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Cyprus bailout: Wanting to "Tax" bank accounts over 100k euros... discuss.

blkbird305blkbird305 MemberPosts: 220 Member
For the background information, there are other sources out there but I chose Stratfor as their article seemed the most comprehensive.

Here's the Link:
http://www.stratfor.com/weekly/europes-disturbing-precedent-cyprus-bailout

My thoughts are, wow, how long before our current administration tries taking of US citizens bank accounts to pay for their debt.

What are your thoughts?

Replies

  • SirGeorgeKillianSirGeorgeKillian Senior Member Posts: 5,462 Senior Member
    They could try, but it wouldn't get them very far with my account!
    Unless life also hands you water and sugar, your lemonade is gonna suck!
    Wambli Ska wrote: »
    I'm in love with a Glock
  • KSU FirefighterKSU Firefighter Senior Member Posts: 3,249 Senior Member
    No, they want to take our 401k's. Already in their hands and bypassing taxes, so, deemed by the left as "bad". Liberal economists have been talking about this for several years now as a way to pay off the national debt. Nationalize the 401k accounts, use the money to pay off the debt and pay the owners back like a new version of Social Security, minus taxes of course.
    The fire service needs a "culture of extinguishment not safety" Ray McCormack FDNY
  • Jim TomJim Tom Member Posts: 338 Member
    I haven't read your linked Stratfor article yet, but surely will. A great site I'll subscribe to someday. Got it free awhile, and sure miss that!

    Anyway, the govern-mint has been "taxing" our savings since obama was coronated. The constant money printing to keep interest rates at zero is a huge tax on savings, and at the same time its devaluing the dollar, so any money you have in the bank is decreasing in value.

    Instead of lending the money at 1%, the banks receiving this cheap loot are investing it in stocks, derivatives, and other risky assets, knowing they'll always be bailed out and creating a huge stock bubble. Though the stock market is looking great, no real wealth is being created. I fear.
  • coolgunguycoolgunguy Senior Member Posts: 6,610 Senior Member
    In short compared to the alternative of losing everything you have in the bank as it collapses into bankruptcy vs a 20% "tax" on your deposit it's actually a pretty good deal. It also of course highlights the massive problems that come from allowing banks to become too big to fail and by allowing them to make risky bets with depositors money. Sure that can make them highly profitable in good times, but it can also create a seismic risk to your entire economy if things go badly. In pretty much all of Europe things have gone very badly!


    I don't disagree with your post, but I had to highlight this statement. I suppose 80% of "X" is better than none, but I'd still like to keep 100% of what is mine.
    "Bipartisan" usually means that a bigger than normal deception is happening.
    George Carlin
  • Make_My_DayMake_My_Day Senior Member Posts: 7,670 Senior Member
    More evidence that USA and international Socialists want to confiscate the private property of citizens. Americans would do themselves a big favor by observing what happens in the next few months. I bet it's not all that far away from happening here.
    JOE MCCARTHY WAS RIGHT:
    THE DEMOCRATS ARE THE NEW COMMUNISTS!
  • Dr. dbDr. db Senior Member Posts: 1,541 Senior Member
    They are also setting up a Cypriot Euro so the people of Cyprus cant take their money out of the country. Kinda wonder why they went to the trouble of a common currency. I think the Eurocrats are beginning to realize that separate currencies for different countries wasn't so bad.
  • coolgunguycoolgunguy Senior Member Posts: 6,610 Senior Member
    Glad to have you back! BTW it was under-regulated capitalist bankers who lost the money in the first place...


    Or, If I follow your previous post correctly, it was folks who didn't act as resposibly as they should have, knowing that Uncle would be there to pick them up and dust them off if need be. That applies to both sides of the equation. Meaning, banks were allowed to be reackless in their zeal for profit, and depositors were allowed to be careless in their search for a safe harbor in which to moor their savings. I wonder why both sides felt able to act in such a way?
    "Bipartisan" usually means that a bigger than normal deception is happening.
    George Carlin
  • SideOfBaconSideOfBacon Member Posts: 111 Member
    No, they want to take our 401k's. Already in their hands and bypassing taxes, so, deemed by the left as "bad". Liberal economists have been talking about this for several years now as a way to pay off the national debt. Nationalize the 401k accounts, use the money to pay off the debt and pay the owners back like a new version of Social Security, minus taxes of course.

    I'm just not sure I understand the logic behind this. Many 401k funds (especially after 2008) are swollen with US government bonds/currency. And I was just talking to some Active Duty and Federal Employee friends of mine this weekend who brought up the same thing you did. Which was more confusing to me because:
    Me: Do you have a TSP?
    Them: Sure we do.
    Me: What's it invested in? Which Fund?
    Them:...?
    Me: Well did you change it from the default G fund?
    Them:...?
    Me: The G Fund is government bonds. It's IOUs from the government. They're not coming for your money. They already have it!
    Them: Oh... shoot...

    I mean, mine is just in common stock. But, does that mean they'll just seize those shares? I'm not saying it isn't true, it just doesn't make sense to me how this will help the government in any way. The bonds are money they already have. If they're after stocks, wouldn't they just go after the stock market?

    Maybe I'm seeing this from the wrong angle...
  • Make_My_DayMake_My_Day Senior Member Posts: 7,670 Senior Member
    Glad to have you back! BTW it was under-regulated capitalist bankers who lost the money in the first place...
    Thanks for the welcome back. Regardless of who lost the money, depositors and/or taxpayers will be solving the problem for them, not the government regulators who made bad regulations or the banksters made bad investment decisions. This seems to be common in left-wing administrations, no matter where they are.
    JOE MCCARTHY WAS RIGHT:
    THE DEMOCRATS ARE THE NEW COMMUNISTS!
  • coolgunguycoolgunguy Senior Member Posts: 6,610 Senior Member
    Agreed. Implicit and explicit government guarantees/bailouts have created a moral hazard that helped encourage reckless behavior.

    I'll go a step further. I don't think the guarentees/bailout helped to encourage reckless behavior, I think it was the major (read that as direct) cause. Folks tend to be a tad more cautious when they know they're working without a net.
    "Bipartisan" usually means that a bigger than normal deception is happening.
    George Carlin
  • ArtemisArtemis Member Posts: 124 Member
    I feel that it marks a worrying shift into uncharted new ground. This proves beyond any doubt that we citizens don't have any rights anymore and any guarantee given by the banks is BS; the bottom line being that if they want our money, they'll simply take it.
    How long before this tactic becomes the norm everywhere..........?
    Who I am and What I do - artemissawfly.wordpress.com
    Where to find me - https://www.facebook.com/artemisengineering.uk
    What I'm doing right now on Indiegogo.com - Artemis Sawfly Sporting Rifle
  • TeachTeach Senior Member Posts: 18,428 Senior Member
    It's been going on for centuries- - - - -the king used to send tax collectors around with armed escorts to confiscate whatever they saw fit to take. When the abuses got too bad, influential people got together and lopped the king's head off. Some things never change, and the solution to the problem will most likely be the same, also!
    Jerry
  • coolgunguycoolgunguy Senior Member Posts: 6,610 Senior Member
    They already have your money, you gave it to them willingly. The only question is if they are willing/able to give it back.

    And that's the point: All it takes is one Executive Order. Yeah, I know, it could never happen here....:roll:

    On the other hand, Barry does so love his executive orders, and if it 'saves just one' whatever.....it's not like they would need a lot of convincing to decide. We've seen it before and yet even with that, we still don't believe.
    "Bipartisan" usually means that a bigger than normal deception is happening.
    George Carlin
  • ArtemisArtemis Member Posts: 124 Member
    They already have your money, you gave it to them willingly. The only question is if they are willing/able to give it back.
    Well they don't have all of it, most of it was turned into kinetic energy and is now buried in the backstop of my local rifle ranges, a good proportion was pi**ed up at the local pub some of it was given to some classy escorts.......the rest was wasted on stupid stuff like rent payments and household bills.
    Who I am and What I do - artemissawfly.wordpress.com
    Where to find me - https://www.facebook.com/artemisengineering.uk
    What I'm doing right now on Indiegogo.com - Artemis Sawfly Sporting Rifle
  • coolgunguycoolgunguy Senior Member Posts: 6,610 Senior Member
    Artemis wrote: »
    Well they don't have all of it, most of it was turned into kinetic energy and is now buried in the backstop of my local rifle ranges, a good proportion was pi**ed up at the local pub some of it was given to some classy escorts.......the rest was wasted on stupid stuff like rent payments and household bills.

    Coincidentally, the portion the government got was also spent on classy escorts and booze, so same-same!
    "Bipartisan" usually means that a bigger than normal deception is happening.
    George Carlin
  • ArtemisArtemis Member Posts: 124 Member
    coolgunguy wrote: »
    Coincidentally, the portion the government got was also spent on classy escorts and booze, so same-same!
    Well that's ok, glad to see it wasn't all wasted. And we have a saying in the UK "what's good for the goose is good for the gander", so they can't grumble when I tell the Tax office, I'm flat broke and can't subsidise the governments' jollies any more.
    Who I am and What I do - artemissawfly.wordpress.com
    Where to find me - https://www.facebook.com/artemisengineering.uk
    What I'm doing right now on Indiegogo.com - Artemis Sawfly Sporting Rifle
  • horselipshorselips Senior Member Posts: 3,628 Senior Member
    The big mistake made by Cypriot banks was investing in government bonds issued by - wait for it - GREECE. That took a very special, even unique sort of stupidity. But anyway, most of the depositors, and much (most) of the money in Cyprus' banks is Russian, and I couldn't care less what happens to them. I hope they lose it all. And I hope Obama likes the idea and goes after the deposits and pensions of Americans - whatever it takes to wake up, annoy, motivate and encourage our 'low-information' voters to elect a conservative government next time around.
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