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Shit is hitting the fan


Rassah
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Oh fuck damnit. Just got news that Italy had a first round of bail-ins (where government seizes people's savings from their banks to pay for its loans, like what happened in Cyprus), is experiencing bank runs, and pensioners are committing suicide after having everything taken from them. And EU passed a law legalizing bail-ins for the rest of the EU countries. This kind of bs is why I hate governments and banks. They'll promise you free stuff, spend your money without your permission, and then take everything you own and leave you to die. And then their followers will come after you if you so much as suggest that the thing they are voting is what's causing their problems, or see that you are actually trying to protect yourself from that looting. All the Communist rally posters I saw when I visited last summer were quite unsettling :(

Stay safe @AmiirAmiir

And you're right guys, it's a bummer, it's not furry, and I would love for this to be old news, but it's a car wreck in progress. I just hope some people here would be willing to heal each other as things get worse.

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10 hours ago, Rassah said:

Oh fuck damnit. Just got news that Italy had a first round of bail-ins (where government seizes people's savings from their banks to pay for its loans, like what happened in Cyprus), is experiencing bank runs, and pensioners are committing suicide after having everything taken from them. And EU passed a law legalizing bail-ins for the rest of the EU countries. This kind of bs is why I hate governments and banks. They'll promise you free stuff, spend your money without your permission, and then take everything you own and leave you to die.

So, the closest I could find was this: http://www.bbc.com/news/world-europe-35062239

It was one suicide.  He has invested into the bank itself that was going sideways and all the money from the bail in, including this individuals, was from their shares and bonds in the bank and not their savings like how Rassah said.  I figure all of Rassah's inaccuracies is why he didn't bother to post an article.  As unfortunate as that was, had the bank gone under, all shares and bonds in the bank would have been worthless anyway, so the money was gone either way.

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On 1/17/2016 at 10:33 AM, Saxon said:

Well this looks like a pissing contest. 

Like two midgets dressed as professors wrestling on the ground.

"YOUR THESIS IS STUPID!"
"NO, YOURS IS!"
"THAT'S NOT WHAT YOUR MOTHER SAID LAST NIGHT!"
"YOU BANGED MY MOTHER?! BUT SHE'S 83 AND LIVES IN A HOME!"

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18 hours ago, Rassah said:

Oh fuck damnit. Just got news that Italy had a first round of bail-ins (where government seizes people's savings from their banks to pay for its loans, like what happened in Cyprus), is experiencing bank runs, and pensioners are committing suicide after having everything taken from them

Wow, what? I didn't hear any of that. And I live in Italy too so what's going on

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8 hours ago, Amiir said:

Wow, what? I didn't hear any of that. And I live in Italy too so what's going on

It's apparently some slightly old news I missed, and new news just picking up

http://www.examiner.com/article/italy-bank-runs-could-be-the-northern-rock-signal-of-global-financial-meltdown

http://www.ibtimes.co.uk/italian-pensioner-commits-suicide-government-saves-his-bank-not-his-savings-1532783

http://www.thelocal.it/20151210/man-kills-self-after-losing-100000-in-italy-save-banks-plan

http://www.valuewalk.com/2016/01/italys-banking-crisis/

https://m.thetrumpet.com/articles/13510,2

https://www.dollarvigilante.com/blog/2016/01/26/italian-bank-panic-bail-in-the-next-domino-to-fall.html

 

Looks like the guy lost his money from a plain savings account, wasn't the only one, and more of that is coming.

Edited by Rassah
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6 hours ago, Rassah said:

=Looks like the guy lost his money from a plain savings account, wasn't the only one, and more of that is coming.

http://www.ansa.it/english/news/2015/12/11/renzi-calls-for-banking-system-overhaul-after-suicide_406795e0-ffc7-49a8-bbc2-1b72612e7a3a.html

No, they were bonds.  He had his money entirely in high risk bonds in a bank that was going under.

Quote

D'Angelo hanged himself November 28 after losing his life savings on subordinated bonds in the crisis-hit Tuscan lender.

Quote

The ministry said almost half, or 340 million, of the 768 million in subordinated bonds cancelled by the rescue of the four banks was held by 10,500 retail savers.

 

Edited by AshleyAshes
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