EMU plot curdles as creditors seize Cyprus gold reserves


Photo and article credit The Telegraph

First they purloin the savings and bank deposits in Laiki and the Bank of Cyprus, including the working funds of the University of Cyprus, and thousands of small firms hanging on by their fingertips.

Then they seize three quarters of the country's gold reserves, making it ever harder for Cyprus to extricate itself from EMU at a later date.

The people of Cyprus first learned about this from a Reuters leak of the working documents for the Eurogroup meeting on Friday.

It is tucked away in clause 29. “Sale of excess gold reserves: The Cypriot authorities have committed to sell the excess amount of gold reserves owned by the Republic. This is estimated to generate one-off revenues to the state of €400m via an extraordinary payout of central bank profits.”

This seemed to catch the central bank by surprise. Officials said they knew nothing about it. So who in fact made this decision?

Cypriots are learning what it means to be a member of monetary union when things go badly wrong. The crisis costs have suddenly jumped from €17bn to €23bn, and the burden of finding an extra €6bn will fall on Cyprus alone.

The government expects the economy to contract 13pc this year as full austerity bites. Megan Greene from Maverick Intelligence fears it could be a lot worse.

She says the crisis has reached the point where it would be “less painful” for Cyprus to seek an “amicable divorce” from the eurozone and break free.

Quite so, and while we're at it, lets seek an amicable divorce for everybody, for Portugal, for Ireland, for Spain, for Italy, and above all for Germany, since they are all being damaged in different ways by the infernal Project. All are victims of their elites.

It is an interesting question why Cyprus has been treated more harshly than Greece, given that the eurozone itself set off the downward spiral by imposing de facto losses of 75pc on Greek sovereign debt held by Cypriot banks.

And, furthermore, given that these banks were pressured into buying many of those Greek bonds in the first place by the EU authorities, when it suited the Eurogroup.

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Usury - a vile thing

“It is true to say that bankers are usurers, and are assured to maintain the public interest at the highest possible level; especially the compound type.”

Brotherhood of Nazarenes

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Jesus said, “If you have money, do not lend it at interest, but give it to one who will put it to work for you and for him, each in fair share. Usury is a vile thing.”

“You shall not lend upon the evil of usury: not for food, not for houses, not for land. Instead, you shall give them use for a section of the profit thereof to no more than one third. And one fourth in the profit from any vessels you shall own, shall you divide with the crew that shall man the vessels. And so shall you do likewise in all similar things. Share fairly, and suffer not any to live in poverty, neither of body nor of mind.”


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