Josh Sigurdson talks with author and economic analyst John Sneisen about a story that is not being picked up by the media at all. A story coming out of the notorious, yet beautiful island country of Cyprus.
We all remember the former banking crisis in Cyprus which lead to bail-ins, bailouts and vast poverty. Well, it’s happening again.
The largely state owned Cyprus Cooperative Bank has failed. The CCB Bank will be sold to Hellenic Bank for very little. There is a bank run forming following the news and it only appears to have just begun.
While the Cooperative Bank has been split into a “good bank” and sold off to Hellenic Bank, the “bad bank” is being transformed into a special purpose entity.
John takes a look at their debt, NPL, employment, cash to deposit ratio and more, putting the puzzle pieces together in Cyprus as people are falsely told to stay calm and to trust the same establishment that brought countless people to their knees in poverty in 2013.
John also breaks down the cash to deposit ratios at the failing Greek banks.
At Hellenic Bank, only 1.12% of deposits are covered with cash.
At CCB, only 0.89% of deposits are covered with cash.
The new proposed Hellenic Bank has only 0.88% of deposits covered with cash. Think about that for a second. They are replacing one insolvent entity with another MORE insolvent entity. This will NOT end well!
Individuals must be self sufficient and financially responsible. They must be independent of this centralized grid and rule themselves. Decentralize everything. Be over-prepared rather than under-prepared. It’s time we break free from this perpetual pendulum of debt and poverty.