What Does CIC Swiss Bank and Cyprus Banks Have in Common?
The answer is that both have stolen customer funds and frozen customer money.
We have written about CIC Swiss Bank customers who lost a substantial amount of money last year when their accounts were hacked and the money wired off to Poland. Other bank customers had millions of Swiss Francs stolen their accounts by CIC Swiss Bank Employees at CIC Swiss Bank in Lugano, Switzerland. We also wrote about CIC Swiss Bank freezing customer accounts and refusing to honor requests to transfer their money upon demand. Now Cyprus Banks are doing the same thing.
We are working on a new story about CIC Swiss Bank recently freezing millions of Swiss Francs in customer accounts and just keeping the money with no basis in the law. In this particular case CIC Swiss Bank is closed to customers who accounts they have frozen. The fact is, if you don't have physical possession of your money then you don't own it. When you put your money in a bank, the bank owns it since they have control of that money. Customers are working on good faith that the bank will give it back to them upon demand. If, however, the Bank refuses to give it back or confiscates it, then the customer has to sue the Bank to get it back and that will take a long time. That is what the customers are doing with CIC Swiss Bank, they have filed law suits to get their money back, but that takes time and is expensive. In other cases banks have failed and customers have lost all of their money. So people have to exercise extreme caustion when giving their money to a Bank and must know the bank and make sure it's a reputable bank. We are working on this breaking news story about CIC Swiss Bank freezing millions of Swiss Francs in customer accounts and will get it published as soon as we are able to verify all the facts. But we do have the headline which is this:
CIC Bank Freezes Millions of Swiss Franc from Clients Accounts.
Bank Buzz report has been reporting on the danger of the keeping money in European Bank accounts, and CIC Swiss Bank, since the European Economy is at depression levels. European Governments can no longer afford to keep bailing out failed nation states and their bad banks. So now they have come up with a new trick. They are now just stealing the money from client accounts and call it a tax or customer paying their fair share.
CIC Swiss Bank did that last year and is continuing their practice this year as well. The EU Parliament must have taken notice of what CIC Swiss Bank was doing and adopted their behavior and now have codified the theft of funds from client accounts. Cyprus is just a test case and template for future actions for the rest of the European Union Countries. If they can get away with it in Cyprus, and there is no “revolution” by the people and no “contagion”, then what is to prevent them from doing that with every bank account in the European Union? What is to prevent the EU Parliament from ordering all the EU Banks to take 5, 10, 15 or whatever percentage from every bank account in the EU Banking system and turning it over to the EU Central bank to do whatever with. This is nothing more than legalized bank robbery and you better take steps now to protect your money and get it out of the EU Banks and get it into non EU Banks while you still can. Or, in the alternative, buy Gold and Silver and keep a significant amount of cash on hand in other non EU Currencies of stable countries, since the Euro is going to sink further now that the EU Parliment and the EU banks have bank robbers running them.
Take note of what is going on in Cyprus, it’s just a foreshadow of what can and probably will happen in the rest of the EU and possibly worldwide. Here is the scenario, banks get in trouble, they then close to prevent a run on the Banks. People have no cash, but they have to eat and buy essentials, which could include paying the rent or mortgage. Merchants in Cypress have begun to demand that all customers pay in cash and no credit cards are accepted. However, people cannot get cash since the banks are either closed or have capital controls on the accounts to prevent a run on the banks. The Banks dirty little secret is that they don’t have the money in the bank, it’s all loaned out or worse yet lost in bad investments. Therefore, they don’t have nearly enough cash on hand to handle just a little run on the bank, let alone a full scale run that could happen in Cyprus.
Here is what Jeroen Dijsselbloem, the Dutch chairman of the Euro zone, told the FT and Reuters on March 25, 2013. This new policy will alarm bank customers worldwide and especially in the EU countries.
This is his statement: "If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalize yourself?' "If the bank can't do it, then we'll talk to the shareholders and the bondholders and ask them to contribute in recapitalizing the bank, and if necessary it could fall on the depositors both insured and uninsured."
Ditching a three-year-old policy of protecting senior bondholders and large depositors, over €100,000, in banks, Mr. Dijsselbloem argued that the "lack of market contagion surrounding Cyprus showed that private investors could now be hit to pay for bad banking debts". "We should aim at a situation where we will never need to even consider direct recapitalization. " "If we have even more instruments in terms of bail-in and how far we can go on bail-in, the need for direct recap will become smaller and smaller."
The announcement is highly significant as it signals the mothballing of the euro's €700bn bailout fund, the European Stability Mechanism (ESM), which Spain and Ireland wants to be used to recapitalize their troubled banks.
Now are you getting what Mr. Dijsselbloem is saying? The EU made a decision not to let countries and banks fail. Until now they prevented that from happening by supply billions of Euro’s in direct aid from the European Central bank with guarantees from member banks and Governments like Germany and France. Now with their new legal bank robbery policy, Mr. Dijsselbloem stated that the EU won’t have to ever consider direct re-capitalization again since they can now just take money out of customer accounts to come up with the billions they will need to bail out failed countries and failed banks. For what purpose you might ask? To save their precious European Union dream along with the EURO. Do these insane people think that people will really stand for their money being stolen by the new robber Barons? Are they taking drugs or smoking something?
Bank Buzz Report warned its readers months ago to get their money out of EU Banks and now you are seeing why. Cyprus Banks are only the beginning, and what Gerald Celente, publisher of Trends Jounal called, "The Canary in the Coal Mine", and it will only get worse and worse for bank customers as the failures continue and more and more money is needed to prop up these failed nation states and their banks. CIC Swiss Bank and Cyprus are testing the waters. If they see they can get away with bank theft and freezing customer's money they will just expand their criminal behavior and steal and freeze more money from clients’ accounts. So once again we are advising our readers to get your money out of EU Banks and other banks that are in trouble or weak, while you still can and buy gold, silver and other currencies and bury it in your back yard if you have to. It’s better than letting the banks just steal or freeze it.
Remember our motto, "An Ounce of Prevention is Worth a Pound of Cure". Please govern yourself wisely.
Victor Vanzant BankBuzzReport.com
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.