Facing a Monday deadline to craft an acceptable deal, the Cypriot parliament granted the...


Facing a Monday deadline to craft an acceptable deal, the Cypriot parliament granted the government authority to impose capital controls and voted to nationalize some pension funds as part of an asset pooling plan that may ultimately back an ad hoc bond issue. The country may also adopt a good bank/ bad bank model under which Cyprus Popular Bank will be wound down. Parliament will vote over the weekend on a new iteration of the deposit tax and EU officials will convene in Brussels Sunday. Without a resolution, the country faces an all but certain bank run Tuesday morning.

Comments (77)
  • the_value_vulture
    , contributor
    Comments (456) | Send Message
     
    How this does not create bank runs elsewhere in countries like Spain and Italy is beyond me. Luckily for their rulers, the citizens seem like the worst they have done to date is hold up signs and march around along with a little bit of pilaging. I am wondering how long that will continue to last as things really start to heat up.
    22 Mar 2013, 08:51 PM Reply Like
  • divinecomedy
    , contributor
    Comments (465) | Send Message
     
    It will not. The attitude so far is that it can not happen in my back yard. Heck, you haven't read or heard of any recent demo in those 2 countries no? No bank run in those 2 countries either this week?

     

    I'll say this again. This is no game changer, the only game changer is when someone important gets shot or some parliament building gets blown. Until that day happens, lemmings will be lemmings and they'll continue to watch TV and hope something good will come, after all hoping is free and takes no effort.
    22 Mar 2013, 10:18 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3425) | Send Message
     
    Yeah, it is like what the wonder boy says, Hope and Change; it is Nightmare and Hell!

     

    Hope and Change...
    22 Mar 2013, 10:44 PM Reply Like
  • RM13
    , contributor
    Comments (1201) | Send Message
     
    What do you mean? Last year Italian banks lost 60 billions of euros in deposits, Spain on the order of 50 billion. Greece suffered something like 20% deposit loss, 30-40 billions.

     

    Current situations does nothing but accelerates this trend.
    23 Mar 2013, 12:03 AM Reply Like
  • labas112
    , contributor
    Comments (496) | Send Message
     
    How does a resolution prevent a bank run? Either with or without, people are taking there money the day they reopen. No resolution will prevent that.
    22 Mar 2013, 09:03 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3425) | Send Message
     
    We've heard about all these moaning, groaning, pains and suffering from EU/euro countries for about 3 years now.

     

    Let me ask a Dumb question:

     

    If the EU/euro would bring such malaise to member countries, why isn't it be called a failure, and be dissolved expeditiously?

     

    Pride, stubbornness, over-reached ambition, self-denial, insanity?

     

    Anyone?
    22 Mar 2013, 09:07 PM Reply Like
  • BoldChicken
    , contributor
    Comments (13) | Send Message
     
    For most of Europeans citizens, Euro= European Community = Peace between European countries.

     

    No more Euro? = No more European Community = War between European countries.

     

    If you are American, you probably can't understand that. But you can look at the history of Europe over the last 1000 (Thousand, yes) years, and you will notice that European countries are used to be at war with each other.
    22 Mar 2013, 09:40 PM Reply Like
  • pollyserial
    , contributor
    Comments (1113) | Send Message
     
    If anyone thinks the euro has anything to do with peace or war then they're just sucking down the kool-aid the banks are feeding them. Europe isn't at war with itself any more because it's member nations are now secondary powers. The Euro zone is only about 'modernizing' wealth transfer.
    22 Mar 2013, 11:06 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3425) | Send Message
     
    I have to agree with poly; so far the evidence points to accelerated plundering, spreading like a wildfire, ravaging, engulfing, and decimating.

     

    What good has ever come out of it, tell me? Except a bunch of elites basking in their new and juicy bureaucratic charge numbers.

     

    Go to the EU/eu web and see it for yourself, tons of standards, practices, looking more like a scam for those who have gone through and familiar with that ISO 9000 crap! The only benefits go to those writing that crap!
    22 Mar 2013, 11:33 PM Reply Like
  • RM13
    , contributor
    Comments (1201) | Send Message
     
    No, war is now off the table - Europeans live too comfortable of a life to want to slaughter each other like in the past.
    23 Mar 2013, 12:04 AM Reply Like
  • Bioalchemy
    , contributor
    Comments (175) | Send Message
     
    The comfortable life gives them what they have today.
    23 Mar 2013, 12:19 AM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    Quite likely the bank run will happen regardless of the outcome in the Cyprus Parliament. They would not be discussing capital controls unless they expected a bank run. Even if they close the borders to movement of currency, their banking system is near collapse. These measures are unlikely to restore confidence.
    22 Mar 2013, 09:12 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3425) | Send Message
     
    No way, I believe In the invincibility of the wonder boy and the professor. Buy everything in sight now!
    22 Mar 2013, 09:23 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    So far, so good! I'm making money!
    22 Mar 2013, 09:28 PM Reply Like
  • tradewin
    , contributor
    Comments (653) | Send Message
     
    OptionManiac, I think that's what the guy said as he passed the fiftieth floor after jumping off of the Empire State Building.
    22 Mar 2013, 10:40 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Markets about even for the week. Remember that Europe was in a shambles after WW2.
    23 Mar 2013, 06:09 PM Reply Like
  • tradewin
    , contributor
    Comments (653) | Send Message
     
    It'll be a mess for a while too. But they are just going to have to learn how to get along for once, without killing each other.
    23 Mar 2013, 07:58 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Which they have done for the last 60 plus years.
    24 Mar 2013, 01:01 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    Tuesday??????

     

    What will the people say when they learn that the politicians and bankers have quietly been allowed to take their money out this week!!!!

     

    I don't care what measure they pass - the first day I'm able to - I'm withdrawing everything and opening a Swiss or German bank account.

     

    The whole thing is simply absurd - but then again so is our fiscal situation in the US absurd. Large percentage of populations now believe they are entitled to a certain lifestyle and will vote for whomever will promise to maintain it for them.
    22 Mar 2013, 11:06 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    Absolutely. It is the rise of populism.
    24 Mar 2013, 03:13 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    The capital control law that they passed will prevent a bank run.
    22 Mar 2013, 11:15 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3425) | Send Message
     
    MI, would you expect those 'laws' to be taking effective forever to eternity?

     

    I would surmise that somehow your liberal mind seems to forget that the human mind is the most ingenious.

     

    Once those 'laws' which could not stay indefinitely because of its extreme anti-business nature, are relaxed, people would rush in to empty everything out!
    23 Mar 2013, 12:06 AM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    That will be years.
    23 Mar 2013, 12:20 AM Reply Like
  • filipo
    , contributor
    Comments (4649) | Send Message
     
    Indeed, there won't be a bank run.
    Not only the capital control law would have prevented that, but the Cypriots won't have any reason anymore to empty their accounts. The haircut (20%?)will by Tuesday be a fact for large accounts anyway and the ECB money will be released.
    The Cypriots tried to play their Russian joker against the EU, but that hasn't worked. Medvedev isn't interested in non existing gas reserves. It's interesting to note that the nowadays Russians also prefer geopolitical stability to the eventual lure of a Russian naval basis on Cyprus.
    Leaving the EZ appears to be after all no option either for the Cypriots: defaulting would be more costly than staying under Dijsselbloem's umbrella. No more riots for the Cypriots.
    23 Mar 2013, 12:48 AM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    filipo, Do you think the Dutchman will be able to bully Italy?
    23 Mar 2013, 12:52 AM Reply Like
  • filipo
    , contributor
    Comments (4649) | Send Message
     
    Macro,
    Contrary to your predictions, the Dutchman (actually, you said "Germany" since everything evil in your eyes must be German) did bully Cyprus and didn't concede to Cypriotic pressure. Or rather, the Cypriots finally acknowledged that political blackmail doesn't pay off with Dijsselbloem as head of the Eurogroup.
    Right now there's political chaos in Italy. But Italy has been functioning perfectly for ages in political chaos, a thing no American fully understands or thinks possible. Yet in Italy it is possible. I'd even say, the more chaos, the more Italians appreciate the situation and the better their economy thrives.
    Italy is not a poor country. They face a small Sovereign debt and their citizens are richer than the Germans.
    The only thing annoying is their current account deficit plus growing unemployment (thanks to the euro-system).
    It's not Dijsselbloem who's going to solve that problem. The Italians will have to solve it, maybe with the help of the Troika.
    Did you notice Spain runs a current account surplus now ?
    In a few days I'll be off to Madrid. Got to meet some friends. From there I pop over to Cordoba to embrace my grandchildren. Can't wait reporting on Spain.
    23 Mar 2013, 05:42 AM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3425) | Send Message
     
    Hahaha,

     

    One by one, countries have been rushed to the ER and the ICU's.

     

    Is that good?

     

    Don't tell me, tell it to yourself unless you're lying to yourself. (Like most liberals do)

     

    Liberalism has now emerged as the single most devastating and dangerous ideology next to Communism.
    23 Mar 2013, 09:49 AM Reply Like
  • RM13
    , contributor
    Comments (1201) | Send Message
     
    Being of northern European origins, I have to agree that Italy and Spain run in their own ways, those that are difficult for Americans or northern Europeans to completely understand. In Italy, it seems to go back to complexity of papal elections and political/familial connections that I have difficult time comprehending. And Italy has functioned just fine in that regard.

     

    I don't think Germany or northern Europe can change that way of life by force. It's entirely possible that economic situation and global integration may force Italians to change their way, but in that regard, Europe would be much more boring.
    23 Mar 2013, 02:31 PM Reply Like
  • filipo
    , contributor
    Comments (4649) | Send Message
     
    RM,
    You are right. Unless they change Italian DNA by surgery, I see no reason why the Italians would change their behaviour.
    Question is whether that would be necessary: Italy is quite interesting the way it is. And so is Spain.
    That makes the euro fragile though, but I never have been a big fan of a European monetary union.
    23 Mar 2013, 03:57 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    filipo, So what will happen when Italy refuses to accept German rule?
    23 Mar 2013, 04:00 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    I have to agree - property in Italy is so darn expensive compared to the US. And I envy their way of life.
    23 Mar 2013, 06:13 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Probably nothing.
    23 Mar 2013, 06:13 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    Filipo,

     

    What do you think of this article out of Britain?

     

    http://bit.ly/16QxFQ0
    23 Mar 2013, 10:16 PM Reply Like
  • Rookie777
    , contributor
    Comments (45) | Send Message
     
    It has long term implications - precedent setting. How many will want to invest now in periphery countries like Spain, Italy that are already paying higher rates because of Oct 2010 Euro blunders -- Yesterday in Canada, where i live, our new federal budget was unveiled by our Conservative government - buried in it a small section near the back it adds a section to "encourage competition among banks and streamline the approval of new banking institutions in a safe and sound manner to retain protection for Canada" they are introducing a "bail-in" "recovery plan "in the unlikely event that a systemically important institution burn through all of its capital". Sorry folks - but there are much bigger implications here than just a small, defunct Cyprus. A "bail-in" recovery plan talked about in 2103 budget? In Canada? Just the phrase frightens me.
    23 Mar 2013, 04:43 AM Reply Like
  • june1234
    , contributor
    Comments (4354) | Send Message
     
    If I have a ton of cash parked in Spain I'm not waiting around to find out what the EU or gov.'s next move is/isn't.
    23 Mar 2013, 07:13 AM Reply Like
  • Tack
    , contributor
    Comments (16274) | Send Message
     
    It appears near mandatory in SA commentary that whenever a challenge or adverse event occurs virtually anywhere in the world, e.g., Zimbabwe, Cyprus, Argentina, etc., it must always trigger immediate hysteria that such will be extrapolated worldwide to other nations and/or to the U.S., with attendant expectations of unavoidable calamity.

     

    If this is the reasoning that guides one's investments, it is not the way to make any money.
    23 Mar 2013, 08:16 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
     
    Indeed. One can grow old and die waiting for the Apocalypse. Wait, did North Korea just launch a nuke at itself?
    23 Mar 2013, 08:48 AM Reply Like
  • filipo
    , contributor
    Comments (4649) | Send Message
     
    Tack,
    Wrong: it is the way to make money. Thank goodness there's some volatility so I can make profits.
    Beginning of last week I bought when everybody sold and at the end of the week I sold when everyone started to buy again. I even didn't have to sell all what I had bought to get the same amount of cash I started with.
    I can't frequently enough repeat therefore that politicians and the media are my best friends. Through this channel I particularly want to thank zerohedge. They've done a tremendous job in this Cyprus affair for me. So did Micro Investor. Thanks, Micro, I owe you a drink. (That already makes a hug and a drink; where is that going to end ?)
    23 Mar 2013, 09:48 AM Reply Like
  • Tack
    , contributor
    Comments (16274) | Send Message
     
    fil:

     

    I'm going to agree with you that for any contrarian trader or value investor. Each of these excursions into hysteria provides a nice window to buy discounted shares or sell puts at elevated premiums.

     

    It's just that so many, believing what I stated above, do the opposite. Or, they're so perpetually paralyzed by one or another imagined fears that they never invest at all. They're always waiting for the "all-clear" sign, but that day never arrives in real life.
    23 Mar 2013, 10:25 AM Reply Like
  • RM13
    , contributor
    Comments (1201) | Send Message
     
    No one said anything about waiting or dreading an apocalypse. High beta is what is needed to make money, so utilize high beta to one's advantage.
    23 Mar 2013, 02:32 PM Reply Like
  • filipo
    , contributor
    Comments (4649) | Send Message
     
    Tack,
    precisely..
    23 Mar 2013, 04:04 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Know too many like that.
    23 Mar 2013, 06:15 PM Reply Like
  • Hendershott
    , contributor
    Comments (1752) | Send Message
     
    A lot of us are all like Pavlov's dog. Conditioned over the last 15 years to expect a big dive in the market is around the corner. Like the dog we wait for the bell to ring.
    23 Mar 2013, 09:50 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
     
    Perhaps you should buy the Dogs of the Dow.
    23 Mar 2013, 10:44 AM Reply Like
  • Rookie777
    , contributor
    Comments (45) | Send Message
     
    Tack - am not suggesting anything near unavoidable calamity - not panicking, nor am i bailing out of the market (yet). I am simply suggesting that the Cyprus affair will have long term consequences far beyond Cyprus itself -- that it will add another layer of mistrust for investors already jittery to put funds into periphery countries, which will push borrowing costs higher for them, and more importantly, the fact my Country, Canada, thought it prudent at the last second (last week) to slip into its annual federal budget for the first time a section on building in a structure for "bail-ins" should our banks see a "systemic failure." This a week after Cyprus. Can you imagine that happening in the US? Would you be then calling those concerned "hysterical"?
    24 Mar 2013, 03:18 AM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    Where else are investors to place their money, if they want any yields? Central banks are ruining the bonds markets in low risk countries. The currency wars are moving quickly to devalue currencies, so sticking your money in a mattress is not an option for long.

     

    There is an idea that money is on the sidelines, but eventually some of that money returns. At the moment central bank money and the carry trade are driving markets. At some point the central banks need to step aside, but for now markets are addicted to stimulus.
    24 Mar 2013, 03:18 PM Reply Like
  • Hendershott
    , contributor
    Comments (1752) | Send Message
     
    Cyprus is a pretty unique situation due to the oversize of it's banks, most seem to know that.
    24 Mar 2013, 11:24 AM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    This article foresees the Cyprus manufactured crisis very well.

     

    http://bit.ly/10Bkpfx
    24 Mar 2013, 01:49 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Read the article, thanks. If Germany is looking for domination, they are doing it out of perceived necessity and reluctance. Germany would rather not be in this huge mess.
    24 Mar 2013, 06:00 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    Throughout history, countries that built empires and dominated them always did it out of necessity and reluctance. Do you think the USA carpet bombed Vietnam because it wanted to? It just did it because it was necessary. Trust me, the USA is very reluctant to kill Afghan civilians through drone attacks as well, but what choice does it have? Someone has to imprison suspects without right to trial for decades, all in the name of democracy and freedom of course, and if no one else will do that, USA has to. Out of necessity, and with great reluctance, of course.

     

    Same is the case with Germany in EU. You think they like to induce 20-30-40% unemployment on the weaker countries in the name of austerity? No sir, not at all. They do it out of necessity, and with great reluctance.
    24 Mar 2013, 07:34 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    I see you are still trolling. Shame you cannot find something productive to do with your time.
    24 Mar 2013, 07:53 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    I'm thinking Hitler, Pol Pot, Genghis Khan, Robert Taylor, and other megalomaniacs, not democracies.
    24 Mar 2013, 08:22 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    I agree. When democracies do funky things like practice slavery or colonize countries, they must be doing it out of necessity and very reluctantly. Only dictators do such things out of malice.
    24 Mar 2013, 08:26 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    MI-

     

    You know you have a point - history is definitely on your side. The pursuit of the dollar (or any currency) has numbed many to any sense of human decency. Those who feel that capitalism should run unfettered without regulation forget we are all human.

     

    My point is that Germany has no stomach now for taking on the responsibility of Europe.
    24 Mar 2013, 08:41 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    Germany doesn't want the responsibility. It wants the authority. If Germany even remotely believed that it is responsible for Europe, then it wouldn't go around imposing crushing recessions on the weaker countries. However, it does want the authority so that it can go around imposing such crushing recessions. It's power play without any responsibility towards general welfare, simple as that.
    24 Mar 2013, 08:45 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    No way. Germany's politicians only want markets it can sell to so its workers are content and will re-elect said politicians.
    24 Mar 2013, 08:53 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    Exactly! Germany needs economic colonies to sell its stuff to.
    24 Mar 2013, 08:54 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    Completely wrong. Those countries placed themselves in peril through corruption, mismanagement, and the idea that someone would bail them out. I say let them go bankrupt. Let their banks fail. Besides, it is not the common people who are at fault for banks taking on too much risk and failing. The people of any country have no moral obligation to bail out their banks. Let the banks fail, refuse conditions attached to bail-outs, retain autonomy, then hope the IMF throws some money their way.

     

    Germany, Finland, Netherlands, and other northern EU countries have funds that they may contribute to prop up economies. It should be no surprise that those funds do not come without conditions. This is the same as the classic fable of the ant and the grasshopper.

     

    http://bit.ly/16bxa1I
    24 Mar 2013, 08:54 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    Herr Hansa, Do you think Germany will ever learn anything from US fiscal and monetary policy? It's doing far better in overcoming the recession than the German one.
    24 Mar 2013, 08:58 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    I think Germany, or more specifically the European Central Bank (currently run by an Italian), has learned not to emulate the United States. Now if the US Government bails out California, Illinois, and all those other municipalities in trouble, we may see some more thoughtful approaches. Timothy Geithner tried to go to Europe to tell the ECB what to do last year, and achieved nothing.

     

    I don't think the German economy and the US economy are directly comparable. The US had a far larger bubble and a far greater pop (decline) than Germany. Besides, the US created the current problem, though bankers around the globe were willing to tag along. It's funny how few ever complain about a bubble.
    24 Mar 2013, 09:06 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    You do understand that rampant money printing in the USA inflates away the debts of the states and municipalities? Or, at least, it will when inflation finally comes to the USA?

     

    Why do you think Germany refuses to learn from the USA? It is the winning model.
    24 Mar 2013, 09:30 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    Why do you ask questions when you have already have predetermined an answer?

     

    It is you who lack understanding. Of course I expect no less from someone simply trolling. You have no interest in me giving a real response, because you can no longer learn from anyone. I have to wonder if you have any actual conversations in real life, or if you simply talk at people in person.
    25 Mar 2013, 01:16 AM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    It's the Socratic way of enlightening people. That's why I ask questions.
    25 Mar 2013, 07:57 AM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    You have learned nothing from Socrates. You should consider taking your own advice.

     

    When you predetermine the answer you want, then "asking questions" is simply a way to taunt people you dislike. This is the essence of trolling, and you are adept at trolling. I'm not sure where the blind hatred of Germans originates in you, but it is glaringly apparent, and certainly not enlightenment.
    25 Mar 2013, 03:00 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (3425) | Send Message
     
    Wow, MI, you surprise me!

     

    "...Out of necessity...", do you mean the military would and should liquidate the two corrupt major parties and form a Supreme National Salvation Council (S-NSC) modeled after the 1980 Turkish coup d'état to sort things out?

     

    Do you mean that with US wages and salaries are so out-of-line with the rest of the world that congress would and should re-enacting slavery named the New Slave Class (NSC-Open) open to all skin colors, bestowing Equal Opportunity?

     

    "Out of Necessity" from the mouth of a full-blown super-liberal!

     

    It is my turn to ask some questions.

     

    Give me a break!
    24 Mar 2013, 08:03 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    TK, you do not think USA killed 200,000 kids in Iraq solely out of necessity?
    24 Mar 2013, 08:15 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Mmm....we may have killed those kids because of our own megalomaniac.
    24 Mar 2013, 08:25 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    How can that be? We are a democracy. And the land of freedom, too.
    24 Mar 2013, 08:46 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Ha! You know very well that we do not live in a perfect world! Far from it!
    24 Mar 2013, 08:54 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    I think there is only one difference between autocracies and dictatorships when it comes to atrocities. Dictators will commit atrocities both in country and abroad. Democracies will commit it only abroad. Otherwise it is all the same.
    24 Mar 2013, 09:00 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    Unfortunately, many of our atrocities are committed by individuals put into situations created by our "democracy".
    24 Mar 2013, 09:12 PM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    People are people. They will always do indecent things to other people whose votes they do not have to worry about.
    24 Mar 2013, 09:31 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3498) | Send Message
     
    That's why Cro Magnon survived and Neanderthal didn't.
    24 Mar 2013, 09:59 PM Reply Like
  • tradewin
    , contributor
    Comments (653) | Send Message
     
    I find it ironic that Mr. Hansa uses a 2500 year old fable that Hungary exploited to promote a savings plan in their country in 1958. And it's been recycled right up to the very present with "Barrack Cicada"
    24 Mar 2013, 11:28 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    I included that because I think it is the only thing Micro Investor might actually read. He is fond of dropping links claiming the "Fourth Reich" is coming. You should notice his hatred for anything and anyone German. If you want my real feelings on this issue, feel free to send me a message.
    25 Mar 2013, 01:18 AM Reply Like
  • Macro Investor
    , contributor
    Comments (9252) | Send Message
     
    I love BMWs and Porsches. I just hate austerity and one sovereign nation tying to arm twist another sovereign nation.
    25 Mar 2013, 07:58 AM Reply Like
  • Herr Hansa
    , contributor
    Comments (3130) | Send Message
     
    Really? You expect anyone here to believe that last statement? You have a political agenda to push forward, one that you believe strongly. It's quite obvious in your articles and your comments.

     

    Cyprus banks bought Greek bonds. When the bond haircut happened, as Greece needed in order to move towards (possibly) a manageable debt load, that bond haircut hit banks in Cyprus with losses. Who held the guns to the heads of Cypriot bankers and told them to buy Greek bonds?
    25 Mar 2013, 03:04 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs