Posted Mar 31, 2013 by Martin Armstrong
The fact that the German Finance Minister Wolfgang Schaeuble has come out stating that savings accounts within the Eurozone are “safe” claiming that Cyprus was a “special case” and not a template for future rescues, proves that in fact the Eurozone deposits are ABSOLUTELY NOT SAFE! You never state a negative unless there is reason to do so. This is like Clinton – I did not have sexual relations with that girl announcement. In Japan, they assumed the Supreme Court ruled that oral sex is not really sex. I had to explain the Supreme Court made no such ruling.
The whole purpose of the Eurozone was a GUARANTEE that there would NEVER be any default. There was a default so just admit Europe had sexual relations with Cyprus and didn’t even leave a €1 tip. They selected Cyprus because (1) there were $4 billion in Russian deposits, and (2) it was attracting way too much money away from the main European economies that they were hunting down. Cyprus proved the G20 plan to confiscate deposits to pay off debt is alive and well. At least when Florence and Venice did forced loans compelling people to buy their bonds, they gave them something, then defaulted. Europe screwed Cyprus and gave nothing. Head to the stock market & real estate. This strategy was NOT to “stimulate” anything as the “spin doctors” are trying to claim. This is the next step in the Sovereign Debt Crisis before the wholesale defaults and the swap of currencies that is on the horizon. It was discussed at G20 levels because the USA had to write a $700 billion check to the NY bankers and they know they cannot do that again. So, the next time bankers lose your money trading their accounts, it will be the M.F. Global solution/Cyprus.
Even Adolf Hitler respected the sovereignty of Switzerland when he passed laws it was illegal for a German to have an account outside of Germany. Obama threatens to confiscate anyone who fails to report what Americans are doing and criminally prosecuted a Swiss bank for helping Americans. The Pope helped Jews escape Germany. Obama would arrest him today as a terrorist or conspiracy to money launder. The same is true of German and French politicians. Switzerland lost the ability to enforce its own laws and they treated the Vatican the same as Iran until they agreed to inform to whom every wire came from and was going to. Today, the world leaders make Hitler look like a respectful leader for they are far more ruthless, respect nobody but themselves, and diabolically untrustworthy. They will not respect the sovereignty of any nation when it comes to money. And Cyprus politicians showed whose side they are on – the political side AFRAID of German retaliation!!!!
This is World War III in the financial markets. World War II really began also in the financial markets with France shorting Austrian & German bonds and then turned on Britain until they all were forced off the gold standard (see Greatest Bull Market 1986).