Posted on 03/26/2013 12:52:17 PM PDT by whitedog57
Between youth riots in Cyprus over the tax levy on deposits and the Eurogroup’s Chairman Jeroen Dijsselbloem’s verbal gaffes, it has been a busy day in Europe.
First, the announcement of a deal on Cyprus sent the Euro Stoxx index upwards (resolution of uncertainty). Then Dijsselbloem said that the tax levy on Cyprus deposits was a template for other countries (massive creation of uncertainty). Then he said he wasn't sure what template meant.
First, can you spot when Dijsselbloem made his template gaffe? Second, how could the CEO of the Eurogroup NOT know what a template is?
Then adding gas to the fire, Dijsselbloem says that a levy on wealth is defendable in principle.
While his defense of a levy on wealth was certainly a gaffe, it may be true … and expected.
Only the wealth of the little people who can't do anything about it.
There wasn’t even a front page article when that rascal former what’s his name did this and billions were lost. All He said was “I have no idea” Corzine right? They are legally or not stealing while they can and get away with it! Sorry about the grammar. VERY ticked...
They HAVE your deposits. They hit ‘em up for a few percent every year - its called “inflation.”
They MIGHT, however, go after your IRAs and 401Ks. Remains to be seen.
In Europe bank accounts are insured up to EUR100,000. Smaller accounts are not affected by this action. Amounts over that are not insured. Why should taxpayers bail out a bank before it liquidates uninsured deposits (after stockholder and bondholder interests)? The large account holders knew their deposits were uninsured and at risk. They were lured by jumbo interest rates. There is no lesson to be learned here except to be reminded what lack of insurance can lead to. Here in the US the FDIC insures the first $250,000 of the combined total of your accounts at each insured bank.
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