Posted on 04/01/2013 10:12:33 AM PDT by NOVACPA
With every passing day, it becomes clearer and clearer the Cyprus deposit confiscation "news" was the most unsurprising outcome for the nation's financial system and was known by virtually everyone on the ground days and weeks in advance: first it was disclosed that Russians had been pulling their money, then it was suggested the president himself had made sure some €21 million of his family's money was parked safely in London, then we showed a massive surge in Cyprus deposit outflows in February, and now the latest news is that a list of 132 companies and individuals has emerged who withdrew their €-denominated deposits in the two weeks from March 1 to March 15, among which the previously noted company Loutsios & Sons which is alleged to have ties with the current Cypriot president Anastasiadis.
(Excerpt) Read more at zerohedge.com ...
Only a fool would have left their money in the banks. I guess now they will attack people for protecting their assets.
I’m thrilled they got their money out. But since it’s easy to figure out who ducked the tax, why not go after the assets in their new location? I assume it would be like this. I have my money in a California bank. California decides to balance their budget with a “one time” tax on deposits. I move my money to Nevada. I’m certain that California would come after it. Probably they’d threaten to close all the California branches of the Nevada bank if it wasn’t turned over. Then, I’d have to go to a California court to get it back. (Comments?)
I figured it would come out that the well-connected got advance warning and were not set up for haircuts.
All the “cronies” and insiders were covered leaving the usual small business and middle class holding the dirty end of the stick as usual...
Not a bug it’s a feature. All the RIGHT people got the nod to get their money out in time.
just the ordinary folks. Grandma and Grandpa were screwed.
CA is worst. Their regulators would audit a bank. If they find a bank have accounts that were inactive, they would use CA laws to seize the account and force the saver to reclaim it thru a state process. It takes time, but the seized inactive accounts provide cushion for state debts. Worst if a safety deposit box is inactive, the contents are seized and auctioned off to raise cash for CA gov. If one is smart, make sure you visit your safety deposit boxes twice a year and make deposits in person to any savings accounts you have at least twice a year so a cash hungry state does not force the bank to declare it inactive and seize it. Otherwise pull the money out.
Except once it got to Nevada, it was split ten times and sent to ten different states. Where it was all sent to another country. It all came back together in the final country and deposited in a numbered account in some haven we haven’t heard of yet.
Practically untraceable.
Just curiously, what about a credit union?
Apparently, not to be a citizen for California for the purposes of taxation requires that you have been physically out of the state for 18 month. That you have not maintained a piece of property, a bank account or a social membership, such as in a church, also for 18 months.
A really wealthy guy could do as you suggest. But the average citizen simply can’t open multiple bank accounts easily. I had to show up in person with a birth certificate to open an account where I live. If I split my meager savings into 10 accounts, they’d all be local and all reachable by California if they so choose. As somebody once said, “Taxes are only for the little people.”
That’s going to happen here as well.
The PTB will keep the balls in the air as long as they possibly can, allowing the “right” people to get more and more of the “wrong” people’s money in play,
then, they’ll get the nod that the balls are about to drop, and they’ll turn the lights out on everyone.
Oh, yes...what I describe is a rich man’s game. The fees on all of those transfers would be significant. And managing it would not be difficult—planning it and executing it would take weeks to set up. And likely you would be violating all sorts of laws.
But the folks that do this stuff are not really concerned with their accountants getting pinched.
Agree completely. In fact the word for this is basically an ‘exit tax’, which is what we impose on rich folk who decide that citizenship in the US is to expensive.
I was listening to a utube about Cyprus. They were interviewing a businessman who was saying that everything has to be done in cash and he will lose his business as will most of the other businesses. No credit cards are being excepted and any ordering they do has to be in cash.
We all need to have cash on hand to a certain extent just to make sure you can buy gas, etc., if it happens here.
It’ll be a massive banking collaps that we lead the world to use script to buy stuff.
Script may be the thing that ushers in a single world currency.
There will be barter, and there will be script.
What is script?
hehe
Think “scrip”.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.