Yes, Cyprus Was Aimed at Sinking Tax Havens
Cyprus's banks have been tamed – are Malta and Luxembourg next? Tiny Malta's banking sector is even bigger relative to GDP – and secretive Luxembourg's banks exceed GDP by a factor of 23 … For the architects of the Cyprus bailout – the German government and the International Monetary Fund – there was no doubt that the central aim of the shock therapy was to bring down an oversized banking sector that was failing. That applied especially to the Bank of Cyprus, the island's biggest and Laiki, the number two. The latter was essentially insolvent, surviving on a liquidity lifeline from the European Central Bank. − Guardian
Dominant Social Theme: Cyprus was an accident waiting to happen. Thank goodness Brussels took action.
Free-Market Analysis: We've written numerous articles on Cyprus now explaining that its takedown was a deliberate if misguided attempt to further consolidate EU power. Emerging information regarding an intent to crush Russian money power makes a lot of sense.
The Guardian's analysis adds a good deal to this rationale and this indeed fits in with our paradigm. What globalists want is control. The idea that the Cyprus takedown was aimed at those taking advantage of Cyprus' lack of monetary control makes sense. Let us see if Malta and Luxembourg are indeed "next" as suggested by the Guardian (above).
Here's more from the article:
Malta, Luxembourg and Cyprus are the three smallest countries in the EU and the eurozone. Cyprus's days as an offshore tax and banking haven are now numbered. Relative to GDP, tiny Malta's banking sector is even bigger. Its finance minister sat next to his German and Cypriot counterparts at the first Cyprus bailout meeting in Brussels 10 days ago and was extremely chastened by what he witnessed. After experiencing Wolfgang Schäuble, the German finance minister, up close, he wrote an article in the Malta Times saying God help his country if it encounters similar problems in the eurozone.
Then there is Luxembourg, which along with Austria, is the eurozone's biggest champion of banking secrecy. The wealthiest country in the EU and second smallest, Luxembourg's banking sector exceeds its GDP by a whopping factor of 23. The big difference, of course, is that these are not Luxembourg banks, but subsidiaries of the European and US banking giants, with Germany and France to the fore. Nonetheless Jean Asselborn, the Luxembourg foreign minister, warned Berlin on the eve of the Cyprus bailout that it needed to watch its words, that no one was complaining that the German car or arms industries were too big.
It is fashionable as always to attribute other reasons to Western actions than the reality, which is extending globalist control. This is happening in Africa as well, where the immediate justification for Western involvement is the war on terror while the underlying involvement is supposed to be a mad dash for mineral wealth.
Of course, we don't see it that way. We regularly try to explain that the larger goal of Western leadership today is globalist in nature. Exploitation of minerals, a global struggle against terrorism and other such justifications do not explain the reality of the globalist impulse.
In hindsight, the Cyprus incident will be seen as yet another attempt to consolidate power on behalf of Brussels and the European experiment. It was also, tangentially, a rescue of Cyprus's financial system on the backs of large bank clients. One could argue, these large savers were the main target from the beginning and that the idea that everyone doing business with these banks would take a haircut was merely a kind of false flag.
We've also argued that these manipulations are ill advised and that those involved with them are underestimating their control over the increasingly fractious tribes of Europe and of the larger financial economy.
The arrogance that is being revealed now is no doubt deliberate and apparently intended to inject further chaos into an already chaotic situation. The result of such chaos is inevitably to be the further weakening of Western financial institutions in order to pave the way for increasingly centralized and globalized currencies.
Our assumption in the Internet era is that such machinations shall prove less effective than in the past. Time will tell.
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