After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE

TEC ^ | 03/18/2013 | Michael Snyder

[rarestia]

I’m so conflicted. Do I cease all contributions to my 401(k) and take the money out? Do I leave the money in there? Do I dump all of my cash into ammo and food? Do I stop paying my mortgage? I wish my grandparents were alive to give me some advice on this.

[GeronL]

Countries around the world are salivating, hoping this happens without much trouble.

I bet the MSM will treat this as no big deal, probably not even newsworthy. That will be the sign that it may be coming here.

[Truth29]

I wonder how the Cypriot legislators will respond to a few calls from Russian oligarchs explaining what will happen to them and their families if the Russian money is not unfrozen expeditiously?

[SeekAndFind]

RE: Do I cease all contributions to my 401(k) and take the money out?

How much do you pay in taxes for taking the money out before you reach age 59 1/2?

[MeganC]

My advice is to make sure that you have ample enough silver and ammunition on hand that you can use them to buy groceries, fuel, and etc. for you and your family.

Gold is nice to have but in a currency collapse it will be best to use it for big ticket items like cars, houses, guns, and etc.

For smaller purchases you need silver or ammunition.

If you have all three then good for you!

But for most people I’d say put aside some silver and ammunition in popular calibers (even if you don’t own a gun!) as they’re always easily accepted items of trade.

[rarestia]

Too much. Most I can do now is stop putting in, but that’s on the assumption that it’s all going to come crashing down. If that doesn’t happen, then I’m out what I would’ve put in.

[Patriot Babe]

I already cashed out my 401K since I need it due to being unemployment. In my next job I will not open a 401K there is no denying that the Democraps are salivating to watch what is happening in Cyprus. Cyprus is small just wait until they get to the bigger countries. I believe this may be a trial performance to see what happens. We know Democraps are good in stealing other people’s money so don’t think it CAN’T happen here.

[rarestia]

I can’t get into the whole silver/gold discussion again. Makes me dizzy just thinking about it.

I’ve got ammo. I’m going to pray for a peaceful resolution but be prepared for the worst.

[E. Pluribus Unum]

Cyprus needs to decorate a few lampposts.

That will get the message across.

[Uncle Miltie]

"How would you feel if something like this happened where you live?"

I'd just put on some cammo and go hunting.

[Oatka]

First Bank of Sealy or Serta come to mind, as well as Mason jar accounts.

If anybody said that these idiot politicians would risk a world wide run on banks by pulling a stunt like this, they would have been hooted off the Internet.

For those who say “It can’t happen here”, think “Yes we can!”

[meatloaf]

If I worked for the IMF, I’d carry an antidote for polonium poisoning as if that would do any good.

[Procyon]

This is hysterical. The haircut is equivalent to one year’s interest. Insured deposits lay 4 to 6 percent. In order to attract all that Russian money, Cyprus banks were offering up to 11% per annul on uninsured jumbo deposits of EUR100,000. We’re so used Stateside to bank deposits paying sub 1 percent that we think this action is near confiscatory.

[MeganC]

I’m not one of the crazies. I’m just saying have some silver on hand for a rainy day. Ten ounces would buy a family ten days of food during a collapse and that’s how I see it.

Those idiots who buy silver and gold while eagerly awaiting the day they can use it are like people buying fire extinguishers in the hopes that their houses burn down.

That’s not me.

FEMA has some good advice on what to put into an emergency kit and all I’m saying is to add a few silver coins and maybe a couple boxes of ammo to it. That’s all.

http://www.ready.gov/build-a-kit

[MeganC]

“I’d just put on some cammo and go hunting.”

If you’re hunting bankers then the best camoflauge is a three-piece suit and a BMW.

[InterceptPoint]

Actually, confiscation would be quite OK as a payback for electing gangsters to run your government year after year after year, never learning that they are stealing you blind.

Unfortunately, at least in this country, those doing the electing are generally not those doing the paying the penalty so it turns out to be unfair squared.

Actually I will not be surprised to see them back off on Cyprus. If they don't I cannot see why anyone would put their money in a Cyprus bank. Better to buy gold or jewels and hide them in your house. Foolish to think that this is a one-shot deal. They'll be back next year or the year after for another 10%.

[Cyman]

I’m so conflicted. Do I cease all contributions to my 401(k) and take the money out.

I just completed that task last week. Better one day,week,month or year early than one proclamation late.

[Uncle Miltie]

Good point.

[L,TOWM]

The amount pulled out is taxed at your regular income tax rate as it is considered part of that tax year’s income. On top of that, you will pay a 10% penalty on what you withdraw — so if your income tax rate ends up an effective 40% becuase of a couple of hundred large being added to your income and then the 10% penalty is added in, you get to keep half of what you pull out.