David Malone - A Tale of Two Currencies

An excellent discussion on the nature of currencies and the banking systems. David Malone is a BBC documentary maker and Reuters journalist.
 
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Schooling People on Cash

For those of you who don't know your blogger is a bullion dealer, amongst other business endeavours. On Friday I was selling bullion to a male client, mid 30's who I subsequently learnt had a supervisory position at his employer's company, so not a "dumb" or very young person. I asked him how he was going to pay for his purchase and he responded "cash". So I went about writing up his invoice for the purchase and when I presented the invoice to him to check and pay he handed me his plastic EFTPOS card (debit). I responded "Oh I thought you said you were paying cash sir?" His response stunned me (and unlike Norwegian blue parrots I don't stun easily). He said "Oh cash and EFTPOS are the same to me".

I started walking towards the ETPOS terminal with my client's card in my hand shaking my head thinking "gee I bet Cypriots don't think cash and EFTPOS are the same thing anymore." As the initial stunning wore off I felt I could not let such a comment stand and I started waving his plastic card at him saying "This is not cash! this a just bloody piece of plastic linked to a hard drive somewhere where a metal disc is spinning at 10,000 RPM and has part of its surface magnetically charged with positive and negative states!" "Cash is something that you can rub between your fingers, put in your pocket and buy stuff with when the banks are all god damn closed!" (and I wonder why I upset some people). His response was "Oh".

So this is how warped the world has become post the Cypriot banking crisis, someone like me, of all people, schooling clients on the merits of physical cash whilst selling them real money - silver. It is just wrong.

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Cyprus to steal pension funds and introduce capital controls as civil society breaks down

As civil society breaks down in Cyprus MPs have met to pass measures to help rescue their banking sector.

On civil society a friend of mine told me yesterday that a relative of her's has a modest holiday home in Cyrpus and has just be informed that it has been broken into. Although unlike a standard robbery not only did they take the TV, hi-fi, etc they also took all the fairly basic furniture, an old fridge, and every pot, pan, spoon, knife and fork in the house! - This is what society becomes without a functioning banking system, every physical item, regardless of what it is, can become a substitute currency, and remember this is country with still close and strong ties to the land and a large cash economy. Imagine what would occur in Sydney or London if the banks shut for a week!

From abc.net.au

Original source

Cyprus has approved nine measures hammered out in a desperate bid to raise the more than $7 billion required to unlock a bailout from the European Union.

Cyprus needs to come up with $7.74 billion by Monday or face cash flows to its banks being cut off.

Members of the Cypriot parliament gathered in the capital Nicosia, as hundreds of demonstrators faced off with riot police outside.

MPs voted to nationalise public and private sector pension funds, and peel good assets from bad in stricken banks.

It is thought two key banks could be restructured under the move, while there will also be an emergency issue of bonds on state assets.

In a move bound to be met with anger by depositors, MPs also imposed controls to prevent a run on the island's troubled banks, which are due to open on Tuesday after a more than week-long break.

That measure restricts the movement of capital by, for example, setting withdrawal and transfer limits.

But with the clock ticking down to a crunch meeting with Eurozone finance ministers on Sunday, more contentious issues remain to be debated.

Among them is a one-off levy of up to 15 per cent on bank deposits of $125,000 and more.

Read more

From AlJazeeraEnglish