Skip to comments.Raid on Cypriot deposits shakes Europeans' faith in savings (9.9% theft by govt)
Posted on 03/17/2013 3:32:46 PM PDT by Red in Blue PA
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What genius thought it was a good idea to take 10 percent of Cypriots’ savings? This kind of larceny isn’t going to engender faith in European banks.
Mods, why was this taken out of Breaking News?
It is HUGE!
Maybe they should change the conditions of the test.
You’ll still have to pay property taxes.
From what I’ve been reading, they’re trying to soften the percentages a bit.
Not quite “changing the conditions of the test”, but more “leaving half the crew alive”.
It was breaking news yesterday but I agree on the seriousness.
Steps are already being made to where this is a definite possibility in the future. How?
The Socialist ideal of a world without cash, where monetary transactions of any type are made electronically.
Such transactions require the routing number of your bank and your account number.
Now you may say no it can’t happen. But salary payments by companies via paper check are becoming rare today, one gets a stub detailing the ETF payment that was deposited into your account. Or IRS refunds, they are planning to eventually go to ETF only.
The ruse is they want to go “paperless” and save money, but once they have you bank routing information and account number they have access to your account. So they can giveth and can taketh away from your bank account, unless you have the patience and fortitude to make you account a sweep account and put the majority of your money into another account or into a non-ETF form. And even with such planning they can search for accounts you may have and once found have the banks do the theft.
NWO goal : One world government, One world currency, One world I.D., One world standard of living. Coming to a planet near you.
I think that those of us in America, Cyprus, and everywhere else who still do honest work and pay taxes are being played for fools by the global crony socialist government/media/banking cabal.
I no longer believe these lies that are told to us in the press; I think this is an organized effort to slowly loot the wealth of all nations, and while they’re laughing all the way to Davos and their own little private islands, the rest of us are left to beg for the scraps.
So how are polonium futures looking?
It’s one thing to increase taxes. But to just go in and confiscate money. This is surreal.
What happens when there is a run on all euro banks genius.
I’m seriously freaked out over this. I’m thinking pulling some money but am undecided on what then. I really need it to be making money.
Hmmm ..And us borrowing from China is different how? This is ugly. Watching and learning..
Makes Boehner look like a bigger fool than he already is. Debt crisis, we don’t have an immediate debt crisis.
If there’s an upside to this crap, it may give the Paul Ryan’s and those who have been working to lower our own debt some teeth. Now if only the rest of them would grow a spine.
Very promising indeed!
If I were you, I’d pull my money, find some acreage and learn how to grow things. If I had the money, I’d do it.
I doubt that anyone could give Obama any new ideas about thievery.
It's easier to say that nobody will be safe. A few examples here:
You keep all your money in the bank. On one fine morning you learn that your bank is insolvent, and so are all other banks. The FDIC insurance of small accounts is no longer valid, since FDIC is also floating belly up.
But, you say, I would know that day in advance. It's nowhere that bad. But on one fine morning you learn that all accounts are "frozen," or trimmed, or taxed - just as they did on Cyprus.
But, you say, I don't have a bank account - I only use cash. You do that, until on one fine morning you learn that the government devalued the USD. Prices rose 10 or 100 times up, and your cash is good for ... no, not even for that, it's too small and too dirty.
But, you say, the government cannot devalue the USD because it is the foundation of world trade. You keep saying that until on one fine morning you learn that the "old" cash is no longer valid, and a new cash will be exchanged only up to $1,000 per
head of cattle citizen, and only if you prove legality of every dollar of it. Even if you kept it under your mattress for last 50 years. Amounts above the limit are nothing but scrap paper.
But, you say, I don't have cash at all - I have these here gold certificates! You keep saying that until on one fine morning you need to convert one certificate to gold. You suddenly learn that to do that you have to come in person to the bank which is conveniently located on Easter Island and open for business every Mayan leap year, from 3:00:00 am to 3:00:01 am on February 29th. Oh, bring *every* piece of ID you have; not that it helps because you will be denied because of the ID that you don't have with you (and likely never had.) Sorry, it's just a small clerical error, come again in another century and I'm sure this will be straightened out in no time.
But, you say, I don't need hard gold, I only want to sell the gold certificate! You keep thinking that until on one fine morning you learn that the exchange rate is such that you will lose your shirt on selling them. You are not the only one who is so smart, and it's buyer's market because you have no other viable options.
But, you say, I don't deal in paper gold, I have the real golden gold! You keep saying that until on one fine morning you learn that The One issued an edict about mandatory confiscation of all physical gold and gems. Anyone flashing those will become a criminal. You can keep them, as long as you were careful enough to hide your purchases, and as long as they aren't found in mandatory random searches of dwellings, and as long as your local MS-13 gang doesn't suspect a thing (they are good with torture tools.) Otherwise welcome to the federal prison.
But, you say, this won't happen (never mind that it had happened already in this country, and not too long ago.) Keep saying that; perhaps you are right. But one day, when you need to buy food, take your gold coin and try to buy something with it. (See above, where you tried to sell paper gold.) Need food? Great; how much gold you got? The price is all the gold that you have. The price is not to your liking? Fine, in a week it will be triple of that. Food is necessary, gold is not (try to chew on it.)
In other words, there is hardly any scenario where a citizen can steer through the economic collapse unscathed. Your best scenario would be to live in a cabin in the woods, have no links with the civilization and have a good supply of ammo. Then you will be OK. But such areas are available, in good numbers, only in Northern Canada.
Why is this so? Because you cannot win a card game against a cheater. All governments have control over laws, and they pick and choose what they want to do to you. You, as a subject of an oppressive state, have no control. The only way to not lose is not to play.
The banks made a bad investment with corrupt socialists. They should eat their own losses and socialism and globalism should die because it is a failed and courrpt social and economic ideology.
They can’t take all the property of those without power to pay those who are corrupt and make and receive bad loans.
Iceland! Pay off the bonds to foreign nations and arrest the corrupt banksters who have wrecked the joint with bad loans and corrupt “investment products.” The “bail out” was so wrong headed in hind sight. The shake down will never stop.
And consequently, one world religion. Which is it going to be? Something humane, or something brutal?
The banks are bankrupt. They don’t have the money the depositors put in. IN the olden days, that would mean a run on these banks, and then most depositors would get 0% of their money; 100% of it would be gone.
Cyprus knows their banks are dead. But, Europe has offered to bail them out. But Europe doesn’t want to bear 100% of the costs. So, they have said that they will pay out 94% of the small depositors, and about 90% of the big depositors.
Is that “government theft”? Only if you really believe that the banks DO have the money, and that they are lying just to take the money.
Otherwise, it’s a payoff. The real problem is this — supposedly they have deposit insurance up to a certain amount. That is supposed to be guaranteed by their government. the people losing 10% have money above the insurance limit — so they are essentially getting what they would expect to have happen if the banks went bad. In fact, they are making out a lot better.
But those getting 6.7% taken — they are being shafted, because they were told their deposits were insured by the government.
So the bad thing here isn’t really that the depositors are losing money — that is the result of putting money into banks that made bad loans and are bankrupt. (BTW, those depositors have been earning 7% interest a year. So, if they had money in for more than a year, they will end up with MORE money then we do in our banks paying 0.01% interest).
The bad thing is that the bailout folks decided to reward the rich, the people with more than is insured, by taking money from those who were not insured.
On the other hand, their money will now be fully guaranteed, less the 6.7%. If they had known for an absolute fact that their money would be safe ONE YEAR AGO, they would NEVER have earned 7% interest on a bank account. That was the sign that there was risk, and that was what the banks were paying to cover that risk. To complain now that the risk has been realized is a bit of sour grapes.
Would any of you put your money in a Cypress bank paying 7%? Or would you have realized that 7% was living on borrowed time?
I think it’s all one big shell game.
I think there’s not enough money to pay for everything and it’s all being moved around to pay just what’s needed to pay at the moment.
Anyone with me??
In the Middle Ages, when nobility had a desperate need of cash they could sell rights and freedoms to cities and communities. I don't know how this might work in modern circumstances.
As far as the Cypriots themselves, they could return the favor of a bank holiday with a general strike/economic holiday. How would the government enjoy functioning after losing three days of economic activity? Limit trade to barter and essentials. This is a very unpleasant option, to say the least.
The only way to not lose is to not play.
Dow futures down -135 points at this time. Nikkei down 1.8% — Interesting...
We are entering the transverse distribution phase of this SHTF event.
Unfortunately, most of us have a stake in the game, whether it's our 401K/IRA, our bank account, our cash, our precious metals, or whatever. We're all part of the economy that our government seems intent to crash.
Not quite changing the conditions of the test, but more leaving half the crew alive.
Yes. Kind of like gas prices that are $4.00 a gallon and then when it goes to 3.50 everyone is conditioned to say, "well that's pretty good".
People can be easily conditioned to accept anything....except conservatism.
Seriously, I know people that don’t carry a single dollar. When Sandy hit, they stored no food at home and couldn’t even buy food because their credit cards didn’t work. Pathetic...
The US has a similar history.
The only difference is that it reneged on gold convertibility for residents in the 30s, then on silver convertibility in the 60s, and then gold convertibility for other central banks in the 70s.
Bottom line: governments are utterly untrustworthy when it comes to money. Even the best are atrocious.
Senator Corzine ripped off his customers and completely got away with it. But he's an Obama bundler, what would you expect Holder to do?
Ah, and don't forget Bonehead "absolutely trusts" 0. (That's when you know it's time to panic.)
I'd take a 9.9% loss over a 100% loss, but that's just me. You invest in something as inherently bankrupt as a fractional reserve bank, you should be prepared to sow misery.
If this happens here (and I hope it ~never~ does) we may feel like taking up arms in a new Civil War-but that is not the way to Go..
What we should do is rally to form a new political party and with this party we would declare
1) We WILL VOTE OUT any Congressperson who votes to approve any such legal THEFT of savings/property!
2) We will not ~run~ in districts where the congress person (of any political party) is in agreement with our goals/platform.
3) The platform shall consist of: A) WE WILL CUT THE FEDERAL BUDGET (for real) and use these “savings” to reemburse ALL U.S. Taxpayers who have had ANY money stolen by the US Government (or any international institutions).
2) We will declare any previous agreement null-and-void (including in preagreed to terms to pay back any “international” loan.
3) We will not tolerate any more of the same (overspending and government in collusion with big bankers) ruining our savings, and nation.
4) We will bring to trial, and through the due process of federal and state laws both government bureaucrats and bankers who knowingly ruined our economy will be prosecuted by a jury of their peers.
All WITH US WILL STAND, ALL AGAINST US WILL FAll!
TY for the links.
WHEN this happens here, most will cheer it. For a portion of the seized wealth will go to those on the dole today.
Don’t believe me? Just think what would happen if it was presented as a way to save Social Security.
They took the people’s gold once. They can do so again.
The US Congress will gladly institute
this but excuse themselves and their own families,
and, of course, Moslems (as with ObamaCARE).
You are kidding, right?
The concept of equal justice under LAW no longer exists.
Elections are fraudulent, run by the DO”J”.
This country is finished as the GOP and DNC remain
How are they going to know where it is?
There’s no mandatory reporting of gold sales.
If you have physical possession of the gold, and paid in raw cash for it (no check, card, or anything else) you may be able to hold on to it.
But not spend it. Look how it played out in Argentina. Gold can make you a dead man very quickly once things head south.
Showing up to pay for something with a gold coin means the mob will show up to take it from you very quickly.
Gold is not currency, it’s insurance for “after”.
Silver is currency.