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Exactly. They are taking a huge chunk of money directly out of peoples bank accounts. People who have 100,000.00 EUR in the bank will suffer the losses.
At this moment this converts to people who have $128,808.20 in the bank account. That is not rich but the government is calling them rich.
What is rich in one country is not rich in another.
Having lived in Cyprus for several years, I can tell you that most Americans who consider themselves middle class would consider themselves mightily deprived if they had to live like the Cypriot middle class.
"Rich" is not about some absolute sum of money, it is relative to many things within the society in which you live.
Furthermore, those banks to which this will apply have been "cherry-picked," so to speak.
What is rich in one country is not rich in another.
Having lived in Cyprus for several years, I can tell you that most Americans who consider themselves middle class would consider themselves mightily deprived if they had to live like the Cypriot middle class.
"Rich" is not about some absolute sum of money, it is relative to many things within the society in which you live.
Furthermore, those banks to which this will apply have been "cherry-picked," so to speak.
So you also group people at $250K the same as big bankers?
And what is your point. Do you think it is right for the government to go in and just take money out of peoples bank accounts and you are saying it is ok because it is the other guy? If it were you, you would be the biggest screamer.
From the linked article: Deposits below 100,000 euros in Laiki will be transferred to Bank of Cyprus. Deposits above 100,000 euros, which under EU law are not insured, will be frozen and will be used to resolve debt.
Deposits over 100,000 euros are not insured. Not insured under EU law. Why do you think that might be? My tin foil hat is getting tight. I may have to make another one.
A Eurocrat just said Cyprus will be a template going forward in a future crisis, markets react accordingly. Going forward anybody having more than 100K euros in a EU bank risks expropriation.
The U.S. dollar will most likely get stronger just in time for Obama and his administration to take credit.
It might prompt investors to shift cash from the euro zone to the U.S. That’s boosting the value of the dollar. Then again,
The stock market will attracting foreign investment. As the stock market rallies, Democrats continue to point to the stock market as proof of Obama's policy success even though the masses are not feeling any positive effect. The Federal Reserve becomes worried that this euphoria may get out of hand by boosting inflationary pressures and creating a speculative bubble. Therefore towards the middle boom, they begin to consider raising interest rates to tame growth and to prevent a damaging crash that may occur later on.
Maybe Wall Street is waking up ?
How would you like to invest your money not really knowing if the government is going to take it from you to bail out a country ?
Wall Street falls after Cyprus deal called model solution
The Dutch finance minister said if banks needed restructuring and were unable, then euro zone officials would turn to shareholders, bondholders and uninsured depositors to contribute to a bank rescue.
Maybe Wall Street is waking up ?
How would you like to invest your money not really knowing if the government is going to take it from you to bail out a country ?
Wall Street falls after Cyprus deal called model solution
The Dutch finance minister said if banks needed restructuring and were unable, then euro zone officials would turn to shareholders, bondholders and uninsured depositors to contribute to a bank rescue.
They should, payroll taxes went up and people have less money to spend. More people will not get a tax refund for 2012 due to rising taxes.
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