Posted on 03/16/2013 6:23:53 PM PDT by Kartographer
Over the last few years political and financial leaders in Europe and the United States have implemented policies, regulations and bailouts costing global taxpayers trillions of dollars with the promise that these measures would lead to economic growth and recovery.
What happened in Europe today is yet further proof that nothing they’ve done has fixed the underlying fundamental issues surrounding the events that led to the crash of 2008.
For those who don’t believe the government is prepared to take extreme measures that may include the seizing of retirement accounts, cash savings or even gold, look no further than Cyprus, the latest recipient of bank bailouts.
As of right now, citizens of Cyprus are scrambling to withdraw funds from their bank accounts after the EU, with agreement from the Cypriot government, announced they will decimate funds held in personal bank accounts to the tune of up to 10% of existing deposits.
(Excerpt) Read more at shtfplan.com ...
Preppers’ PING!!
Why do you think they are so anxious to get guns/ammo under control here?
some possible clues to your question ... http://www.freerepublic.com/focus/f-news/2904309/posts?q=1&;page=1
another set of clues? ... http://www.freerepublic.com/focus/f-news/2996500/posts?q=1&;page=1
Now we know why the stock market is being pumped up; Fattening up the turkey before the feast.
I hope the Cypriots are quick to get their money. This amounts to theft.
I’m surprised they’re doing it this directly, but I guess they have no choice.
Typically a country would accomplish the same (usually a lot more, in fact) simply by devaluing their currency, as Russia and Argentina did is recent decades, thereby extracting more like 60 to 99% of the value of accounts.
But Cypress is tied to the Euro, so they have to be more direct - and simply grab the money flat-out. In any case, the governments know where the money is, and they WILL get their hands on it. And if the people of Cypress think this will end (i.e., no more confiscations), they will be in for a BIG SURPRISE.
The entity that will do it is the IRS because they already have the legal power to do it. I would bet most of us have direct deposit of some funds, so those would go in our account and right back out automatically to the IRS. If you get a Social Security check that way, perhaps they would just keep it to start with and not send it to your bank.
You bet I think this could happen. When Hussein says, as he just has, the debt is really nothing to worry about for a while, that means he is likely to take our money soon while we aren't worrying because he said don't worry.
Going totally Galt sounds more likely for me every day, just drop out like a hermit.
Every payday put aside a little extra cash for emergencies. I figure the bank’s not paying much more interest than the mattress does, might as well have some cash at hand.
“Every payday put aside a little extra cash for emergencies. I figure the bank’s not paying much more interest than the mattress does, might as well have some cash at hand.”
If everything falls apart, cash won’t be worth the paper it’s printed on. In reality all modern economies are built in some manner with play money. It only has value because we believe as a group that it does. When that goes out the window the entire system can collapse. I’m not saying this is inevitable, but it is a scary possibility.
Every now and then, I see an offer to buy structured settlements.
How about social security, or other annuities?
My neighbor is now removing all of his funds from the bank and doesn't feel he should put the money in any bank. Can't say I blame him. I wonder how long it will be before the banks actually have an IRS agent in-house to interrogate you after each transaction.
Ramming Speed.
Stand by for the ram.
Does Obamacare really give the Government authority to access our accounts?
The reality will look more like high inflation, and at some point a more stable form of currency will be sought out and adopted, then at that point the previous currency will be worthless.
For an example, here's the Revolutionary War pension application for one of my fifth great grandfathers, scroll down to Christopher Eaton:
http://www.fmoran.com/revde.html
It's lengthy and the poor fellow had a rough time of it, but it does mention his returning with a parcel of Continentals which were his pay but they were worth very little as they had depreciated.
This is not to say that there should be no concern, but that holding some emergency ready cash is not a bad thing.
http://beforeitsnews.com/economy/2012/11/confiscate-iras-401ks-obama-begins-to-push-2463816.html
The Obama administration is reportedly quickly moving on plans to nationalize private 401k and IRA retirement accounts, and replace them with government sponsored annuities(aka Treasury bonds that the Treasury currently can’t sell to anyone but the Fed).
National Seniors Council Director Robert Crone warns: “This whole issue is moving forward very quickly. Already there is a bill requiring all businesses to automatically enroll their employees in IRA plans in which part of every employee’s paycheck would be automatically deducted and deposited into this account. If this passes, the government will be just one step away from being able to confiscate all these retirement accounts.“
All your retirement savings are belong to us:
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.
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