Posted on 03/17/2013 9:41:03 AM PDT by Nachum
Very few things give me nightmares… Yesterday’s event in Cyprus was one of them and the media is conspicuously silent. What do you get when you combine worldwide Marxist elitists, bankers and the media? A worldwide depression and a new dark age. The IMF (in case you are wondering who they are) is using Greece as a proving ground for the rest of us. It is a fascist Petri dish. They just implemented an across the board tax on all bank accounts over a holiday with no warning and no recourse. 9.9% if you have over 100,000 Euros in the bank, 6.75% is you have less than that. This is money being seized by the IMF, the European Union and the government of Greece to attempt to cover some of their debt. It is theft and it could have been a lot worse. The IMF had proposed a 40% haircut on all accounts. This is how it went down:
Banks first cooperated with the EU by sealing off the amount of the proposed levy—a 6.75 percent tax on deposits under €100,000 and 9.9 percent on those above —making it impossible for depositors to access their full amount. The only means bank customers have left is the ability to draw from the rest of their funds via ATM machines this weekend. Many depositors made their way to the machines on Saturday to drain their accounts. But the few banks that opened on Saturdays did so only briefly, and no international transfers will be able to go through until Tuesday, with Monday being the holiday. Cyprus’ Parliament is expected to meet Sunday to pass the required legislation., or after the deed was done. The deal also needs the approval of several eurozone parliaments; at the time
(Excerpt) Read more at noisyroom.net ...
“What’s in your wallet?”
Crickets.
Coming to a BOFA in your neighborhood soon. Only here its going to be more like a 66% haircut.
Drudge has this story prominently placed now.
The title and basic facts in this article are erroneous. The Cyprus haircut was engineered and implemented by the EU, not the IMF. From now on, I won’t trust a word that blog Noisy Room says.
*BUMP*
You are correct its not a tax its out right confiscation or theft (for the low information voter). Denninger on Maket-ticker is all over this.
Here’s the thing....if you want to borrow money from the big-boys...you need to meet their rules. Cyrpus really doesn’t want to tax their own citizens like this, and it will come down hard on any political figure who votes for this. I would expect several new political parties to appear out of nowhere, and a vast sentiment of negativity to exist for years over the EU. But at least they will have the two national banks still existing because of this stupid tax deal.
As for reactions in the stock market on Monday? You’d best expect a two percent drop in Europe markets, and maybe a one-percent drop in the US market.
Also, if they are successful in getting them to accept the tax....then all the other coming bank failures in Europe will be treated the same. It should scare them a good bit now to realize how vast this could become.
And it was the EU, not the IMF, that did this.
Why bail out a bank where no one will ever do business again?
One would be a fool to open an account in a bank that steals from you.
So, name a US bank that doesn’t?
It’s coming.
Kiss your IRA and 401k goodbye.
Expect Black Panthers with shiny new Obama Corp of Enforcement uniforms to show up and confiscate valuables at your home.
You think this is a stretch?
You know those records that Obama sealed? His educational records? The ones that show that he got foreign student aid?
Either he committed felony fraud getting it, or he committed felony fraud in running for public office from the git go.
You people are arguing and all worried about the quality of the rope they are going to hang you with.
It’s theft. Seizure. It’s not a tax.
The media is silent because they are happy. The media wants guns taken away from normal people so that governments can just seize what they want when they want.
Haha. All tax is theft; you’re silly.
Looking at the over seas markets and gold, very little reaction.
Weird.
I’ve noticed that as well. This could end being a non-event.
If the Czechs I’ve talked to about this are indicative of general European sentiment, it’s not a big deal to them.
The rationale is - the Cypriots made a deal with the devil when they agreed to become a money-laundering center for the Russian mob. They knew damned well where this money was coming from, and they should count themselves lucky they’re only taking a ten percent hit. The Cypriot banks were offering interest rates of almost 20%. If something sounds too good to be true, it is.
On the periphery, there might be some issues...certainly the Greeks will get nervous, and possibly Spanish and Portugese savers as well.
This may well have been a one-off. And it’s entirely possible that markets figure that for Cyprus, this deal, while bad, is better than the entire Cypriot banking system going insolvent. Would you have rather have 90% of something, or 0%? That 0% is what the average Cypriot would’ve been left with if the entire banking system there collapsed, and a systemic failure of the banking sector was forecast to occur in May of this year.
The etymology of tax, it simply comes from “takes”.
Fascism or Communism... no real difference..
They are both Socialism.. made possible by democracy..
If the people are democrats...
They deserve to be punished..
American is being punished, badly.. for the same reason..
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