Greeneyes, you and I were talking about having cash in the bank and/or at home. This article says:
“Greeks cannot withdraw cash left in safe deposit boxes at Greek banks as long as capital restrictions remain in place, a deputy finance minister told Greek television on Sunday.”
And, Anitius says: “They are already confiscating bank accounts. Anything over 8,000 Euros is being “taxed” this next week.”
So, our money isn’t going to be safe in banks even if we have bank statements to prove we have(had) money in there. They can take it or tax it. I don’t want banks to have my money if there is an economic collapse.
That is why it is better to have one’s money close than to have it in the bank (for whom I don’t trust) where it can be confiscated.
I see Mattresses are on sales this week. =)
Technically, when you deposit money in a bank, the money is owned by the bank, not by the depositor. The depositor has a legal claim on the money, but the bank has title to and ownership of the money.
It’s a joke to keep so much money in a bank nowadays. Better to get a good fire-rated safe bolted down and keep at home in an unusual place. It’s not like anyone is earning real interest in it and nobody is going to report you to Big Brother for taking out too much of your own money.
I don’t think the banks will have your money, if there is a financial collapse. It’s the government that will get it. Wonder if they are going to demand that everyone declare cash money held at home, or maybe even make using cash illegal?
In this instance, it sounds to me like the government is taking the money(taxes). Fits one scenario I had thought of. Like I said, wealth doesn’t simply disappear - it gets transferred and that’s often to the Government through the banks. Totally destroys the middle class.
This is really in line with what I thought they would do. Tax the bejeezis out of the accounts. I don’t keep any cash or cash equivalents in the safe deposit boxes, just back up copies of important papers.
I think they’ll go after the retirement accounts, as well as the checking and savings accounts. I just hope they don’t also triple or quadruple the Real Estate Taxes.
If I empty my accounts, I’ll spend a lot of it on food and other preps. Especially those that are the first necessities to experience shortages, and stuff with 10-30 year shelf life that we use a lot.