Posted on 03/16/2013 8:42:06 PM PDT by alexmark
People with Cyprus bank accounts will lose up to 10% of their savings as the price of a 10 billion euro (£8.6 billion) rescue package for the cash-strapped country from its European partners and the International Monetary Fund.
The bailout was agreed early on Saturday in a bid to keep the island nation from a bankruptcy that could rekindle the region’s debt crisis.
But in a major departure from established policies, the package also includes a one-off levy on the money held in bank accounts in Cyprus. Analysts have warned that making depositors take a hit threatens to undermine investors’ confidence in other weaker eurozone economies and might possibly lead to bank runs.
In return for the rescue loans Cyprus will trim its deficit, shrink its troubled banking sector, raise taxes and privatise state assets, said the Netherlands’ Jeroen Dijsselbloem, presiding over meetings of the 17-nation eurozone’s finance ministers. “The assistance is warranted to safeguard financial stability in Cyprus and the eurozone as a whole,” he said, speaking after nearly 10 hours of negotiations.
People with less than 100,000 euro (£86,000) in their Cypriot bank accounts will have to pay a one-time tax of 6.75%, those with more will lose 9.9%. The measure is expected to net 5.8 billion euro (£5bn) in additional revenues, Mr Dijsselbloem said, greatly reducing the country’s financing need.
(Excerpt) Read more at tinyurl.com ...
It’s not the ATM with a limit. Your card has a daily limit. You can ask the bank to increase it. They may or may not change it. The cash limit default is usually $300 a day.
The way we live now.
One of Trollope’s characters, Melmotte, would understand this practice of robbing Paul to pay Peter, and would approve.
I can think of many in our country who think along the same lines: “It’s for the greater good ... trust me my friend, make no mistake about it.”
“No, no, I don’t have your money. It’s in Bill’s house and Fred’s house.”
“Hey, what are you doing with my money in your house, Fred?!?”
Riot ensues.
Melmotte, although he buys his way into parliament, is just a shyster. This is being done by the Powers That Be on behalf of Masters of the Universe types. You know, the ones who are suppose to be the grownups. The ones who we’re not supposed to notice keep screwing up, century after century.
That’s true. A large number of Russian mobsters also just had their profits seized. I wonder how they’ll feel about that, and how they’ll react. There is already speculation about government officials in Germany and Cyprus becoming targets over this.
I expect, come Monday or Tuesday, that runs on European banks will be widespread. If that does happen then we can expect to see bank “holidays”, with those banks possibly never reopening.
This could easily spread to the U.S.A.
Those people are call bankers. We have their counterparts in the US called Wall Street bankers. Funny how I criticize them, there are blind free market freepers who think they are not guilty and never at fault with our current economic depression. In fact many of them want the GOP to run defending Wall Street ways and then wonder why we lose elections. Wake up America and stop thinking like 6 year olds. I did not vote for Ron Paul in the primaries for many reasons, but not everything Paul said is wrong either, especially about the Wall Street bankers and their thieving ways. For me, MF Globals ability to steal segregated customer accounts and the SEC sat there in silence is the first red flag that bankers think they can steal with impunity. That is the only Wall Street banker freepers crucify because it was run by a Dem fund raiser name Corzine, yet Wall Street bankers are given the pass by freepers because the people who criticize them are Dems. Of course the Dems are silent about their own committing the same type of crime in MF Global. Even worst AG Holder admitted in a Senate hearing that the gov cannot prosecute bankers because they are too big, and prosecution can cause the bankers to boycott operations causing harm to the US and world economy. IAW the fed gov is saying Wall Street bankers are too big to prosecute and thus have a license to steal. I wish everyone would wake up and stop judging by party and recognize, Wall Street IS THE ENEMY. A GOP CEO is capable of committing the same crime as Dem loving Corzine because they worship only one thing, MONEY at the expense of morality, country and even family.
The thing is, though, masters of finance are communists. Or socialists, at least. That’s tge only term I can think of to apply to their ideal, which is one world gubmint, control of the world’s money supply, commercialization of the entire planet (what we call globalism, but by force), entry barred for prospective new concentrations of wealth, etc. I’d say it’s fascistic, but I’ve already said they’re internationalist. Fascism is socialistic, anyway.
I will give it to tge communists, at least, that they envision a worldwide dictatorship of workers instead of bankers. Also, they predict the state shall wither away, though no one knows how. What you’re talking about is a permanent Leninistic “final stage of capitalism.” The term Late Capitalism is, or was, thrown around a lot. I never cared for it, being terribly imprecise, but this is what they had in mind, I think. Public-private incest.
They condemned it, and thought it to lay the groundwork for true socialism. But I’m sick of pretending to care about infighting, positioning, and repositioning within leftist movements. Late Capitalism is socialism, too, from our perspective.
There’s a reason Freepers, and everyone else really, get tangled up about who to blame. Because Wall Streeters aren’t bad qua bankers, traders, lawyers, etc. They have power and cause harm because they’re in bed with government, or government is in bed with them (depending upon how you look at it). No industry is run by angels, and no Wall Street crook could screw you worse than crooks in any line of work, except that they have Washington behind them, or in their pocket (depending upon how you look at it.)
Is it any wonder that the most monstrous (supposedly) private concerns, capable of the most harm, just so happen to be found in the most highly regulated industrily—or industries, counting banking, trading, lawyering, etc. seperately—in the land? It’s so centrally controlled that you can’t even deregulate it without making it worse.
Russia could stop selling energy to the EU pretty quickly. Wonder if that might gain them a quick “tax refund”? :)
You got me worried. If the S&P only lost 2% we are lucky.
The following wealthy families are not communists. This list is taken from Ferdinand Lundberg’s 1937 expose on the super-rich in America.
Rockefeller Family Standard Oil
Morgan Family J. P. Morgan & Co.
Ford Family Ford Motors
Harkness Family Standard Oil
Mellon Family Aluminum Company
Vanderbilt Family NY Central R&R
Whitney Family Standard Oil
Standard Oil Families Standard Oil
Du Pont Family DuPont
McCormick Family International Harvester, Chicago Times
Baker Family First National Bank
Fisher Family General Motors
Guggenheim Family American Smelting & Refining Co.
Field Family Marshall Field’s
Curtis-Boks Family Curtis Publishing Co.
Duke Family American Tobacco Company
Berwind Family Berwind-White Coal Co.
Lehman Family Lehman Brothers
Widener Family American Tobacco Company, public utilities
Reynolds Family R. J. Reynolds
Astor Family Real estate
Winthrop Family Miscellaneous
Stillman Family Citibank
Timken Family Timken
Pitcairn Family Pittsburgh Plate Glass Co. (now PPG Ind.)
Warburg Family Kuhn, Loeb & Co.
A couple names I want to add are Rothschild and Buffett.
Members of those families, or agents of those families, sit or have sat, as commissioners of Central Banks, of Federal Reserve banks, and of the IMF. They envision a world of peace through centralized monetary control by themsleves.
Under President George W. Bush our military was officially used to protect and defend the international corporate interests of the above people from assault by third world interests. The Clinton administrations did so likewise, but unofficially.
The result was jobs of the middle class went overseas and our military, funded by a shrinking tax-base due to unemployement, was sent off to do international policing.
It is all about money, power, and replacing the U.S. dollar with an international currency.
(The following is an excerpt from Alt-market.com.)
What will replace the dollar?
There is a replacement already conveniently ready to roll forward. The IMF has for a couple of years now openly called for the retirement of the dollar as the world reserve currency, to be supplanted by the elitist organization’s very own “Special Drawing Rights” (SDR’s).
The SDR is a paper mechanism created in the early 1970’s to replace gold as the primary means of international trade between foreign governments. Today, it has morphed into a basket of currencies which is recognized by almost every country in the world and is in a prime position to take the dollar’s place in the event that it loses reserve status.
This is not theory. This is cold hard reality. For those who claim that the SDR is not considered a “real currency”, they should probably warn the U.S. Post Office, which now uses conversion tables that denominate costs in SDR’s:
http://pe.usps.com/text/imm/immc3_007.htm
So, now that we know a replacement for the dollar is ready to go, the next obvious question would be:
Why would global elites destroy a useful monetary tool like the dollar? Why kill the goose that “lays the golden eggs”?
People who ask this question are simply unable to see outside the fiscal box they have been placed in. For global bankers, a paper currency is not important. It is expendable. Like a layer of snake skin; as the snake grows, it sheds the old and dawns the new.
At bottom, men who promote the philosophies of globalization greatly desire the exaltation of a global currency. The dollar, though a creation of a central bank, is still a semi-sovereign monetary unit. It is an element that is getting in the way of the application of the global currency dynamic.
I don’t know about them being the “bad guys”, it’s not like they can swing world dominion w/ 160 million people and 1.8 billion Chinese to the south.
This is hard to explain in a few paragraphs. Bill Still put out a documentary about this, called The Money Masters. (It’s available on DVD or youtube.com.) In it he details how our monetary system evolved over the past 2000 years!
Did you know that the Federal Reserve bank is not a part of the Federal Government, but is owned by the Central Banks which in turn are owned by very wealthy people and corporations? The Fed prints our money, for which we go into debt.
The Federal Reserve buys Treasury bonds (debt insturments) in exchange for money the Fed has printed, created literally out of thin air with nothing of value backing them. On every dollar it is clearly printed: Federal Reserve Note. Our government doesn’t print its own money - we go into debt to the owners of the Federal Reserve in order to have a money supply.
Debt is the weapon of choice used by international financiers. It is a velvt soft weapon, because people are greedy and want things. Right now our world is drowning in debt.
But IMF people NEED an ice axe in the noggin...
That link leads to nothing on postal/SDR matters...
I’m not a noob at this, I read The Creature first time around 98/99. I put all my retirement into physical and miners back in 2003... :-)
The Russians have a big, well deserved axe to grind with globalist financial powers, they’re who rigged them for 70 years of communist hell. (among other things the world owes those douchebags for...
Cypriots have become so dependent on government that they will have to seek governmental assistance in rioting.
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