Posted on 03/18/2013 4:34:29 PM PDT by Ernest_at_the_Beach
Good morning and welcome back to the land of anarchy where contracts and guarantees don’t mean anything anymore.
Over the weekend, as I’m sure you’ve already heard, Cyprus and the EU and the IMF (and the U.S. Treasury which is part of the official decision-making body at the IMF) all decided that it was in society’s best interests to confiscate the money in people’s checking and savings accounts. Not all of it, at least not yet.
But as there’s a ton of confusion and misdirection about what this latest round of theft of private capital and descent into anarchy really is, let’s walk through how this works in real terms.
Picture a giant bank which gets billions in covert and overt subsidies and bailouts every year. Because the banking sector and its giant corporate offshoots have blown themselves up and needed repeat bailouts and ever more subsidies to stay in business, the government now “guarantees” that your customers’ savings and checking deposits will always be there when they need them. The banks supposedly keep all those “deposits” completely separate from any trading, securitizing, Treasury-buying and bonuses paid out every year.
I’m actually talking about the banking sector in Cyprus and in every country in the EU, but the very same principles and concepts and lack of rule-of-law applies here in the U.S. with our Too-Big-Too-Fail banks and the FDIC insurance “guarantee” that you think you’ve got for your savings and checking accounts up to $200,000.
But every major bank in the world, courtesy of the housing bubble collapse in the U.S. in 2006-2008, literally has billions upon billions of dollars of losses from bad loans, bad securitized investments, bad trading and from bonus payouts for the people who generated all those losses.
(Excerpt) Read more at blogs.marketwatch.com ...
cyprus confiscated 10% of the money in people’s bank accounts
0bama confiscated 50% of all monetary instruments, being cash, 401Ks, real estate, etc... by devaluing the dollar immediately upon entering office
yet there’s more of an outcry over 10%
go figure
The Eurozone Kleptocrats are bigger crooks then the Russian Mob.
We are being robbed blind by the Ruling Class....Eagles Up.
To keep things in perspective -
Let’s not forget that the Obamacare law places a confiscatory 3.8% tax on the “profits” from all homes sales for couples making $250k and individuals making $200k.
This (and other hidden taxes imposed by Obama) are a few beginning steps in the liberals wealth confiscating philosophy.
Does anyone doubt that our Big Government politicians would hesitate to confiscate money from IRA’s, 401k’s or savings accounts if they could get away with it (or when they decide they CAN get away with it).
Homeland Security hasn’t stockpiled 2 billion rounds of ammunition to use against Cubans or Canadians.
The goal is make us all tenants of the feral government.
(and the U.S. Treasury which is part of the official decision-making body at the IMF)
This is the only thing you need to know about the confiscation, it will come here soon, even though they have been stealing our wealth thru inflation for quite some time now, it just isn’t the same cuz the vast majority of people don’t have a clue as to what inflation really is, other than rising prices. Here it is an in your face Confiscation, with President Obama Making the Decision.
Isn’t this a form of theft?
Insightful. Wish the other 52% of voting adults objectivly looked at the facts...
There's no plausible way to plug the $150+ TRILLION hole of debt and unfunded liabilities - 300% of global GDP.
There are so many ways our states and feds can $crew us.
In California, the left wingers in control of the capitol are trying to enforce back taxes on tech start up investors.
Not only are they after the so called back taxes, they want penalties for late payments for past refunds:
“Engineers and hackers don’t think much about tax policy, but there’s a bizarre development in California that they should know about, since it could reduce the pool of angel-investment money available for tech startups. Under a tax break available since the 1990s, startup founders and other investors in California were allowed to exclude or defer their gains when they sold stock in California-based small businesses. Last year, a California appeals court ruled that the tax break was unconstitutional, since it discriminated against investors in out-of-state companies. Now the Franchise Tax Board, California’s version of the IRS, has issued a notice saying how it intends to implement the ruling — and it’s a doozie. Not only is the tax break gone, but anyone who claimed an exclusion or deferral on the sale of small-business stock since 2008 is about to get a big retroactive tax bill. Investors, entrepreneurs, and even the plaintiffs in the original lawsuit are up in arms about the FTB’s notice, saying that it goes beyond the court’s intent and that it will drive investors out of the state. This Xconomy article takes an in-depth look at the history of the court case, the FTB’s ruling, and the reaction in the technology and investing communities.”
“Does anyone doubt that our Big Government politicians would hesitate to confiscate money from IRA’s, 401k’s or savings accounts if they could get away with it (or when they decide they CAN get away with it).
Homeland Security hasn’t stockpiled 2 billion rounds of ammunition to use against Cubans or Canadians.”
My Mother, like her dad, my Grand Dad and role model, never trusted the left wingers. She warned all of us that they would figure out some way to rob us of our savings in our 401ks/IRAs and similar plans.
The first take away will be from the rich, however that is defined by the Chicago Mob in charge of DC and our country.
So Obozo will use class envy and tax the rich by about 10% in the first act of redistribution.
6 months later, when that is gone, all of us with 401s, IRAs, a checking or savings balance will be taxed monthly at 1% per month of the value of our retirement plans and any savings or checking account we have. The rich will be taxed at 2% per month.
The 90% of Americans with a retirement savings plan, who are math idiot/dummies will not get excited nor care. 90% of those who understand math, will not care as the evil rich will be taxed at a double rate per month. The rest of us had better be quiet as Homeland Security will be monitoring our emails, web sites, texts and phone messages.
Government is NOT your FRiend!!! (there is NOW ample proof!!!)
About the only friend anybody is gonna have if these trends and threats continue to build is... JESUS!!!
People better quit joking about America's "come to Jesus" moment!!!
Since they won't git off their A$$E$, they better git on their knees!!!
This stuff is getting serious and still too many refuse to believe that the worst case scenario cannot happen here, thinking "they can't do that to us."
Well, yes they can and they will do that to us if we just stand around stupified, and not resisting for the good of the American people. The handwriting is getting ten foot tall on the wall!!!
EU Collapsing? Will Cyprus and Japan spell doom for the world economy?
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