{"id":7144,"date":"2013-03-24T05:21:12","date_gmt":"2013-03-24T09:21:12","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=7144"},"modified":"2013-03-24T05:21:12","modified_gmt":"2013-03-24T09:21:12","slug":"cyprus-the-operation-was-a-success-shame-the-patient-died-some-of-it-was-true","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/24\/cyprus-the-operation-was-a-success-shame-the-patient-died-some-of-it-was-true\/","title":{"rendered":"Cyprus: The Operation Was a Success. Shame the Patient Died. | Some of it was true&#8230;"},"content":{"rendered":"<p>Pawelmorski (pseudonym for a london-based fund manager) gives this opinion of the EU &#8216;rescue&#8217; of Cyprus :<\/p>\n<blockquote>\n<p>How bad is the damage?<\/p>\n<p>Bloody appalling&#8230;&#8230; 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 the use of weapons. The combination of laying waste to the financial sector and tearing up the savings of thousands of residents means that Cyprus won\u2019t return to current levels of output for a decade, a funeral pyre which bears comparison only with Greece. There are four shocks happening at once; the bog-standard austerity shock; the trauma of bank withdrawal controls; the wealth shock; and the structural shock of wiping out the financial sector. The bailout bill is certainly going to get a lot higher too, as a larger amount of debt is piled onto a smaller economy.<\/p>\n<\/blockquote>\n<p>Read more at <a href='http:\/\/pawelmorski.wordpress.com\/2013\/03\/23\/cyprus-the-operation-succeeded-shame-the-patient-died\/'>Cyprus: The Operation Was a Success. Shame the Patient Died. | Some of it was true&#8230;<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pawelmorski (pseudonym for a london-based fund manager) gives this opinion of the EU &#8216;rescue&#8217; of Cyprus : How bad is the damage? Bloody appalling&#8230;&#8230; 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 the use of weapons. &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/24\/cyprus-the-operation-was-a-success-shame-the-patient-died-some-of-it-was-true\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Cyprus: The Operation Was a Success. Shame the Patient Died. | Some of it was true&#8230;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"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":[5,33],"tags":[289,578,929],"class_list":["post-7144","post","type-post","status-publish","format-standard","hentry","category-economy","category-uk-europe-countries-regions","tag-austerity","tag-capital-controls","tag-cyprus"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cyprus: The Operation Was a Success. 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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":7012,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/17\/zervos-this-is-a-nuclear-war-on-savings-and-wealth-business-insider\/","url_meta":{"origin":7144,"position":1},"title":"ZERVOS: &#039;This Is A Nuclear War On Savings And Wealth&#039; &#8211; Business Insider","author":"Colin Twiggs","date":"March 17, 2013","format":false,"excerpt":"Joe Weisenthal reports on Jefferies strategist David Zervos' latest note: What happened to Cyprus on Friday evening was one of the most significant developments in the Eurozone since the Greek election last summer. To tax the bank deposits of savers sends an ominous message to the entire global investment community.\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":7047,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/","url_meta":{"origin":7144,"position":2},"title":"Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences &#8211; Forbes","author":"Colin Twiggs","date":"March 18, 2013","format":false,"excerpt":"Karl Whelan, Professor of Economics at University College, Dublin reminds us: ....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\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":7048,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-insurance-and-moral-hazard\/","url_meta":{"origin":7144,"position":3},"title":"Cyprus: Deposit insurance and moral hazard","author":"Colin Twiggs","date":"March 18, 2013","format":false,"excerpt":"The outcry over Cyprus levy on depositors in defaulting banks raises the question: Why were depositors not more wary of where they deposited their funds? 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":5766,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/15\/australias-future-fiscal-shock-centre-for-independent-studies\/","url_meta":{"origin":7144,"position":4},"title":"Australia\u2019s Future Fiscal Shock &#124; Centre For Independent Studies","author":"Colin Twiggs","date":"October 15, 2012","format":false,"excerpt":"by Robert Carling Long-term prospects for Australia\u2019s public finances are not receiving the attention they deserve. It is one thing for Commonwealth and state governments to balance their budgets in the short term, as they are attempting to do, but spending commitments are being made as though nothing beyond the\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":292,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/17\/uk-austerity-bites\/","url_meta":{"origin":7144,"position":5},"title":"UK austerity bites","author":"ColinTwiggs","date":"August 17, 2011","format":false,"excerpt":"UK bank lending to households jumped slightly in June 2011, but the annual rate of change remains negative at -3%. 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