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Mass Panic In Cyprus: The Banks Are Collapsing And ATMs Are Running Out Of Money

Cyprus ATM - Photo Via @ImeldaflatteryEuropean officials are openly admitting that the two largest banks in Cyprus are “insolvent“, and it is now being reported that Cyprus Popular Bank only has “enough liquidity to cover the next few hours“.  Of course all banks in Cyprus are officially closed until Tuesday at the earliest, but there have been long lines at ATMs all over Cyprus as people scramble to get whatever money they can out of the banks.  Unfortunately, some ATMs appear to be “malfunctioning” and others appear to have already run out of cash.  You can see some photos of huge lines at one ATM in Cyprus right here.  Some businesses are now even refusing to take credit card payments.  This is creating an atmosphere of panic on the streets of Cyprus.  Meanwhile, the EU is holding a gun to the head of the Cyprus financial system.  Either Cyprus meets EU demands by Monday, or liquidity for the banks will be totally cut off and Cyprus will be forced out of the euro.  It is being reported that European officials believe that the “economy is going to tank in Cyprus no matter what“, and that it would be okay to let the financial system of Cyprus crash and burn if politicians in Cyprus are not willing to do what they have been ordered to do.  Apparently European officials are very confident that the situation in Cyprus can be contained and that it will not spread to other European nations.

Unfortunately, European officials are losing sight of the bigger picture.  If the largest banks in Cyprus are allowed to fail, it will be another “Lehman Brothers moment“.  The faith that people have in banks all over Europe will be called into question, and everyone will be wondering what major European banks will be allowed to fail next.

Meanwhile, European officials have already completely shattered confidence in deposit insurance at this point.  Everyone now knows that when there is a major bank failure that depositors will be expected to share in the pain.  Expect to see “bank jogs” all over southern Europe over the coming weeks.

The banks in Cyprus had been scheduled to reopen on Tuesday, but very few people expect that to actually happen at this point.  In fact, Bloomberg is reporting that EU officials are actually thinking about shutting down the two biggest banks in Cyprus and freezing their assets…

Finance ministers for the 17 euro countries are considering a plan to shutter the two biggest banks in Cyprus and freeze the assets of uninsured depositors, said the four officials, who asked not to be named because the talks are ongoing. The ministers are holding a teleconference tonight.

Cyprus Popular Bank Pcl (CPB) and the Bank of Cyprus Plc would be split to create a so-called bad bank, one of the officials said. Insured deposits — below the European Union ceiling of 100,000 euros ($129,000) — would go into a so-called good bank and not sustain any losses, while uninsured deposits would go into the bad bank and be frozen until assets could be sold, said the four officials.

Losses to unsecured creditors, including uninsured depositors, could reach 40 percent under the plan, which has support from the International Monetary Fund and the European Central Bank. The proposal, a version of which was rejected last week, is considered a better option than taxing insured deposits or allowing Cypriot banks to collapse in a disorderly fashion if they lose access to ECB aid, the officials said.

Such a scenario would be an utter disaster.

How would you feel if you woke up someday and 40 percent of your life savings was suddenly gone?

According to Greek newspaper Kathimerini, European officials are also openly discussing the possibility of a Cyprus exit from the eurozone if a suitable bailout agreement is not worked out…

The possibility of Cyprus exiting the eurozone was discussed during teleconference involving technocrats from the Euro Working Group on Wednesday, Kathimerini understands.

A reliable source told Kathimerini that the technical implications of a euro exit, as well as the adoption of capital controls were debated by the Euro Working Group officials during the teleconference.

As I mentioned above, European officials seemed resigned to the fact that there will be an economic collapse in Cyprus “no matter what”, and so letting Cyprus leave the euro would not make that much of a difference.  Either way, the banks are going to have to be “reorganized” and capital controls will be imposed…

In detailed notes of the call seen by Reuters, the group’s chair Austria’s Thomas Wieser said: “The economy is going to tank in Cyprus no matter what. Restrictions on capital will probably be imposed.”

Never before have we seen European officials impose such a harsh ultimatum with such a short deadline.  It is almost as if they want to boot Cyprus out of the euro.  The following comes from a recent CNBC report…

In stark twin warnings on Thursday, the European Central Bank said it would cut off liquidity to Cypriot banks and a senior EU official made clear to Reuters that the bloc was ready to see the bankrupt island banished from the euro in the belief it could then contain damage to the wider European economy.

And European officials are even publicly talking about the possibility that Cyprus will soon need to start using “their own currency”…

In Brussels, a senior European Union official told Reuters that an ECB withdrawal would mean Cyprus’s biggest banks being wound up, wiping out the large deposits it has sought to protect, and probably forcing the country to abandon the euro.

“If the financial sector collapses, then they simply have to face a very significant devaluation and faced with that situation, they would have no other way but to start having their own currency,” the EU official said.

This is absolutely shocking.  Everyone always thought that Greece would be the first to leave the euro, but now it looks like it might be Cyprus.

However, there is still a chance that Cyprus may find a way to comply with EU demands.  Politicians in Cyprus are frantically searching for a way to raise the needed cash without raiding private bank accounts.  The following is what CNN is saying about the latest efforts…

Leaders of Cyprus’ political parties agreed Thursday to create an “investment solidarity fund,” which would issue bonds backed by state and church assets.

The plan was due to be discussed by the Cypriot government and parliament on Thursday evening, but few details were available and it was not clear how much the fund would be worth.

According to Reuters, other proposals have been under consideration as well…

The government said a “Plan B” was in the works.

Officials said it could include: an option to nationalize pension funds of semi-government corporations, which hold between 2 billion and 3 billion euros; issuing an emergency bond linked to future natural gas revenues; and possibly reviving the levy on bank deposits, though at a lower level than originally planned and maybe excluding savers with less than 100,000 euros.

At this point it is unclear whether any of those proposals will turn out to be acceptable to European officials.

In fact, the tone of European officials has noticeably changed from previous bailout efforts.  They now seem much more willing to play hardball.  For example, just check out what German Finance Minister Wolfgang Schaeuble is saying about the situation in Cyprus…

German finance minister Wolfgang Schaeuble told the ZDF public broadcaster on Tuesday night (19 March) he “took note with regret” of the Cypriot parliament’s rejection of the bailout deal, but insisted that the terms will stay the same.

Asked if the eurozone was willing to let Cyprus go bust, he answered: “Well, we are much more stable in the eurozone – we took measures to protect ourselves from the risks of contagion … but I don’t want to have any of this.”

He added: “It is a serious situation, but this cannot lead to a decision that makes absolutely no sense, to rescue a business model that has failed. Cyprus has a banking sector that is totally oversized and this made Cyprus insolvent. And nobody outside Cyprus is to blame for it.”

Schaeuble knows that the EU is holding all of the cards and that Cyprus is doomed without their help…

“The Cypriot state cannot fund itself on the markets. Its two largest banks are insolvent and are being kept afloat with emergency funding from the ECB, but only on the condition that there will be a long-term rescue programme. If this condition is no longer met, Cyprus will no longer be solvent and this is something Cypriot decision makers must know”

But the truth is that the EU can’t really afford to allow major banks to fail or for a single member to leave the eurozone.  If either of those things happen, the confidence game that has been holding the European financial system together will begin to rapidly evaporate.

If the EU thinks that they can abandon Cyprus without the crisis spreading to the rest of southern Europe they are just being delusional.

At least there are a few politicians in Europe that understand what is happening.  Nigel Farage, a very outspoken member of the European Parliament, is telling people to get their money out of banks in southern Europe as quickly as they can.  He is warning that a great collapse of the European financial system is coming and that people need to get prepared for it…

So what do you think?

Do you believe that we are on the verge of a major financial collapse in Europe?

Please feel free to post a comment with your thoughts below…

Cyprus Bank Run - Photo Via @jkozakou

  • germanycalling

    It is not bieng reported on any MSM outlet here in Germany over any southern European bank runs, which doesnt mean its not happening. I have increased my silver positions and reduced the money in my German bank. Seems the only safe thing to do

    • Tomburst

      Nothing is ‘safe’. Silver will go. So will gold. Eventually. It’s like we are running from one base to the next as each is wiped out,desperately seeking a safe refuge. Eventually we realise there is no safe place to hide. The game is up. A bad system is collapsing. Stock up on beers,buy yourself a violin and start fiddling.
      Other than that everything is just fine :)

      • Rodster

        You know as silly as that sounds it’s the best attitude to have. When the global financial system collapses you are going to be more concerned with the basic essentials and that means food and water and everything else comes after that.

        I will bet that a box of macaroni and cheese will be of more value to a hungry person than 10 oz. of gold.

        When it all comes crashing down there will be little to no commerce and bartering will most likely keep you alive longer.

        • J.M.

          i´d rather put bullets as part of essentials, that is if you try to keep the food with you for any meaningful time.

        • K

          Does not sound silly to me. Gold and silver is mostly useful in a currency exchange. If they call in the dollar, and issue a new currency. Then you would be ahead of the game. Any other kind of crash, I agree with you.

    • Beth

      thanks for the report from across the pond—please keep it up~!:)

      • germanycalling

        Yes I will do. One thing that maybe has not come through to the US is the attitude of the politicians (German liars) . The Cypriots are bieng “Collectivley irresponsible” as far as Frau Merkel thinks !.

        • Ralfine

          It’s the cypriots that want money. And they do not like the conditions connected with that money.

          They need to make a decision how badly they need that money.

          Maybe it would have paid less to grow veggies than to sell the land to build hotels for foreigners coming to Cyprus for money laundering? Maybe it would have been more prudent?

          Actually it was Cyprus that applied to join the EU and the EURO.

          The issue in Europe is, that there is a lot of freedom. People and companies are left to their own devices for a long time. If they run into the wrong direction, nobody tells them there is a cliff ahead – but they offer a map for you to buy. It’s then your choice to buy that map and read it, or not. Many people think, it is cheaper not to buy a map. Or that you can save money by not reading and learning.

          Now Cyprus is standing on cliff’s edge, with the wind blowing from inland and the waves crashing against the foot of the cliff. And the Cypriots realise it is a limestone cliff, about to give way under their feet.

          Now Europe wants to sell them a lifeboat and ropes. And Cypriots start haggling about the price of the rope and the brandname of the boat.

    • Ralfine

      Try Sueddeutsche dot de: (one of the largest Newspapers)

      according to google news, posted 13 hours ago:

      “Die Lage in Nikosia – Schla(n)gen vor Geldautomaten, Medikamente werden knapp

      Korrespondenten auf der Mittelmeerinsel posten Fotos, wie lang die Schlangen vor den Geldautomaten mittlerweile sind. Immerhin: Die
      Leute bekommen nach einiger Wartezeit ihr Bargeld.

      Die Banken in Zypern sind seit sechs Tagen geschlossen – aus Angst vor einem Ansturm der Kunden. Vor Dienstag kommender Woche werden sie wohl auch nicht wieder öffnen. Zwar funktionieren die Geldautomaten noch, aber viele Menschen haben mittlerweile keinen Cent mehr auf ihrem Girokonto, weil das Online-Bankingsystem blockiert ist und damit
      Gehalts- und andere Zahlungen nicht möglich sind.

      Viele Tankstellen in Zypern nehmen schon jetzt nur noch Bargeld an.
      Der Präsident der Tankwarte der Hafenstadt Larnaka, Andreas Ioannou,
      geht davon aus, dass die meisten Tankstellen am Wochenende schließen könnten. Sie hätten kein Geld mehr, um Spritnachschub zu kaufen.”

      oh well, German MSM post in German.

      • germanycalling

        I did infact say southern Europe and not just Cyprus. We all know about bank runs Cyprus , but nothing heard yet of Spain ,Italy etc.Sprichst du deutsch ?.
        Apart from that are you saying Joe Average has to foot the bank bail out ?, no way.

        • Ralfine

          The question isn’t WHO shall bail out the bank, but WHY the bank should be bailed out.

          When you have answered that question, you will come to who and how.

  • K

    Cyprus, is the canary in the coal mine. Learn from what is happening there. Ask yourselves, if merchants stopped taking credit cards tomorrow. And if you could not get cash out of your account. How long could you last? Thanks Michael, this story is far more important,than most people think.

    • Jodi

      Sadly, people are just not informed & nobody seems to care about what’s going on in Europe.

      • K

        When it comes to people not being informed, all I can say. “There are none so blind, as he who will not see” Does that not sum up the majority in this Country?

        • merry529

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          • glamandvampallround

            SPAM a roni the San Francisco Treat

        • http://www.facebook.com/people/Bob-Marshall/100001163952013 Bob Marshall

          Sadly, we live in a country where it is projected as many 20,000,000 may be illiterate and we have very few capable of critical thinking. America’s poor educational system and the dumbing down of millions by the corporate controlled news media for over forty years hasn’t helped matters.

          • K

            It is the lack of critical thinking, that is most disturbing. How can any Republic survive?.If the majority of the citizens are incapable of critical thinking. They merely follow the loudest voice, or the strongest personality. That is how you end up with someone like Hitler…

          • GiantM

            K, sadly most “Low information voters” today would rather follow Nicki minaj, American Idol and that fat little girl. They are simply mind numb to reality while they live in their fantasy world directed by the Left!!

      • DownWithLibs

        They ignore at their own peril!

        • Blackhawk

          The whole monetary system runs on trust. People trusting each other and trusting the very means of value circulation (money).
          With this Cyprus affair that trust has taken a big punch in the face.
          Next following weeks will see if this punch was fatal or the trust is still up for facing more punches.

          • mark8076@msn.com

            Our money used to say “In God We Trust”. Then they removed that and the government said “trust us”. I don’t think so..

          • Jagrick

            That must be very new, because as of 2009 bills they say it.

          • ian

            in god we trust wasnt put on the dollar bill until the 1950’s by the way.

      • http://www.facebook.com/people/Joe-Palladino/100001624813101 Joe Palladino

        These same people don’t even care what’s going on in America. And they live here!

      • Wally

        I agree Jodi. If it isn’t happening in their life they could care less. I am not even a 100% sure they would care if it was happening in their own city. As long as I can get money and use my CC then all is well. As soon as I can’t then we have a problem. It is a prime example of the normalcy bias, if it has never happened here it won’t or can’t happen here.

    • MichaelfromTheEconomicCollapse

      You are right – this is one of the most important economic stories we have seen in a long time.

      Michael

      • RICHARD

        Starting to look like sooner than later, right Michael?

        • brian

          anything is possible lets hope it dose not leave to disaster

          • Brenda Thompson

            If you think Juan`s story is flabbergasting…, last pay cheque my doughter also recieved a check for $9531 sitting there ninteen hours a week from their apartment and they’re best friend’s ex-wife`s neighbour did this for nine months and made more than $9531 parttime on their mac. apply the guide on this link, jump15.comCHECK IT OUT

      • Kevin

        This is my first post….I have been paying attention for awhile….this is not a dem or repb issue…I think you need to get this

        • brian

          reps and dems have nothing to do with this they are figure heads the good news everyone is effected by this since they like ie the rich like to live in a fantasy world they will be burn much harder then the poor as a matter of fact the rich were poor and will be poor again

          • Kevin

            So why exploit…I know this is human nature…but WHY?…I thought we were more evolved….I guess not

      • kathy k

        Michael I have been reading this blog for a long time now & I do not remember a time that u have spent an entire week on the same subject. Thank you for your constant input on this subject. Also K & Jodi getting people to understand & get informed is very frustrating. Keep on prepping God help us

        • K

          Glad I may have been some small help. Yes prepping can be frustrating. But it is still better than the alternative.

      • http://www.facebook.com/jerry.fares Jerry Matt Fares

        You’d never think that, the way the MSM is reporting the crisis

      • kevin

        What I want to know is…why…I have an information overload…I don’t have a problem with population reduction…It is needed but why do the uber not respect the rest…is the goal to have the most toys…what does that give you if you have to live under-ground

      • http://www.facebook.com/profile.php?id=798799895 Jack White

        Dude, this could be the archduke ferdinand moment. I thought bear stearns/lehman was it, but those were just banks… not a whole country.
        In the end, we could see the US benifiting from a euro fall, at least temporarily as everything from the euro floods into the US. But thats like building another credit bomb like what happened before 2008(japan/russian crisis floods US in the decades before 2008, causing a credit bubble to form from the good times(along with other things of course), then a crash)

        • GiantM

          Jack, when you mention that “the money from the Euro will flood the US”, it reminds me of the same situation when a tsunami is about to hit land, the water recedes and then the flood hits with a vengeance. We are witnessing the birth of a financial world tsunami folks.

          This is how I perceive the world will be shaken.

          • http://www.facebook.com/profile.php?id=798799895 Jack White

            It happened before: Fall of USSR and the japanese lost decade of the 90’s created conditions here in the US that made it really easy to get credit(we were top dog). Then you have the politicians throw the rules out the windows and it was game on. Now, we have simular conditions for the same setup: Fall of EU and china is slowing(? its really hard to tell at this point). Either way, fall of EU will result in a wave of money coming to the US. This could have two results: more inflation(dollars coming home) or another wave of prosperity followed by a crash as before. At this time, we have cooked our books so bad, I think any disturbance will result in more inflation, and a general collapse of the EU will result in hyperinflation for US. It’s a crappy deal either way.

    • markthetruth

      It Happens to be the ” It Can’t Happen To Me ” mentality that is inbred in all of us.

      the end…

    • http://www.facebook.com/joan.arsenault.7 Joan Arsenault

      what a great analogy! Thanks for the article Michael. As usual, you are spot on.

  • Jodi

    Keep in mind, it only takes about 3 days for people to start to panic. Prepare, Prepare, Prepare. It’s only a matter of time before we see this kind of crisis in our country.

    • Handog

      DHS is preparing for the inevitable. Invest in a good gas mask. Jack booted Government thugs like to use tear gas. All the food you stash will be meaningless once they start popping smoke.

      • Roger Smith

        Good thing I had the forethought to “accidentally” forget to turn mine in when I was getting out of the navy. The ol’ Mark V takes a lickn’ and keeps on tickn’….

      • El Pollo de Oro

        “The banksters are going to take our bank accounts here in the United States. That’s what Homeland Security is for. That’s what the drones and checkpoints are
        for.”—Alex Jones

        “Homeland Security is armed and locked and ready to blow your brains out if you start protesting martial law.”—Gerald Celente

  • RICHARD

    Gee wiz you would think it would be at least on CNBC, so far not a word. I guess i will have to get whats left of my money in the bank and bury it out back with the rest of it. It won’t be long and there will be a bank holiday here and that’s when the SWHTF. Make sure you stock up on food and water and ammo if you can find any.

    • Rodster

      The Govt media complex would rather you watch American Idol than for you to know what is really happening in Cyprus and the profound implications it poses for both Europe and the US,.

    • DownWithLibs

      Anyone know where I can get a fireproof mattress?

      • Ralfine

        Try Alibaba dot com.

  • glamandvampallround

    Well I for one am worried. I have some silver coins I have been buying over time put away and also some meds I brought across the border from Mexico for my blood pressure and some Retin A, to keep aging at bay. But what else can I do without a huge income?
    I am stocking up on glitter, and cold cream and Nivea and foundation and blush and lip gloss as I have my looks. I intend to keep them as long as I can, evil bankers be damned!!!!

    It does look to me like we are on the brink of major social unrest and change, though, for better or worse.

    • Beth

      what can you do without a huge income? Learn how to be resourceful….DIY…..yeah, I have my looks too, don’t need make-up, but really “pretty” people are a dime a dozen. It simply doesn’t matter. Being a good person willing to learn, grow, be part of a community, esteem the love of God, family, friends…..now THATS beautiful and sustainable! Please add me on FB if you want, you sound like an interesting person!

    • ItIsWellWithMySoul

      For $7 on eBay you can get 1oz glycolic acid and do your own peels. This will last about 6 months and is better than Retin A. After using this a few months you won’t need makeup and you can use the extra money for food or junk silver.

  • glamandvampallround

    What worries me the most is a day when we wake up and find that the US dollar has plunged to being worth nothing at all……thereby making all of our efforts at growing old with dignity meaningless. I think this day is coming, too.

    • Beth

      you know, I know where you’re coming from….but it’s not necessarily MONEY being that which makes one grow old with dignity.

    • Rodster

      The system is to flawed and corrupt to continue. No fiat based currency has survived because it’s based on a ponzi scheme.

      Since the founding on the Federal Reserve the US dollar has lost around 95% of it’s purchasing power so even in 2013 it’s almost worthless.

      With regards to healthcare and especially when Obamacare kicks in you would be dealing with death panels when you get older. Seniors would become a liability and NOT worth saving.

      That’s why the system needs to collapse so we can hopefully start fresh and remove the criminals who have ruined this nation.

    • peaceangel

      It is already there by design for the NWO

    • http://profiles.google.com/maruadventurer john mcginnis

      That day has come and gone. Since the day the Fed was created to today the US dollar has lost 90% of its value. In your lifetime it has lost 60% of its value. There is no need to `wait`, its already arrived.

  • arizonadiane

    This is just so disgusting. Of course, we know this has been coming, but it is just the beginning. The crux of the hole issue is government and big banks out of control. We the people have worked hard our entire lives and I for one have tried to stay pretty conservative. However, I am going to be retiring in a few months and am counting on the money I have in my retirement funds. I am watching Europe very closely.

    I prepared a lot ( in many ways), but have not figured a way to move the retirement money yet.

    • DownWithLibs

      I wish you well. These are indeed scary times!

    • Ralfine

      I can’t move my retirement money. So I write it off (mentally) and prepare for alternatives.

      A few years back my insurance company had a bad time. They sold all the retirement contracts to someone else, so nominallly nothing has changed for me except the name of the company. Still 20 years to go.

      Got me a house from my savings in cash. Refurbished it with energy saving features. Now down to 30kWh per year and squaremeter for heating (national average is 270kWh/a*sqm).

      In a few years I could probably change the pumps and motors with more efficient ones, and probably exchange the control system with a better one, and save even more.

      Need to reduce the peak energy needs, so you can use diesel generators using any kind of oil if the power is cut. Or maybe PV on the roof, or a small wind turbine. Or couple the indoor bike with a generator and a smart battery system.

      Couple the fridge with the shower – use the heat taken out of the fridge freezer to heat the shower water. There are still some opportunities. So much to do, so little time.

      And who knows, it could be a new business opportunity? People cooking my lunch for fixing their house?

      • peaceangel

        We don’t have a few years and certainly don’t have 20.

        • Ralfine

          I still have 20 years until retirement. And life still goes on. Just look at Iraq, Afghanistan, Somalia, etc. People still live there, businesses are still selling and buying.

          So, there is still time ahead for humanity.

          My grandma started after WWII with nothing but three little children, literally just the clothing on their backs; and the rest of the family missing or in internment or POW. She made it and we live now far better. But saving and prepping and learning and maintenance rather than buy and throw away is something that comes naturally for all of us in our family.

          (Getting older, my mom is starting to empty her stores now. I got some household stuff from her that was manufactured in 1980 and is still in its original packing, never been used.)

          My partner got his first pair of shoes and trousers in high school. No electricity during his childhood.

          He walked to school all the time, I walked 2 miles to school in Winter, when the snow and ice placed restrictions on bicycle use.

          • cateye

            You are right, life will go on, just not the way we thought it would. Flexibility will be the key. The problem as I see it is that whole segments of our population have lost that self-reliance that your grandma had and passed to you. The aftermath of Katrina when the Guvment stopped functioning was not a pretty sight. Multiply that chaos by dozens of American cities and localities, and we got a problem.

          • http://profiles.google.com/maruadventurer john mcginnis

            Forget retirement as a term its now passe. You will work till you drop.

          • Ralfine

            So, unemployment will drop to zero?

            Great news.

          • Mondobeyondo

            Remember, in the days of slavery here in the U.S., the unemployment rate was close to 0%.for the slaves They all had jobs. Too bad there was little compensation for their work or skills.

  • cateye

    Those “crazy preppers” are not looking too crazy right about now. It is never too late to start getting some things together…food, water,ammo, some 90% silver coins. Actually it is too late for the ammo, but not the other things. Good luck and God help us all.

    • K

      Not too late for the ammo, if you know where to look. Cheaper Than Dirt., 308, 7.62×39, 45 acp all available at the moment. I would not wait long.

      • cateye

        Thanks K, I will check it out.

      • TooLittleTooLate

        The only problem with cheaperthandirt is that they gouge badly… that’s the only reason they have anything left…. in 2008 during the last scare, they were charging 80.00 for a box of 380 ammo… I suppose if you don’t have anything then they’re an option but, they’ll never get any of my money.

        • K

          Agree they are high priced. Mostly in the very hard to find calibers. They seemed only a little high on the 45 acp. All I can do is tell people where to find it. They have to decide, what it is worth to them. If I was really short on ammo, I would hope someone would tell me.

        • Richard T.

          I wouldn’t say gouging is bad. That’s just the law of economics working. If supplies are few, demand are high, whoever pays the highest price gets the product. It is business.

      • TooLittleTooLate

        Actually, I just checked cheaperthandirt on .223 ammo… the cheapest they have it is 30.00/box of 20…. that’s 1.50ea… I load the expensive stuff for .17 ea and expensive stuff before the scare was .50ea…. that’s a 300% gouge…. but, the expensive stuff is 40.00/box so, it’s actually a 500% gouge. If this ammo thing blows over… remember what this company is doing…. I did.

    • Jodi

      Ammo is tough to find but I was successful a couple of weeks ago. You just have to be consistent. Keep looking, I would try the mornings when the store opens up. Believe me, everybody makes a beeline to the ammo section first thing.

    • El Pollo de Oro

      Cateye: I would say that those “crazy preppers” are looking downright sane right about now. I’ve been saying that not only are preppers not alarmists—they’re the smartest, savviest folks around. They’ve weighed the evidence, and the evidence shows them that we’re living in very dangerous times.

      But for those who do think preppers are nuts, I have two things to say:

      1. Wake the f*** up.
      2. Cyprus

      • cateye

        You got that right Pollo….for a while now I have had this nagging feeling that things are not right and thus have been preparing. Now the nagging feeling is a incessant alarm bell. I did not mind being called crazy or a pessimist….what I did not want to happen is my kids looking at me to do something for them when the SHTF and I had nothing to offer. I dread what is coming, but I have done my best to get through it.

        • El Pollo de Oro

          Cateye: The Obamabots are insisting “The economy is on the rebound. Happy days are here again.” But the Bushbots were saying the same thing in 2006 and 2007 and even in August 2008.

          Ever see the 1944 movie “Double Indemnity”? Whenever something worried Edward G. Robinson’s character in that movie, he would say that a “little man” inside his gut was acting up. Well, the “little man” in my gut was acting up badly in 2007 and the first half of 2008 (in Sept. 2008, it turned out I was right to be concerned). And the “little man” is acting up badly in 2013. Matter of fact, the “little man” in my gut sees a gigantic tsunami staring us in the face. Ah, but the Obamabots (much like the Bushbots in August 2008) insist the “little man” is a mere figment of my imagination. Why do I have such a hard time believing them?

  • cateye

    Mike, for what it is worth, you write the best stuff on what we are facing. This site is the best. I recommend it to all, sadly, most refuse to acknowledge the peril we face, choosing instead to keep their heads buried in the sand. Frustrating.

    • MichaelfromTheEconomicCollapse

      Cateye:

      Thank you for those very kind words, and thank you for recommending the site to others. I spend countless hours in front of the computer, and it means a lot to me that there are people that appreciate all of my hard work. :)

      Michael

      • TooLittleTooLate

        There are a lot of folks that read here…. I copy out a lot of your articles and mail them out with the original links ( hoping that more begin to wake up )

        I’ve got several new folks reading and, I’m sure in turn, they have done the same.

        Somehow now I feel like we’re in the 9th inning and two batters are out and the next is facing 98mph fastballs.

        I hope this isn’t the first domino but, I fear it is. As with most others here, I’ve done a lot but, I’m nowhere near where I’d like to be to face this…. I have some food… I have water and have quite a few PMs, a small farm, chickens, livestock, I’m plowing about an acre this weekend for a spring garden… I didn’t wait for the ammo crisis to get some… I load my own and have quite a bit on the shelf and in the safe(s).

        Am I ready? Nope…. not even close to where I want to be. Some folks think they want this to happen because it may make them important to be so prepared…… I DO NOT….. I’d do just about anything to keep this from happening. I fear and dread what will happen in our not too distant future.

        I only hope what’s happening in Cyprus can be contained.

        I do know one thing. Those in the EU and other crooks WILL change the rules as this unfolds and, if there’s any way at all to contain this, the’ll do it. Rule of law, be damned….. so, I’m not convinced this is the first domino…… yet. It very well may be but, I’m not so sure the crooks are out of ideas.

        • MADSR

          I agree. The other thing you all need to understand. Is our 2nd amendment will help us stay safe and mean that it will be worse here than any other country. Because not all the guns will be used for good. It will be a horribly bloody conflict probably the worst in the history of mankind.

  • DownWithLibs

    Watch very closely, this will be us very soon!

    • Beth

      For a while there I had what I guess could be called “prep fatigue”….but does it seem like things (in numerous arenas!) are rapidly accelerating?

      • DownWithLibs

        True that, Beth!!!! Every now and then while I was prepping I would slow down and step back and think “What the heck am I doing buying all of this stuff?”, but then “something” would spur me on again. So glad God did that, because as you say, it is unraveling now at light speed!

  • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

    banking and financial collapse is one thing, how long before Cyprus gets bloody?

    • Ralfine

      Cyprus is already bloody. Cypriots are part greek and part turkish, part christian-orthodox and part muslim.

      Cyprus is the whole island, but the northern part was occupied by Turkey in 1974.

      Making things more difficult is that Turkey is a NATO partner.

      Check the wikipedia article.

  • saintmatty

    Hold on babies, here we go!

  • Dave Webb

    Making a Deal with the Devil? In this case I think they will make a deal with the Russians.
    The deal goes that they will get bailed out in return for Russians having Oil Rights or Gas Rights.

    Of course banks having been collaborating with governments for a very long time.
    That is what is going to happen in my opinion. The banks will be sold to the highest bidder for whatever they can bring.

    Which means the entire setup is going to change soon. When it does, the Euro will be a thing of the past in many countries. Those left holding the bag will be the people that loaned them the money originally to keep them afloat.
    Will anyone get their money from the bank? Only time will really tell.

    • Ralfine

      Russia told them to stuff it.

      • peaceangel

        The Russian mafia even after a major withdrawal last week still has 31 billion dollars of laundered money in those two banks and they told them people were going to die if their money disappeared!

        • Ralfine

          And still, the Russian government didn’t want to help Cyprus to bail out these banks.

  • SAM

    Thanks Michael. I understand more from your articles than from news sites. The Euro banking authorities are intentionally creating chaos and from chaos they will make order. They must know that the E.U. will be affected by Cyprus or perhaps they are blinded by their arrogance.

  • Greec

    TG we have 2nd amendment!

  • Makati1

    I don’t think that the Russia Mafia is going to like losing billions to the EU. How many EU politicians will end up ‘missing’ in the next few months? 1? 10? All?

    • http://www.facebook.com/gregge.k.johnson Gregge K Johnson

      From what I read Brussels will be Smoke and cinders and the Russian Mobs are being given assignments

  • http://karmaeconomics.blogspot.com/ lavista4u

    People in Cyprus were screwed when the banks were opened and now they are screwed when it is closed.

    They control both sides of the equation, they know the exact outcome of what will happen in Europe. Infact, they plan it for 1000s of year ahead.

    What we are seeing is just a drama for the sheeps. This goes much beyond banks and money. They have got us by the balls.

    They know us, more than we know ourselves. It never was and it never will end good for the human race, we are too divided.

    —-

    To Cypriots, don’t wait for things to get better, it never will, what your best option is to RUN, escape from Cyprus with whatever you have. Things will get ugly real soon.

  • markthetruth

    Sing Along

    99 Banks in Trouble, 99 banks
    Take 1 down put it in the ground.
    98 Banks in Trouble, 98 Banks left
    Take 1 down put it in ground.
    97 Banks in Trouble, 97 Banks left
    ……………….

    Until there was 0

    the end…

    • DownWithLibs

      “The end” is exactly right! Not much time left now. Hold on tight people!!!!

  • public_servant_watch

    Yep! On the mark!! Total racketeering where a buck in the pocket of the corrupt elite trumps the quality of life and life itself!!

  • NorthernCanuck

    Actually, though they don’t realize it, Cyprus is actually holding all the cards. The EU leaders can’t afford to have ANY euro country’s banking system melt down, as that may well trigeer reciprocal bank collapses as well as bank runs in other EU countries; the Cypriots have the Russian card – they have things the Russians want, and the Russians have the money the Cypriots need; but, above all, they have the potentially perfect solution – that of selling emergency bonds backed by future income from their vast offshore natural gas fields. Enter China, which always has lots of surplus money for any good foreign investment….

  • krinks

    There is a reason that Jesus attacked the “Money Changers”, beating them with a whip, while calling them theives.

  • Paul

    Gary2 where are you? What your thoughts on the crisis in Cyprus?

  • Kevin

    Hello

  • hillbillhustle

    I have yet to find one article on WHY the banks are failing? this would tell us a greater story. anybody know?

  • Scared

    Hate to break the news to you K, there are many countries like that already. This is nothing new.

    The main concern is that Cyprus is part of the EU. If they are allowed to default then other countries in the EU will want to do the same at some point.

    Why do I have to pay my debts when I just watch someone else not? If no one pays then the euro is pretty much worthless.

    Problem is the euro has devolop into a major currency in the world now It’s in every world stock market that matters. If the euro fails how much money has just vanish overnight from the world?

  • Ralfine

    “How would you feel if you woke up someday and 40 percent of your life savings was suddenly gone?”

    Well, that happened to East Germans after unification in 1990. All their savings were halved in the currency reform. Those with debts had them halved, too. But almost nobody in East Germany had debts.

    The prices shot up through the roof, rent up 10fold, food 2-3fold, only TVs and electronics became cheaper, 50% of jobs were lost, in some cities and areas the unemployment went up to 70%.

    University students lost all their scholarships and had to take out loans.

    The birthrate dropped immediately, university graduates and other experts migrated. Whole areas became depopulated, only seniors, unqualified people and civil servants remaining. Residential blocks in East Berlin were demolished. Although the East ist vastly devoid of foreigners, Far Right wing groups blame foreigners for taking their jobs, attack them, hunt them down the street, kill them, burn down their houses and businesses. Then declare the villlage, town, region “ethnically cleansed”.
    This still goes on with the knowledge of German security agencies.

    • germanycalling

      You on drugs or just talking utter bull. Tell me the name of one person who was murderd because of colour or race, in the old east Germany after the fall of that regime ?. I have lived here in Germany most of my life, I was 32 years old when the wall fell and remember it more than well. The exit of qualified peopel from the east was before the wall fell , most went back afterwards. There was no hunting in the streets of anybody, nor were houses burnt down . The only trouble was in Rostock with Vietnamese, that was quiclky crushed. Get your facts right.

  • chilller

    I know people who would rather die than try to survive through the coming crash…so they keep living the same “head in the sand” life style until it’s all over…and so will be their lives.

    • TooLittleTooLate

      I work at home and I’m lucky enough to have a high tech job but, I live in the country. I don’t go to town very often anymore but, I had a class I had to go to yesterday….

      I watched as I drove my 10yr old truck… the well dressed dragon ladies driving their 2013 Jags passed by…. Went to lunch and watched… as I looked across the room and saw men dressed as women… effeminate men that have never turned a wrench or changed the oil in their cars discussing their latest igaget and bemoaning what issues they’re having with it…. living like sardines in a can with only what they need for dinner in the fridge…. They haven’s seen the news and have no idea what may happen in our near future.

      I feel sorry for them and I don’t at the same time. Most of Texas feels more like me than them but, in the city, it is filled with these pathetic creatures chasing money and seeking acceptance from each other by judging each other on how well they’re living and how much useless crap they’ve piled up or which sardine can they live in.

      I wish them luck.

      • Tomburst

        You are spot on with that. The virus of media brainwashing has spread thru the masses convincing them that what is right is wrong,and that what is of real value is of no value. They are living in an unreality. Mincing along they are like starstruck lemmings rushing towards the edge of a cliff that they cannot even see. Because of course,everybody is destined to be a star right?
        And yet so many others around the world suffer such awful deprivation. Poor,poor,poor people. May a far better and more truly just world arrive soon.

  • JustanOguy

    Good.

  • jox

    Thank you Michael for the detailed and insightful article.

    My answer for your last question is NO. The volume of the problem is small, between 10 and 20 billion. Remind that the Fed prints 85 billion every month. The ECB can resolve this problem easily. The real question is pollitical. EU want to punish Cyprus political and finantial system, and assure that those banking practices are not done in Europe never again.

    On the other hand, Nigel Farage is irresponsible, blinded by the hatred against Europe. The sooner UK gets out of EU, the better.

  • Ralfine

    Cyprus is different.

    Cyprus was made a tax haven to lure financial institutions there. Now they crashed. Time to let them go bancrupt and show the banks that they cannot make money out of nothing forever without risk.

    Cyprus is a casino. Cypriots like Greeks shall return to agriculture. Make food and sell it. There is demand for food everywhere. Or bet on anything and risk losing your bet.

  • PhilipUpNorth

    Cyprus will be seen in history to have been the big one. The EU is over.

  • hvfpaints

    Everyone “thinks” this doesn’t affect them here in the US. The real picture is that, without the food stamp program, there would be bread and soup lines all over this country with nearly 50 million people in them! Picture that and then wonder how secure your savings really are.

  • jakartaman

    This is just the tiny tip of the problem.
    Once faith in a financial system is lost the house of cards in the ponzi scheme. Europe is gone the road for the can has ended. The world will soon follow – One big world wide depression.
    Get out of everything paper and have real tangible assets. food, water guns/ammo, silver gold
    Good luck!

  • http://profiles.google.com/maruadventurer john mcginnis

    The Eurocrats must be nuts. A 40% haircut? Hah. If that is the game then then Cyprus might as well leave the Euro. A good guess is that if Cyprus left the Euro everyone would take a 40-50% cut. So from the perspective of Cyprus leaving has the same pain quota. But there is a twist — After the fall, their economy might actually have a better chance of making a faster recovery as their exchange rate would be unpinned from the Euro.

  • Rodster

    As usual Nigel Farage was correct. The EU is run by a bunch of incompetent criminals. The EU is so hellbent on becoming the United States of Europe that they are willing to collapse the whole system for their corrupt vision of what Europe should look like.

    As Michael has previously stated the coming meltdown does appear to be coming from Europe and it will have huge repercussions for the rest of the world. First it’s Cyprus and who’s next on the list?

    I just read that Spain is next on their list to pillage the bank accounts of the people.

    You’ll know when we are pretty much at the end game is when the term “Hypothecation” gets thrown around.

  • Sad

    To think all of this is reversable and a return to a stable economic enviorment is so far from any truth. along time ago, 1971 to be excact, we started spending this world into dept. Anyone who tell us we can pull out of this economic nightmare is part of the problem. Man needs to Man up and prepare our human race for what lies ahead. It is time to pay for our worlds debt. And I hate to tell you were not paying it back monetarily. Human sacrifice is how we are going to be paying our debt.

  • Dan

    I used to post stories like these on Facebook, but I would never get any “likes” or comments ….when I would post what I had for breakfast in the morning or what I thought of the weather, I would get lots of “likes.” and comments.

    • MADSR

      I have been block by many so called friends because of my views. We almost all have.

    • Bad Kitty Cat

      I hear you! I’m more reserved expressing my views, but same thing in my corner of the world… no one wants any REAL info of ANY kind :-(

    • http://www.facebook.com/profile.php?id=798799895 Jack White

      Weird isn’t it?
      It’s like people either don’t care or don’t understand or don’t want to hear bad news or…… all of the above ^.^

    • JustanOguy

      Lots of laughing… So True..

      Me and a couple of buds that keep track of this stuff (and have been doing so since 2006) were just laughing about this the other day. Stick to the stupid cartoons and kitty videos if you want the likes and comments on Facebook.

      And sadly… I would consider the vast majority of my friends above average educated… Most of them have college degrees.

  • gwyn

    hi , its only a matter of time , before all of europe collapses

  • gwyn

    Hi , there , they are forming a 1 world goverment

  • FounderChurch

    good article.this site is a lifesaver. And we all think Michael for creating it and keeping it up.

    I’m a writer also and well I don’t suppose anything michael says and includes,I do have some points to add in support of his views that are very important. You can access my writings bye searching google for “FounderChurch” and you will get about 7000 hits. Good reading!

  • http://www.facebook.com/jay.razner Jay Razner

    There is a complete American news blackout on Cyprus. Check it yourselves: ABC News website
    not a word of Cyprus nor CNN or Foxnews or NBC or CBS. There is something on BBC. The majority of Americans have no idea what is going on in Cyprus or the ramifications of one the biggest economic collapses of our time. Amazing but not
    surprised that our media is the way it is.

    • ofuel

      The media for all their faults at least understands the simplicity of the word “PANIC”. They (and the regime that controls them) are fully aware of the grave and unpredictable nature of it. Panic is the stuff that keeps these control freaks awake at night. … they have no answer for it. It scares the living daylights out of them. But then again, the did recently buy a couple billion hollow point rounds, so they are ready to do battle with crazy masses of ‘useful’ idiots. Frightening stuff to anyone who is a rational, sober person right now. But I am not afraid. It’s God in whom I have put my trust, not the Government.

    • Louise in MO

      I have seen coverage of Cyprus on Fox Cab;e News..In fact, that is how I learned of the Cyrpus bank problem. There was also coverage today with a Fox anchor in the capital of Cypress.

  • Erik Bergm

    Oh of course. I agree

  • ofuel

    Maybe Germany feels safer putting down an ‘Island’ than a mainland state? It seems they have chosen the ‘red-headed’ step child … Cyprus as the focus of their brutal demands, in desperation to find some distance between themselves and the devil – who is eagerly pursuing them with great, inevitable demands for their souls. Germany too will fall.

  • Carlos

    This is a chain reaction this is were The. Collapes starts

  • germanycalling

    Latest Ive found at 21.00 CET, accounts OVER € 100,000 in Cyprus are likely to take a 40% haircut. Under that figure , nothing. Begs the question, what about all that KGB and mafia money ?, will there be alot of accidents in Cyprus soon ?

  • Wally

    Prepare!!! Have a plan for yourself and your family. I think we would be wise to follow Nigel’s advice here in America. Get your money out of the bank before you can’t get it any longer. Get rid of your safety deposit box because you won’t be able to get into that either. Didn’t Michael state in his blog yesterday that the FDIC doesn’t have nearly enough money to insure what is on deposit here in the US. Once the Global elite decide to take your money then it is gone forever. No insurance, Nada. We are in perilous times and no one seems to care where I live. What a sad state of affairs. People still have their 401k humming along, they still have their life savings in the stock market, they still are spending money like it will never end. Heck I went to Vegas this last weekend to visit family and as an example the Venetian was packed, every table had people at it if not full and money was flying while us in the know are hopefully saving every last dime we can because when credit cards die and are unusable things are going to get real bad real quick.

  • none

    GOOD NEWS: Micheal.
    Al-quida has publicly stated that they will not harm Obama when he goes to Iseral.
    He already has done more damage than they ever could.

  • Mondobeyondo

    Nearly all of Europe is financially on quicksand. The ECB, the European Central Bank (which is mostly German controlled, since they are the financial Rottweilers in the Old Continent) is threatening financially wobbly countries right and left (NO political puns intended!) to kneel to their demands. Greece got cold feet and decided to meet the ECB demands for another bailout to keep the country afloat. Iceland’s people basically gave their banks the middle finger. Italy and Spain are reeling. And now Cyprus.

    What’s really sick, is their government has little choice but to make their citizens pay for their extravagance. Just like in Greece, etc. Those are the demands that the ECB has set up. Your government or citizens don’t like our demands? Sorry. How does it feel to go broke?

    So, who’s relatively financially in good shape right now? Germany? Uh-huh. Greece? No way. Italy – nope. Great Britain – they’re not in the E.U. but they’re struggling too. Ireland – not in good shape. It’s beginning to look dire.

  • Mondobeyondo

    Cyprus is only the beginning, and a very small beginning. They are a rather small economy. Just wait when the big boys start falling. Italy, France, Greece, etc.

    But wait, there’s more! The United States is in perhaps the most precarious economic position of any nation in history. EVER! Our addiction to debt will literally ruin this nation. $16 trillion in debt? For what??? Our government could buy everyone in sub-Saharan Africa AND East Asia one steak dinner for that amount – and still have enough left over to build a school or two for the children.

    We were (and still are) the wealthiest nation on earth. But we spent our wealth on bombs and bullets, to maintain/spread freedom around the world (ha ha haaa) – and to line the fat Gucci and Armani wallets of those politicians and special interest groups who insist on “helping the poor”. Bovine excretions!

    When THAT wealth ran out, the government started taxing its people to make up for the shortfall. IRS, FICA, payroll tax, auto emissions tax, auto title tax, Aid to Dependent Children, Aid to Lindsay Lohan, you name it. THAT wealth has now been tapped dry as well!! So when the U.S. falls (and it will eventually), look out. TIMMM-BERRRRRRRR!!

    • jaded

      Your posts are the best. Despite the whole situation your posts always have me smiling.

    • El Pollo de Oro

      Mondobeyondo: Absolutely right. Italy is the third largest economy in Europe (right behind Germany and the UK). Milan is the one of the major business centers of Europe. When Italy goes from bad to worse……..mamma mia, it won’t be pretty (especially considering that BRA banks have a lot of exposure to Italian debt……as well as Spanish debt).

      When I was growing up, my grandmother, God rest her soul, used to say, “What you kids need is a good depression. That’ll teach you a thing or two.” Well, cara nonna mia, we’re experiencing a depression alright, only this one will make the 1930s depression look like sunshine and daffodils. As they say in Italia, “che dio ci aiuti” (God help us).

  • Mondobeyondo

    A word to the wise:

    When the Father of Lies starts the Mother of Battles, the end will be near.

  • Beth

    No way Jose!:) (To the notion of tasteless food! I own a cafe, such a thought is anathema!)Prepping: I’m thinking sustainability. Improving somewhat existing gardening skills. Did you catch the “Gourmet Prepper” on last year’s doomsday preppers? What an incredible woman!

    • Ralfine

      Well, 1kg of cheap rice is 0.41, while 1kg of good Thai Jasmine rice is 1.42.

      If you want to prep you need to be able to afford it.

      You not only need to buy food for now, but also for the future.

      And protect it from insects and other pests in storage.

      • Beth

        At the Asian markets in Wichita I can get a 25# of Jasmine (yum—-to be preferred!) for about $15. Oh btw—Asian markets are GREAT places to load up on cheap bulk food preps!

        • Ralfine

          we have indian wholesellers. 1lb of spices costs about the same as a tiny glass in the supermarket. and there are bags full of different beans and lentils as well.

          • Beth

            I’m sure in a bigger city I could find world markets and the like! They are so cool! A little off topic—-but has anyone else noticed the C and D cell rechargeable batteries are pretty much non-existent at the evil axis (wal-mart?)

  • http://twitter.com/inscamerated ΔИθᴎЎϻɸᵿƧ

    I’ve always been good at math, so for me the situation is fairly simple, even though it hinges a lot on economics. It isn’t a question of politics. Two universal constants that politicians cannot argue with are time and money.

    The Cypriot system is going to collapse. Over time, that’s already a given. I hope Cyprus does get out of the EU. As we’ve already seen, Germany doesn’t want anything to do with Cyprus anymore, according to that one single official. Merkel could see it differently, but I don’t think so.

    It will go a long way toward people’s distrust of the worldwide fiat banking system, which would then go a long way toward putting a damper on the bankers’ new world order dream.

  • http://twitter.com/JailBanksters JailBanksters

    Beyond the point of no return, no return on your Investment that is. I can’t see all the Banks opening their Front Doors on Tuesday. The back door might be open for Politicians and the richest of the rich. It will “Closed until further Notice”

  • tacoma

    It is ludicrous to say EU holds a ‘gun over Cyprus’. It is Cyprus banks and government who are holding a gun over its citizens.

    Cyprus got itself into the current situation from extreme financial irresponsibility, and de facto selling their banks to the Russian oligarchs. They can now try to sell their country to the Russian and beg they would take it for a song.

  • http://twitter.com/JailBanksters JailBanksters

    You know there’s something wrong when the queue at the ATM is longer the queue at the Apple store to buy the latest color iPhone.

  • Blackhawk

    The whole Cyprus affair seemingly shapes to be all about capital controls and the free circulation of value.
    If these capital controls are successfully introduced in Cyprus and we see people still holding money in any bank, in other words people still trusting the system, we might see capital controls instated everywhere and we may say we have already a totalitarian global system.
    Unfathomable, but not impossible as we noticed in the past decade.

  • Firecracker

    Yes I believe if Europe fails it will have a global effect! Be prepared! One world gov’t & one world money system is coming

  • theBLACKhand

    I am a conservative, well-meaning high school teacher who sees on a daily basis the dearth of critical thinking skills and the ubiquity of the entitlement mindset amongst the rising generation. We are FUBARed when these kids start making the calls… Watch “I Choose C” on YouTube to get a sense of the way this young generation processes life…it is spot on. Their phones and what asinine pictures their friends have posted on Instagram trump opportunities many of them have to develop their critical thinking abilities. I see it EVERY DAY, folks. There are far more “What-does-the-world-owe-me?” kids out there than there are those with the Prime Mover attitude we need them to have to captain this ship. If I ask them to read something longer than a few sentences–or something that has any other purpose besides entertaining them–they balk at it. If I mandate an assignment that requires them to do much more than fill in a bubble to indicate an answer, they cringe. If I ask them to verbalize the evidence they have to shore up any kind of opinion they proffer, many of them actually become belligerent and wonder why I would expect such a thing from them. I see it EVERY DAY. I had a student tell me yesterday, when I asked her for the third time to refrain from talking while I was lecturing, that “It’s [talking while instruction is going on] just in her personality and you’re going to have to deal with it…” These people will not have a CLUE what to do when an intractable problem like that affecting Cyprus comes to our shores… And…it will. Soon.

    • jaded

      Thanks for sharing. As a young person and soon to be a teacher this means a lot.

    • Orange Jean

      I see what you are talking about as well… where I work we have a very high % of young people (mostly “interns” – albeit paid interns), and I see similar attitudes.

      When I’ve been asked by my boss to review someone’s work and I’ve found mistakes and told the person I thought they made a mistake in their work, some of them basically rip my head off. I had one drop the “f” bomb on me, for telling them they made a mistake; I’ve had more than one telling me something was “just their personality and I’d have to deal with it”.

      I also had one person complain to my boss shortly after I met them, because I told them I had over 18 years experience in the field (during our meet and greet), her complaint was that by saying that I was “disrespecting her month of experience”… all these examples, BTW… were young women and recent college grads. I’d be more worried that these are future mothers of America – except so many of them have also said they never want to have children.

      Sad but true!

  • MADSR

    I would like to make a comment about so called gouging. Which I do not think even exist. It is supply and demand period. How much would you pay for a loaf of bread when your family is starving? Are you going to call the guy who prepped and had a loaf to sell you a gouger or a savior. Anyone who thinks people are gouging feels entitled to what they weren’t smart enough to own. What I have is worth more if you need it. I have been reading this blog for years as have most of you. If you waited to buy ammo until you can’t find it and are waiting to buy food until the stores close. Then running to the ATM after the banks crash you are just an idiot. None of you should be looking for anything except the newly enlightened.

  • none

    If the government arrested the bankers. Then told them if they leave the country, they will arrest their family’s seize everything they own.

    Wouldn’t that sort of make people more confident in the banking and government system?

  • Kevin

    I think most of us here know what is about to happen….what I don’t understand is why the uber-rich don’t get it…OH wait…they are already…When you cause a situation you are the most prepared

  • Mondobeyondo

    Just remember who the silver and gold truly belongs to. You may think it belongs to you. It is not truly yours to begin with. (Haggai 2:8)

    • K

      As it is with this whole world. Only on loan.

  • Mondobeyondo

    Joke du jour – oh how I’d LOVE to take credit for this one! But I can’t.

    Pope Francis is not meeting for breakfast because it would be too easy for the new pope to say he was having eggs with Benedict.

  • http://www.facebook.com/profile.php?id=798799895 Jack White

    Dude, this could be the archduke ferdinand moment. I thought bear stearns/lehman was it, but those were just banks… not a whole country.
    In the end, we could see the US benifiting from a euro fall, at least temporarily as everything from the euro floods into the US. But thats like building another credit bomb like what happened before 2008 japan/russian crisis floods US in the decades before 2008, causing a credit bubble to form from the good times(along with other things of course, then a crash)

  • http://www.facebook.com/profile.php?id=798799895 Jack White

    Dude, saying what Iceland did is the way to go is wrong because Iceland is a tiny country, with few people, and is actually self-sufficent and didn’t require a bank to keep the country going. Thats why they were able to get away with jailing the banksters. But here in the US, it’s a totally different story. Jailing the banksters will result in world war 3. Why? Because the government is hopelessly dependent on it. And that means the military is too, and that means those ICBM’s that pretty much keep the peace do too…

    • El Pollo de Oro

      The banksters are definitely prepared to use force and violence against anyone who seriously challenges their criminality. Alex Jones and Chris Hedges put it best when they say that the banksters of today will destroy civilization if they have to. They will stop at nothing.

  • http://www.facebook.com/people/Joe-Blowder/1569064314 Joe Blowder

    Michael, is this just a case of bad management or do you think there’s some agenda concerning the Russian mobster money?

  • Casino666

    If we look at the movie “Titanic” at the end where there is a very few first class passengers in the lifeboats, with room for many more…, but they just sit there watching the people die – after all the dying screaming people where not first class passengers…!

    Do anybody think for a second that the ruling banksters care about those who not make it?

  • http://www.facebook.com/people/Shmeggle-Marxist/100001597489122 Shmeggle Marxist

    this is happening too soon. I want to finish all 10 books from “299 Days”, they just released book 5. What’s a prepper gonna’ do? LMAO, guess I will have to live out the remaining 5…………………………………….

    • HerrinSchadenfreude

      Things start to look up however when you realize you can burn each book in the series for heat once your bank account is seized and your escort tips can only make the matches happen – not the kindling.

      At least, that’s shaping up to be my scenario. You’re not really going to re-read the earlier books are you? Can I have em? I think I’ve felt a chill..

  • MichaelfromTheEconomicCollapse

    One of my readers is giving away a book of poems about God for free on Amazon this week. I thought some of you might want to check it out…

    http://www.amazon.com/dp/B0063Y5IKE

    Michael

  • Hammerstrike

    Double-cross putin? They´ll regret it.

  • none

    If they jailed the bankers, detained all their families. Some relatives and all property. Keeping them from leaving with any money.
    Wouldn’t the citizens of Cyprus go along with the “Taxing”?

  • pm81374

    As Tallahassee says in Zombieland”Time to nut up or shut up.” Prep time is over sheeple, now it starts.

  • sharonsj

    We need to panic here too. Most banking systems are insolvent because they’ve been allowed to take depositors’ money and gamble with it (when not paying themselves big bonuses). Why else is Bernanke spending tens of millions every month to buy back toxic assets?

    Better make sure you have plenty of food and water on hand in order to survive a Cyprus-like event here.

  • HerrinSchadenfreude

    I notice you’ve failed to mention death by thrice recycled deodorant. Ahh. But one can’t smell one’s self, hmm, so there’s that.

  • http://www.facebook.com/people/Becky-Taylor/1648216520 Becky Taylor

    I have been told that a conspiracy excists to make people mass withdraw their money from banks to financially collapse the bank. Wont economies collapse if banks collapse? If this were true aren’t stories that promote people withdrawing their money from banks helping the disaster?

  • owatica

    From a geopolitical point of view…. Spain, Italy and France are all going to collapse right along with Cyprus and Greece. Only the general public remains in the dark. The East is moving away from the petrodollar at breakneck speed. Russia, China and dozens of other countries have worked out agreements to conduct business in other currencies/barter as the world isolates the dollar and the central banks that control it. Iraq, Iran et al sold oil for gold and other currencies/barter and this is why they were attacked by the west; why the Muslim “enemy” was created; to support what has been but is no longer the world’s “reserve currency”; gold is already the new but unspoken reserve currency; i.e. it’s all over but the crying. Now Germany cannot bail out Spain or France or Italy much less all three. The euro and union will fall and Germany will turn to Russia and China along with their trading partners in Asia, Arabia, South America and Africa as the west and its’ “dollar” are shunned. The sadly uniformed, misinformed and gullible public in American especially are in for a rude awakening indeed. How will the People react? I don’t know but when the U.S. gov led by the Fed nationalizes retirement funds… which is in process now… it should create quite a stir. Ironically the Fed has stolen MUCH more money from the People of the U.S. through zero interest rates and inflation then the Cypriot banks are stealing from their People. In any event, it appears Germany is giving Cyprus to the Russians… that’s what’s happening right now IMHO. Good luck to us all..

  • Shashi R Shakya

    World economic & financial balance EC must play roles and Cypurus Politician can’t neglect. One’s you entered in intl financial system, you can’t abruptly move in national financial system. It may invites multiple effects in the country’s economy. so alert…

  • tongpoo

    what happen in cyprus has clearly shown that human effort is gradually coming to an end ,and because of this wold is going to face great hardship so we need god’s intervention

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