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Iceland let the banks default on liabilities to overseas creditors, including deposits in offshore accounts. Iceland also has it's own currency.
I don't see why Cyprus can't do the same thing -- have the banks default on foreign loans and move off the Euro. That's seems better than imposing cruel harm to its citizens.
I realize conservatives have a knee-jerk reaction to blame Cyprus but as the IMF points out:
Cyprus is in the EU, Iceland is not.
Cyprus can leave the EU and then do what it wants..but it won't since it needs money so bad.
Just heard the numbers: Russians have about $18 bln, Europeans $80 bln. It is interesting how much American origin money are there.
Evidently quite a few British expatriates due to It being a British colony. Britain already said they'll guarantee the deposits if British soldiers stationed there.
Let me see if I can figure this out: Mortage, 40 year commitment. Vehicle 6 years. Student loans, 15 years. Job and credit rating, ongoing all your life. All long term commitment expenditures and commitments.
Elitist rules: Change when needed.
the "rules of the world" condensed.
It's also my understanding the "tax" is retroactive so folks trying to get money out now will still be taxed according to their balance last week.
Yes, that is necessary for this confiscation scheme to work. Otherwise you would have mass chaos and those poor people running to the ATMs to get out what they can, tough on them.
LOL..when government give money out they have little to no rules and becomes ripe with fraud and corruption.
But when they want to get money in they have all the bases covered including being retroactive.
Maybe not banks, but the trillion of $$$$ in our 401Ks look tempting to the spendthrift liberals.
Quote:
Originally Posted by HappyTexan
I couldn't give a crap what happened in the US for the past 200 years.
TODAY and TOMORROW is what we need to deal with.
I don't play the finger point games. Blame Bush all you want and then feel smug that your party isn't at fault. Live in the past with your charts that end in 2008.
Agreed!
People don't understand that such drastic steps like dipping into citizens savings will lead to grave consequences. If anything can be learned from Cyprus is: don't do it. Regardless of what Obama wants or hopes, everyone understands that touching 401k or other savings, may result in total economic chaos. In Ciprus it was apparently dictated by the EU, and was not a domestic idea.
Today I am even more convinced that the days of the Euro in its current form are limited. This idea, and the entire philosophy of globalization is seriouly flawed.
The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With that limit reached Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills.
Don't shrug this off because it doesn't effect you personally.
Cyprus is the first EU country to do this since the crash and the international bankers are all on board.
I think the other EU countries will watch and see what happens and if the citizens don't balk too much then you just might see this "new revenue stream" implemented in other EU countries as conditions of them receiving bailout money.
Don't shrug this off because it will not effect them personally? Of course they will, just like they had no problem with Obama increasing taxes on the other guy but soon found out the Obama got them too.
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