Galt's Gulch

America's Dumbest Move Yet: Seizing A Foreign Bank | Zero Hedge

Posted by straightlinelogic 9 years, 9 months ago to Government
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The title may be overblown--America has done a lot of dumb things, after all--but this surely ranks right up there.
SOURCE URL: http://www.zerohedge.com/news/2014-07-24/americas-dumbest-move-yet-seizing-foreign-bank

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  • Posted by Technocracy 9 years, 9 months ago
    Title is a little over the top.

    The people doing the seizing were from the Central Bank of Cyprus, not the US or any US agency.
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    • Posted by straightlinelogic 9 years, 9 months ago
      But they did so on the say so of a US bureaucracy, which alleged money laundering without offering anything in the way of proof other than its claim.
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      • Posted by Technocracy 9 years, 9 months ago
        And no I'm not defending the US on this, I am pointing out that the FACTS are not clear here.

        I've seen plenty of incompetence in banking to not be shocked if they did this on their own hook. Especially if the Greek govt gets to claim the money as forfeit.
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      • Posted by Technocracy 9 years, 9 months ago
        I've read that twice now and nowhere does it actually state that a US agency or bureaucracy TOLD or instructed the CBC to take action.

        They hinted that the other bank launders money, so what. If they took action based on 'hints" without doing any due diligence that is their screwup.
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        • Posted by straightlinelogic 9 years, 9 months ago
          To the extent that the article does not state that the US agency explicitly told the Cypriots to seize the bank, I stand corrected. However, according to the article they did act on the basis of a money laundering report from a US agency,
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  • Posted by $ jbrenner 9 years, 9 months ago
    The US is seizing a bank in Cyprus over alleged money laundering. Wait a second. Didn't Cyprus' banks just get wiped out in the last couple of years?

    Moreover, a lot of wealthy Russians have their money in this Cyprian bank. This is not so subtle messaging to Putin. This may be a VERY effective tactic politically, even if it is not economically. The message that this will send to foreign investors is to get their money out, which, given that Obama's goal is to weaken America, makes it a double stroke of evil genius.
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  • Posted by Hiraghm 9 years, 9 months ago
    "Bear in mind, there has been no proof that any crime was committed. There was no court hearing. No charges were read. It wasn’t even the government of Cyprus who accused them of anything."

    Okay, I know you people (by "you" I mean "moderns" of course) have a problem with borders, and dividing between "our people" and "not-our-people"... but let me spit this out at you.

    Cyprus is not under the jurisdiction of the United States. Their citizenry are not protected by our Constitution. We can do whatever the hell we want to them, and it's not a crime. Maybe an act of war, but not a crime.

    In this case, it might literally be an act of war. Going after the assets of wealthy Russians, at this point in time?
    https://www.youtube.com/watch?v=0QYjFzFv...
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