Danger! Danger! Danger! Updated #3 Wardrums?

Cyprus has shut down all Financial transactions and seized 6.75-10% of all savings accounts on orders from the EU and the IMF as a condition of  getting more Bail outs.

http://www.zerohedge.com/news/2013-03-16/europe-does-it-again-cyprus-depositor-haircut-bailout-turns-saver-panic-bank-runs-br

Europe Does It Again: Cyprus Depositor Haircut “Bailout” Turns Into Saver “Panic”, Frozen Assets, Bank Runs, Broken ATMs

Keep a close watch on Europe this week as this could spark a huge bank run in the PIIGS that are taking bail out money from the EU Central bank and International Monetary Fund (IMF).

Added Greek news site in English http://www.keeptalkinggreece.com/

My plan of action is to stay calm and hold onto my cash on hand. I hope most people have basic preps on hand and feel somewhat confident for a short term disaster as well as be flexible enough to adapt to any changes. I have posted quite a bit about paying ahead on bills, exchanging FRNs for real tangible items you need in the future and few ideas for barter/trade along with PMs as a store of  long term wealth. If you have cash sitting in a bank doing nothing, I would get some out now as well as empty out any safe deposit boxes ASAP.  Sad to say if you can’t touch it or defend it it’s not yours and will be easily confiscated.

Update 17 March: The House of Representatives was initially due to vote on the eurogroup decision on Sunday afternoon, but the vote was postponed for 24 hours amid reports the government may not command enough votes to ensure its passage.
According to media reports banks will remain closed at least until Wednesday. There has been no official confirmation. Monday is a bank holiday in Cyprus.

Update #2  It’s late Sunday evening in Europe and I have not seen any stories about ATMs being cleaned out in the other PIIGS countries. PMs have jumped higher in the Asia markets along with the Dollar, but S&P futures dropped so it’s a mixed bag of the reactions.  Short term this looks to strengthen the dollar so keep physical cash in hand and if you haven’t done it yet get out of TBTF banks as they have huge exposure in the EU.

Update #3 Russia is sending 5-6 Cruisers and or Frigates to the Med around Cyprus and perhaps backing up Assad in Syria via RT

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8 Responses to Danger! Danger! Danger! Updated #3 Wardrums?

    • Jamie says:

      Brock, as I get more info I will update. The USA MSM is not covering this event much, but It’s starting to make it’s way around the internet so we will see how it goes.
      Damn I had a bad feeling about March, hopefully this will blow over without a bank run or panic.

  1. Karen says:

    Wondering if/ when this will hit the US banks?

    • Jamie says:

      Karen I don’t no how fast it could spread but some of the european commentors are saying bank runs could start in Greece, Spain, Italy and Portugal. I want to see if those countries ATMs run out of money or there is a freeze on all acounts this weekend. I think if that happens we could see a real “Panic” and bank runs all over the EU and then it will hit the states.
      Jim Sinclair has been warning of a small bank setting off a cascade event so I imagine a small country could do the same thing.

  2. Spud says:

    Effectively by advocating we all pull out any extra cash…are we not starting said cascade ?
    This is SOP for myself, I never keep more than necessary in los bankos.

    • Jamie says:

      Spud, I got almost out of all Banking, but the government insists I take direct deposits for my Benefits. I know that is the plan for control but it is annoying.

      • riverrider says:

        all the micro economic guru’s saying keep just enough cash in the bank to cover your monthly bills, pull anything extra out as soon as it hits the account. thats good advise to me…i read that this is a test by the central bank in brussels to see the effect it will have on a small scale, before going euro with it. think there will be a pause, then the hits will start again. there are charts out that say u.s. will need 26% of every account to cover its losses. bohica.III.

      • Jamie says:

        river, I’ve seen that guru’s advise and took it last year. It might be a test case but it’s dumb as hell! Now the banks won’t open till Thursday in Cyprus.
        If you go back to 1929 there was a huge correction and scare in March of that year and few people took it as a warning. Perhaps the majority will ignore this warning if things go back to “normal” not me I’ll keep with prepping and trying to make my position as secure as possible.

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