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The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that.
The government of Cyprus was given two options by the IMF and the EU - either they could confiscate money from private bank accounts or they could leave the eurozone.
Apparently this was presented as a "take it or leave it" proposition, and many are using the world "blackmail" to describe what has happened.
Never before have the banksters come directly after bank accounts.
If everything goes according to plan, every bank account in Cyprus will be hit with a "one time fee" this week. Accounts with less than 100,000 euros will be hit with a 6.75% tax, and accounts with more than 100,000 euros will be hit with a 9.9% tax.
How would you feel if something like this happened where you live?
How would you feel if the banksters suddenly demanded that you hand over 10 percent of all the money that you had in the bank?
What the ECB/IMF did was akin to FDR's EO over safety deposit boxes and gold.
FDR bought people's gold for $20/oz and when he got the gold the Treasury raised the price to $35/oz.
The government had an immediate profit while everyone else had an immediate loss.
FDR used that slush fund for his public works projects and never needed to ask Congress for approval.
Even still..it didn't prevent the Great Depression from happening.
What results is loss of faith in your own government.
Shoot, the talk here in the US to Congress is to "manage" our 401K accounts and turn all that money into Treasuries that would pay us "annuities" or monthly allowances like SS. These talks, discussions have happened 3 times now over the past 4 years and one was a 3 day seminar hosted by the DOL.
I'm paying real close attention to this item and have my "plan B" ready to implement.
What the ECB/IMF did was akin to FDR's EO over safety deposit boxes and gold.
FDR bought people's gold for $20/oz and when he got the gold the Treasury raised the price to $35/oz.
The government had an immediate profit while everyone else had an immediate loss.
FDR used that slush fund for his public works projects and never needed to ask Congress for approval.
Even still..it didn't prevent the Great Depression from happening.
What results is loss of faith in your own government.
Shoot, the talk here in the US to Congress is to "manage" our 401K accounts and turn all that money into Treasuries that would pay us "annuities" or monthly allowances like SS. These talks, discussions have happened 3 times now over the past 4 years and one was a 3 day seminar hosted by the DOL.
I'm paying real close attention to this item and have my "plan B" ready to implement.
Their "selling point" is that those nasty 401K's cost you too much of your "hard earned" money to manage so just let us folks in the government do it for you and we will dole it out to you as we see fit. Also that many aren't smart enough to spend their retirement on their own so they need somebody to tell em how to spend it for em. As many idiots as there are running around this country now it's only a matter of time until folks heads start nodding up and down and ask where to sign up.
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