Skip to comments.Cyprus-Style Wealth Confiscation Is Starting All Over The World
Posted on 09/26/2013 7:28:11 PM PDT by gotribe
Now that "bail-ins" have become accepted practice all over the planet, no bank account and no pension fund will ever be 100% safe again. In fact, Cyprus-style wealth confiscation is already starting to happen all around the world. As you will read about below, private pension funds were just raided by the government in Poland, and a "bail-in" is being organized for one of the largest banks in Italy. Unfortunately, this is just the beginning.
The precedent that was set in Cyprus is being used as a template for establishing bail-in procedures in New Zealand, Canada and all over Europe. It is only a matter of time before we see this exact same type of thing happen in the United States as well. From now on, anyone that keeps a large amount of money in any single bank account or retirement fund is being incredibly foolish.
Let's take a look at a few of the examples of how Cyprus-style wealth confiscation is now moving forward all over the globe...
(Excerpt) Read more at zerohedge.com ...
What do you think quantitative easing is all about if not confiscation of wealth?
In a few years, the only money you will own will be money kept outside the Matrix. Plan ahead, because they won’t announce it ahead of time.
The local mom & pop coin shop is doing a much brisker business since BHO took over. Accumulating silver and/or gold in some form or fashion is not a bad idea.
Gold and silver are good, but a lot of countries will make it very hard to sell those, or tax them heavily. Look far and wide to store wealth, and not all in the same places. Some foreign currency, a business, land, cash, etc.
Oh, how I long for the good ol’ days of Coupon Bonds... *sigh*.
I’m not familiar with the term bail-in, other than a simple notion it is a bail-out in reverse.
Can someone offer a primer on it?
Does it apply only to bonds? Or, more generally to any pool of private money being usurped by govt? What about regular bank accounts?
Ammo has been very hard to get and the prices have been high since early January.
I see a little improvement in quantity on the shelf in retail stores. I see no softening on prices.
Even reloading supplies are still very hard to find.
I am still buying when I find something I need. My shopping list has been reduced over the past year.
The State takes part of the depositors’ money to recapitalize the bank.
Or the State confiscates bonds in pension funds to reduce its own debt.
Not sure any form of savings or wealth is safe if you don’t know the right people.
“Bail-in” is when deposits are used to pay off the bank’s debt. In Cyprus, all accounts greater than 500k were evenly looted for the “bail-in”.
Basically, your balance gets trimmed to save someone’s ass and all you get is a lousy letter saying “sorry”.
“Bail-in”: Everyone’s assets accessed and leveraged at will by the coming Tapering-Extortion-Care. QE Ponzi
The progressives largest theft the world has seen continues. Or is it armed robbery since they’re using the police forces of government to carry it out? “So who ya goin ta call?”
“The local mom & pop coin shop is doing a much brisker business since BHO took over. Accumulating silver and/or gold in some form or fashion is not a bad idea.”
The MEadowlands Flea Market (next to Giants Stadium here in NJ) has a fellow with all kinds of coins and bars; he never gets to sit down...
“Some foreign currency, a business, land, cash, etc.”
Land is the worst asset to have in the “new normal” economy; it is being used to strangle the middle class here in the northeast via taxation (which is why nobody wants to buy it except foreigners).
I’ve been warning people for years that their retirement accounts would be used at some point to save social security; without confiscating it, the government will probably use it to reduce your Social Security payments. The bird in the hand is still worth two in the bush...
“In a few years, the only money you will own will be money kept outside the Matrix. Plan ahead, because they wont announce it ahead of time.”
Remember Argentina’s “bank holiday” a few years ago? People couldn’t access their money for days while the government adjusted it’s value. A few savvy people figured they could draw money from ATMs in neighboring Uruguay; the rest returned to devalued currency in their accounts. The value of cash itself is too easy for a government to manipulate; it is time we looked to Third World countries for the individuals’ “survival guide” to the “new normal”. In India when people are paid they purchase the necessities and buy gold with the remainder; it preserves their value against the decline of the rupee.
When people realize what’s happening, won’t they pull out their savings?
And won’t that lead to a crash of the banks and the market?
You’re probably right, but krugerrands and old US silver coins remain currency. I don’t see the government calling in mercury dimes and walking liberty halves, but maybe I am wrong.
It makes me wonder if we will be able to drive to Canada or Mexico and withdraw money under the same circumstances. Might be time to open a bank account in Loonies or Pesos.
“It makes me wonder if we will be able to drive to Canada or Mexico and withdraw money under the same circumstances. Might be time to open a bank account in Loonies or Pesos.”
The Argentinians were drawing on their own (Argentine) bank accounts via ATM; you can already do that. I could imagine the flags set off if you opened a personal account in either of our neighbors, but it might be worth a try. I’d go with Canada; my car insurance doesn’t even cover me in Mexico but it does in Canada.
Can someone offer a primer on it?
You have to look at it from a bank's perspective. When you deposit money in a bank, you think it is still yours. It isn't. When it gets deposited in a bank, the money actually legally becomes a bank asset, and you become an unsecured creditor of the bank.
So when they are talking about a bail in, what they mean is that if a too big to fail bank fails, they will no longer get money from the government (good), but they will get money by taking all the unsecured creditor's money, and converting it to bank stock, at a conversion rate where the unsecured creditor will lose about 99% of the value of their deposit. What you thought was yours, isn't, in one blink of electrons. This is what Cyprus did, and now everyone will do it.
Don't lean on the FDIC for security. They will guarantee up to a certain amount, but that is all. There is no guarantee that you will ever be able to withdraw it. It may just have to stay there forever propping up a bank's balance sheet.
Also, look up hypothecation.
I made the comment that people need to keep their money out of the Matrix by the time this happens. What I mean is that your money needs to be stored in physical form somewhere in the real world, and not even a safe deposit box. Even on a normal day, you do not know where your money really is, because whoever you give your money to will send it around the world while you sleep. When things get bad, they will come for your money, and if it can be accessed electronically, they will get it. And they won't announce they are going to do it, they will just do it.
Funny how banks and governments find neutral synonyms for the word “stealing”. Real funny.
Me too, though it is rather hard to understand why 22 cal is so hard to get. Anyhow, what’s going on?