A levy of 9.9 percent on deposits exceeding 100,000 euros, and of 6.7 percent on anything below that, is expected to generate 5.8 billion euros for Cyprus, which first applied for a bailout in June 2012.
fark that. Although I don't see the huge "bank account" of 401k & the like being left alone by the gov't for too much longer.
Anyone think bank runs will spread to anywhere else in the EU? Greece, Spain, and Ireland come to mind.
What Cyprus is doing is essentially a bank account nationalization...legalized theft and confiscation of people's private property, that has already been taxed at horrendous rates...people are right to be upset, and to even riot over this. France already has a 'wealth tax' which taxes you on what you have, even though you have already been taxed to earn it in the first place...sort of a 'property tax' on savings.
make no mistake...as the current West-European socialist state model goes farther and farther down the financial abyss they have created with their unaffordable welfare state, you will be seeing more and more of this, and other new and 'creative' ways to try to extract more and more money out of their citizenry....it will all be to no avail...they need to dump their moronic welfare state utopianism, or they will eventually collapse...there are no other choices.
The USA faces the same consequences as well, we are just farther behind western-europe on the timeline because we got a later start on the run-away welfare state than they did. The USA faces $123 TRILLION in current value of unfunded mandates[usdebtclock.org]...just where is that money going to come from? The can keeps getting kicked down the road, until the road ends at the cliff into the abyss....Detroit today is what awaits the USA in the future, unless serious course corrections are made.
Judging by the Democrat's insane and moronic whining and complaining about Paul Ryan's "draconian" budget which has "only 3.5%" annual increases from a baseline budget DOUBLE THAT of 2002, we have no hope of any course corrections, since even such a modest plan is mischaracterized by them as "draconian austerity measures"
The US already did this in the past, when all private gold was confiscated by presidential executive order at ridiculously low rates, and then priced-up by the government. So don't think something like this has not or will not happen in the USA....it has, and it will.
Politicians will be dreaming up dozens of new and novel taxation methods to try harder and harder to squeeze more blood out of a wilted turnip, in their death-throws to stave off the coming collapse, rather than give up their socialist utopia...The west (including the USA) will also drastically ramp up the debasement of their currencies as another way to stave off disaster, but it will just delay it, while making the crash even more severe than it would otherwise have been....this is the same cycle, the same death spiral, of dozens of civilizations and nations throughout history...those who are ignorant of history, or choose to ignore it thinking they are smarter, are doomed to repeat it.
The Tytler cycle: "The historical cycle seems to be: From bondage to spiritual faith; from spiritual faith to courage; from courage to liberty; from liberty to abundance; from abundance to selfishness; from selfishness to apathy; from apathy to dependency; and from dependency back to bondage once more."
I am sad to say I have little hope for the western democracies...we are currently in the dependency stage...the exact position varies from country to country, but it is safe to say most of the West is at least at the "apathy" stage.
Last edited by Radeck; 03-17-2013 at 05:19 PM..
The American people will never knowingly adopt socialism.But under the name of 'liberalism',they will adopt every furlhasbeenblockedt of the socialist progurlhasbeenblockedtil one day America will be a socialist nation,without knowing how it happened - Nourlhasbeenblocked Thomas,6-time presidential candidate for the Socialist Party of America
The federal goveurlhasbeenblockedt has taken too much tax money from the people,too much authority from the States,and too much liberty with the Constitution - R. Reagan
All that really means is that politicians have made promises they cannot keep. The solution will be to break those promises. It will be fun to watch the reaction when the gubmint checks stop arriving. Pass the 5.56 please.
Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout – including a bank account haircut and a tax hike on interest and corporate earnings – but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday.
I find it amusing that those people that used to counter my arguments with "Look at Europe, they have...." have recently gone silent.
All growth depends upon activity. There is no development physically or intellectually without effort, and effourlhasbeenblockeds work. — Calvin Coolidge
"Under Barack Obama, the only 'change' is that 'hope' is hard to find" - Marco Rubio
Some countries have considered going completely digital with money and getting rid of tangible cash. This event should be a reminder of the possible dangers that can happen with going that route. Peoples bank accounts will be decimated.
Can the banks earn people's trust in the future? Why should I open a savings account if I know it could be decimated at any time because it was convenient?
I'm all-in European tear gas and riot gear manufacturers.
Yeah man, when the bankers call you best get to epic stealing stat. Of course, this is just a microcosm as the entire globe has a run on cash at a time when money velocity is already screaming towards zero. As rates rise and rise they will, as the old saying goes: someone is going to get their face ripped off.
. The sticking point for E.U. officials, and especially for the German government, has long been Cyprus’ status as a haven for Russian money, at least some of which is widely assumed to be of dubious origin. The German national intelligence agency in November reportedly found that Russians had deposited as much as $26 billion in the island’s banks, prompting government fears that E.U. bailout funds would simply disappear into a bottomless pit of corruption.
It's essentially spooking the markets because Greece isn't far off from Cyprus as a distressed lower-tier euro country. I think the best thing for Cypriots is to give the EU the finger and leave the euro like the greeks should have done a couple years ago. And if the russians are using it as a safe haven, all the better for the germans. Let them take it on the chin instead of more $$$ into that corruption pit
Last edited by rrc06; 03-18-2013 at 08:01 AM..
I don't think experience really matters for a president. My point is that you can't really use his own words from 4 years ago against him.
1.20.2009 - The end of one error, and the beginning of another
The only difference between Cypress seizing portions of bank accounts and what Dear Leader is doing here in the US is that quantitative easing is a bit more subtle.
very true...essentially, both are cases of punishing the smart and responsible who saved money for their future to provide for their families and so as not to be a future drain or a burden on society, and rewarding the irresponsible and selfish people who are unproductive or who have no savings but instead spent themselves into debt.
More reasons to NOT keep youurlhasbeenblockedey sitting around as 1's and 0's in a bank, as in both cases you lose. Buy assets that goveurlhasbeenblockedt can not confiscate or debase at will
very true...essentially, both are cases of punishing the smart and responsible who saved money for their future to provide for their families and so as not to be a future drain or a burden on society, and rewarding the irresponsible and selfish people who are unproductive ow who have no savings but instead spent themselves into debt.
More reasons to NOT keep your money sitting around as 1's and 0's in a bank, as in both cases you lose. Buy assets that government can not confiscate or debase at will
Wrong wrong wrong. If you have been lucky enough in life to have extra money in the bank, surely you can afford to pay your fair share and shell out some more money. At least that is what TP has taught me.
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