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No, it is not a regular tax. It's a partial one-time dispossession.
Dispossession, expropriation, theft or tax either way Cyprus is screwed as is much of the euro zone. If I was a depositor in any of the PIGS I'd be at the bank first thing in the morning and either convert a significant portion of my savings into gold or moving it to Switzerland.
Apparently the froze the percentage they were stealing before folks could go get it withdrawn. Germany is pissing a lot of folks off over there with this stuff.
Enron did the same thing to it's shareholders with the help of American bankers.
Dispossession, expropriation, theft or tax either way Cyprus is screwed as is much of the euro zone. If I was a depositor in any of the PIGS I'd be at the bank first thing in the morning and either convert a significant portion of my savings into gold or moving it to Switzerland.
I'm sure they have made just that virtually impossible. Seems I read a story recently that it's illegal in Greece to own so much Gold or valuable gems.
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.
In Germany a brand new party has just been founded. Its main objective is doing away with the Euro. And it is not some radicals nobody takes seriously, it is the brainchild of lots of professors and other known intellectuals. Merkel's party is already worried as that new party might become one of the strongest parties in this year's elections.
Although that party is egoistic, i.e. concentrated on the German perspective, its goal would also help Southern Europe as the strength of the Euro has been one of our major problems for years. Thus I wish them good luck in toppling Merkel
I'm sure they have made just that virtually impossible. Seems I read a story recently that it's illegal in Greece to own so much Gold or valuable gems.
Knowing Portuguese politicians are corrupt, incompetent criminals, I transferred about 90% of my deposits to a foreign bank via online banking at the weekend. It worked
Knowing Portuguese politicians are corrupt, incompetent criminals, I transferred about 90% of my deposits to a foreign bank via online banking at the weekend. It worked
Wise move gotta stay one step ahead of the international cabal.
Wise move gotta stay one step ahead of the international cabal.
I did feel a bit bad and egoistic, but then again, I like helping people, not greedy banks and politicians. I will simply donate even more directly to NGOs should they try the Cyprus scheme here as well.
No, it is not a regular tax. It's a partial one-time dispossession.
What's the difference except "partial one time dispossession" sounds nicer? It's a one time "donation" at the end of a gun. If they're willing to go that far what would make one think they wouldn't go farther later on? More to the point, if it doesn't ignite a violent response from the public wouldn't that give others the idea that they could get away with it?
This could very well light a fire of bank runs in other troubled countries with ripples all the way to our economy. Anyone with half a brain in these countries has got to be thinking "hmmm, I'll bet our leaders have thought about the same solution, they're not going to take mine".
Once one country breaks this cardinal rule and gets away with it you can bet others will look seriously at doing the same thing kind of like a rolling blackout.
This is going to fuel the fears of the already afraid, validate those that think we're already doomed and further enrich the gun/ammo/emergency food industry causing many of the people who were once on the fence to tip over and join the fray.
While the odds of confiscation of U.S. accounts are slim to none the psychological effects of what's going on in Cyprus (especially if it spreads to other countries) on the population here could be very bad.
Gonna be a bumpy ride for a few days/weeks.
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