by Nick Glossop on March 27, 2013
…just take a look at what the Eurocrats have done: They say they will loan Cyprus €10 billion provided that the Cypriot government seizes billions in deposits from two private banks. Set aside the ethics of seizing deposits. How can Cyprus repay the loan? According to the CIA factbook Cyprus’ estimated 2012 GDP, at the official Euro exchange rate, is 22.45 billion dollars. At 1.28 dollars to the Euro, €10 billion equals $12.8 billion, or 57% of GDP. In comparison, the U.S. GDP in 2012 was about $15.65 trillion; 57% of that is about $8.95 trillion; even for the U.S., the incurring of an unexpected, instantaneous debt of $8.95 trillion would pose severe difficulties regarding repayment.
The situation, however, is much, much worse for Cyprus because services, mostly banking, accounted for about 80% of GDP but now Cyprus has little to no hope of maintaining its status as an offshore banking center. By definition, indeed, if one cannot move money in or out of a country it cannot be in the offshore banking business. The Cypriot government says that its recently imposed currency controls will remain in place only temporarily, but that remains to be seen. Currency controls in Iceland, for example, were also meant to be temporary but are now well into their fourth year. So stipulating that it is guaranteed to have only the remaining, semi-functioning 20% of its economy, Cyprus is expected to pay back 57% of its former GDP. This is, to be blunt, impossible.
by Nick Glossop on March 27, 2013
Some retailers are buying counterfeits and mixing it in with legitimate product.
by Tony Longworth on March 25, 2013
- Cyprus negotiated a deal with the EU to stall a bank failure and the complete collapse of the Cypriot economy. Deposit accounts over 100,000 Euros will face a “one off” tax levy of 20-40 percent. Russians, who hold a substantial amount of the foreign deposits in Cypriot banks, protested the decision as “stealing”… ironic when you consider that most Russian money held in Cypriot banks is apparently derived from organized crime. Does the bailout give banks the power to blithely seize personal accounts to pay for their errant speculation?
- The body of exiled former Russian Billionaire Boris Berezovsky was found in his UK home over the weekend. UK Police say his death is “consistent with hanging.” At this time, there is no evidence of third party involvement, but a suicide note has not been found.
- Japan discovers sea bed deposits of rare earth minerals used in hi-tech applications.
- Check out North Korea’s hilarious new propaganda video: An imaginary three-day war where they defeat the U.S. and capture 150,000 troops. Shine on, Crazies!
- 1000 dead ducks were pulled from a river in China. This follows the discover of 16,000 pig corpses last week in the Hangpu, the river supplying Shanghai with its drinking water.
- The art of George W. Bush
- Britain’s extreme spring weather linked to melting sea ice.
- Hungary destroys 1000 acres of Monsanto GMO Maize fields.
- China buys 24 fighter jets and four submarines from Russia
- TED shows visions of the Future.
by Tony Longworth on March 22, 2013
- Starbucks CEO: We support marriage equality ,”and if you don’t like it, sell your stock.”
- Chicago plans to close dozens of schools to combat a billion dollar deficit. The closures effect up to 10% of Chicago area schools.
- An embarrassed South Korea admitted today that hacking attack on several banks and media companies systems was actually an inside job, not China .
- A 60 car pileup caused chaos, yesterday, on a Canadian Highway following a sudden snowstorm in Alberta. 100 people were injured, mostly minor, but one serious.
- The Eurozone is scrambling to contain a possible collapse of the Cypriot economy.
- Scottish independence referendum given firm date: 18 September, 2014.
- A Kuwaiti man who insulted the Emir on Twitter has had his prison sentence extended to five years
- The Northeast United States is about to be hit by a plague of locusts . Probably my fault somehow.
- A Quantum Leap forward in computing power : Lockheed Martin is about to commercially deploy a new computing system based on quantum mechanics.
- Former French President Nicolas Sarkozy under formal investigation for campaign funding fraud .
- China returns defecting soldiers back to North Korea .
- Anti-Taliban uprisings spread among Afghan Villages .
- Al-Qaeda in Northen Africa have beheaded a French hostage in Africa in retaliation for military action in Mali. Philippe Verdon, a French Geologist, has been held since his capture in November, 2011. French authorities are still seeking confirmation of Verdon’s death.
by Nick Glossop on March 21, 2013
…or why the banks of Cyprus dare not open
More on the subject, including the Russian mafia angle, with Costas Lapavitsas after the break. Read the rest of this entry
by Tony Longworth on March 20, 2013
- Malala Yousafzai, the young girl shot in the head by the Taliban, returns to school in the UK. “I am excited that today I have achieved my dream of going back to school”
- The Chairman of the US House Intelligence Committee thinks there’s strong evidence that the Syrian government, not the rebels, used chemical weapons in the attack on Khan al-Asal. This finding may force the US into getting involved militarily.
- A hunger strike at the Guantanamo Bay detention centre is growing.
- Twin explosions hit Ankara, Turkey.
- Check out these 16 major corporations that pay no tax.
- Cyprus rejected the EU-IMF bailout offer, despite warnings that doing so might result in their two largest banks collapsing.
- US Senate Democratic leaders have removed the assault weapons ban portion from their Gun Control bill. Dianne Feinstein is expected to reintroduce it separately, at a later date, with little chance of it passing.
- Elizabeth Colbert Busch has won the Democratic nomination to fill the vacant House seat for the first congressional district of South Carolina. Her brother Stephen has been actively campaigning for her, but promises not to go easy on her once she gets elected.
- A bill banning ‘Gay Conversion Therapy’ advances through the New Jersey Senate.
- The Mars Rover ‘Curiosity’ has uncovered a brilliant white rock, indicating the possible presence of water.
- Singuarity guru Ray Kurzweil discusses his first two months on the Google payroll.
- The Supreme Court threw out a $600k copyright infringement verdict against a student. The Thai graduate student had resold Wiley textbooks on Ebay that his relatives had purchased abroad for cut-rate prices.
- The first episode of the radio version of Neil Gaiman’s ‘Neverwhere’ is available for your listening pleasure. The radio play stars James McEvoy, Benedict Cumberbatch, and Christopher Lee.
- Michele Bachmann runs away from a reporter.
by Tony Longworth on March 19, 2013
- Syrian State TV is reporting that chemical weapons were used by the Syrian rebels in a firefight in Khan al-Asal. Rebels are accusing the government of having used the weapons. 25 people are reported dead, with scores more injured. If this proves to be true, it could severely affect support for the rebels from the International community.
- A tourist in Agra, India, jumped from her hotel room balcony to escape an attacker. The UK issued a travel advisory saying that women travelling in India should be cautious, after a Swiss tourist was gang-raped while camping with her husband last week.
- The US is performing another B-52 flight over the Korean peninsula today.
- Writer musician Henry Rollins asks what can be learned from the Steubenville rape verdict.
- Today’s handsomest scientists are creating a laser that uses sound waves instead of light.
- 5 amazing student projects that might change the World.
- Ian Mckellan will officiate at Patrick Stewart’s upcoming wedding.