I have to note this:
Yuri Bender @yuribender of the FT's Professional Wealth Management just tweeted "Channel Islands currently doing their best to attract Russian clients".
And I am sure it is true.
Like vultures picking over a carcass the Channel Isalnds will be delighting at Cyprus' misfortune - which they themsves only avoided because the UK taxpayer saved the British banks that underpin the economies of Jersey and Guernsey.
And in this behavioiur - which Dave Jones of Guernsey has said is happening in the comments section of this blog - the Channel Islands reveal their true colours because let's be clear, no one thinks that all the money Russians held in Cyprus was legitimate. But the Channel Islands are queuing up to accept it anyway, a feat which would require turning a blind eye to its origin.
And Jersey and Guernsey wonder why I criticise them. Isn't it obvious?
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Trouble is once you’ve got enough crooked money you can buy the politicians and have the laws remade (retroactively if necessary as we’ve seen today) to make what you’ve done to get it perfectly legal. But you can’t do that unless you do it on a grand scale. So, steal a bottle of water from Tesco or wherever and get six month’s jail, steal a few billon and let your banker chums look after it for a while and you can get the laws changed to suit you, sir. And there’s the real problem we’ve got to overcome, the nature of politics itself and its attraction to the kind of shabby individual who see it merely as a stepping stone to fulfilling personal ambition. We need a whole new society, a different structure altogether, one without central government as eventually it gets taken over by forces hostile to the majority.
Richard, I thought you said Dave Jones was talking “twaddle” when he said this might happen?
I couldn’t believe they were stupid enough to do it
I was wrong
Again!
Richard
There is lots of legitimate money in Cyprus and the rest of Europe, people will be looking for a stable finance centre OUTSIDE the Eu and we tick some of those boxes. Europe is becoming less safe to do bussiness when people’s bank accounts are no longer safe.
Bank accounts in Europe are safe
Even in Cyprus
That’s the corollary of what has happened
But small depositors should have been protected
Bank accounts are clearly not safe in Europe, this dictat came from Brussels so they have it in mind that raiding peoples accounts is perfectly acceptable.
You will see a huge exsodus over the next few months of money from the EU.
You have a lot to learn about banking Dave
Are bank accounts safe here in the UK? I did an FOI and discovered they’re protected by a directive https://www.whatdotheyknow.com/request/is_the_fscs_compensation_of_85k#incoming-370383(as opposed to a statute, for example, although the differences are unknown to me) but I’ve also found this http://economicsfortherestofus1.blogspot.co.uk/2013/03/the-usa-uk-and-eu-are-planning-to-take.html which seems to suggest, based on “A joint paper by the Federal Deposit Insurance Corporation and the Bank of England”, that they’re anyuthing but protected and that we have our collective financial derrieres hanging right out in the breeze. Hmmmm. I must say I don’t feel all that sure of UK bank accounts myself…
PS Richard
any Client wanting to invest here will need to pass our strict regulatory entrance criteria befor try can become clients many will others won’t
Of course………
Meanwhile the JEP is desperately lashing out at the Cypriot government’s “theft” from bank accounts held in Cyprus by Jersey people…
Double standards rule.
What behaviour,
If trust has broken down in Cyprus and spreading across the EU then business and investors are bound to look for other finance centres where trust is still strong and that is our core business.
You talk as if we are breaking some law or other by existing at all, tax competition is healthy, and it is what keeps profligate governments honest and gives people choice, surly that is a good thing in a world of uncertainty.
I quote from today’s Jersey evening Post front page article.
“The Cypriot banking crisis could be an oppurtunity for Jersey, said tax expert Bob Evans who used to live in Jersey where he ran his business Aegis Tax. The former HMRC taxman said: ‘Jersey could do well to come here and market itself as a safe haven for thos who want to get their money somewhere safe'”.
As I suggested!
Richard we don’t have to circle these jurisdictions they are wearing out horses heading towards us
Tonight news on Cyprus clearly shows that Brussels led by Germany are running the show, Cyprus will be in meltdown whatever they agree as they will find it difficult to stop what is left of their economy walking out of the door once the banks start trading again.
You told me Richard that I had a lot to learn about banking, well I know enough to know that Cyprus is toast as for as confidence goes.
Watch out – you could easily be next