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so why not just impose the levy on Cypriot citizens only?
forget about the foreign investors but charge the locals around 20% instead, after all it's their country and their mess.
does that sound fair?
It sounds more fair than to tax everyone. Moreover, Cyprus simply cannot survive without foreign money. But in my opinion, the idea of such "taxation" is generally unfair.
If you could have predicted it why didn't you? Or are you just trying to make yourself look better by claiming you had foresight you really didn't have?
BTW my prediction is this tax (which hasn't actually happened yet, remember) never actually gets implimented as the German government is forced to change the terms of the bailout. Personally, I'm giving it a 50-50 but leaning towards bankers in the other troubled states make Merkal back down.
I must be missing something, is this meant to insult just the one poster or everyone who "guessed" that a bank run would most likely occur when people thought their savings were in jeopardy?
Even if it "never actually gets implemented" the fuse has been lit,the words have been spoken,the genie has been let out of the bottle whatever saying you want to use serious doubt has been placed in the peoples minds and trust has been broken and fear has set in.
Now all people will hear (in Cyprus) no matter what denials or clarifications are issued is "please leave your money in the bank, it's safe". (So we can take it later but trust us, we won't)
Edit:
To all who think what is being proposed in Cyprus is ok and would be fine if it happened elsewhere I ask this "why haven't you taken 15% out of your bank account and sent it to the IRS yet?" Seems to me it's real easy to justify taking money when it's not yours that's being seized.
Unlikely... because this one taxes them, too. Cyprus is confiscating from ALL savings accounts. Obama supporters usually only tax OTHER people, not themselves ("Soak the Rich!" "Punish the 2%!").
You really don't know anything, do you?
Maybe you've managed to ignore the calls by people like Warren Buffett and Bill Gates to significantly raise taxes on the rich, but the rest of us know it's happening.
Edit:
To all who think what is being proposed in Cyprus is ok and would be fine if it happened elsewhere I ask this "why haven't you taken 15% out of your bank account and sent it to the IRS yet?" Seems to me it's real easy to justify taking money when it's not yours that's being seized.
Even if this isn't implemented, and Cyprus would be very silly not to implement it, a bank run is almost a certainty. Remember this is the 21at century one doesn't have to physically show up at their bank to move money.
No, the government is stealing your savings. They just do it in a way you don't notice.
Can Cyprus happen here? Well, some on the left are already floating plans to rescind the tax exemptions on retirement accounts, making a grab for a big pile of your savings.
But will they do what Cyprus is doing with our bank deposits? Probably not. If history is any guide, our political czars wouldn't attempt something so crude as to just grab money from our accounts. No, they'll do what they have always done: siphon it gradually by printing lots of money and inflating away our savings.
Gee are some people starting to wake up after reading about Cyprus proposals ?
Then you better pay attention to our own Congress as well.
There have been several sessions over the past few years about our dear government "managing" our 401K/IRA accounts because "Americans are not good at managing them on their own" as per the speakers.
The DOL even held a 3 day conference on that issue and had banks/brokerages/insurance companies/etc. come and speak.
Of course the major underlying theme was that it would be "optional".
The common thread across these sessions was that you sign over your money and you would get Treasuries in your account with min guaranteed interest and then an annuity to provide "a stable income stream" in your golden years.
There have been THREE such sessions with Congress over the past 4 years. I've been following this.
There's $5 trillion sitting in IRA accounts and $4 trillion sitting in 401K accounts (as of 2011).
That's near $10 trillion "just sitting there".
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that a bank run would most likely occur when people thought their savings were in jeopardy?
