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Cyprus Paved the Way For an FDIC-Approved Money Grab

Politics / Credit Crisis 2013 Apr 10, 2013 - 12:30 PM GMT

By: Graham_Summers

Politics

As Cyprus has now shown us, when systemic collapse hits, it hits FAST and FURIOUS.

The quick timeline for Cyprus is as follows:


■June 25, 2012: Cyprus formally requests a bailout from the EU.
■November 24, 2012: Cyprus announces it has reached an agreement with the EU the bailout process once Cyprus banks are examined by EU officials (ballpark estimate of capital needed is €17.5 billion).
■February 25, 2013: Democratic Rally candidate Nicos Anastasiades wins Cypriot election defeating his opponent, an anti-austerity Communist.
■March 16 2013: Cyprus announces the terms of its bail-in: a 6.75% confiscation of accounts under €100,000 and 9.9% for accounts larger than €100,000… a bank holiday is announced.
■March 17 2013: emergency session of Parliament to vote on bailout/bail-in is postponed.
■March 18 2013: Bank holiday extended until March 21 2013.
■March 19 2013: Cyprus parliament rejects bail-in bill.
■March 20 2013: Bank holiday extended until March 26 2013.
■March 24 2013: Cash limits of €100 in withdrawals begin for largest banks in Cyprus.
■March 25 2013: Bail-in deal agreed upon. Those depositors with over €100,000 either lose 40% of their money (Bank of Cyprus) or lose 60% (Laiki).

The most important thing I want you to focus on is the speed of these events.

Cypriot banks formally requested a bailout back in June 2012. The bailout talks took months to perform. And then the entire system came unhinged in one weekend.

One weekend. The process was not gradual. It was sudden and it was total: once it began in earnest, the banks were closed and you couldn’t get your money out (more on this in a moment).

If you think this cannot happen in the US, think again. The FDIC has already proposed legislation that would allow it to TAKE CONTROL OF A BANK IT DEEMS SYSTEMICALLY IMPORTANT AND WRITE DOWN YOUR SAVINGS ACCOUNTS as part of the bail-in.

This power was granted in the 2010 Dodd-Frank bill, although 99% of investors are not aware of it. We’ve just drafted a Special Report outlining the precise legislation as well as the powers of Life and Death it grants the FDIC over YOUR SAVINGS.

To pick up a copy of this Special Report…

Clicking Here Now!!!

Graham Sumers

Chief Market Strategist

Good Investing!

http://gainspainscapital.com

PS. If you’re getting worried about the future of the stock market and have yet to take steps to prepare for the Second Round of the Financial Crisis… I highly suggest you download my FREE Special Report specifying exactly how to prepare for what’s to come.

I call it The Financial Crisis “Round Two” Survival Kit. And its 17 pages contain a wealth of information about portfolio protection, which investments to own and how to take out Catastrophe Insurance on the stock market (this “insurance” paid out triple digit gains in the Autumn of 2008).

Again, this is all 100% FREE. To pick up your copy today, got to http://www.gainspainscapital.com and click on FREE REPORTS.

Graham also writes Private Wealth Advisory, a monthly investment advisory focusing on the most lucrative investment opportunities the financial markets have to offer. Graham understands the big picture from both a macro-economic and capital in/outflow perspective. He translates his understanding into finding trends and undervalued investment opportunities months before the markets catch on: the Private Wealth Advisory portfolio has outperformed the S&P 500 three of the last five years, including a 7% return in 2008 vs. a 37% loss for the S&P 500.

Previously, Graham worked as a Senior Financial Analyst covering global markets for several investment firms in the Mid-Atlantic region. He’s lived and performed research in Europe, Asia, the Middle East, and the United States.

© 2013 Copyright Graham Summers - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Graham Summers Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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