Economy

Archives February 2013 →

In Cyprus your money is not really yours

Banks in Cyprus has imposed a daily limit of cash withdrawal of 100 euros at ATMs, reports Reuters. The measure, advanced by the Laiki Bank, which allowed out until now 260 euros, will now blocking customers from accessing their savings should they decide to withdraw more than 100 euros at a time.

The looting of Cyprus by the EU will follow the Greek model

The Government has reached an agreement with the troika to seize 20% of the deposits that hold more than 100,000 euros that are in the Bank of Cyprus, the country’s largest bank and also the one that is preferred by Russian oligarchs. “How do you think it will be? Tomorrow I will lose 25,000 euros,” replied the waiter in a bar where a customer shouted how are you?

Bernanke leaves door open for Cyprus-style confiscation of savings

Federal Reserve Chairman, Ben Bernanke refused to say that the United States will not use Cypriot techniques of taxing the people by confiscating a percentage of their savings accounts to fund government operations.

American Corporate Executives Cash In as Austerity arrives for the Rest

As the US government prepares to furlough 1 million federal workers and slash hundreds of billions in social spending, corporate executives in the United States are receiving among the highest payouts in history. USA Today reported Thursday that at least ten CEOs took in $50 million apiece in 2012, largely as a result of cashing in stocks that have soared in value with the rising market.

Cyprus bank theft by the EU shocks European Markets

Stocks around the world and the euro fell sharply Monday as investors fretted over a plan to tax depositors in Cypriot banks as a way to partly fund a bailout of the Mediterranean island nation.

European Government seizing cash from private bank accounts in Cyprus

The move is part of the so-called rescue plan to get the country out of its financial crisis. The surprise decision by euro zone leaders to part-fund a bailout of Cyprus by taxing bank deposits sent shockwaves through financial markets on Monday, with shares and the bonds of struggling euro zone governments tumbling.

A Nixonian approach to Climate Change

U.S. President, Barack Obama is about to bring a blast from the past to deal with the supposed threats posed by climate change. In doing so, he and his environmental team has already made sure that the Federal Government is exempted from all regulations.

Food monopolists are taking over the world food supply

There was a reason why our founding fathers were leery of monopolies – because they knew that too much power and influence in too few hands was not conducive to liberty and freedom.

Wealth Redistribution Hugo Chavez Style

According to Guillermo Chochez, a former Panamanian Ambassador to OAS, Chavez has been dead for at least 7 days after he was disconnected from respirators. Chochez cites Venezuelan government sources, which he said he could not reveal because he gave his word as a journalist that he would not.

The fiscal crisis in the United States is near, and it won’t be pretty

When one hears talks about the collapse of the dollar, it is hard to picture how a currency that is the base of all global transactions can simply disappear. An important point to understand is that such a collapse does not occur at once. It takes a while to happen because that is how it has been arranged. What most people are clueless about is that, not only is the death of the dollar possible, but that it has already started.

Kerry offers $450 million to rescue Egyptian economy

Shortly before ending his first visit to Cairo, the new Secretary of State of the United States, John Kerry, said that in his meeting with President Mohamed Morsi he pledged to provide 450 million dollars (350 million euros) in aid to the Arabic country.

Archives February 2013 →