Cyprus banks re-open, media spin is hilarious

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The banks reopened in limited capacity in Cyprus today, with significant capital controls put forth by the Cyprus Ministry of Finance in order to avoid a run on the banks. These controls are supposed to be in place for the next seven days, and, according to Reuters, the Cypriot depositors will be unable to:

• Cash a check
• Withdraw more than €300 a day
• Take more than €3000 in cash per person in any currency out of the country
• Purchase more than €5000 in foreign goods and services with a credit card each month
• Make non-cash payments outside Cyprus without documentation showing they are paying for imports

On radio this morning, Glenn, Pat, and Stu broke down the ridiculousness of the situation – in particular, the media’s ‘nothing to see here’ coverage of the banks re-opening.

“They are allowing you up to 300 [euros]. It’s great. Everything’s fine in Cyprus,” Pat quipped. “Oh, man, you haven’t been to the bank in almost two weeks and if they allow you 300 bucks, now you’re set. That’s fine.”

No need to worry! The media has provided some truly groundbreaking reporting today, letting us know that everything is fine on the streets of Cyprus.

“Have you seen the spin on this,” Pat asked.

“Oh, yeah, I have,” Glenn responded. “I think it’s up on TheBlaze, I read it this morning, all of the tweets coming out this morning saying, ‘Guys, there’s no problem’; all the journalists over there, ‘There’s no problem.’”

TheBlaze compiled some of the commentary coming out of Cyprus in story posted earlier today. The Associated Press reported:

“Across Cyprus, large but orderly lines formed ahead of the opening of banks for six hours from noon, and guards from private security firms reinforced police outside some ATMs and banks in the capital, Nicosia… People filed calmly into banks across the country once they had opened, and no crowd issues were reported.”

4 News took a similar tone, with economic editor Faisal Islam reporting:

“For Cypriots, who have been struggling to cope with the bank closures that have seen cash rationed at ATMs, the reopening of bank branches was an orderly, welcome development, despite the stringent new controls on the use of cheques and the export of cash… So far, it would be wrong to call this a bank run, even though it looks like one. It’s transactional demand for cash after two week closure… Calm, dignified, and not a bank run. But impossible for it to be so, because of capital controls. Cypriots making best of bad situation.”

The Wall Street Journal took a slightly different approach, but the message from multimedia producer Dipti Kapadia was still:

“Surprisingly, little panic as Cyprus banks reopen.”

While all may appear fine and dandy on the ground, Glenn explained the ramifications of the Cyprus bailout will be anything but. The larger implications of this situation allow for complete governmental control.

“Well, first of all, they are only allowing you 300 [euros],” Glenn said. “Why go to the bank? Just go to the ATM. Why even go to the bank… This is not a good situation. But, train them. Train the people: You’ll take out as much as we tell you can take out. And you’ll do it in an orderly fashion.”

“And you’ll remove none of it from the country,” Pat added, referencing another one of the capital controls.

“That’s right. That’s right,” Glenn concluded. “Welcome to it, gang.”

  • snowleopard (cat folk gallery)

    Cyprus is the template being developed for future usage across Europe and the rest of the world if it is ‘successful.’

    Consider – 

    There are no more checks allowed or honored.
    Limits placed on cash withdraws per day
    Limits placed on credit cards (foreign goods/services)
    Limits placed on ANY currency being taken out of the country

    Does anyone else see the pattern – make people use their credit cards for local goods and services; wind up limiting foreign goods (and consider, it is an island that heavily depends on foreign imports)

    Cash is used as a break on the local economy by limiting how much is in circulation at any one time and day; hence domestic costs will begin to rise to meet higher demands as foreign goods and services will not be readily available…

    Set the stage for a credit bubble to burst in short order; and then the already tight controls imposed against the people will be tightened even more.

  • snowleopard (cat folk gallery)

    The media spin is fit for only one word: Propaganda.

    That is all there is to it, pure propaganda for the purpose of manipulation and control.

    • landofaahs

      This is just another step in the process to take down all of the countries and to forge them into a one world govt.  This is a deliberate take-down and if  the sheeple can’t see it, then too sad for them.  It all comes down to the Investment bankers and politicians.  It is not your local bank, but they are also to be sacrificed on the altar of  666.

  • Sam Fisher

    How are businesses supposed to pay their employee? These law makers are the same type of morons we have in the white house they think that there is nothing wrong with doubt you cannot pay off. Look at what it is doing to other countries just look what it did at Cyprus. It going to happen here as long as liberals and Rhinos control the government and this economy will never be safe until we get them the hell out and the majority of the country is now seeing it.

  • landofaahs

    Once the people get there money out, how long do you think it will take before they have enough trust in the banks and govt. to put their money in the bank?  100 years maybe?  Until the next batch of people who never learn from history come to the fore.

  • Anonymous

    Do they really think that the Russian Mafia is just going to just suck their thumb, pout, and let them Rob them?  I see some sort of Retaliation at the least…

    • landofaahs

      The Russians already got their money out.  Not all the banks were closed.  This is a multi-national game test.  It’s coming here to America soon.

  • Anonymous

    No wonder the banks here are pushing for paperless everything. Electronic billing and payment; no checks. Close down the Internet and voila! They have a plan, and plan to use it.

  • Anonymous

    Whose “bright idea” was that “EUROPEAN UNION” with its bogus “EURO” anyway? Anyone with a brain could’ve guessed it was doomed from the get-go.

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