Cyprus Gone Wild | Unfilter 43

Posted on: March 27, 2013

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Cyprus Gone Wild | Unfilter 43

In just the last week the situation in Cyprus has gone from outrageous to disastrous. We’ll break it down, and discuss the impacts the world changing event could have on the global economy.

And – Did you know the Internet is currently undergoing the “largest attack in history” that’s according to the BBC, and why the FBI has disclosed Real-Time Gmail Spying Powers as a “Top Priority” for 2013.

Plus Mayor Bloomberg begins personally financing a $12 Million Dollar Ad Campaign for Gun Checks, our follow up, your feedback, and much much more.

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— Show Notes —

Global internet slows after “biggest attack in history”

The internet around the world has been slowed down in what security experts are describing as the biggest cyber-attack of its kind in history.

Spam-fighting organization Spamhaus said Wednesday that it had been buffeted by a massive distributed denial-of-service (DDoS) attack since mid-March, apparently from groups angry at being blacklisted by the Geneva-based group.

“It is a small miracle that we’re still online,” Spamhaus researcher Vincent Hanna said in an interview.

FBI Pursuing Real-Time Gmail Spying Powers as “Top Priority” for 2013

That’s because a 1994 surveillance law called the Communications Assistance for Law Enforcement Act only allows the government to force Internet providers and phone companies to install surveillance equipment within their networks. But it doesn’t cover email, cloud services, or online chat providers like Skype. Weissmann said that the FBI wants the power to mandate real-time surveillance of everything from Dropbox and online games (“the chat feature in Scrabble”) to Gmail and Google Voice. “Those communications are being used for criminal conversations,” he said.

Mayor Bloomberg Unveils $12 Million Ad Campaign for Gun Checks

New York Mayor Michael R. Bloomberg, a fierce proponent of restrictions on firearms, said he will bankroll a $12-million TV advertising blitz in 13 states to pressure individual senators from both parties during the two-week congressional recess.

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Chris Hedges, author, columnist and former Pulitzer-Prize winning journalist for The New York Times spoke with RT about how FCC deregulation during the Clinton administration allowed a handful of corporations to dominate US media.

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Cyprus’ Gone Wild

With banks due to reopen on Thursday after nearly two weeks, Finance Minister Michael Sarris said capital controls will be “within the realms of reason” and a business leader said he had been told they would affect only international transactions.

They’ve just gotten rid of all our dreams, everything we’ve worked for, everything we’ve achieved up until now, what our parents have achieved,"

CEO Yiannis Kypri said he was summoned to the Central Bank early on Wednesday and asked to submit his resignation.

“The reason I was given was that, based on the resolution decree recently passed by parliament and upon demands of the troika, an administrator had been appointed at the Bank,” Kypri said in a written statement.

No one knows exactly how much money has left Cyprus’ banks, or where it has gone. The two banks at the centre of the crisis – Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus – have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia’s Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks’ largest depositors.

“I think the Russians were understandably disappointed with this turn of events. They have had a long, successful and happy history and association and this has come partly as a shock despite the fact that many of these things had been rumored,” Cyprus’ finance minister, Michael Sarris, said early on Monday in Brussels.

On Thursday the European Central Bank told Cyprus yesterday to find funding to secure a €10 billion ($12.9 billion) European Union (EU) bailout by Monday, or face a cut-off of ECB credit and the bankruptcy of Cyprus’ banks and government.

The Cypriot government should instead have learned from Iceland: taken over the banks, isolated the bad loans, protected deposits, imposed losses on the wealthy, and used a publicly owned banking sector to rebuild the domestic economy. That would have offered its citizens a better future, almost certainly outside the eurozone. But it would have also encroached on private capital’s privileges and clearly couldn’t be tolerated.

Protests have followed the agreement which called for Popular Bank, the country’s second biggest bank, to be closed down and the imposition of austerity measures.

US’ System Setup to Protect the Bankers?

U.S. attorney nominated by President Barack Obama to lead the SEC. Her financial disclosures say that upon leaving New York-based Debevoise & Plimpton LLP, the law firm will give her $42,500 a month in retirement pay for life, or more than $500,000 a year."*

Mary Jo White, Obama’s nominee who will likely be confirmed as head of the SEC- the government agency in charge of regulating the banks- may not have the people’s best interests at hand. She’ll be paid a “retirement for life” from her former white-collar defense law firm that defends bankers.

China’s navy holds landing exercises near disputed islands

“The operational goal in the East China Sea is to wear out the Japanese Maritime Self Defence Force and the Japan Coast Guard,” said James Holmes, a maritime strategy expert at the Newport, Rhode Island U.S. Naval War College.

China’s increasingly powerful navy paid a symbolic visit to the country’s southernmost territorial claim deep in the South China Sea this week as part of military drills in the disputed Spratly Islands involving amphibious landings and aircraft.

Military tension is rising elsewhere in Asia. A Chinese naval taskforce has reached the southernmost part of the South China Sea, which it claims as its own – to the annoyance of neighbouring nations.

Fed pushes big bro drones despite public outcry in US

It appears the sky is the limit for U.S. law enforcement, with aerial surveillance drones set to be used domestically. But Capitol Hill has met some firm resistance to the plans. RT’s Gayane Chichyakyan reports on the attempts to fight back against the federal project.

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