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Talk about waking up to a new day.
http://news.yahoo.com/cypriots-stunned-forced-savings-cuts-121653394.html
http://news.yahoo.com/cypriots-stunned-forced-savings-cuts-121653394.html
This has been done in the past... It's a measure to force people to spend money which helps deliver tax revenues to the government. Cyprus has a value added tax of 18% on all taxable goods, so this measure will bring in some income.
Weimar Germany tried this just before hyperinflation kicked in.
Weimar Germany tried this just before hyperinflation kicked in.
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I read it somewhat different, than a tax.
To me it says they stole 10% of every bank saving account they could find.
To me it says they stole 10% of every bank saving account they could find.
You're correct, but its the driving force to get people spending instead of saving... A win-win for the Cyprus government in that they get 10% of everyones savings and then the money in the accounts begins to move again so it can be taxed.
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Well my take is what is good for one is good for the other. If their gov is able and willing to openly steal from them, then I don't have an issue when they steal from their gov.
Now New Zealand is looking to do this... http://www.scoop.co.nz/stories/PA13...ing-cyprus-style-solution-for-new-zealand.htm
Cyprus is a nice prototype; an experiment performed on a small scale.
If this experiment is successful, expect to see it scaled up dramatically in short order. As gunfighter stated, we are indeed waking up to a new day.
If this experiment is successful, expect to see it scaled up dramatically in short order. As gunfighter stated, we are indeed waking up to a new day.
Best comment on the net: EU has just shot itself in the leg with bazooka.
In short: If you have problems with financial sector and worldwide trust in these enterprises and if you agree to guarantee all peoples depozits up to 100k€ and depozits are base upon your entire financial system is based upon (read leveraged and exploited for mumbojumbo economics and ripping off people quietly through backdoors) you simply do not go out into public and attempt to steal peoples money. Further more you do not go out and steal ex KGB and Russian money while pretending all is fine and futher more if you go and do that anything short of full scale Bundeswehr mobilization is a huge "lets see what that big red button with funny numbers above it and all is green on all tubes on a nuclear missile submarine does" thingy and whichever fuck came up with this bright idea is the fuck who just killed EU (and he gets all the beer from me for doing it... but that's another story).
In real short: Watch the fucking fireworks in Italy, Spain, Slovenia, Ireland, Portugal, France...
In short: If you have problems with financial sector and worldwide trust in these enterprises and if you agree to guarantee all peoples depozits up to 100k€ and depozits are base upon your entire financial system is based upon (read leveraged and exploited for mumbojumbo economics and ripping off people quietly through backdoors) you simply do not go out into public and attempt to steal peoples money. Further more you do not go out and steal ex KGB and Russian money while pretending all is fine and futher more if you go and do that anything short of full scale Bundeswehr mobilization is a huge "lets see what that big red button with funny numbers above it and all is green on all tubes on a nuclear missile submarine does" thingy and whichever fuck came up with this bright idea is the fuck who just killed EU (and he gets all the beer from me for doing it... but that's another story).
In real short: Watch the fucking fireworks in Italy, Spain, Slovenia, Ireland, Portugal, France...
Personally, I'm looking forward to hyper-inflation, I'll be able to pay off my student loans with one paycheck and have a few trillion dollars left over for a candy bar.
^^^^^Love it.
As long as you possess everything you need already, hyper inflation makes paying off loans real easy.
Invest in wheelbarrow companies. That's what you'll need to haul your worthless paper money around in just to buy a loaf of bread. Also helps move the dead bodies around once the shooting starts.
Meanwhile, those of us who save instead of accumulating debt get fucked. Yep, sounds 'bout par for the course.
Actually there might not be hyperinflation as you imagine it so your ideas (which sound really nice and are something which happened in Yugoslavia (my grannys last payment for a house was something around 10cents or so) in the end you probably end up in some type of shooting party which tends to end badly for most folks) have not much to do with reality. Currently we're experiencing stagflation and "weimer style hyperinflation" is practically impossible as system would implode before you are able to move "printed dollars" to peoples wallets for them to get rid of it fast (to increase velocity of money) enough to cause hyperinflation. Also even if those magicians at the helm somehow pull it off and actually manage to keep the system running and actual hyperinflation it will still be a problem because wages always trail inflation. In hyperinflation enviroment the one who receives money first and drops it first wins and last time i checked average Joe is pretty much the last in line...
What happens instead (rather probable scenario) is you get bank runs and with bank runs you get bank hollidays (aka "sorry you bank in closed indefinetly please go fuck yourself and while at it please die and do not cause trouble") and with no fresh money or ability to get it you get deflation (value of paper available rises if confidence in it remains) OR/AND switch to barter/gold/silver/lead/copper/lead&copper/lead&copper@2800fps/or combinations of it
.
This latest stunt is rather symbolic (not unexpected by some who understand how people in power function) as it's clear message to everyone that in order to keep the system running even stealing/confiscation of anything and from anyone deemed by rulers necceserry can and will happen and when it happens it will happen overnight.
For those who think this is just some funky EU problem and a joke think again and really ponder what is they tried/are trying to pull and how do they wrap it:
- rule of law? What is the law? It is what we make it is...
- property? What is property? It is what we tell you it is...
- 100k rich
- 20k mildly rich
- we've got ourselves ladders and we divide people in groups from which to steal under false pretense and generalization
- evil oligarchs and criminals have money there and since they do we can take it without question, law, judge or jury
- your wealth, capital, money, possessions regardless of their function, value or location are belong to us
- your banks/ATMs are irrelevant there is not an ounce of a problem if we close them for a week
What happened this last weekend is not a small thing but a huge one. I don't know why they did it so openly and how come but if this were a game of poker someone bluffing just dropped 3out of5 cards and with a hefty pot on the table and to put it mildly dropped cards arent same color or three aces or in sequence...*
What happens instead (rather probable scenario) is you get bank runs and with bank runs you get bank hollidays (aka "sorry you bank in closed indefinetly please go fuck yourself and while at it please die and do not cause trouble") and with no fresh money or ability to get it you get deflation (value of paper available rises if confidence in it remains) OR/AND switch to barter/gold/silver/lead/copper/lead&copper/lead&copper@2800fps/or combinations of it
. This latest stunt is rather symbolic (not unexpected by some who understand how people in power function) as it's clear message to everyone that in order to keep the system running even stealing/confiscation of anything and from anyone deemed by rulers necceserry can and will happen and when it happens it will happen overnight.
For those who think this is just some funky EU problem and a joke think again and really ponder what is they tried/are trying to pull and how do they wrap it:
- rule of law? What is the law? It is what we make it is...
- property? What is property? It is what we tell you it is...
- 100k rich
- 20k mildly rich
- we've got ourselves ladders and we divide people in groups from which to steal under false pretense and generalization
- evil oligarchs and criminals have money there and since they do we can take it without question, law, judge or jury
- your wealth, capital, money, possessions regardless of their function, value or location are belong to us
- your banks/ATMs are irrelevant there is not an ounce of a problem if we close them for a week
What happened this last weekend is not a small thing but a huge one. I don't know why they did it so openly and how come but if this were a game of poker someone bluffing just dropped 3out of5 cards and with a hefty pot on the table and to put it mildly dropped cards arent same color or three aces or in sequence...*
I'd say invest in toilet paper. It'll be worth more and far more useful than our paper currency will be soon.
Invest in 22LR ammuni.....Oh wait, hyperinflation has already begun on that stuff, if you can even find any to buy.....never mind.
The EU deal has sure worked out well for Europe.
Kinda like the Fed has for us.
Kinda like the Fed has for us.
Yahoo is Way off Base with this story. That writer is a F**king Idiot.
This is the real story. Its a Sledgehammer to hardworking people who choose to save money and put deposits in a bank account. All to pay off the banking industry.
Cyprus MPs reject EU-IMF bailout tax on bank depositors
Comments (1104)
Cyprus' parliament has rejected a controversial levy on bank deposits, proposed as part of an EU-IMF 10bn-euro (£8.7bn; $13bn) bailout package.
No MPs voted for the bill, with 36 voting against and 19 abstaining.
The finance ministry had modified the package, proposing an exemption for savers with smaller deposits, but opposition had remained fierce.
Thousands of protesters who had filled the streets outside parliament reacted with joy to the news of the vote.
EU finance ministers had previously warned that Cyprus' two biggest banks would collapse if the deal failed to go through in some form.
But after the vote the European Central Bank (ECB) moved quickly to announce it would continue to provide support for struggling Cypriot banks "as needed within the existing rules".
German Finance Minister Wolfgang Schauble said he "regretted" the vote and that Cypriots must understand ECB aid was contingent on a reform programme.
"There's a danger that they won't be able to open the banks again at all," he said. "Two big Cypriot banks are insolvent if there are no emergency funds from the European Central Bank."
The bailout deal, announced after 10 hours of talks on Saturday, prompted widespread outrage on the island at the prospect of ordinary savers being forced to pay a levy of 6.75%
The Cypriot finance ministry announced a change in the plan on Tuesday morning, to exempt savers with less than 20,000 euros (£17,000), while those over 100,000 euros would still be charged at 9.9%. However, this was not enough to placate critics.
The plan to tax bigger deposits at a higher rate has angered Russia, as Russian nationals hold many of those larger deposits.
Meanwhile, the UK ministry of defence said a plane carrying 1m euros had arrived in Cyprus as a contingency measure to provide military personnel and their families with emergency loans.
The money is to be used for British personnel and their families if cash machines and debit cards stop working.
'Against the interests of Cyprus'
Several MPs during the parliament debate on Tuesday evening denounced the proposed plan as "blackmail" and not a single lawmaker backed the deal.
The BBC's Mark Lowen in Nicosia said the vote had left the bailout in turmoil, sending a clear message to Brussels that the strategy needed a drastic rethink.
President Nicos Anastasiades had urged all parties to back the bailout, saying Cyprus would be bankrupt if the deal did not go ahead. However, he was aware that they were likely to reject the levy, regardless of the modifications.
"They feel and they think it's unjust and that it is against the interests of Cyprus at large. But I have to admit that it was something which was not expected by the troika and by our friends, the Eurogroup."
He has called an emergency meeting of political party leaders on Wednesday morning to discuss the way forward.
The president of the Eurogroup of eurozone finance ministers, Dutch Finance Minister Jeroen Dijsselbloem, said he "took note" of the parliament's decision and that the Eurogroup stood "ready to assist Cyprus in its reform efforts".
Mr Dijsselbloem had earlier emphasised that no other eurozone country would be forced to impose such a levy.
The Cyprus central bank chief, Panicos Demetriades, warned that scrapping the tax on small savers would scupper the plan to raise 5.8bn euros in total from bank deposits. He also predicted account holders could suddenly withdraw 10% or more of the total in Cypriot banks if the levy was imposed.
Fearing a run on accounts, Cyprus has shut its banks until at least Thursday. The local stock exchange also remains closed.
Cyprus' banks were badly exposed to Greece, which has itself been the recipient of two huge bailouts.
Russian anger
Mr Demetriades said that he favoured imposing the levy only on deposits larger than 100,000 euros, with eurozone finance ministers also suggesting such a move.
Instead, they argue that wealthier savers should pay the levy at a higher rate - losing more than 15% of their investments, correspondents say.
Of the estimated 68bn euros in total held in Cypriot bank accounts about 40% belongs to foreigners - most of them thought to be Russians.
The government fears a higher levy on these larger deposits would prompt many large investors to withdraw from the island and would effectively destroy its financial sector.
Russia has also said it may reconsider the terms of a 2.5bn-euro loan it made to Cyprus in 2011, which was separate from the proposed eurozone bailout.
Cypriot Finance Minister Michalis Sarris arrived in Moscow on Tuesday to see if the repayment on that loan could be delayed until 2020, and whether the interest rate could be reduced. As his visit began, he denied rumours that he had submitted his resignation.
Officials said he would also be looking for "further investment" in his country, correspondents report, with some speculating this might mean Russian access to Cyprus' large undeveloped gas deposits.
http://www.bbc.co.uk/news/world-europe-21842966
This is the real story. Its a Sledgehammer to hardworking people who choose to save money and put deposits in a bank account. All to pay off the banking industry.
Cyprus MPs reject EU-IMF bailout tax on bank depositors
Comments (1104)
Cyprus' parliament has rejected a controversial levy on bank deposits, proposed as part of an EU-IMF 10bn-euro (£8.7bn; $13bn) bailout package.
No MPs voted for the bill, with 36 voting against and 19 abstaining.
The finance ministry had modified the package, proposing an exemption for savers with smaller deposits, but opposition had remained fierce.
Thousands of protesters who had filled the streets outside parliament reacted with joy to the news of the vote.
EU finance ministers had previously warned that Cyprus' two biggest banks would collapse if the deal failed to go through in some form.
But after the vote the European Central Bank (ECB) moved quickly to announce it would continue to provide support for struggling Cypriot banks "as needed within the existing rules".
German Finance Minister Wolfgang Schauble said he "regretted" the vote and that Cypriots must understand ECB aid was contingent on a reform programme.
"There's a danger that they won't be able to open the banks again at all," he said. "Two big Cypriot banks are insolvent if there are no emergency funds from the European Central Bank."
The bailout deal, announced after 10 hours of talks on Saturday, prompted widespread outrage on the island at the prospect of ordinary savers being forced to pay a levy of 6.75%
The Cypriot finance ministry announced a change in the plan on Tuesday morning, to exempt savers with less than 20,000 euros (£17,000), while those over 100,000 euros would still be charged at 9.9%. However, this was not enough to placate critics.
The plan to tax bigger deposits at a higher rate has angered Russia, as Russian nationals hold many of those larger deposits.
Meanwhile, the UK ministry of defence said a plane carrying 1m euros had arrived in Cyprus as a contingency measure to provide military personnel and their families with emergency loans.
The money is to be used for British personnel and their families if cash machines and debit cards stop working.
'Against the interests of Cyprus'
Several MPs during the parliament debate on Tuesday evening denounced the proposed plan as "blackmail" and not a single lawmaker backed the deal.
The BBC's Mark Lowen in Nicosia said the vote had left the bailout in turmoil, sending a clear message to Brussels that the strategy needed a drastic rethink.
President Nicos Anastasiades had urged all parties to back the bailout, saying Cyprus would be bankrupt if the deal did not go ahead. However, he was aware that they were likely to reject the levy, regardless of the modifications.
"They feel and they think it's unjust and that it is against the interests of Cyprus at large. But I have to admit that it was something which was not expected by the troika and by our friends, the Eurogroup."
He has called an emergency meeting of political party leaders on Wednesday morning to discuss the way forward.
The president of the Eurogroup of eurozone finance ministers, Dutch Finance Minister Jeroen Dijsselbloem, said he "took note" of the parliament's decision and that the Eurogroup stood "ready to assist Cyprus in its reform efforts".
Mr Dijsselbloem had earlier emphasised that no other eurozone country would be forced to impose such a levy.
The Cyprus central bank chief, Panicos Demetriades, warned that scrapping the tax on small savers would scupper the plan to raise 5.8bn euros in total from bank deposits. He also predicted account holders could suddenly withdraw 10% or more of the total in Cypriot banks if the levy was imposed.
Fearing a run on accounts, Cyprus has shut its banks until at least Thursday. The local stock exchange also remains closed.
Cyprus' banks were badly exposed to Greece, which has itself been the recipient of two huge bailouts.
Russian anger
Mr Demetriades said that he favoured imposing the levy only on deposits larger than 100,000 euros, with eurozone finance ministers also suggesting such a move.
Instead, they argue that wealthier savers should pay the levy at a higher rate - losing more than 15% of their investments, correspondents say.
Of the estimated 68bn euros in total held in Cypriot bank accounts about 40% belongs to foreigners - most of them thought to be Russians.
The government fears a higher levy on these larger deposits would prompt many large investors to withdraw from the island and would effectively destroy its financial sector.
Russia has also said it may reconsider the terms of a 2.5bn-euro loan it made to Cyprus in 2011, which was separate from the proposed eurozone bailout.
Cypriot Finance Minister Michalis Sarris arrived in Moscow on Tuesday to see if the repayment on that loan could be delayed until 2020, and whether the interest rate could be reduced. As his visit began, he denied rumours that he had submitted his resignation.
Officials said he would also be looking for "further investment" in his country, correspondents report, with some speculating this might mean Russian access to Cyprus' large undeveloped gas deposits.
http://www.bbc.co.uk/news/world-europe-21842966
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The last conversation I ever had with my Grandfather in 1965 was about the run up to the depression. We had long talks over the few years (when I was old enough to understand) about what he was required too do, as to protect the family back then, and how he/they lived there after.
Gone were the days of trusting banks, some elected an anyone saying, just sign here. Keeping up with the Jones was proved to be a slave maker that kept one under the thumb of debt, work, and later, the gov.
I am glad I heeded his advice long ago, and lived well within my means all my life, while acquiring life skills.
Being a "Professional" is all well and good as long as "the working class" provides the items and services for life in general, for paper or 1's and 0's they perceive as worth more than their labor. However when life skills are the new vogue, only then will that perception drip away.
Like any game, the higher you venture into the ladders steps to be "A player", the more dependent you become upon the ladders base and footing.
Gone were the days of trusting banks, some elected an anyone saying, just sign here. Keeping up with the Jones was proved to be a slave maker that kept one under the thumb of debt, work, and later, the gov.
I am glad I heeded his advice long ago, and lived well within my means all my life, while acquiring life skills.
Being a "Professional" is all well and good as long as "the working class" provides the items and services for life in general, for paper or 1's and 0's they perceive as worth more than their labor. However when life skills are the new vogue, only then will that perception drip away.
Like any game, the higher you venture into the ladders steps to be "A player", the more dependent you become upon the ladders base and footing.
The faster this stuff happens the better. This country is so full of "It could never happen in this day and age" fools. Human beings as a species have flaws and when you indulge the flaws and denigrate the redeeming characteristics of the species you get these inevitable scenarios.
The more things change, the more they stay the same.
Alphonse Karr (1808-90)
The more things change, the more they stay the same.
Alphonse Karr (1808-90)
History shows it to be a failure...the result is a run on the banks. Talk of getting money out of the banks while you can in the U.K. are already being reported. When a run on the banks happens, things get ugly fast.
Imagine your bank closed it's doors for a few days based on the current situaiton in the news. ATM networks shut down and you can't get to any of your money for a few days. Are you trusting of the bank from that point, or do you go there and pull out all or large sums of money? Now imagine all the banks customers doing that on the same day or within 48 hours. How long do you think the bank will keep it's doors open, before "closing" again for a few days? Do you think that will stop the issue or create further concerns and similar reactions by other customers?
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I fixed it for you.
I'm working with you, not against you.
But spending money you made with your ability to think, create or produce is not bad.
Spending tomorrows income today for trinkets is a problem.
Government spending generations' yet to be born money today, epic house of cards, doomed to fail, lest those generations be slaves to a debt they received no benefit from.
Like a coke addict, someday the heart can't do it's work anymore.
The velocity of money in my safe will go full blown rocket to the stratosphere someday, for now I'm waiting, I got most everything I need for the show anyway.
Sorry
sean
http://www.economist.com/content/global_debt_clock
You can compare the US with Cyprus by using the Compare Country Debt calculator on the right hand side of the page.
US Debt/ GDP=81.9 % rising at 12.1% annually
Cyprus 84.5 % rising at 6.4% annually
You can compare the US with Cyprus by using the Compare Country Debt calculator on the right hand side of the page.
US Debt/ GDP=81.9 % rising at 12.1% annually
Cyprus 84.5 % rising at 6.4% annually
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The Fed is printing $89 billion a month. Wonder how long that will last. Hyper inflation? The only reason the stock market is going is because of the Fed printing press. When they cut back we will see another crash.
At least someone gets it. I had a raging battle with my dad trying to explain to him that the only reason the housing market is allegedly recovering is due to the Fed artificially holding interest rates down.
The Secret of Oz is a movie all Americans must watch and understand.
Wow, just scary stuff.
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Fox just reported one of the heads of the euro zone says it's OK if country's take money from depositor's both Corporate and otherwise to pay off debt. Seems the markets in the EU are going to shit as I type this.
Great way to bolster a depositors faith.
How much did you say you wanted for that extra case of 22lr you have? What do you mean it's not for sale now!
Great way to bolster a depositors faith.
How much did you say you wanted for that extra case of 22lr you have? What do you mean it's not for sale now!
Unfortunately, it's just a matter of time until the US goes the same route, except we have more national debt than the entire EU and UK combined...
Just to let you know whats up that companies in EU are getting tax exempts for money earned in US if they report US citizens with certain amount of money "flow". So your own government is doing basically the same our fucks here are doing (i.e. searching souls to squeeze and bleed dry). The elites are scrambling for anything which will prolong this ponzi for a second more...
Thanks to the Interweb (where everything you read is true) people are waking up to the real criminals that run things. I wish History 101 classes would teach about the Rothschilds.
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Life is a ponzi, but most won't admit it.
This game will not end well, reminds me of,...what was that word,... Oh yes,
History.
This game will not end well, reminds me of,...what was that word,... Oh yes,
History.
Cyprus banks became insolvent because they lost the ass on Greek bonds when their economy/government failed. The Cyprus socialist government is broke and couldn't bail out the banks. What are they going to do when they hit another bump in to road? If other Euro nations follow suit, this will get very ugly.
The projected tax revenue for the United States this year is a record amount, 2.7 trillion. But the Fed is still going to run in the red to the sum of $890 billion. The liberals say that they don't have spending problem. They say the lack of revenue( taxes) is the problem. Spending more than a record amount and wanting more. Who voted for these brain dead dip shits.
Anybody else remember Term 1 Obongo's musings that the total of US investor IRA accounts is about equal to the national debt?
1911fan
1911fan
