–“We’d be better off leaving the euro and returning to the pound. We don’t want to end up like Greece.”

Mitchell’s laws:
●The more federal budgets are cut and taxes increased, the weaker an economy becomes.
●Austerity is the government’s method for widening the gap between rich and poor,
which leads to civil disorder.
●Until the 99% understand the need for federal deficits, the upper 1% will rule.
●To survive long term, a monetarily non-sovereign government must have a positive balance of payments.
●Those, who do not understand the differences between Monetary Sovereignty and monetary non-sovereignty, do not understand economics.
●The penalty for ignorance is slavery.
●Everything in economics devolves to motive.

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Euro zone urges Cyprus to spare smaller savers from bank levy
By Michele Kambas and Harry Papachristou
NICOSIA/ATHENS | Mon Mar 18, 2013 5:22pm EDT

(Reuters) – Euro zone ministers urged Cyprus to let smaller savers escape a levy on bank deposits, before a parliamentary vote on Tuesday that will either secure the island’s financial rescue or threaten default.

A weekend announcement that Cyprus would impose a levy on bank accounts as part of a 10 billion euro ($13 billion) bailout by the European Union broke with previous practice that depositors’ savings were sacrosanct.

Translation: To a bankster, “sacrosanct” is money in their pockets. These are the same criminals President Obama refuses to prosecute. Mr. Obama doesn’t bite the hand that feeds him.

Under the deal struck in Brussels on Saturday, bank deposits under that level would have faced a levy of 6.7 percent, ripping up the protection savers thought they enjoyed on insured deposits up to that limit, while those above would be stung for 9.9 percent.

“All Eurogroup ministers said today they wished there was no tax below 100,000 euros but you can’t force a country to not do that,” the Greek source told Reuters.

“Cyprus doesn’t want to impose a large tax above 100,000 because the money will flow out. Two thirds of deposits are from abroad.”

Translation: A tax on deposits below 100,000 euros is economically destructive. A tax on deposits above 100,000 euros also is economically destructive. So let’s do both.

The decision to target bank accounts stunned Cypriots . . . Residents emptied cash machines over the weekend and investors feared a precedent had been set that could reignite turmoil in the single currency area that the European Central Bank has calmed in recent months with its pledge to do whatever it takes to save the euro.

Translation: The ECB calmed the eurozone with a pledge to do “whatever it takes” – i.e. “takes” from the people and gives to the banks.

“It is up to the government alone to decide if it wants to change the structure,” European Central Bank policymaker Joerg Asmussen, who was pivotal in the weekend negotiations, told reporters in Berlin. “The important thing is that the financial contribution of 5.8 billion euros remains.”

Translation: It’s not up to the people; it’s up to the government. The people are not important; the banks are.

“They are treating us like guinea pigs,” said Takis Georgiou, 49. “We’d be better off leaving the euro and returning to the pound. We don’t want to end up like Greece.”

Translation: We’d be better off if our government had not voluntarily surrendered the single most valuable asset our nation has – its Monetary Sovereignty. Who would have thought?

“The most important question is what would happen the following day if the bill isn’t voted,” Cyprus central bank governor Panicos Demetriades told parliament.

“What would certainly happen is that our two big banks would need to be consolidated. This doesn’t mean that they would be completely destroyed.”

Translation: Oh horrors. Consolidate our banks? We would rather punish our citizens than inconvenience the banksters.

“If I were a saver, certainly in Spain or maybe Italy, I think I’d be looking askance at these measures and think this could yet happen to me,” said Peter Dixon, global financial economist at Commerzbank.

U.S. Treasury Secretary Jack Lew, who has talked with his EU counterparts, was monitoring developments closely and expected a “fair” solution, Washington said.

Translation: As a member of the Obama team (following the the footsteps of Tim Geithner), Lew feels a “fair” solution is one that rewards criminals at the expense of the public.

Cypriot President Nicos Anastasiades, a conservative elected just three weeks ago, said in a TV address that the tax was an alternative to a disorderly bankruptcy. It was painful, but “will eventually stabilize the economy and lead it to recovery”.

Translation: “Disorderly” means the banksters would lose money. “Stabilize” means the public will lose money.

“Essentially parliament is called to legalize a decision to rob depositors blind, against every written and unwritten law,” said Yiannakis Omirou, speaker of parliament and head of EDEK, the small Socialist party.

Translation: Right. That’s the Obama/Geithner approach. Any problem?

And then something amazing happened:

Cyprus lawmakers reject bank tax; bailout in disarray

(Reuters) – Cyprus’s parliament overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout on Tuesday, throwing euro zone efforts to rescue the latest casualty of the currency area’s debt crisis into disarray.

Translation: The battered woman refused to be raped again by her attackers, throwing the criminals into disarray.

The vote by the small state’s legislature was a stunning setback for the 17-nation euro zone, after lawmakers in Greece, Portugal, Ireland, Spain and Italy had repeatedly accepted unpopular austerity measures over the last three years to secure European aid.

Translation: “We screwed our citizens. Why can’t you do the same?”

French Finance Minister Pierre Moscovici said the euro zone could not lend Cyprus any more, since the country’s debt would become unmanageable.

Translation: “Your debt is too big. You can’t pay it back. So, we suggest making your debt even bigger. But first you must impoverish your people further.”

The one smart person in the eurozone: “We’d be better off leaving the euro and returning to the pound. We don’t want to end up like Greece.”

We could use his wisdom in the U.S. Here, the President and Congress pretend we are not Monetarily Sovereign. The purpose: To widen the income/wealth gap between the rich and the rest.

The people are unemployed, but bribery works.

Rodger Malcolm Mitchell
Monetary Sovereignty

====================================================================================================================================================

Nine Steps to Prosperity:
1. Eliminate FICA (Click here)
2. Medicare — parts A, B & D — for everyone
3. Send every American citizen an annual check for $5,000 or give every state $5,000 per capita (Click here)
4. Long-term nursing care for everyone
5. Free education (including post-grad) for everyone
6. Salary for attending school (Click here)
7. Eliminate corporate taxes
8. Increase the standard income tax deduction annually
9. Increase federal spending on the myriad initiatives that benefit America’s 99%

No nation can tax itself into prosperity, nor grow without money growth. Monetary Sovereignty: Cutting federal deficits to grow the economy is like applying leeches to cure anemia. Two key equations in economics:
Federal Deficits – Net Imports = Net Private Savings
Gross Domestic Product = Federal Spending + Private Investment and Consumption – Net Imports

#MONETARY SOVEREIGNTY

7 thoughts on “–“We’d be better off leaving the euro and returning to the pound. We don’t want to end up like Greece.”

  1. “We’d be better off leaving the euro and returning to the pound. We don’t want to end up like Greece.”

    For a moment there, I thought you were quoting Hank Paulson.

    Like

  2. So austerity now includes direct theft of private property. This should surprise no one. When a nation (any nation) surrenders its Monetary Sovereignty, the nation enters a death spiral in which the theft of private property is just a matter of time. The nation quickly becomes insolvent, since its debt-to-GDP ratio exceeds 100%. (The ratio is only meaningless for nations that have Monetary Sovereignty. Cyprus itself has a 86% debt-to-GDP ratio, and climbing.) With insolvency, the citizenry exists only to pay the rich and the bankers.

    Another way to describe the death spiral is that the more Monetary Sovereignty you give up, the more insolvent you become. The more insolvent you become, the more Monetary Sovereignty you must give up.

    It’s a sweet deal for the bankers. “Because of your insolvency (which we caused) you must give us everything.”

    (Incidentally, Vatican City uses the euro, when means the Vatican is doomed, unless the priests begin to forcibly rob their customers like the bankers want to do.)

    One complicating factor is Russia. Some 37% of all depositors in Cyprus are rich foreigners who stash their loot in Cyprus to avoid taxes, and to enjoy a 5% interest rate on savings deposits. (US banks pay 1%.) Of that 37% of depositors, about 30% are from non-euro area countries, especially Russia. Russian banks have t $12 billion on deposit with Cypriot banks. Russian corporations have another $19 billion on deposit. All that money might be withdrawn if Cypriot politicians were to let bankers steal deposits. It may be withdrawn anyway as soon as the banks re-open. Banking depends upon trust. If the trust is broken, the system fails.

    All 56 Cyprus politicians were forced to back down, but the scam is only getting started. Soon depositors across the euro-zone will be told it is their “patriotic duty” to let global bankers steal directly from their accounts. Such theft is inevitable. Rich Europeans know this, which is why the rich don’t put their money in euro-zone banks.

    Cyprus banks are closed until Thursday, and perhaps longer. The British Ministry of Defense sent a Royal Air Force plane to Nicosia with €1 million on board to offer loans to British military personnel in Cyprus. (Did you get that? LOANS!)

    Here in the USA, the average person’s reaction is apathy.

    “Big deal. Cyprus is a small island, and I heard it was a center for money-laundering.”

    (So are Switzerland, Luxemburg, Panama, the Cayman Islands, New York, the City of London, and so on.)

    The peasants refuse to see that bankers are out of control. That’s why the bankers get away with it.

    Like

  3. One reason why the USA hates Iran is that bankers don’t control Iran.

    On Monday (18 Mar 2013) Iran’s Supreme Court upheld the death sentences for four bankers convicted of engaging in a $2.6 billion fraud scheme. Two more bankers were sentenced to life, and 33 accomplices were sentenced for up to 25 years. The decision by Iran’s Supreme Court cannot be appealed.

    The owners of Aria Investment Development Company, which has 35 offshoots active in diverse business activities, had bribed bank managers to get loans, letters of credit, and forged documents. The banker-thieves used these items to get control of state-owned companies.

    The four banksters to be cleansed (executed) include Aria President Mahafarid Amir-Khosravi, his legal adviser, Behdad Behzadi, his financial advisor, Iraj Shoja and the head of the Ahvaz branch of Saderat Bank, Saeed Kiani Rezazadeh. The president of the Bank Melli branch in the city of Kish was sentenced to life. Former Deputy Minister Khodamorad Ahmadi was sentenced to 10 years.

    If the criminals had been from Wall Street, they would have been applauded, and rewarded with giant bonuses.

    And yet, with boundless hypocrisy, the U.S. government calls Iran a “criminal nation” and its state-owned central bank a “criminal organization.”

    Most Americans eagerly swallow such excrement.

    Hence the saying: you are what you eat.

    Like

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