{"id":7047,"date":"2013-03-18T21:01:43","date_gmt":"2013-03-19T01:01:43","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=7047"},"modified":"2013-03-18T21:01:43","modified_gmt":"2013-03-19T01:01:43","slug":"cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/","title":{"rendered":"Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences &#8211; Forbes"},"content":{"rendered":"<p>Karl Whelan, Professor of Economics at University College, Dublin reminds us: <\/p>\n<blockquote><p>&#8230;.the fact that we don\u2019t see lines at ATMs in Spain and Italy doesn\u2019t mean there isn\u2019t a bank run going on. The Northern Rock episode was a complete anomaly. Modern bank runs stem from people pushing buttons to execute electronic withdrawals of large amounts of funds. For example, I was living in Ireland in 2010 when non-residents pulled \u20ac186 billion out of Irish banks between the end of July and the end of December. This was over 100% of Irish GDP and yet there wasn\u2019t a single sign of panic among retail depositors.<\/p><\/blockquote>\n<p>Read more at <a href=\"http:\/\/www.forbes.com\/sites\/karlwhelan\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences\/\">Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences &#8211; Forbes<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karl Whelan, Professor of Economics at University College, Dublin reminds us: &#8230;.the fact that we don\u2019t see lines at ATMs in Spain and Italy doesn\u2019t mean there isn\u2019t a bank run going on. The Northern Rock episode was a complete anomaly. Modern bank runs stem from people pushing buttons to execute electronic withdrawals of large &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences &#8211; Forbes&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,33],"tags":[369,929,1214,1901],"class_list":["post-7047","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-uk-europe-countries-regions","tag-bank-run","tag-cyprus","tag-electronic-transfer","tag-ireland"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences - Forbes - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences - Forbes - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Karl Whelan, Professor of Economics at University College, Dublin reminds us: &#8230;.the fact that we don\u2019t see lines at ATMs in Spain and Italy doesn\u2019t mean there isn\u2019t a bank run going on. The Northern Rock episode was a complete anomaly. Modern bank runs stem from people pushing buttons to execute electronic withdrawals of large &hellip; Continue reading &quot;Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences &#8211; Forbes&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2013-03-19T01:01:43+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences &#8211; Forbes\",\"datePublished\":\"2013-03-19T01:01:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/\"},\"wordCount\":133,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"Bank Run\",\"Cyprus\",\"electronic transfer\",\"Ireland\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/\",\"name\":\"Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences - Forbes - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2013-03-19T01:01:43+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences &#8211; Forbes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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Not all banks are created equal. The reason is deposit insurance for deposits under \u20ac100,000 implied that the government would stand behind its banks and\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7086,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/19\/big-trouble-from-little-cyprus-ft-com\/","url_meta":{"origin":7047,"position":1},"title":"Big trouble from little Cyprus &#8211; FT.com","author":"ColinTwiggs","date":"March 19, 2013","format":false,"excerpt":"I always enjoy Martin Wolf's objectivity: Many insist that any tax on deposits is theft. This is nonsense. Banks are not vaults. They are thinly capitalised asset managers that make a promise \u2013 to return depositors\u2019 money on demand and at par \u2013 that cannot always be kept without the\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":15286,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/05\/15\/at-last-some-sensible-commentary-on-bank-levy-macrobusiness\/","url_meta":{"origin":7047,"position":2},"title":"At last, some sensible commentary on bank levy | MacroBusiness","author":"ColinTwiggs","date":"May 15, 2017","format":false,"excerpt":"From Leith van Onselen: ......The bank levy helps internalise some of the cost of the extraordinary public support that the big banks receive from taxpayers via the Budget\u2019s implicit guarantee (which provides a two-notch improvement in the banks\u2019 credit ratings), the RBA\u2019s Committed Liquidity Facility, the implementation of deposit insurance,\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7374,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/30\/when-you-werent-looking-democrat-bank-stooges-launch-bills-to-permit-bailouts-deregulate-derivatives-naked-capitalism\/","url_meta":{"origin":7047,"position":3},"title":"When You Weren\u2019t Looking, Democrat Bank Stooges Launch Bills to Permit Bailouts, Deregulate Derivatives \u00ab naked capitalism","author":"ColinTwiggs","date":"March 30, 2013","format":false,"excerpt":"Yves Smith reports on attempts to undermine the Volcker Rule and why the rule is so important: In the US, depositors have actually been put in a worse position than Cyprus deposit-holders, at least if they are at the big banks that play in the derivatives casino. The regulators have\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18049,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/03\/30\/inverted-yield-curve-is-no-cause-for-panic-yet\/","url_meta":{"origin":7047,"position":4},"title":"Inverted yield curve is no cause for panic&#8230;.yet","author":"Colin Twiggs","date":"March 30, 2019","format":false,"excerpt":"10-Year Treasury yields continue to fall. A Trend Index peak below zero signals strong selling pressure (purchases of bonds).\u00a0 Target for the decline is primary support at 2.0%. The spread between 10-Year and 3-Month Treasury yields is at zero, warning that the yield curve is about to invert. While there\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7144,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/24\/cyprus-the-operation-was-a-success-shame-the-patient-died-some-of-it-was-true\/","url_meta":{"origin":7047,"position":5},"title":"Cyprus: The Operation Was a Success. Shame the Patient Died. | Some of it was true&#8230;","author":"ColinTwiggs","date":"March 24, 2013","format":false,"excerpt":"Pawelmorski (pseudonym for a london-based fund manager) gives this opinion of the EU 'rescue' of Cyprus : How bad is the damage?Bloody appalling...... Take a moment to realise the scale of what\u2019s been done here. No human agency has achieved so much economic destruction in such a short time without\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=7047"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7047\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=7047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=7047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=7047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}