Cyprus...

[henk4]

It's now official that deposits over 100k will be levied in Cyprus.

Mr. Jeroen Dijsselbloem (Eurogroup's president) has decided to say that this could be replicated on other European countries.

Result? The Ibex35 has fallen massively.

Things are not looking good.

not every other country has such an oversized banking sector as Cyprus...they have been trying to let us pay for the mess that they produced themselves by creating a rather dubious banking sector, and now it is game over...

Edit: Dijsselbloem has now stated that Cyprus is NOT a blueprint for other countries.

[Ferrer]

not every other country has such an oversized banking sector as Cyprus...they have been trying to let us pay for the mess that they produced themselves by creating a rather dubious banking sector, and now it is game over...

The problem is the theoretical door it opened, the door of pandora's box; but...

Edit: Dijsselbloem has now stated that Cyprus is NOT a blueprint for other countries.

This has to be one of the worst managed crisis' in the whole of human history. If I was a foreign investor I would even touch Europe with a barge pole...

[henk4]

The problem is the theoretical door it opened, the door of pandora's box; but...

This has to be one of the worst managed crisis' in the whole of human history. If I was a foreign investor I would even touch Europe with a barge pole...

Perhaps it will help in scaring off the kind of "investors" that want to earn money in a rather speculative way...

[Matra et Alpine]

Perhaps it will help in scaring off the kind of "investors" that want to earn money in a rather speculative way...

Given the amount of Russian "invester" money in Cyprus the worry is where will they go now ??

[jcp123]

Given the amount of Russian "invester" money in Cyprus the worry is where will they go now ??

I have jokingly wondered what the Russian Mafia does next...

[Ferrer]

I have jokingly wondered what the Russian Mafia does next...

Some say Andorra. And Luxembourg.

[jcp123]

I was thinking in terms of, you know, mob stuff. They can't threaten a whole country!

[Kitdy]

Out of curiosity, is this a common mindset in Europe? I have read a couple articles about the pushback from Europeans on "short sellers" and derivatives trading but I'm more interested in what "normal" people think?

The average American doesn't actually know what it means to short a stock, much less what a derivative is. Idiots on the left are against it and idiots on the right are for it, but neither of them knows why or what exactly they are for or against.

As far as myself. I very rarely short stocks, I only do so when a massive increase seems insane to me. When I do get short, its generally only in small amounts...fun money as it were. As to derivatives, I occasionally purchase options contracts as a hedge, but this is few and far between.

Where I saw it a lot was when I practiced law. I dealt with a lot of livestock litigation. Seemingly unsophisticated farmers were protecting themselves with put and call contracts. Don't judge a book by its cover I suppose.

LT...what exactly do you do?

I fell asleep.

Crude oil's the game, LTSmash is the name. .... I'm an oil trader for a CTA/hedge fund. I handle the high leverage accounts. That's about it... But I'd rather be doing something else. This job is going to give me a heart attack.

I... I dunno. I just think there is something kinda scummy of being in the business of money.

Q: What do you do?

A: Make money!

Q: How?

A: Complex financial interactions that are of dubious benefit to all humans!

[LTSmash]

I... I dunno. I just think there is something kinda scummy of being in the business of money.

Q: What do you do?

A: Make money!

Q: How?

A: Complex financial interactions that are of dubious benefit to all humans!

Scummy... Yeah, because I'm the "vampire squid" who ruins the lives of others by offering crummy loans and building financial instruments designed to fail that I pitch to unknowing investors.

Paint me with a broad brush why don't you.

[Kitdy]

Scummy... Yeah, because I'm the "vampire squid" who ruins the lives of others by offering crummy loans and building financial instruments designed to fail that I pitch to unknowing investors.

Paint me with a broad brush why don't you.

Nah nah, it's a negative stereotype ingrained in me from my contrarian nature and healthy skepticism of those driven to their jobs not by passion but by desire for material wealth and status.

Individuals buck the trend, and you seem to be a solid person. This was not meant as a personal attack on you, just as a series of personal attacks on my own version of a professional/business class that I see as hollow shells as humans driven by indoctrination and parental pressure (for selfish purposes) to succeed materially.

[LTSmash]

This was not meant as a personal attack on you, just as a series of personal attacks on my own version of a professional/business class that I see as hollow shells as humans driven by indoctrination and parental pressure (for selfish purposes) to succeed materially.

Selfish or not; these are people too, with lives, problems, interests and families they support. Humans will be humans and go after what they want... for some it's money I guess.

[Kitdy]

Selfish or not; these are people too, with lives, problems, interests and families they support. Humans will be humans and go after what they want... for some it's money I guess.

The question that I pose is: is this the natural way of things, or has modern capitalism indoctrinated and distorted us so much as a species that we don't even want what is good for us anymore?

I have gone back and forth on this for years but I have figured it out. Money simply does not buy happiness. If you have what you want, then you are happy. If you have close friendships, a lover, recreation time, can achieve your goals, can start a family, have financial security (=! wealth), you can be happy. A comfortable living with a job I enjoy and am passionate about, free time, a romantic and sexual partner, having the ability to absorb knowledge, and living within my means is a happy life to me, not working 60-80 hours a week in a stressful job making 250k+ a year as a doctor, lawyer, busisnessman or what have you.

The Buddhists have it right to some extent. If you free yourself from want then you will be happy.

LTSmash, you seem to have a passion for economics - genuinely - but you do not seem to enjoy your current job.

Why are you doing it?

EDIT: And what does this have to do with my 100k+ Euro of laundered money in the Popular Bank of Cyprus?!

[roosterjuicer]

Money simply does not buy happiness.

It does buy Ferrari's though

[roosterjuicer]

But I'd rather be doing something else. This job is going to give me a heart attack.

Check out Venture Capital. I have never been happier. No joke, come Sunday afternoon, I am itching to get back to work.

[roosterjuicer]

http://www.forbes.com/sites/timworst...lls-the-truth/

Any word on this from our Euro insiders?