring means for their jobs.
Referring to the decision to dissolve the largest bank, Laiki, also known as Cyprus Popular Bank, employee Panicos Stelianou said: “After the comments by the central bank chief, Mr Demetriades, about restructuring of the Bank of Cyprus, which is similar to plans for the Popular Bank, we can see exactly what’s going on. “Mr Artemis resigned and everything is volatile. If their only goal was to destroy the banking sector in Cyprus, then it looks like they found a way. After Popular Bank it will be us.”
Panicos Onisiphorou Demetriades (Greek: born 19 January 1959) is a Cypriot economist , who is a European Central Bank Governing Council member and the Governor of the Central Bank of Cyprus from 3 May 2012. Prior to his appointment, he was a Professor of Financial Economics at the University of Leicester, England. Demetriades studied economics at the University of Essex, England, where he graduated with first-class honours. He continued his studies at Essex, England, where in 1983 he completed his MA in economics, graduating with distinction. Between 1983 and 1987 he studied for a PhD at Cambridge University under the supervision of Frank Hahn and Hashem Pesaran.
Demetriades is not working for Cyprus, but is instead working for the EU and European Central Bank and the International Money Fund (IMF)---just like Federal Reserve Chairman Ben Bernanke.
The International Monetary Fund, European Union and European Central Bank is in Cyprus setting up another "bailout bank takeover" program. The first EU bailout plan was met with stark opposition, and forced the island’s banking sector to essentially shut down while officials scurried to find a solution. On Monday, the final provisions were made to the bailout conditions and the Cyprus government handed down the EU mandate to shut down the Cyprus Popular Bank (known as Laiki), and to heavily tax uninsured depositors at Bank of Cyprus, to raise money for the 10 billion euro ($12.9 billion) bailout. Bank customers with over 100,000 euro in their accounts could lose up to 60 per cent of their funds to international bankers...
The 1944 Bretton Woods Conference held in Bretton Woods, N.H., led to creation of the International Monetary Fund and the World Bank---which are still privately operated along with the U.S. Federal Reserve system.
The Rich Get Richer
Economists may dream of a perfect market where no bubbles, crashes, or recessions occur, but this is how international bankers gain control of other banks and governments. The Great Depression, one of the worst blows to the world economy, serves as a prime example of how a few of the world's richest people got richer, while everyone else suffered.
When the Council of 13 and Committee of 300---the world's richest and most powerful people---are not starting wars to finance reconstruction, they are creating a financial crisis to destabilize nations. Then they make policy and use their puppet politicians to give themselves huge bailouts that are never reinvested into the economy.
The stock market crash of 1929, usually cited as the beginning of the Great Depression, was preceded by the Roaring '20s, a period when the American public discovered the stock market and dove in head first. The crash wiped out many people's investments and the public was understandably shaken.
Before bank failures erased the savings of those who weren't even invested in the stock market, regulation could have been implemented to avoid the financial devastation.
The Method to
Destabilizing the Economy
Destabilizing the Economy
Monetarism is a school of economic thought that emphasizes the role of governments in controlling the amount of money in circulation. It is the view within monetary economics that variation in the money supply has major influences on national output in the short run and the price level over longer periods and that objectives of monetary policy are best met by targeting the growth rate of the money supply. Monetarism today is mainly associated with the work of Milton Friedman, who was among the generation of economists to accept Keynesian economics and then criticize it on its own terms.
Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. As a leader of the Chicago school of economics, he influenced the research agenda of the economics profession. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century…possibly of all of it."
Friedman opposed the existence of the Federal Reserve system. Friedman and Anna Schwartz in their book, A Monetary History of the United States, 1867-1960, argued that the Great Depression was caused by a massive contraction of the money supply and not by the lack of investment. In the crash of 1929, the Fed cut the money supply by nearly a third, thus choking off hopes of a recovery. Consequently, many banks suffering liquidity problems simply went under---and their banking customers lost their life savings.
Will History repeat itself
soon in the
United States of America?
soon in the
United States of America?
U.S. Privatized Federal Reserve Chairman Ben Bernanke said Monday that the Federal Reserve's low-interest-rate policies are helping to boost growth around the world, rejecting criticism that they could lead to a global currency war.
In a speech at the London School of Economics, Bernanke staunchly defended the Fed's policies and similar stimulus efforts pursued by other central banks since the 2008 financial crisis.
Critics have argued that the low-interest-rate policies could lower a country's currency value and make its products more competitive on global markets. Some have blamed such policies for making the Great Depression worse during the 1930s.
It is time to say the Serenity Prayer
Forever in the next. Amen.
God loves His creation, but mankind has turned their back on God and has chosen to believe in the principles of this world, which are focused on pride, lust, anger, greed, gluttony, envy and sloth.
Mankind is to blame for
evil and corruption
evil and corruption
People play the lottery and invest in the stock market and other "Get Rich Quick" schemes, because none of us want to be content with what we have or work for the things that take T.I.M.E. (This I Must Earn).
We watch TV and glamorize sitcoms where husbands and wives cheat on each other or shows that focus on achieving riches, money, power and prestige. All the while we put our faith in ourselves and those who we thought we could benefit from. But if you have been following this Blog, you now know for sure that Satan and the Antichrist(s) are real and that this world is evil.
Submit Yourselves to God
“God opposes the proud but shows favor to the humble.”7 "Submit yourselves, then, to God. Resist the devil, and he will flee from you. 8 Come near to God and he will come near to you. Wash your hands, you sinners, and purify your hearts, you double-minded. 9 Grieve, mourn and wail. Change your laughter to mourning and your joy to gloom. 10 Humble yourselves before the Lord, and he will lift you up."
Godspeed, love and peace,
Brother Johnson, XU