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The Cyprus Cash Grab - Coming to America?
Townhall.com ^ | March 19, 2013 | Neal Boortz

Posted on 03/19/2013 5:34:38 AM PDT by Kaslin

You were shocked - SHOCKED, you say - at the very idea that the government of Cyprus would order banks to seize 10% of every bank account and hand the money over the government? Well … excuse me for being rude, but maybe if you had been spending a better part of the last 20 years paying attention to the atrocities that happen with nauseating regularity in Washington, instead of going into an annual swoon over March Madness and/or the Oscars, or blindly tuning in to Entertainment Tonight every evening rather than an actual newscast, you might have seen this money grab coming. I’m no rocket surgeon, and I saw it coming (in America, not Cyprus) and I been warning the listeners to my talk show from 1993 right up until my retirement two months ago.

It’s simple. Taxing your income is simply not enough. The left is coming after your wealth. They’ll be satisfied with some of your retirement funds … for now.

If you haven’t been paying attention to the Cyprus story, here’s your short version: Cyprus is in financial trouble. The Cypriot government is led by communists. Trade unions are fighting austerity programs needed to erase huge deficits. Sound familiar? That is similar to the situation in the United States in more ways that you might imagine. So Cyprus did what every other troubled Eurozone country is doing: went to the Eurozone finance commissioners for a bailout. The commissioners said fine, but as a condition of the bailout Cyprus must levy a 10% tax against the outstanding balance in all depository accounts in Cyprus banks. Call it a tax. Or call it stealing. Either way, every Cypriot depositor loses 10% of their account. The government screws up, the people pay. Again, it sounds so very familiar.

Oddly enough, the people of Cyprus weren’t particularly elated over this move, nor were investors and citizens throughout the Eurozone. Imagine that! Cypriots immediately grabbed their ATM cards and started to withdraw as much money as they could from their accounts. Cash in their hands wouldn’t be hit for 10%. It was clear there would be a run on the banks as soon as they reopened. Now the plan to simply seize individual wealth is being delayed, though not abandoned.

Could it happen here? Well certainly it could. Congress could pass and the President could sign legislation calling for the seizure of 10% of every checking and savings account in every bank in America. This might finally be enough to cause a resurrection, but they could do it. So in America the wealth seizure has to be just a bit more selective and subtle. And that brings us to the warning I’ve been voicing for 20 years.

Go back to 1993. Bill Clinton has just been sworn in. The Democrats are running the show. They’ve passed a nice little tax increase – retroactive, mind you – and they feel encouraged. Along comes a lady by the name of Alicia Munnell. She’s been appointed by Clinton to be an Assistant Treasury Secretary for Economic Development. Munnell proposes a plan to come up with some cash to shore up Social Security. Not everyone, it seems, is “fortunate” enough to have a nice little IRA or 401k retirement account. Why this just isn’t fair! Everyone should have a comfortable retirement, not just the people who actually planned and worked for one! So Munnell proposed to Clinton an idea! Let’s just go out there and seize 15% of the outstanding balance of every IRA and 401k. Seize that money and pump it into the Social Security system. As it turns out, Munnell and Clinton never really had the chance to put their plan into action since the very next year the Republicans took control of the House and the Senate in the voter revolution of 1994. Munnell hasn’t gone away though. She now hatches her wealth seizure and redistribution schemes as the Director of the Center for Retirement Research at Boston College.

Never fear .. the idea is alive. House and Senate Democrats are even now toying with various plots to seize retirement and pension plans and pour them into some grand new government operated and controlled pension system .. a system that would be “fair” to everyone. This is just a perfect scenario for Obamian class warfare. “Those rich people are enjoying their fat-cat retirements with the money that should have been used to pay workers a living wage. They steal a comfortable retirement from the middle class and laugh at them from their yachts and private jets.” Yeah … that works. And as you should know, the government would certainly do a better job providing for American’s retirements than could free people interacting in a system of economic liberty.

Cyprus? I hope you enjoy that spectacle as it unfolds. Shake your heads and tsk tsk all you like. Just remember … the Democrat party is watching this episode and celebrating. You’re next.


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1 posted on 03/19/2013 5:34:38 AM PDT by Kaslin
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To: Kaslin
Is the Cypriot government freely elected ?
2 posted on 03/19/2013 5:38:59 AM PDT by Eric in the Ozarks (NRA Life Member)
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To: Kaslin

"We are going to do it to YOU.
BUT our families and Moslems will be exempt."

3 posted on 03/19/2013 5:39:11 AM PDT by Diogenesis (De Oppresso Liber)
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To: Kaslin

If we have any sense at all, we will watch this happen in Cyprus, and watch it happen in Spain, and when it starts to happen in the USA, we won’t watch at all — we’ll just start shooting.


4 posted on 03/19/2013 5:40:57 AM PDT by ClearCase_guy (The ballot box is a sham. Nothing will change until after the war.)
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To: Kaslin

It’s already happening here. QE1, 2, 3.

Devaluing your cash by printing more does the same thing.


5 posted on 03/19/2013 5:42:56 AM PDT by fruser1
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To: ClearCase_guy
If we have any sense at all, we will watch this happen in Cyprus, and watch it happen in Spain, and when it starts to happen in the USA, we won’t watch at all — we’ll just start shooting the ones who are responsible for it.

There. Fixed it.
6 posted on 03/19/2013 5:43:27 AM PDT by Old Yeller
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To: Diogenesis

Feds eye retirement-fund tax to cut $16 trillion-plus deficit

http://www.nypost.com/p/news/business/plunder_CrD9s6MElVsEIJj2IVgHuK

Are Democrats Eyeing 401(k)s, IRAs for Tax Hit?

http://news.investors.com/article/587818/201110121453/are-democrats-eyeing-401ks-iras-for-tax-hit-.htm

Maybe Obama’s already looking to Argentina for inspiration.

Google “Teresa Ghilarducci” and learn why she’s been called “The Most Dangerous Woman in America.”

This is something that they have been talking about for a years. I didn’t know the part about making the IRA’s non- transferrable upon death as well. Good grief!

The pool of money in 401(k) and IRA accounts is ginormous.

There’s no way the looters in D.C. can avoid thinking and dreaming about such a treasure chest. But they won’t make their grab directly. That would draw too much heat.

Instead, they’ll tack an amendment onto a “mom-and-apple-pie” type of bill, or a Defense appropriations bill, then we’ll wake up one morning with the bill already signed and the trucks backing up to our financial institutions. Or a tax on any and every transaction you can imagine however loosely related to your retirement money.

Either that or Barry gets a 2nd term and just does so via Executive Order. (anyone who objects is an evil “1 percenter”.) I think the eventual plan is to seize all 401K assets and replace them with a “guaranteed Federal pension” for everyone. One that is “fair”.


7 posted on 03/19/2013 5:43:36 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: Eric in the Ozarks

“Is the Cypriot government freely elected ?”

I don’t know. Is ours?


8 posted on 03/19/2013 5:46:00 AM PDT by henkster (I have one more cow than my neighbor. I am a kulak.)
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To: ClearCase_guy

Mass confiscation of private property is a line that cannot be crossed.

Of course, liberals will sell this to the low-information voter as something great!

The increases in your 401K are due to greedy corporations taking it from your other pocket.

They will tell you that they are replacing your property with stocks in something really good, so it is not confiscation, but an exchange with a massive upside.

Just watch.

The liberals are watching our reaction to Cyprus and see the revulsion. They know it will have to be sold here first, so plenty of people go along with it willingly because they trust Santa Claus.


9 posted on 03/19/2013 5:49:44 AM PDT by Erik Latranyi (When religions have to beg the gov't for a waiver, we are already under socialism.)
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To: TurboZamboni

In addition to the Constitutional and personal liberty problems, which are huge, there is a basic economic problem to these schemes.

Most retirement accounts are not held in cash, they are held in various securities. So you have an account, mostly in stocks, bonds, whatever, that is valued at $100,000. The government comes along and says you owe 15% of its assessed value, or $15,000. Most of us would have to SELL OFF our assets to raise the cash to satisfy the confiscation bill. What happens when EVERYONE tries to simultaneously sell off their portfolios? That’s right class; the price TANKS. But you need to raise $15,000. You wind up selling not 15% of your portfolio of $100,000, your portfolio isn’t worth that any more. You wind up having to sell most, if not all of it.

And the effects of that massive sell off on the economy at large?

A catastrophe. Think nuclear war, without the radiation.


10 posted on 03/19/2013 5:52:18 AM PDT by henkster (I have one more cow than my neighbor. I am a kulak.)
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To: Kaslin

Good thing US Citizens are armed — too bad for those in Cyprus, I believe the Communists don’t allow freedom of arms on the Island...better call John Locke - I think he has a few...

Only 10 out of 100 people have private firearms - of that only 30 handguns are owned by private individuals... and 104,000 shotguns are owned...looks like skeet is on the menu boys!

The Cyprus Military have over 296,000 firearms...they are not shotguns...see where gun control gets the population...


11 posted on 03/19/2013 5:52:28 AM PDT by BCW (http://babylonscovertwar.com/index.html)
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To: fruser1

“...Devaluing your cash by printing more does the same thing....”

Exactly.


12 posted on 03/19/2013 5:54:57 AM PDT by Da Coyote
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To: Kaslin

Just like thieves everywhere, they might get away with their ‘deeds’ time after time. Eventually they will get get caught if they continue to do so.

The key thing after that is what should their punishment be?

Don’t ask me, I’m very tempted to go all ‘Old Testament’ on them. Maybe Hammurabi’s code will do?


13 posted on 03/19/2013 5:56:05 AM PDT by The Working Man
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To: fruser1

Don’t forget “QE to infinity, AND BEYOND!”

“We’re going to keep injecting $85 billion per month until it works”


14 posted on 03/19/2013 5:56:22 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Kaslin

Wednesday the Unions are having a ‘National Day of Protest’.
Hilarious!
The Fed spends $3.6T in 2012, $3.8 (minus $44B) or $3.756T in 2013 but there are ‘cuts’!?!? You can’t make this nonsense up!


15 posted on 03/19/2013 5:56:59 AM PDT by griswold3
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To: Da Coyote

And as Keynes is quoted as saying

“and not one man in a million will know what’s happening”


16 posted on 03/19/2013 5:57:01 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Kaslin
The Cyprus Cash Grab - Coming to America?

Too believe that "it can't happen here" guarantees that it WILL happen here. So get prepared and warn everyone you know. If enough people are aware, ready, and locked and loaded then maybe the Banksters will back off.

“There is no safety for honest men except by believing all possible evil of evil men.” -- Edmund Burke

17 posted on 03/19/2013 5:57:48 AM PDT by Count of Monte Fisto
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To: The Working Man

There weren’t any lamp posts high enough in the old testament days...


18 posted on 03/19/2013 5:57:50 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: Kaslin

resurrection?

did he mean insurrection?


19 posted on 03/19/2013 5:59:07 AM PDT by GeronL (http://asspos.blogspot.com)
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To: fruser1

Let’s not forget the ‘war on savers’ with ZIRP.
The Defamation Of Independence

Mr Bernanke and his colleagues all over the central banking world are well aware of their fundamental problem. If there is one “entity” in all modern societies where the very concept of “savings” is seen as a deadly danger it is government. The act of saving (and access to something WORTH saving) makes for a nation of independent and increasingly prosperous individuals. Such individuals do not look for something for nothing. An individual who can sustain his or her life by their own effort has little need of being “governed” and will not be “ruled”. That makes the job of governance very easy, but the “job” of ruling prohibitively difficult. Since a government does not produce, it cannot “save” in the real meaning of the term. All it can do is to minimise its demand on those who DO save, those who consume LESS than they produce. That is anathema to a government intent on gaining the power necessary to “run” an economy.

The purpose of a “welfare state” is to convince a majority of the people that savings are not necessary. Once a welfare state has been put into operation - as it has been all over the developed world for a century or so - those in power go further. Their new task is to convince their subjects that the act of saving is not only unnecessary, it is dangerous to their “prosperity”. This would seem at first glance to be both a ridiculous and a formidably difficult task. It is. It has taken our “powers that be” a long time to succeed.

But succeed they have. The majority of the subjects of government all over the world have swapped independence for “entitlements”. That act, all by itself, has impoverished every nation in terms of REAL wealth. The higher the pile of IOUs pile up - the greater the impoverishment becomes. - h/t Zerohedge


20 posted on 03/19/2013 5:59:10 AM PDT by griswold3
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To: Count of Monte Fisto

Ah... but one of the inalterable conclusions that you would come to if you had a humanist worldview would be
that it CAN’T happen here.

Just ask any leftist - “we wouldn’t do that here”.
As for “why not”, they probably wouldn’t be able to answer,
but it has to do with their humanism - in a nutshell, people here and now are more advanced than those there and then.


21 posted on 03/19/2013 5:59:29 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: MrB

“Somthing is happening but you don’t know what it is...”

Ballad of a Thin Man.


22 posted on 03/19/2013 6:01:07 AM PDT by Eric in the Ozarks (NRA Life Member)
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To: Kaslin
Our government, especially the won in the WH, would absolutely love to stick their grabby hands into private bank accounts.
That would be like a "tax" on responsible people, who saved for the future.
After all, the typical 0bama voter blows every cent he gets and then start whining for more, so they are safe from this and won't object.

23 posted on 03/19/2013 6:01:15 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
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To: henkster

of course they will get away with it, the sheeple will buy any story they tell


24 posted on 03/19/2013 6:04:03 AM PDT by GeronL (http://asspos.blogspot.com)
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To: Diogenesis

Yep.


25 posted on 03/19/2013 6:05:12 AM PDT by sauropod (I will not comply)
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To: ClearCase_guy; Old Yeller
... we’ll just start shooting

When you learn that your local community bank was forced to electronically transfer 10% of your life savings to Washington, who exactly will you be shooting at?
Were you envisioning a showdown with government black suits in the town square?
They can rob you from afar and make it look all legal.
They do it every year.

26 posted on 03/19/2013 6:13:12 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
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To: The Working Man

“Don’t ask me, I’m very tempted to go all ‘Old Testament’ on them. Maybe Hammurabi’s code will do?”

At the time of the founding of the nation the following were not considered “cruel and unusual punishment”.

1) Public stocks.
2) Tar & feathers
3) Hanging in the public square

Perhaps a combination of all three would be appropriate. A week in the stocks in the middle of winter being pelted by eggs and tomatoes thrown by citizens. Followed by a public tarring and feathering. Then a final encounter with the noose. Seems appropriate.

It is interesting our advanced society considers all of the above “cruel and unusual.” Yet we accept Waco, Ruby Ridge, and drone strikes on US citizens as civilized and acceptable.


27 posted on 03/19/2013 6:14:53 AM PDT by Soul of the South (Yesterday is gone. Today will be what we make of it.)
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To: fruser1

Exactly: The Q’s and the low interest rates are robbing us every day.


28 posted on 03/19/2013 6:15:44 AM PDT by Venturer
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To: Count of Monte Fisto

> If enough people are aware, ready, and locked and loaded then maybe the Banksters will back off.

I think the “real” American patriots have had just about enough of this liberal utopian propaganda bullshit. I’d say it’s about time to get pissed and start “removing” the problem with whatever means necessary. The libs are about to do more than awaken the sleeping giant.


29 posted on 03/19/2013 6:16:00 AM PDT by jsanders2001
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To: Da Coyote

Many citizens, myself included, have had to take an early w/d from 401k retirement just to survive this oppressed economy. Thats 10% for the government straight away. How convenient for them.


30 posted on 03/19/2013 6:36:23 AM PDT by Thidwick
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To: TurboZamboni
Watch out for another tricky way of doing it. Because people are investing far too recklessly (or holding too much cash and not investing enough), they could require retirement accounts to invest a percentage in a "safe" investment of government bonds. Maybe only 10% at first. Then bump it up to 20 or 25%. Then a few years later require half of current funds and all new deposits be put in government bonds. Gradually increase it until you hit 100%.

When would people march on Washington? Ever? Over a few percent of required "diversification"? Would people even empty out their accounts and pay taxes and a 10% (or 20 or 50%, got to increase that to keep people from fleeing) penalty?

They'll gradually boil that frog rather than just toss it into an already boiling pot.

31 posted on 03/19/2013 6:38:35 AM PDT by KarlInOhio (Choose one: the yellow and black flag of the Tea Party or the white flag of the Republican Party.)
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To: Thidwick
Many citizens, myself included, have had to take an early w/d from 401k retirement just to survive this oppressed economy.

For the first time in many years I didn't fully fund my 401k and don't know whether I'll make a deposit in my IRA for 2012. I'm not quite at the pull the money out point, but I am keeping the cash out of retirement accounts.

32 posted on 03/19/2013 6:41:41 AM PDT by KarlInOhio (Choose one: the yellow and black flag of the Tea Party or the white flag of the Republican Party.)
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To: fruser1

DING DING DING! We have a Winnah!

Yep. The Cypriots resorted to outright confiscation since they can’t print their own currency.

Bernanke is doing the exact same thing in stealth mode by running the presses. My bank savings account (which is getting smaller all the time) earned a grand total of 24 cents last month on a balance big enough to buy a mid-size car.

We are frogs, folks, and they are slowly turning up the heat.


33 posted on 03/19/2013 6:42:22 AM PDT by SargeK
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To: Kaslin
Obama’s all out assault on the Bill of Rights will soon include an attack on the 5th Amendment guarantees that private property will not be taken for public use, without just compensation. He has already eroded the Amendment's protections against warrant-less searches and due process with his proposed use of drones.
34 posted on 03/19/2013 6:45:27 AM PDT by The Great RJ
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To: BitWielder1

Your question is meant to be rhetorical, but history has shown that it does have an answer.


35 posted on 03/19/2013 6:51:51 AM PDT by SargeK
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To: henkster

Commentary of the kind you have offered here is exactly the reason that I read Free Republic.

In lame stream media, the truth is hidden, or more likely, just plain ignored. Or, if it IS exposed, it is ridiculed.

But here, with insightful thinkers like you, we are all lifted. You put 2 and 2 together to get 4 with just a few words that any of us can understand.

Bravo!

Thank you.


36 posted on 03/19/2013 6:53:33 AM PDT by TruthInThoughtWordAndDeed (Yahuah Yahusha)
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To: fruser1

Exactly. And the interest paid on savings is lower than inflation.


37 posted on 03/19/2013 7:01:15 AM PDT by Rusty0604
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To: Kaslin

It has already been done. It’s called “inflation.” They steal a few percent of our money every year.


38 posted on 03/19/2013 7:02:23 AM PDT by Little Ray (Waiting for the return of the Gods of the Copybook Headings.)
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To: TurboZamboni

I’ve been keeping up with this also. I didn’t know they were considering confiscating it after death. That’s what they do to social security, and they only pay out something like $250 for burial, what can you do with that?


39 posted on 03/19/2013 7:10:44 AM PDT by Rusty0604
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To: Erik Latranyi

I think they will force you to buy gov’t bonds.


40 posted on 03/19/2013 7:12:15 AM PDT by Rusty0604
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To: Rusty0604
250 for burial, what can you do with that?

buy some flowers, maybe a cheap urn.

41 posted on 03/19/2013 7:33:50 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: Kaslin

Most likely here they will do it a little slicker. There will be a 5 day banking holiday and when the banks open back up there will be a new dollar. It will take 3 old dollars to buy 1 new dollar. Viola’ a 66% devaluation. So if you had $10,000 you now have about $3,300


42 posted on 03/19/2013 7:47:28 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Old Yeller

Why do you think they are coming for our guns?


43 posted on 03/19/2013 8:41:02 AM PDT by Ignatz (Winner of a prestigious 1960 Y-chromosome award!)
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To: henkster; TurboZamboni
>>>> In addition to the Constitutional and personal liberty problems

Problems? What problems? What Constitution?///
/Pelosi (and Boehners on our side) et al.

44 posted on 03/19/2013 8:54:34 AM PDT by Sir Napsalot (Pravda + Useful Idiots = CCCP; JournOList + Useful Idiots = DopeyChangey!)
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To: TruthInThoughtWordAndDeed

You’re welcome. What I posted is just a bit of critical thinking; thinking out the logical consequences of what is proposed. That’s the real problem with Americans today. As a whole, Americans are not trained or inclined to think critically and logically.


45 posted on 03/19/2013 9:02:37 AM PDT by henkster (I have one more cow than my neighbor. I am a kulak.)
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To: Kaslin; no-to-illegals; MestaMachine; thouworm; Rushmore Rocks; Oorang; dragonblustar; jersey117; ..
*

Ping to Article.

[Did the the author intend using the word insurrection instead of resurrection?]

Then check out graphic at # 3 , and comments # 7 , esp # 10.

Will welfare checks be reduced by ten percent? Five percent? No? Why not? Congress won't be reducing their income, either.

46 posted on 03/19/2013 9:40:51 AM PDT by LucyT (In the 20th century 260 million people were killed by their own governments.)
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To: henkster

Cypriots problem will be Russia. Oodles and oodles of Russian cash is saved in Cyprus. This could quickly get ugly. Many moving parts. The worst part is uncertainty if the vote does not occur.


47 posted on 03/19/2013 9:45:54 AM PDT by cornfedcowboy (Trust in God, but empty the clip.)
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To: cornfedcowboy

Russia wants a new Navy base, since their current one in Syria is in jeopardy....no better spot for one than Cyprus.


48 posted on 03/19/2013 9:46:45 AM PDT by dfwgator
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To: Kaslin

So Munnell proposed to Clinton an idea! Let’s just go out there and seize 15% of the outstanding balance of every IRA and 401k.
Any bets that O&CO will run with that idea?.


49 posted on 03/19/2013 9:56:18 AM PDT by Vaduz
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To: TurboZamboni

National planning Cyprus-style solution for New Zealand

http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-style-solution-for-new-zealand.htm


50 posted on 03/19/2013 9:59:39 AM PDT by dragonblustar
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