How Personal Wealth Is To Be Tapped By Governments
To Pay National Debts
Originally published on July 29th, 2014
To Pay National Debts
Originally published on July 29th, 2014
PURPOSE
The purpose of this summary of news is to assist the faithful in recognizing the signs and lies of These End Times.
BACKGROUND
Starting in March 18th, 2013 and concluding on July 11th, 2013 we brought to light how Cypriots - under the watchful eye of the IMF (International Monetary Fund) - saw a great portion of their savings confiscated to, in essence, bail out the country's economy. The European Union swore on the proverbial stack of Bibles that such action was a one time event and only in Cyprus. Later on European Union leaders let it slip that they were working on legislation to be able to do the same in other European Union countries if needed. This went unnoticed by most of the population because the media quickly swept in under the proverbial carpet.
INTRODUCTION
All that we have published about the Cyprus event and its legal fallout has been reproduced below without changing a word.
After the last entry, dated July 11th, we will provide a very brief but striking, in more ways than one, DETAILS how far the logic of - "let the citizens of a country bail out the country in debt" - has been taken.
On March 18th, 2013
News Report No. 1
[our highlights]
Cyprus savers to be hit by bailout levy. (1)
and
The Cypriot parliament's debate on the savings tax that shocked the entire nation will now take place on Monday. (2)
miguel de Portugal comments:
The European authorities swear on the proverbial stack of Bibles that this will not happen in any other country of the European Union.
Of course, until a couple of days ago this "would have never happened in any country" of the European Union.
Now, we give you three guesses - although you will only need one - about what will happen to the money owned by foreign nationals and which is deposited in "safe" European Union Banks. If the flow of money out of Europe has been on "high tide" mode for the last year and a half, they may be facing now a flow of tsunami proportions.
This Cuba-like tactic will not go unnoticed by the non European Union movers and shakers. One day, Europeans will wake up to the news that the 500 Euro notes have changed color the Central Bank will only exchange, say, up to 10,000 Euro in cash.
Radical as such idea may sound, it may be the only answer to stop the submerged economy of the Mediterranean faction of the European Union; a submerged economy which is thought, by experts, to be about 25-30% of the above board economy. Personally, I think is well over 30%.
By the way, most of the 500 Euro notes are not in circulation. It is very hard to find one. One needs to notify a bank a few days ahead if you wish to take out some of your money in 500 Euro notes. Guess where they are? Under mattresses, cardboard boxes and bulging safety deposit boxes.
[our highlights]
Cyprus savers to be hit by bailout levy. (1)
Shock has turned to panic in Cyprus as the terms of a Brussels backed bailout became known. A
one-off levy on personal savings drove many to withdraw what they could from ATM machines.
Cyprus is to get 10 billion euros to stave off bankruptcy but in a radical departure from previous aid packages, the island's savers are being forced to pay up to 10% of their deposits to raise another six billion.
British-born Cypriots and their families, some of the UK's 3,500 service personnel on the island and holiday home owners will also have to pay up when the levy comes into operation on Tuesday.
Cyprus is to get 10 billion euros to stave off bankruptcy but in a radical departure from previous aid packages, the island's savers are being forced to pay up to 10% of their deposits to raise another six billion.
British-born Cypriots and their families, some of the UK's 3,500 service personnel on the island and holiday home owners will also have to pay up when the levy comes into operation on Tuesday.
and
The Cypriot parliament's debate on the savings tax that shocked the entire nation will now take place on Monday. (2)
The president postponed the debate to gain time and try and ensure a majority, as for the
moment the EU-IMF imposed levy on savings has raised hackles on all sides.
Rates will start at 6.75 percent and go to 9.9 percent on deposit accounts. The Eurogroup expects this will raise 5.9 billion euros.
Banks may stay closed until Wednesday morning to prevent savers making massive withdrawals, which may prove more of a problem for foreign depositors, who hold 37 percent of Cypriot savings.
Rates will start at 6.75 percent and go to 9.9 percent on deposit accounts. The Eurogroup expects this will raise 5.9 billion euros.
Banks may stay closed until Wednesday morning to prevent savers making massive withdrawals, which may prove more of a problem for foreign depositors, who hold 37 percent of Cypriot savings.
miguel de Portugal comments:
The European authorities swear on the proverbial stack of Bibles that this will not happen in any other country of the European Union.
Of course, until a couple of days ago this "would have never happened in any country" of the European Union.
Now, we give you three guesses - although you will only need one - about what will happen to the money owned by foreign nationals and which is deposited in "safe" European Union Banks. If the flow of money out of Europe has been on "high tide" mode for the last year and a half, they may be facing now a flow of tsunami proportions.
This Cuba-like tactic will not go unnoticed by the non European Union movers and shakers. One day, Europeans will wake up to the news that the 500 Euro notes have changed color the Central Bank will only exchange, say, up to 10,000 Euro in cash.
Radical as such idea may sound, it may be the only answer to stop the submerged economy of the Mediterranean faction of the European Union; a submerged economy which is thought, by experts, to be about 25-30% of the above board economy. Personally, I think is well over 30%.
By the way, most of the 500 Euro notes are not in circulation. It is very hard to find one. One needs to notify a bank a few days ahead if you wish to take out some of your money in 500 Euro notes. Guess where they are? Under mattresses, cardboard boxes and bulging safety deposit boxes.
(1)
News Report
1
(2)
News
Report 2
On March 19th, 2013
News Report No. 1
[our highlights]
Cypriot savings grab shocks savers across Europe. (1)
miguel de Portugal comments:
As we were saying...
And never mind the European depositors. When the "big boys" from outside the European Union start pulling out their money from the "safe" European Union banks, the background music playing will be that of "The Death of a Swan".
The EU is falling apart at the seams and now their "brilliant minds" come up with an idea that will accelerate their demise... thus keeping the "schedule".
[our highlights]
Cypriot savings grab shocks savers across Europe. (1)
A plan to seize up to 10 percent of people's savings in the small Mediterranean island nation
of Cyprus sent shockwaves across Europe on Monday as households realized the money they have in
the bank may not be safe.
A weekend agreement between Cyprus and its European partners called for the government to raid bank accounts as part of a 15.8 billion Euro ($20.4 billion) financial bailout, the first time in the eurozone's crisis that the prospect of seizing individuals' savings has been raised.
In order to get 10 billion Euro ($13 billion) in bailout loans from international creditors, Cyprus agreed to take a percentage of all deposits - including ordinary citizens' savings. The surprise deal stoked fears that deposits in other countries could be targeted.
"The damage is done," said Louise Cooper of CooperCity, a financial research firm. "Europeans now know that their savings could be used to bail out banks."
The euro and stocks around the world took a hit even though the Cypriot economy accounts for only 0.2 percent of the combined output of the 17 European Union countries that use the currency.
A weekend agreement between Cyprus and its European partners called for the government to raid bank accounts as part of a 15.8 billion Euro ($20.4 billion) financial bailout, the first time in the eurozone's crisis that the prospect of seizing individuals' savings has been raised.
In order to get 10 billion Euro ($13 billion) in bailout loans from international creditors, Cyprus agreed to take a percentage of all deposits - including ordinary citizens' savings. The surprise deal stoked fears that deposits in other countries could be targeted.
"The damage is done," said Louise Cooper of CooperCity, a financial research firm. "Europeans now know that their savings could be used to bail out banks."
The euro and stocks around the world took a hit even though the Cypriot economy accounts for only 0.2 percent of the combined output of the 17 European Union countries that use the currency.
miguel de Portugal comments:
As we were saying...
And never mind the European depositors. When the "big boys" from outside the European Union start pulling out their money from the "safe" European Union banks, the background music playing will be that of "The Death of a Swan".
The EU is falling apart at the seams and now their "brilliant minds" come up with an idea that will accelerate their demise... thus keeping the "schedule".
(1)
News
Reports
On March 27th, 2013
News Report No. 1
[our highlights]
Bank re-opening delayed in Cyprus. (1)
miguel de Portugal comments:
As we stated a few days ago, what was unthinkable to happen in the European Union, happened in Cyprus. Although the EU officialdom was busy telling everyone that the Cyprus situation was a not-to-be-repeated unique case, we had the Eurogroup President spill the proverbial beans and tell the world that such action "would act as a model for the eurozone."
[The "model for the eurozone" has the consequences that you will see on direct on these two brief news clips. (2) (3)]
Once the markets started to crash he quickly backtracked and the mindless markets bounced back. They now believe that they managed to pull the wool over "the market's" eyes. The real "movers and shakers", the individuals who own huge amounts of cash in bank deposits, are not like the mindless markets - they got the point and will act accordingly.
In plain English: Any individual or business that has huge amounts of cash deposited in Eurozone banks - no matter how safe the bank may now appear - will pull their money out. Russia is leading the way.
Such drain in any banking system has only one major consequence: The financial collapse of the banking system and nation(s) associated with it. In this case we are talking about the European Union as a whole.
It is amazing to watch it unfold before our eyes while the eyes of those in charge cannot see what should be obvious to all. The level of blindness God has allowed upon them even surprises me!
The masses are getting restless and we see the 21st century version of the French Revolution (4) - applied in the whole European continent - shaping up in Europe.
[our highlights]
Bank re-opening delayed in Cyprus. (1)
Cyprus' banks will now remain shut until Thursday, following the island's
controversial bailout deal. Most of them had been expected to re-open on Wednesday.
The Cypriot Central Bank said the decision was taken to ensure the "smooth functioning of the whole banking system." The Bank of Cyprus and Laiki bank are facing radical restructuring under the terms of the 10 billion euro rescue plan.
In a televised address, President Nicos Anastasiades announced that transactions will be limited temporarily as banks reopen - to avoid bank runs. "Cyprus was one step away from financial collapse," he said. "Our choices were not easy and the environment was not ideal but after tough negotiations, with persistence and also a sense of responsibility, we have reached a result that ensures this country's future."
Cyprus may have avoided a euro exit but the cost to the economy is yet to be calculated. In the US, stocks fell when Eurogroup President Jeroen Dijsselbloem said that the Cyprus rescue would act as a model for the eurozone.
He later clarified that Cyprus was a unique case.
The Cypriot Central Bank said the decision was taken to ensure the "smooth functioning of the whole banking system." The Bank of Cyprus and Laiki bank are facing radical restructuring under the terms of the 10 billion euro rescue plan.
In a televised address, President Nicos Anastasiades announced that transactions will be limited temporarily as banks reopen - to avoid bank runs. "Cyprus was one step away from financial collapse," he said. "Our choices were not easy and the environment was not ideal but after tough negotiations, with persistence and also a sense of responsibility, we have reached a result that ensures this country's future."
Cyprus may have avoided a euro exit but the cost to the economy is yet to be calculated. In the US, stocks fell when Eurogroup President Jeroen Dijsselbloem said that the Cyprus rescue would act as a model for the eurozone.
He later clarified that Cyprus was a unique case.
miguel de Portugal comments:
As we stated a few days ago, what was unthinkable to happen in the European Union, happened in Cyprus. Although the EU officialdom was busy telling everyone that the Cyprus situation was a not-to-be-repeated unique case, we had the Eurogroup President spill the proverbial beans and tell the world that such action "would act as a model for the eurozone."
[The "model for the eurozone" has the consequences that you will see on direct on these two brief news clips. (2) (3)]
Once the markets started to crash he quickly backtracked and the mindless markets bounced back. They now believe that they managed to pull the wool over "the market's" eyes. The real "movers and shakers", the individuals who own huge amounts of cash in bank deposits, are not like the mindless markets - they got the point and will act accordingly.
In plain English: Any individual or business that has huge amounts of cash deposited in Eurozone banks - no matter how safe the bank may now appear - will pull their money out. Russia is leading the way.
Such drain in any banking system has only one major consequence: The financial collapse of the banking system and nation(s) associated with it. In this case we are talking about the European Union as a whole.
It is amazing to watch it unfold before our eyes while the eyes of those in charge cannot see what should be obvious to all. The level of blindness God has allowed upon them even surprises me!
The masses are getting restless and we see the 21st century version of the French Revolution (4) - applied in the whole European continent - shaping up in Europe.
On March 28th, 2013
News Report No. 2
[our highlights]
More on the European Union soap opera.
Tuesday night and Wednesday morning Europe saw the Spanish and French Presidents - in a joint Press Conference - resolutely stating that the Cyprus confiscation of private funds, to help in their own bail out, was just limited to Cyprus and would not apply to any other European Union country.
In the meantime - the Wednesday morning key dailies in Spain were announcing the progress made at the European Union headquarters as they polish the procedure that they have applied in Cyprus so that it could be easily (and legally) applied to any other nation of the European Union. In other words: They are preparing a "template procedure" easily applied to any other nation in short notice.
We are finding difficult - if not impossible - to meet a local resident, regardless of party affiliation, who take their government - and that of all European nations - seriously.
To help you understand the Eurozone in crisis (which, believe it or not, will help the U.S.-U.K. axis) , we invite you to review what Euronews has published about it.
miguel de Portugal comments: And you thought we (the U.S.) were in bad shape...
[our highlights]
More on the European Union soap opera.
Tuesday night and Wednesday morning Europe saw the Spanish and French Presidents - in a joint Press Conference - resolutely stating that the Cyprus confiscation of private funds, to help in their own bail out, was just limited to Cyprus and would not apply to any other European Union country.
In the meantime - the Wednesday morning key dailies in Spain were announcing the progress made at the European Union headquarters as they polish the procedure that they have applied in Cyprus so that it could be easily (and legally) applied to any other nation of the European Union. In other words: They are preparing a "template procedure" easily applied to any other nation in short notice.
We are finding difficult - if not impossible - to meet a local resident, regardless of party affiliation, who take their government - and that of all European nations - seriously.
To help you understand the Eurozone in crisis (which, believe it or not, will help the U.S.-U.K. axis) , we invite you to review what Euronews has published about it.
The eurozone has difficulties overcoming the economic crisis. Markets remains fidgety.
Government debt, Government deficit, GDP growth, unemployment, youth unemployment: five figures to
sum up the crisis between 2007 and 2012.
Debt, deficit, GDP, unemployment: the crisis key figures
Debt, deficit, GDP, unemployment: the crisis key figures
miguel de Portugal comments: And you thought we (the U.S.) were in bad shape...
On June 28th, 2013
News Report No. 1
[our highlights]
Europe strikes deal to push cost of bank failure on investors. (1)
miguel de Portugal comments:
When they recently pulled this trick on Cyprus, they swore on the proverbial stack of Bibles that such was a one time event and would never be applied as a European Union wide policy. We wrote about it back in March. (2)
Now, picture this: Eurozone, June 27th, 2013... The Eurozone economy cannot get restarted no matter what they say and or claim to do. Credit is all but non existent since the banks "do not have enough (real) money to lend". No credit, no growth; no growth, greater unemployment; no new jobs, no new spending; no spending, no growth; and so on.
Now, they come up with this "brilliant" idea. It logically follows that all foreign nationals - individuals and corporate - will pull out all of their money from the Eurozone... an action to be followed by the wealthy Europeans. This will leave the Banks with a few sea shells and soda pop caps to lend so that the European economy gets restarted.
Brethren, this is really troubling. Troubling because economics certainly is not my strength (actually, I am quite ignorant about economics) and I can see the monumental idiocy of the actions that the European Union rulers continue to take... and they obviously do not.
Not only do they lie through their teeth to their citizens, but do not take any action that will really pull Europe out of the crisis... yet they believe that they are in a position to tell the U.S. how to run our business.
Amazing; simply amazing!
[our highlights]
Europe strikes deal to push cost of bank failure on investors. (1)
The European Union agreed on Thursday to force investors and wealthy savers to share the
costs of future bank failures, moving closer to drawing a line under years of
taxpayer-funded bailouts that have prompted public outrage.
After seven hours of late-night talks, finance ministers from the bloc's 27 countries emerged with a blueprint to close or salvage banks in trouble. The plan stipulates that shareholders, bondholders and depositors with more than 100,000 euros ($132,000) should share the burden of saving a bank.
The deal is a boost for EU leaders, who meet later on Thursday in Brussels, and can show that they are finally getting to grips with the financial crisis that began in mid-2007 with the near collapse of Germany's IKB.
"For the first time, we agreed on a significant bail-in to shield taxpayers," said Dutch Finance Minister Jeroen Dijsselbloem, referring to the process in which shareholders and bondholders must bear the costs of restructuring first.
The rules break a taboo in Europe that savers should never lose their deposits, although countries will have some flexibility to decide when and how to impose losses on a failing bank's creditors.
After seven hours of late-night talks, finance ministers from the bloc's 27 countries emerged with a blueprint to close or salvage banks in trouble. The plan stipulates that shareholders, bondholders and depositors with more than 100,000 euros ($132,000) should share the burden of saving a bank.
The deal is a boost for EU leaders, who meet later on Thursday in Brussels, and can show that they are finally getting to grips with the financial crisis that began in mid-2007 with the near collapse of Germany's IKB.
"For the first time, we agreed on a significant bail-in to shield taxpayers," said Dutch Finance Minister Jeroen Dijsselbloem, referring to the process in which shareholders and bondholders must bear the costs of restructuring first.
The rules break a taboo in Europe that savers should never lose their deposits, although countries will have some flexibility to decide when and how to impose losses on a failing bank's creditors.
miguel de Portugal comments:
When they recently pulled this trick on Cyprus, they swore on the proverbial stack of Bibles that such was a one time event and would never be applied as a European Union wide policy. We wrote about it back in March. (2)
Now, picture this: Eurozone, June 27th, 2013... The Eurozone economy cannot get restarted no matter what they say and or claim to do. Credit is all but non existent since the banks "do not have enough (real) money to lend". No credit, no growth; no growth, greater unemployment; no new jobs, no new spending; no spending, no growth; and so on.
Now, they come up with this "brilliant" idea. It logically follows that all foreign nationals - individuals and corporate - will pull out all of their money from the Eurozone... an action to be followed by the wealthy Europeans. This will leave the Banks with a few sea shells and soda pop caps to lend so that the European economy gets restarted.
Brethren, this is really troubling. Troubling because economics certainly is not my strength (actually, I am quite ignorant about economics) and I can see the monumental idiocy of the actions that the European Union rulers continue to take... and they obviously do not.
Not only do they lie through their teeth to their citizens, but do not take any action that will really pull Europe out of the crisis... yet they believe that they are in a position to tell the U.S. how to run our business.
Amazing; simply amazing!
On July 11th, 2013
News Report No. 1
[our highlights]
Currency Controls in Cyprus Increase Worry About Euro System. (1)
miguel de Portugal comments:
This is how the Eurozone and the Common Currency is collapsing while, as with the Titanic (2), the "Euro Orchestra" keeps playing music.
Notice Mr. Loucaides' position - Director of the Cyprus Trading Corporation... and yet, he was not even aware that the "common currency" was not that "common" anymore.
[our highlights]
Currency Controls in Cyprus Increase Worry About Euro System. (1)
On a visit to Athens this year, Marios Loucaides, a Cypriot businessman, saw an apartment he
liked in the heart of the Greek capital and decided to buy it. He told the owner he would seal the
deal with a bank transfer ... once he got back to Cyprus.
After returning home, however, Mr. Loucaides discovered that the euros he had on deposit here in Nicosia, Cyprus' capital, could not be moved to Greece, even though the two countries share the same currency and, in theory at least, the same commitment to the free movement of capital.
The apartment deal collapsed. And so, too, did Mr. Loucaides' belief that Europe has a common currency. Tangled in restrictions imposed in March as part of a bailout for the country's ailing banks, a euro in Cyprus is no longer the same as one in France, Germany or Greece.
"A Cyprus euro is a second-class euro," said Mr. Loucaides, the managing director of the Cyprus Trading Corporation.
After returning home, however, Mr. Loucaides discovered that the euros he had on deposit here in Nicosia, Cyprus' capital, could not be moved to Greece, even though the two countries share the same currency and, in theory at least, the same commitment to the free movement of capital.
The apartment deal collapsed. And so, too, did Mr. Loucaides' belief that Europe has a common currency. Tangled in restrictions imposed in March as part of a bailout for the country's ailing banks, a euro in Cyprus is no longer the same as one in France, Germany or Greece.
"A Cyprus euro is a second-class euro," said Mr. Loucaides, the managing director of the Cyprus Trading Corporation.
miguel de Portugal comments:
This is how the Eurozone and the Common Currency is collapsing while, as with the Titanic (2), the "Euro Orchestra" keeps playing music.
Notice Mr. Loucaides' position - Director of the Cyprus Trading Corporation... and yet, he was not even aware that the "common currency" was not that "common" anymore.
Now, for the...
DETAILS
Summarizing in plain layman terms and cutting through the IMF double talk:
The day when the citizens of any nation will be called upon to pay the national debt through: (a)
Outright confiscation of funds as was done in Cyprus and could be done at any time in any European
Union member nation; (b) withholding part of the Social Security (or its equivalent) retirement
income; (c) Extending maturity date of the formerly safe government bonds so far into the future
that it will be equivalent to confiscating them; (d) etc., is at hand.
The original IMF documents where they double talk the reader through what we have simplified above are:
Financial and Sovereign Debt Crises: Some Lessons Learned and Those Forgotten - Carmen M.
Reinhart and Kenneth S. Rogoff © 2013 - International Monetary Fund WP/13/266 - IMF Working Paper
Research Department Financial and Sovereign Debt Crises
Published on: December 2013 -
Original IMF Source
Statement by the Managing Director on the Work Program of the Executive Board Executive Board
Meeting
Published on June 11, 2014 -
Original IMF Source
The Fund's Lending Framework and Sovereign Debt - Preliminary Considerations : The Staff Report
prepared by IMF staff and completed on May 22, 2014 for the Executive Board's
consideration
Published on June 13, 2014 -
Original IMF Source
All of this takes place under the leadership of Mrs. Christine Legarde who was made head of the IMF to replace the well crucified and then current IMF head - Mr. Strauss-Khan. Regardless of the carnal morals or lack of them of Mr. Strauss-Khan, he obviously would not have gone Legarde's route thus the permanent destruction of his career in any public sector was "a must".
CONCLUSION
We publish this information in keeping with the purpose for which we publish and comment upon other news events, and which was spelled out at the beginning of this document: To assist the faithful in recognizing the signs and lies of These End Times.
Why? Because all anyone can do about this is pray.
Even if one would transfer all assets owned - including future retirement payments - into solid gold coins, it would not matter. When all is said and done one could not even change the gold coins into monetary instruments to buy bread and milk... assuming, of course, that God allows humanity to reach that point.
EPILOGUE
Could this be the reason behind all the "conspiracy theory" talk about the preparations by the U.S. authorities to deal with with massive nationwide uprisings?
Published on July 29, 2014
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