HindenburgBy AGXIIK:

Obama is on a tear about the ‘size’ of IRA balances.  He says that Americans should not have IRAs beyond a certain limitThese limits would be imposed through changed in the tax codes to impose FAIRNESS in IRA matters.
HERE IS MY PREDICTION:  
Obama will propose bank bail-ins that incorporate a progressive pension plan expropriation based on retirement plan size and income streams.  It will start with the biggest plans, many sitting in offshore accounts.  These mega plans will suffer a large haircut, perhaps starting with 20% and progressing upwards to 50%, depending on how one acquired the wealth or how well connected one is.
Like the well-connected in Cyprus, those who know the haircut is coming can execute plans to remove their IRAs from government seizure.  Those who are not forewarned to this theft will wake up to find their $500,000 IRA  has been halved.
Cue the Hindenburg.

cyprus infographicOur friends at Demonocracy have released an excellent infographic visualizing the recent Cypriot wealth confiscation by the ECB and the IMF, the size of the depositor haircuts, and the bank run in progress by Cypriots (and preceded by wealthy Russian and UK depositors who were able to withdraw billions while the bank holiday persisted).

The Cyprus Deposit Confiscation Bail-In Visualized:

bank failure*BREAKING SD ALERT*
Editor note: Bringing this massive story back to the top of the news feed for those who missed it over the holiday weekend.

On Wednesday, SD broke the news that Canada had buried a provision for depositor bail-ins for systemically important banks deep inside its official 2013 budget, and stated that the Cypriot bail-in was not just a one-off event, but is in fact the new collapse template for the entire Western banking system.

We suspected that the same policy change had been made by the US & the UK, but was simply yet to be discovered, buried in the website of a Federal agency.

We suspected correctly…

letter from CyprusAn SD reader has submitted a boots on the ground report on the escalating crisis in Cyprus, as the entire Cypriot economy is now on the verge of collapse:

Nowhere in Cyprus accepts credit or debit cards anymore for fear of not being paid, it is CASH ONLY. Businesses have stopped functioning because they cannot pay employees OR pay for the stock they receive because the banks are closed.
If the banks remain closed, the economy will be destroyed and STOP COMPLETELY. Looting, robberies and theft are already on the rise.
If the banks open now, there will be a massive run on the bank, and the banks will FAIL loosing all of its deposits, also causing an economic crash
.

Youtube SD WeeklyEric Dubin & The Doc break down the trading action in gold and silver and preview next week’s options expiration in the metals.

We discuss the implications of the Cyprus bail-in, whether bank runs are imminent in Greece, Italy, & Spain, and the likelihood that a full-blown contagion has been triggered due to the loss of confidence in the banking system.  

SD Weekly Metals & Markets is below:

cyprusIn this excellent report by SmartKnowledgeU’s JS Kim, JS discusses the attempted theft of 10% of Cypriot funds by the European banksters, and points out that the Western Central banksters have routinely been executing a far greater theft against everyone than any of the numbers proposed in Cyprus.

People are rightfully infuriated over the bankers’ attempt to steal 10%+ of all Cyprus bank accounts recently to bail out the banks. What people must realize is that bankers have been executing a far greater theft against all of us through inflation than the proposed Cyprus theft and here’s what we can do to stop it.

CyprusOur friend Sean from SGTReport has released an interview with Harley Schlanger discussing how the Cyprus depositor haircut was merely a test run for the real wealth confiscation events planned for Italy, Spain, and France.

This is a 25-minute uninterrupted conversation with Harley Schlanger, historian and national Spokesperson for LaRouchePAC. Harley and I discuss the latest from Cyprus and the Euro Zone where the Banksters in Germany, in the City of London and at the IMF have reached new levels of criminality. Make no mistake about it, as bad as the attempted THEFT in Cyprus is, the real risk is in Italy and France which owe HUNDREDS of BILLIONS. Cyprus is merely a litmus test for what the Banksters would really like to do, which is to RAPE the entire Euro Zone in order to “save” the criminal banks and save their overtly criminal, overtly evil system.

FarageOur favorite member of the European Parliament Nigel Farage was interviewed by RT today regarding the EU’s decision to attempt to force Cypriot depositors to pay for Cyprus’ bank bailout. 

In this MUST WATCH interview, Farage does anything but diffuse the situation, stating that the EU is simply attempting to steal money from Cyprus bank accounts, and he recommends Europeans Do not invest in the Eurozone, you have to be mad to do so, and to get your money out while you can!

Farage states that the European bureaucrats will not allow Cyprus to collapse and leave the Eurozone, but that the entire Euro experiment will soon end in a disastrous collapse: They are propping up a Eurozone that, in the end, will collapse in disastrous failure and they are prepared to do anything to do so.

Farage’s full interview is below:

bank collapseSubmitted by Bill Holter:

The news over the weekend is that the Cyprus banking system will have a “holiday” on Monday which was “scheduled” AND at least Tuesday which was not.  The ECB and IMF wanted a 40% haircut and apparently the deal reached is one where balances under €100,000 will be reduced by 6.75% and by 9.9% for those over €100,000.  Understand that much of what is deposited in Cyprus are funds from wealthy Russian oligarchs and mafia. 

This is a disaster on so many levels I can’t even count them all.  First off, what happened to the rule of law?  I thought that in a capitalistic society that equity holders lose first, then preferred shareholders followed by unsecured then secured debtors…DEPOSITORS are the absolute last in line to lose money.  This is being called a “tax”, when in reality it is outright theft! 

In this case the depositors are first in line which will surely cause a bank run in Cyprus…which will be followed by runs in other places like Greece, Spain, Italy and Portugal.  Make no mistake, this could turn into something ugly and HUGE very quickly as the world runs entirely on confidence and won’t run without it.

Investors (depositors) the world over will see this and shortly understand that the rule of law is no longer and that “possession” is now more than 9/10th’s of the law.  The possibility exists that within 2 weeks the entire system is shuttered. 

cyprus bail outOur friend Sean from SGTReport looks at the banksters next target after the Cypriot pillage is complete.  Who’s next?

The Banksters in the EU have announced that they intend to STEAL cash from the savings accounts of the people in Cyprus, and give that cash to the criminal BANKS! This is an overt, malevolent act of total evil. It cannot stand. It is the epitome of everything we’ve been warning about for years. This is the proof that the real world war is the one of the Banksters VS Humanity. The question now is, who’s next?

bank-holidayYesterday the scheduled Parliament vote on the Cyprus bank bailout was delayed till 4pm Monday as the banksters were short 33% of the necessary votes to pass the wealth confiscation tax/theft. 
Overnight, the ECB/IMF banksters rushed to change the tax to hit foreigners with a higher tax relative to native Cypriots (with the highest tax rate now reportedly OVER 15%!).
Apparently that was not enough to twist the arms of enough of the Cypriot Parliament, as today’s bailout vote has just been delayed until 4pm Tuesday, and the bank holiday extended through Friday!   The bailout vote reportedly is facing such a lack of support that the vote may be delayed further until Friday!

Hitler rantAs news leaks that Cypriot depositors will receive 9.9% haircuts on bank deposits (latest reports per the WSJ indicate that the IMF is currently attempting to renegotiate the level for savers with over €100,000 from 9.9% to as high as 13%), Hitler reacts to the news that his savings have just been forcibly converted into Cypriot banking shares.

MUST WATCH!!!

haircutThis afternoon we reported that the Cypriot Parliament vote on the depositor banking haircut had been delayed until Monday as the banking cartel was 33% short of the necessary votes needed to pass the bail-in/ wealth confiscation.
In a desperate attempt to appease Cypriots and pass the measure Monday, RT reports that the IMF is discussing reducing the wealth confiscation for deposits under €100,000 to 3%, and compensating by raising the tax to approximately 13% on larger accounts (i.e. wealthy foreign Russian oligarchs).  

gold repatriationIn his interview with The Doc last week, Jim Willie stated that THE COLLAPSE IS ON OUR DOORSTEP! and made the case that the great financial reset will begin with a small trigger in Europe.
The Cypriot depositor haircut to bailout the Cypriot banking system is beginning to look like it could be just that trigger, as the situation has turned from bad to worse.

With the general public in an uproar, the ratification vote by the Cypriot Parliament on the depositor haircut/ daylight robbery has been delayed until 4pm local time Monday as the vote reportedly had lost sufficient support to pass!  Ahead of today’s scheduled vote, the plan was 9 votes short in a 56 seat legislature!
In response, Cypriot President Nicos Anastasiades threatened that if the depositor haircut is not passed, the entire Cypriot banking system will collapse, and former Central Bank President Afxentis Afxentiou claimed that if the bill is not passed, Cyprus opens the road to chaos, and that Cyprus will turn into Libya!

Jim Willie collapse

*Editor note: Willie’s prediction that a European triggered complete collapse is at our doorstep is looking extremely timely with Europe staring a banking crisis in the face in the wake of the Cypriot depositor haircut announcement.

The Golden Jackass Jim Willie sat down with The Doc this weekend for the second part of an extraordinary interview regarding gold, silver, and what Willie believes will soon be a massive European banking collapse.

Willie states that a global financial collapse is now at our doorstep, and that the endgame will be triggered by a small-medium sized bank failure in Europe.

Willie informs SD readers that the coming European bust will ignite a global Gold rush as the only remaining safe haven, will see an end to the reserve status of the USdollar, and will result in the arrival of the Gold Trade Finance platforms. 

Willie also discusses The Fed’s futile attempts to re-inflate the housing bubble, and the series of climax events that will bring a breath-taking global financial collapse to our doorstep!

The Golden Jackass states that the coming collapse will
devastate everyone in the West except those who are bold enough and brave enough to buy gold & silver NOW!

Jim Willie’s second part of an explosive, 2-part interview with The Doc is below: