Bank of Cyprus ‘haircut’ for big depositors detailed. Now that the EU has Cypress bending forward for 40%, they want them to bend over and spread ’em for 60%. Cypress should tell them to stuff it ala Iceland and watch the EU go into panic mode. We assume their politicians are as nutless as ours are and their next move will be to grab their ankles.
This post was last modified on March 30, 2013
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It should scare everyone on the Planet that any government believes it is OKAY to tax money already taxed that is now deposited in a bank account. Earnings are not being taxed, returns of investments are not being taxed (and in all truth these both actions ARE thievery by the govt and unconstitutional), but what is being taxed is DEPOSITED money. This is insane!!!! If I have money that is DOING NOTHING and that has already been taxed it will get taxed again?!?!? Just for me having it?!?! And the govt thinks this is okay?!?! chills... Chills down my spine.
I'm sure they will try that here in the US and I hear they are trying to Tap all 401K's with Gov IOU till you need the money?
Like the Social Security fund? Awash with unredeemed government IOU's and now needing to be cut "as an entitlement" after many of us have paid into the system for 30 40 or more years? No thank you! I would pull out what little I have in an IRA and take the tax hit first.
Let me tell you how it will be
There's one for you, nineteen for me
Should five percent appear too small
Be thankful I don't take it all
If you drive a car, I'll tax the street
If you try to sit, I'll tax your seat
If you get too cold, I'll tax the heat
If you take a walk, I'll tax your feet
'Cause I'm the taxman
Yeah, I'm the taxman
Oh well then. I was nervous for a second but when you said we would get a government IOU, what's to be concerned about?
And when fleecing the big depositors doesn't solve the problem they'll come after the little ones, much like BO & Co will boost taxes on middle income Americans(above and beyond the payroll tax increase) as soon as it becomes apparent that raising taxes on the rich who don't contribute to the Democratic party will not solve the government spending problem. Of course, no amount of tax hikes will solve the spending problem, but our Progressive Overlords will never acknowledge that fact.
If I had any money in EU, other than Cyprus (since it's too late there) I'd be getting it out ASAP. Also if I lived in Cyprus I'd be there every day for my 300 Euros until I had it all out. Like you say, stealing from the high depositors is, at best, a short term solution. They will keep up spending and then in a few months they will be in the same fix, and this time they will have to come after the smaller deposits. But apparently, the US is not the only place with sheeple.
Most likely the aim IS to get everyone... but the plan has to be to first via class envy tactics garner support for going after the "evil rich" then when as expected that doesn't solve the problem they next step is to dig a bit deeper- repeating the process until the EU has every Cypriot grabbing his/her ankles.
Cyprus is the proverbial canary in the mine shaft for every debtor nation, including the US. It will be interesting to see any new banking reform that comes forth and dig into the details in order to find any hidden clause that limits ones access to what one has earned- either by barring withdrawals over a certain threshold or by taxing them at punitive rates thereby ensuring that everyone's savings and retirements stays within easy reach of bureaucrats who've demonstrated a complete lack of interest in checking the explosive growth of the government leaving open the question of where they will be getting much needed revenues down the road.
Curious tidbit in a linked story there:
"It is estimated that about one half to a third of all Cyprus bank deposits are of Russian origin.
The ratings agency Moody's estimates that there is about $31bn (£21bn) of Russian money in Cypriot bank accounts - $12bn from banks and $19bn from businesses and individuals."
Here's the bloody details. http://tinyurl.com/bq7lteb
The worst part is, I read a few days ago that almost all of the Russian money was pulled out before this crap hit. So, the propaganda machine tells up how it's big "dirty" money that's being taxed (aka: stolen), but it's the little guys. This world is really becoming a scary place. The monsters are clawing to the top in ways that could never even be dreamt of before, and all of us are just going to be stomped on.
And there's not going to be a damned thing we can do about it. We are busy protecting our 2nd amendment rights, ignoring the fact that our government is creating ways to control us that even the most powerful weapons won't be able to stop. They are laughing at us standing on our principles and for our inalienable rights as they plan out how to zap us with the push of a button.
“Bank Robbery” now has a Double meaning.