The Cypriot politicians will remain in the Euro at least for now. They are listening to Brussels and are afraid of retaliation if they try to leave. We submitted a proposal to try to save Cyprus, but the powers that be are doing as they are told by the European Commission. There is little hope of reversing the trend at this point and everyone should know that this confiscation of assets was NOT something out of the blue. This was seen as the alternative to “taxpayer” bailouts following the meltdown of 2008-2009. The bankers scared the hell out of government warning they would collapse if the big bankers failed for nobody would be there to sell their debt. At the Sovereign Debt Crisis Conference I warned of FORCED LOANS were next whereby they confiscated your assets and handed you a bond. By the end of that session, the confiscation was announced. This time, they just took the assets with no bond swap.
We will publish a report on this, but effectively this was discussed at the G20 meeting and this has been put in written documents around the world. It is the next step in the Sovereign Debt Crisis that EVERY country has followed. This is the VERY SAME measure that was done in M.F. Global. The court refused to hold the banks responsible and thus the losses from the firm’s illegal trading were taken from client accounts.
This is why there will be ABSOLUTELY NO HYPERINFLATION. This is not about stimulating a damn thing and they have no intention of honoring their promises to the Baby Boomers. Forget our children. This is about keeping the banks alive to service the debt of government. They will slash and burn pensions, whatever it takes to retain power. Just follow the breadcrumbs. Government is digging in its heels and will not relinquish power nor will they reform.
There is no crazy scheme to stimulate anything. This is about protecting the banks initially (namely NYC) but is all about protecting the halls of government. The real problem; this was NOT done to protect the Cypriot banks. This was done to save the European Commission. They got away with this with M.F. Global. They are now trying it out on Cyprus.This is in the desk drawers of all major central banks as the way to do this. They are getting away with this just as Maximinus I (235-238AD) and all wealth at all times belongs to the state. By the way, when you deposit money in the bank, it is actually no longer legally yours. You become an UNSECURED creditor of the bank. Nothing more. Sorry. I fail to see where even Bitcoin creates some alternative for they can confiscate whatever they want at any time.