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  #1  
Old 03-22-2013, 11:37 AM
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Cyprus ... here's hoping

That the crisis doesn't get resolved by Monday. The stock market needs a nice buying opportunity, and I suspect that a "crisis" is on the way to being "manufactured."

In other news, a US gov't shutdown has been averted, but the sequester cuts are here to stay (with a bit more flexibility). Hope they start to pinch soon. Furloughs delayed, but looks like Pentagon workers will be getting "pink letters" on or about April 5. Soon enough.


Last edited by spdrun; 03-22-2013 at 11:49 AM.
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  #2  
Old 03-25-2013, 07:42 AM
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Looks like your wish came true. Fat cats lose 40%.
Whole lot of pissed off people.
This should cause a lot of people to rethink their investment strategy.
If your money isn't safe in a bank, where will you put it now!

Cyprus Salvaged After EU Deal Shuts Bank to Get $13B - Bloomberg
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  #3  
Old 03-25-2013, 08:21 AM
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This mess is far from over. Bad deal for the people of Cyprus. Euro exit may have been better option. Russia may now freeze German assets.
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  #4  
Old 03-25-2013, 08:23 AM
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Quote:
Originally Posted by BobK View Post
This mess is far from over. Bad deal for the people of Cyprus. Euro exit may have been better option. Russia may now freeze German assets.

And it will be coming to a bank near YOU!
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  #5  
Old 03-25-2013, 01:52 PM
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I'm surprised at the lack of commentary about this on the OD board.
I guess that due to this not being a left vs right issue, nobody gives a ****e.
This is a really big deal in my mind.
Is this the beginning of something terrible, or the end of it.
Will other governments look to this action as a way out of their debts?
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  #6  
Old 03-25-2013, 02:01 PM
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Cyprus has enacted capital controls, thus leaving the Euro in all but name. The WHOLE DAMN POINT of the Euro is free movement of capital. i.e. the Cypriot Euro is no longer the Euro, even if it has the same name. These moves make Bernanke seem almost sane, but I can understand the German fear of inflation, since I fear and hate it myself.

I'm not nearly as cynical and callous as one would think. Just often frustrated and enraged with the idiocy of the so-called "leaders" of the world.

Last edited by spdrun; 03-25-2013 at 02:14 PM.
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  #7  
Old 03-26-2013, 08:51 AM
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Even worse was when Jeroen Dijsselbloem (Dutch finance minister and Eurogroup head) announced this would be the template for banking crises in European union in the future. Now nobodys money is safe in banks in Europe.
Mattress sales expected to skyrocket!
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  #8  
Old 03-26-2013, 10:25 AM
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Originally Posted by BobK View Post
Even worse was when Jeroen Dijsselbloem (Dutch finance minister and Eurogroup head) announced this would be the template for banking crises in European union in the future. Now nobodys money is safe in banks in Europe.
Mattress sales expected to skyrocket!
Great -- so either we'll see capital inflows into the US as a comparative safe haven (inflation). Or we'll see a slow-burn crash of Europe and it acting as a brake on the world economy. Here's hoping for the latter, since it's the better thing for ME.

Last edited by spdrun; 03-26-2013 at 12:40 PM.
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  #9  
Old 03-26-2013, 12:35 PM
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people are already looking into moving funds out of PIGS. US, UK and a few others will get the money. EU really screwed up this time. Who will be next? Italy or Spain? Oh and FWIW, Iceland has had the "temporary" currency controls since 2008.

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