Bernanke States Cyprus Style Depositor Haircuts Possible in US if Events in Europe Become Contagious

Originally posted by Rigel Kent
That is not what Bernanke said at all, the question at the FDOC was whether or not the problems of Cyprus could affect the financial markets and the response was that if there was some contagion that it could have an effect on the US markets,

nothing was said about taking American depositors savings, nothing, nada, zip.

Please get the facts and state them properly instead of going for WOW factor. I am in agreement that the US is in big financial trouble but falsely reporting stories on here will not help anyone.

PEACE,
RK.

Thanks for your post. At least honesty and integrity still exists here.

Seems those who hate america and humanity so much are prepared to use lies and falsehoods to impose their agenda here on ATS, to twist minds, to hate, to stumble, hurt and kill one another.

May readers be more discerning. ATS is NOT for recruitment of canon fodder.

reply to post by surfin4it


Thank you for pointing this out, Star from me.
At least someone else is on the ball,
This thread was put together from a blog on a Silver bullion selling site with no research into the FDOC interview and should be in the HOAX bin.

PEACE,
RK.

Originally posted by surfin4it
REALITY CHECK - This thread is BS and FEARMONGERING (which goes over well on ATS, I realize)

The OP's source of the information "Silverdoctors" itself calls this "version" of Bernanke's comments a "translation". The "truth" isn't available, only their opinion. See below for the REALITY.

The Op is parotting what the source said, and the source (Silverdoctors) is clearly trying to inflame emotion in its readership. This "translation" of Mr. Bernanke's comments is nonsense.

Here are excerpts from yesterday's Q&A following Mr. Bernanke's statement, related to the Cyprus Bank Topic, from the Wall Street Journal's blog (reporter Sudeep Reddy) of the Q&A session:
BEGIN
1:49 pm Cyprus: It took 15 minutes to get to Cyprus and its reverberations, but we're there.
"It's a difficult situation in Cyprus," Bernanke says, outlining its many problems and the uncertainty about its implications for others in Europe after Cypriot lawmakers rejected a bail-in plan Tuesday.
"The vote failed and the markets are up today. I don't think the impact has been enormous. ... We hope the Europeans will come up with an efficient and equitable solution." The Fed is monitoring it, but so far doesn't see much risk to the U.S., he says.

2:16 pm Back to Cyprus: As a central banker, do you think it was appropriate or fair to impose a levy on every bank deposit, even the insured ones?
"I know they're grappling with a very difficult problem," Bernanke says. "I think the issue they face is there's a pretty big financial hole" -- a fiscal issue and a bank restructuring issue. "I think everyone understands there are certain risks with that" beyond hitting lower-income people and setting a precedent.
"There's probably no easy way to do it. We're going to keep monitoring that. But I don't envy them" with "that particular challenge."

2:21 pm The problems there don't have direct implications for the U.S. and would only become a problem if the runs became contagious, Bernanke says. Could a bank levy occur here? The FDIC created bank insurance in 1934 and has never lost a dime of anyone's insured deposits, Bernanke notes. "During the crisis the response of the government was in fact to increase the level," he says, adding that such a levy is "extremely unlikely in the United States."
END

So, the headline of this thread, and the source of the "translation" are BS. Although, the wild-eyed responses are very entertaining - thanks for these

edit on 21-3-2013 by surfin4it because: clarified wording

No I'm not "fearmongering". I read a story and posted it here to have a discussion about it. The title of the thread is the title of the story... so calm down

WTF !!!!!!!!!!!!!!!!!!!!!!!! ALREADY ???? NOT EVEN A WEEK LATER????

Bernanke is a joke. If they did this here, you better believe there would be mobs with pitchforks and "other" arms coming to pay him and the Fed Reserve a visit. I was reading quite a few comments on faacebooks and at the bottom of various articles from Cyprus residents saying they would mob the streets.

Ok, next question. I have some savings I have been holding in a credit Union for the purchase of some acreage (which I still haven't purchased). Well where can I stash this so Bernanke can't skim off it?

Originally posted by inverslyproportional

Originally posted by Wrabbit2000
It didn't even take a week for the nations top financial criminal to suggest robbing OUR banks was possible too. Hmm... They give people many years in nasty federal prisons for doing that over just a few thousand dollars. He's already screwing us for 10's of trillions and now even suggests taking directly from people's pockets?

I'm starting to think they WANT a civil uprising. Maybe Obama WANTS to get himself into the same position of that President he thinks so much about. Lincoln. After all, had Lincoln lived after the war, he was in a position to make changes like were never possible before and have never been again since. Not to the degree that level of low position allowed.

Robbing AMERICAN bank deposits would likely see people getting shot... No kidding and no joke, in my opinion.

Has to be fake,

With all the debt from derivatives this should have all fallen apart years ago!

I have no money in banks to worry about..so don't look at me for such craziness. However, we live in a nation where people damn near kill each other over a shiny widget on sale for Christmas. This would simply blow things wide open.

How would a Federal Reserve Chairman be removed from his position anyway? There must be a legal process since the President appoints him and the Senate Confirms him. There is no way that can be a one way ticket with no way to cancel, is there?

edit on 21-3-2013 by Wrabbit2000 because: (no reason given)

Did you read any of the twitter reactions to chase after their computers messed up and showed everyones accounts to have a zero balance?

I think that was the first step in trying to test for public reactions honestly. Too bad they were mostly things along the lines of, " my money better be back tomorrow, or I am gonna take it back".

I dont see a reason, when the country is already printing more money than we have in the bank every couple of konths, for them to take money from people.

Honestly, they shouldnt even tax us since they can simply print what they want without end.

It means they are only taxing people to keep the screws to them.as should seem obvious.

If I can make money at any quantity I desire, at any time of my desire, why woukd I need to take any from the people at all? The answer is simple, there is jo reason to, except to cause financial hardships on purpose. It is the only answer that makes sense.

I kean either money matters and is tangible, thus taxes are needed to pay things, or the government can print as much as they want, and have jo neex to tax the people.

It cant be both, as being both implies the entire system is fake, which means there is jo need to take anything from anyone to begin with.

reply to post by surfin4it


Agreed utterly though I also follow the principle of charity in that I presume the OP was simply sharing the article and not intending to fearmonger or BS people. A lot of people don't take the time to discern possible sources of bias in the news, blogs, etc etc. It's a pretty common thing. Like you said though, the web article is being hosted through "silverdoctors.com". They have a very vested interest in getting people to shift their monies from US dollar dependent cash and cash equivalents to silver instead. I've noted that a majority of the US dollar panic articles are generally from gold and silver dealers. They are simply trying to drum up business. It's up to the readers to decide or investigate the value of what they are reporting with the knowledge that bias may exist depending on the source.

Disclosure: It's kind of ironic for me to say that as my family holds stock in silver mining companies, which was gifted to us decades ago. For the first time in years, we've actually been receiving regular dividends on these stocks. So really, articles like these are probably more in my best interest in that light. However, I'm not a person that likes companies that use fear to sell anything. In fact, I find that very repugnant and well, the dividends are low enough to make it not much of a conflict....

reply to post by WhiteAlice


Its good to be charitable WhiteAlice, I will try harder...I didn't mean to offend Optimus

The fault began with the source used. After I read the original post, then the source, then researched the topic, I posted the facts that are available - which clearly show the Thread Title is WRONG.

It is interesting to see how quickly many posters believed the "Title" and its premise. That part is... both amusing and sobering... to see how gullible many are, and how unwilling to either do a little investigation of a serious subject on their own, or even read what is right in front of them.

But, I didn't want this "joke" to run for too long. Please, research the Wall Street Journal blog yourselves and put the topic into perspective. If your personal bias precludes you from doing so, so be it. Ignorance shackles us, while truth is the key.

I don't know who the Euro bankers are that came up with their mind-bogglingly stupid idea for Cyprus. They should have known better than to float such an outrageous plan that serves no purpose other than rattling capital markets and investors. One would think they could predict the response by simply asking a few patrons at a local pub about the concept?

In any event, to be clear: The Title of this thread is inaccurate: Bernanke said nothing like what is in the Title, which is simply re-stating an inflammatory opinion from a biased source.

reply to post by OptimusSubprime

"In other news, Ben Bernanke has just signed his own death warrant as well as the rest of the government officials who even consider stealing more than they already have from the American people. Story at 11:00."
They truly are psychopaths. How much more proof do people need?
When they allow me to print my own money like they do, then they can take all the fiat money they want and I'll just print myself more.

Sweet I will help them out.. Get a copy of forbes top 100 richest, you will find all you need there.. When all their money is gone give me a call and I will throw in the hat.

reply to post by surfin4it


Yep. I've noted the phenomena of reading the title of something and very little in between a good deal. If something like this isn't questioned on the first page, people won't see that it is questionable. I've noted that many a time where someone will find something that actually refutes the premise and it goes unnoted for pages and pages and pages. I'm glad you did what you did.

Here in the US, the biggest thing on the table is "public confidence". The big guys are terrified of a decline in public confidence in the dollar, the financial systems, investing, and etc. That said, Bernanke, being what he is (probably the devil incarnate lol), is highly unlikely to do something as damaging as creating the risk of loss of public confidence at this time. The events going on with Cyprus do have a very nominal effect on the US. The reason being is that the bulk of the money in Cyprus is European/Russian as it has been one of the preferred tax havens for that part of the world. Our "tax avoidance strategists" use places such as the Virgin or Cayman Islands, which have a lot more assurance going for them than Cyprus ever did. So big problem for EU, very little effect here...well except for public confidence in offshore tax havens, lol.

Good article on the subject here: www.cnbc.com...

reply to post by surfin4it

From you quoted source:

"I know they're grappling with a very difficult problem," Bernanke says. "I think the issue they face is there's a pretty big financial hole" -- a fiscal issue and a bank restructuring issue. "I think everyone understands there are certain risks with that" beyond hitting lower-income people and setting a precedent.

How is it that we're not seeing this already here? How many banks have failed or been eaten by larger banks? Is this not considered restructuring? How many more banks are predicted to fail this year?
How many banksters have we seen retiring or resigning in the past year? Is this not a red flag?
Does the US not have a big financial hole right now? Remember the sequester? Why have they been tiptoeing around the word 'depression' and keep insisting we're recovering from the recession?
Are the unemployment numbers not fixed and manipulated?
The banks have seized many homes and never gave the majority approval for loan modifications, so why should we believe that they aren't going to steal from our bank accounts when they're stealing the roofs over our heads? The government has given the banks the opportunity to redo the paperwork they illegally processed through various means, so why wouldn't the government and bankster be involved in stealing from the American people even more than they already have?
As far as I've seen, they're all capable of screwing us further.

Well, the SHTF just as I predicted:


Cyprus Protesters & Bank Employees Clash With Police

I's ON!!!!! Like Donkey Kong.

I wonder if this type of stuff will ever make it to the states

Hey Ben may I suggest a new way for you to tie your tie?

Originally posted by OptimusSubprime
reply to post by Wrabbit2000

 

Wrabbit.... I think Bernanke is just poking a sleeping bear with a sharp stick. He has to know the reaction he will get by saying this, so I think he is just testing the waters. I want to see how many "Liberals" out there who support higher taxes will support this. Probably not too many since it will directly effect them.

Bumped, Opti.
As cognitively astute as these middle level money managers seem, the last
item from the Fed is quite disappointing. If that translation is accurate, what
Ben is actually doing is test probing the lone orifice of a hornet's nest-- the
exact population and toxicity of which is probably totally ignored by the rest
of the psychopaths. There have already been 'withdrawals' in this country of
one kind or another, and it's not sitting well with anyone even recently awakened.
I hope for most of the elites' sakes the toy store is well stocked that they intend
to whip out on us.. I'm well aware of their lack of compunction. What really kills
me is the fact all these recently awakened hornets will tear each other to pieces
while the real perps are sitting off shore laughing at the flat screens and our DUH.
Their charter expires this year, and it's been announced the Department
of the Treasury, and not the U.S. Treasury is going to absorb the duties,
powers and responsibilities. It's a significant difference, an agency instead of
a constitutionally imbued body again. Here we go again... straight down and soon.

Fear mongering. The OP has not researched his source. The purpose of the story is to scare people into buying precious metals. THIS THREAD IS A FAIL

Well, to be honest. There is no individual wealth. It is all an illusion. Look at those dollar bills in your wallet that say Federal Reserve Note. You don't own them, the government doesn't own them. The Federal Reserve does.

From the Constitution, Article 1, Section 8

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

But Congress has shirked that power, gave it all to the Fed and Wall St. Speculators for the value of foreign moneys value, well except for that spare change in your pocket that is still Uncle Sam's. But so long as people believe that $100 bill is worth 100 dollars, it is...well, until the Fed says it isn't and is to no longer be circulated.

reply to post by OptimusSubprime


Thank you for posting this story, my usualy sources of news failed to publish an article such as this...
Very much appreciated, friend...

Although the "translated response" of Bernanke was "mistranslated", so to speak, don't think for a minute this couldn't happen in the US. In fact, it already HAS. Every time the Fed prints more money, they are robbing your savings and income, because each issue lessens the value of the dollar. They would probably not be so bold as to do what is happening in Cyprus, but don't for a minute believe that your dollars won't be taken, one way or the other. Too many of us are heavily armed, and ready to fight to the finish for them to try to direct approach though.