The dramatic recent events in Cyprus have highlighted the fundamental weakness in the European banking system and the extreme fragility of fractional reserve banking.
CEO of Euro Pacific Capital Peter Schiff's latest gold call. As gold posts its first back-to-back quarterly losses since 2001, is the metal ready for a comeback?
Cyprus: Where Things Stand
While being distracted by the developments of this insolvent European sovereign or that, coupled with increasingly prevalent episodes of deposit confiscation, is all the rage these days, the fundamental problems summarized by these three simple words
Just last week Yiannakis Omirou, Cypriot House of Representatives President, was calling for the nation to accept it is "time for responsibility" as they progressed towards a final solution;
Cyprus President's Family Transferred Tens Of Millions To London Days Before Deposit Haircuts
An IMF delegation will arrive in Egypt for talks with the government on a $4.8 billion loan, a government spokesman said seeking to easing a deep economic crisis. Egypt would not seek any emergency loan from the International Monetary Fund
Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.
Greece's international lenders have asked Athens to halt National Bank's takeover of rival Eurobank, worried that the resulting lender would be too big for the state to deal with, two bankers close to the talks told Reuters on Saturday.
The EU/IMF raiding bank accounts in Cyprus to bail out the country's financial system sets a dangerous precedent and investors should "run for the hills" said investor Jim Rogers, chairman of Rogers Holdings
As you will see below, there are small businesses and aging retirees who have been absolutely devastated by the wealth confiscation that has taken place in Cyprus.
Make no mistake. Thanks to BitCoins, the status quo is doomed – and a new age of freedom is at hand. The tiny elite group of people who run the world today don’t know it yet, but their power is finally at an end. They are like zombies – the walking d
As the Eurozone financial crisis continues to plague the island nation of Cyprus, its citizens are receiving a crash course in how an out-of-control banking industry and its corrupt banksters can bring an entire economy to its knees.
Here’s an account (literally) - Writes the owner: The most of circulating assets on our business Current Account are blocked.
"I for one, am making sure I don't have too much money in any one specific bank account anywhere in the world, because now there is a precedent," he said. "The IMF has said 'sure, loot the bank accounts' the EU has said 'loot the bank accounts'
...—It’s On Par With The Stuff You Find At Chuck E. Cheese’s”
Instead Of Doing His Job, Jeroen Dijsselbloem Has Given Us A Glimpse Of The Euro 'End Game' ...
When all is said and done, what happened in Cyprus over the past two weeks, is nothing but the culmination of re-marking the "assets" in the country's financial system ....
The EU had warned that it would withhold €10 billion in bailout loans, and the European Central Bank (ECB) had threatened to end emergency lending assistance for distressed Cypriot banks, unless depositors – including small savers – shared the cost o
I know it's considered impolite to repeat yourself but you need to at times like this because the commentary on the Cyprus situation continues to miss the mark to the point that it appears to be intentional.
Is Bernanke, thanks to tens of thousands of flight time hours, piloting? And is Greenspan his co-pilot? Inquiring minds want to know.
Tomorrow Cyprus banks will reopen sometime around noon (they are supposed to close at 6 pm but likely will close far earlier). What does that mean?
After a fun week of Cypriot depositors, Russian tax dodges, and inept Dutch finance ministers attention is back on the real problem with the eurozone.
The Cyprus stock market once had a good run.
Yesterday, Citi commodities analysts Seth Kleinman and Ed Morse declared that "the end was nigh" for oil demand.
Dow Jones has details of the new capital controls that Cyprus will impose on its banks when they re-open in order to prevent a full-fledged bank run.
U.S. stocks continued mostly going up last week.
Curious how in the New Normal a nation is brought to its untimely end without a single shot being fired?
A British security firm that transports cash for Cypriot banks is working round the clock, sending teams out with police protection to stock bank machines and readying guards for when banks reopen on Thursday.