Author Government to seizes bank accounts in Cyprus  (Read 6619 times)

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Government to seizes bank accounts in Cyprus
« on: March 18, 2013, 03:05:33 PM »
The EU is demanding the Cyprus government to partially fund a bailout by looting bank accounts in Cyprus.  After the predictable bank run by depositors, they've declared a bank 'holiday' and closed the banks to give Parliment a chance to pass the 'tax' bill.
 
In completely unrelated developments, the Euro is tanking, as are stock markets.
 
Meanwhile, here in the US a staggering National Debt crisis carries on, nearly undiscussed let alone addressed.  Those untaxed IRAs and 401(k)s are just sitting out there like fat targets.
 
Me?  I'm still waiting for my Obama phone

Re: Government to seizes bank accounts in Cyprus
« Reply #1 on: March 18, 2013, 03:15:09 PM »
The Dear Leader says there's no immediate debt problem and Bumbling Boehner agrees.  Don't look behind the curtain and move along, please.  ;)



Re: Government to seizes bank accounts in Cyprus
« Reply #2 on: March 18, 2013, 04:19:48 PM »
The EU is demanding the Cyprus government to partially fund a bailout by looting bank accounts in Cyprus.  After the predictable bank run by depositors, they've declared a bank 'holiday' and closed the banks to give Parliment a chance to pass the 'tax' bill.
 
In completely unrelated developments, the Euro is tanking, as are stock markets.
 
Meanwhile, here in the US a staggering National Debt crisis carries on, nearly undiscussed let alone addressed.  Those untaxed IRAs and 401(k)s are just sitting out there like fat targets.
 
Me?  I'm still waiting for my Obama phone


There is context to this: Yes it's criminal what has been inflicted on the Cypriot people, because you can bet the really really rich won't be affected..The Cypriot banks have been lending out (like all the other banks in the last thirty years or so) several times more than they can possibly support with deposits and capital. Cyprus is one of the ones to get hit hardest because it's a tiny pool of assets and capital. Rumour has it on the UK news (by some commentators I should stress) that it's the guinea pig to how it might be received if the same thing was tried elsewhere in the Eurozone..


But it should be stressed that Cyprus cannot depend on bonds to bail it out because it's monetary laws are based very closely on UK fiscal legislation, and it's expressly forbidden in the circumstances. Will it happen in say Spain, Italy or Portugal? Who knows; but it's said to be unlikely at this stage, but who knows what tomorrow will bring.. Nt surprisingly Germany is the one that has almost single handedly been keeping the Euro currency afloat, it isn't seen as a  universally popular move by it's people, but they know that if Germany cast the others adrift, their own export market would evaporate overnight..they simply cannot afford for the Euro too die...it doesn't mean it won't of course.


Re: Government to seizes bank accounts in Cyprus
« Reply #3 on: March 18, 2013, 04:30:41 PM »
Hide your wallet, Yorkie

Re: Government to seizes bank accounts in Cyprus
« Reply #4 on: March 18, 2013, 04:33:03 PM »
I'd like to know (but most likely never will) what percentage of the run on ATMs in Cyprus was by government officials and their families with advance notice.

Re: Government to seizes bank accounts in Cyprus
« Reply #5 on: March 18, 2013, 04:35:14 PM »
Hide your wallet, Yorkie


Hehe funny. But seriously ... hide your wallet.

Re: Government to seizes bank accounts in Cyprus
« Reply #6 on: March 18, 2013, 04:38:43 PM »
Hide your wallet, Yorkie


Oh I'm okay; the Uk hasn't adopted the Euro..We still use Sterling...The next election will almost certainly have a manifesto inclusive of the Uk having a referendum on whether to adopt it..that of course if the Euro still exists then!


It wasn't ever going to be a 'one size fits all' currency, simply because it fixed tax rates acrooss all the countries that adopted it, irrespective of the liquidity of the country..Hence the ones who let the rich get away with paying next to no tax (Greece is one), but still spent money they didn't have  were never going to contribute (and the sick thing is, The bureaucrats changed their own rigid rules for joining to accommodate Greece and Turkey and consequently, whilst Germany was the one working it's ass off, the others supported by the corrupt ass wipes in Brussels let them do it without so much as a 'fuck you sucker'.. Did you know that the European Commission hasn't had it's accounts signed off in about 15 years? Can you imagine any company getting away with that? So that sort of nails my particular colours to the mast when it comes to supporting (or not) the Euro and the bastards who make the innocent pay for it's inception. Not that I have any strong feelings on the matter you understand?

Re: Government to seizes bank accounts in Cyprus
« Reply #7 on: March 19, 2013, 05:37:31 PM »
The Cypriot parliament have voted against the measures; let the games commence!!  :)

Re: Government to seizes bank accounts in Cyprus
« Reply #8 on: March 20, 2013, 06:59:01 AM »
And their going down ,down, down into the burning ring of fire.

Re: Government to seizes bank accounts in Cyprus
« Reply #9 on: March 20, 2013, 02:41:38 PM »

Robert Peston is a highly respected business editor. Here's his summary.



http://www.bbc.co.uk/news/business-21856016

Re: Government to seizes bank accounts in Cyprus
« Reply #10 on: March 20, 2013, 11:34:18 PM »
Nothing spreads faster in the political world than a bad idea.
 
Now New Zealand's government is 'going Cyprus' and pushing to seize bank accounts. 
 
http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-style-solution-for-new-zealand.htm
 
And Argentina's government is planning to nationalize private pensions.  For now they will simply seize the funds to make debt payments to avoid default - while claiming they are doing it to protect those same funds from a drop in value due to market investments.  I'm sure they will get around to making the future recipients of those pensions whole with an awesome government pension system.
 
http://online.wsj.com/article/SB122460155879054331.html
 
Of course people like Obama here in this country would never do anything like this.  They are only after 'the rich', you see.  And the successful who 'didn't build that' (careers, businesses, farms).  And anyone else in the private sector with 2 nickels to rub together.
 

Re: Government to seizes bank accounts in Cyprus
« Reply #11 on: March 21, 2013, 04:51:27 AM »
If this comes to america, I'm pulling my money from the banks in for the form of Cold Hard Cash.
 
 Actualy, this has allready happened in america, the fed took our money, and gave it too the banks.
 
 

Re: Government to seizes bank accounts in Cyprus
« Reply #12 on: March 21, 2013, 04:58:38 AM »
If this comes to america, I'm pulling my money from the banks in for the form of Cold Hard Cash.
 
 Actualy, this has allready happened in america, the fed took our money, and gave it too the banks.


I don't think they tell people ahead of time, although the 'right' people probably hget the word.  Get ready for it to be inflated away anyway.
 
Interesting that the rich have stocks, bonds, real estate, businesses, artwork, etc, not huge piles of cash on deposit usually - seizing bank accounts and inflating the money supply are two regressive taxes if there ever were any.  It will be sold by the Media of course as sticking it to the rich.

Re: Government to seizes bank accounts in Cyprus
« Reply #13 on: March 21, 2013, 05:53:58 AM »
If this comes to america, I'm pulling my money from the banks in for the form of Cold Hard Cash.
 
 Actualy, this has allready happened in america, the fed took our money, and gave it too the banks.

Initially, I was concerned this might happen here. From what I've been reading though, this is only happening in countries that have no form of government deposit insurance like the FDIC.

So no worries in the U.S. at least for now.

Re: Government to seizes bank accounts in Cyprus
« Reply #14 on: March 21, 2013, 07:14:00 AM »
Initially, I was concerned this might happen here. From what I've been reading though, this is only happening in countries that have no form of government deposit insurance like the FDIC.

So no worries in the U.S. at least for now.


In the UK every account is guaranteed up to 85 000 per account...which is roughly $120 000 per account..so clearly if you have more it makes sense to spread the risk to different bank accounts..The Cyprus thing is to do with their banks essentially having far more (I think it's around 4-7 times more depending on what you read) liabilities than deposits. In 2006-7 we were told that banks are too big to fail; and Lehman brothers are still with us?  :-\ ..I don't think anyone, economists, politicians, the drunk in the bar has a clue what will happen..the latter might have more insight!

Re: Government to seizes bank accounts in Cyprus
« Reply #15 on: March 21, 2013, 07:45:25 PM »
Initially, I was concerned this might happen here. From what I've been reading though, this is only happening in countries that have no form of government deposit insurance like the FDIC.

So no worries in the U.S. at least for now.

 
Yes, at least for now.
 
Various commentators around the internet are saying Cyprus DOES have deposit insurance, but since this is being called a tax, the deposits aren't covered (what it covers is loss due to bank failure).
 
Which makes this even worse.
 
Also, going back to the Clinton days, some were proposing a one-time flat 15% tax on all existing 401(k)s and IRA funds - the idea being previous Congresses had given that money tax free status until it was taken out, but they couldn't impose that on future Congresses. 
 
That little trial ballon soon crashed, but the idea led to the establishiment of Roth IRAs (funded by after-tax rather than pre-tax income, with the funds and earnings then tax-free upon withdrawal), and a provision that one could take funds out of their existing pre-tax IRAs and move them into a Roth and pay a tax at that time.
 
As the US gets further and further into debt, and as the annual deficit continues to be a huge amount, these schemes ARE going to be attempted here, they've already been suggested.

Re: Government to seizes bank accounts in Cyprus
« Reply #16 on: March 22, 2013, 04:51:46 AM »
During the first two years of President Obama's administration, Nancy Pelosi talked about rolling everyone's IRAs and 401ks into Social Security. A seizure, in other words.

Re: Government to seizes bank accounts in Cyprus
« Reply #17 on: March 22, 2013, 05:26:05 AM »
During the first two years of President Obama's administration, Nancy Pelosi talked about rolling everyone's IRAs and 401ks into Social Security. A seizure, in other words.

 
These politicians are the greediest people in the world. 
 

Re: Government to seizes bank accounts in Cyprus
« Reply #18 on: March 22, 2013, 07:00:52 AM »

The country is seizing up: sobering reading.



http://www.bbc.co.uk/news/world-europe-21893911

Re: Government to seizes bank accounts in Cyprus
« Reply #19 on: March 22, 2013, 02:27:32 PM »
Press review"Cyprus running out of time: Whether the plan meets with the EU's approval is... doubtful." - Germany's Berliner Zeitung daily
"After a night of worry with a few tense moments, the Cyprus parliament is once more the focus of international attention." - Italian daily La Repubblica
"As for Cyprus being an offshore tax haven, didn't anyone realise this until last week? Aleksei Polukhin, Russia's Novaya Gazeta
"[Cyprus] should not count on Russia, because Russia has quite rationally decided that Cyprus is in a state of freefall and investing money in it now means losing it." - Foreign affairs analyst Fyodor Lukyanov, speaking on Russia's Ekho Moskvy radio

Re: Government to seizes bank accounts in Cyprus
« Reply #20 on: March 23, 2013, 05:54:31 PM »
The EU is demanding the Cyprus government to partially fund a bailout by looting bank accounts in Cyprus.  After the predictable bank run by depositors, they've declared a bank 'holiday' and closed the banks to give Parliment a chance to pass the 'tax' bill.
 
In completely unrelated developments, the Euro is tanking, as are stock markets.
 
Meanwhile, here in the US a staggering National Debt crisis carries on, nearly undiscussed let alone addressed.  Those untaxed IRAs and 401(k)s are just sitting out there like fat targets.
 
Me?  I'm still waiting for my Obama phone
P*B, you'll need to be a registered democrat and have a sign in your front yard and bumper (both front and back) for that phone.

Oh! We have a staggering debt crisis? Geez! And I was all wrapped up in Lindsay Lohan's latest and Kardashian's baby. When did this happen?

This Cyprus and Greek stuff is what happens when you include nation's whose people retire at 50 and are used to a socialist way of life.They say southern Europeans are lazy. Who'd know that better than other Europeans?

Re: Government to seizes bank accounts in Cyprus
« Reply #21 on: March 23, 2013, 05:58:33 PM »
The Dear Leader says there's no immediate debt problem and Bumbling Boehner agrees.  Don't look behind the curtain and move along, please.  ;)



Yep, "capitulation" is what I'd call that.

Re: Government to seizes bank accounts in Cyprus
« Reply #22 on: March 23, 2013, 06:05:00 PM »
Hide your wallet, Yorkie
They probably sold it to him with a tracking device. Yorkie is screwed like us geezers over here.

Re: Government to seizes bank accounts in Cyprus
« Reply #23 on: March 23, 2013, 06:09:09 PM »

In the UK every account is guaranteed up to 85 000 per account...which is roughly $120 000 per account..so clearly if you have more it makes sense to spread the risk to different bank accounts..The Cyprus thing is to do with their banks essentially having far more (I think it's around 4-7 times more depending on what you read) liabilities than deposits. In 2006-7 we were told that banks are too big to fail; and Lehman brothers are still with us?  :-\ ..I don't think anyone, economists, politicians, the drunk in the bar has a clue what will happen..the latter might have more insight!
Drunk or not, Europeans have a better understanding of how the world works than us pampered Americans. Americans think it "Can't Happen Here"? HA! HA! And you (the average American moron) thought getting punked was bad. Spread 'em bitch !!!

Re: Government to seizes bank accounts in Cyprus
« Reply #24 on: March 25, 2013, 03:39:57 AM »
Rejoice!!!! Erm,,,,no, not really.




http://www.bbc.co.uk/news/world-europe-21916102

Re: Government to seizes bank accounts in Cyprus
« Reply #25 on: March 25, 2013, 05:48:45 AM »
Rejoice!!!! Erm,,,,no, not really.




http://www.bbc.co.uk/news/world-europe-21916102

"IMF head Christine Lagarde said the bailout deal agreed was "a comprehensive and credible plan" to help restore trust in the banking system."
 
Dream on.  This episode put everyone on earth with a bank account on notice, if they weren't already.  It's going to get ugly down the road unless the people in charge begin to address their National Debt.

Re: Government to seizes bank accounts in Cyprus
« Reply #26 on: March 25, 2013, 06:32:12 AM »
Is national debt the way to world peace?  Europe once dominated world massacre, but national debt seems to have calmed European love for war.  The US is getting in the same shape.  China killed a lot of its own citizens, but that country's economy is tightening.  It seems that warfare is shifting to African tribes and Muslims who, while murderous, confine their killing to small actions.

Re: Government to seizes bank accounts in Cyprus
« Reply #27 on: March 25, 2013, 07:34:14 AM »
Is national debt the way to world peace?  Europe once dominated world massacre, but national debt seems to have calmed European love for war.




Not exactly; World domination resulting in massacres was driven by greed and ego's usually led by Kings, Queens, Emperors and other autocracies. The reasoning post WW2 for the (as it was first known) 'Common Market', was that mutual beneficial trade agreements that destroyed export/import licence needs was a step towards reducing considerably the possibility of a European war. Of course it coincided with the dawn of the cold war of which NATO was involved in, so the fear of inter common market countries (at the time only seven in number I believe) having a punch up was moot. Today with most of the European members (The common market has had several name changes over the last decades) signed up to the Euro currency that danger in some commentators minds is greater rather than less; the reasoning being that as peoples finances deminish in real terms, jobs are lost and those that still remain are tenuous and the salaries reducing, civil wars could break out; and then of course they group and point the finger at the perceived instigators of their misery. Germany, France, Spain, Portugal, Italy, Greece....are seen for different reasons as being in the firing line..Germans are a proud and hard working bunch..They simply feel that if they have been able to dig themselves out of the rubble that was their legacy of WW2, why others who had a better deal in 1945 can't and haven't done the same. The simplistic (but probably quiet accurate) answer, is that they work damn hard, they have some of the best engineering brains in the world, period. They have a society that respects the environment where they live (Southern Germany is so clean you NEVER see discarded litter and cigarette butts) , and have an almost obsession in self belief and ensuring the education system is geared to everyone; poor kids don't have poor education, the country invests in it. They're frequently seen by those who have been on vacation as arrogant assholes, but in my experience the same can be said about many assholes who go on holiday. 
Germans have traditionally paid a considerable amount in tax, but it's seen that the advantages outweigh the disadvantages; the record would suggest they might be right.


Quote


  The US is getting in the same shape.  China killed a lot of its own citizens, but that country's economy is tightening.  It seems that warfare is shifting to African tribes and Muslims who, while murderous, confine their killing to small actions.


Not all Muslims are murderous; in the same way not all Catholics, Jews and Anglicans are. Africa is a continent, not a country..tribal feuds don't tend to go across borders. That is left to the greedy plutocrats who get lots of Western money from corporations who rape the resources that the people never benefit from..hardly surprising the western engineers get kidnapped.

Re: Government to seizes bank accounts in Cyprus
« Reply #28 on: March 25, 2013, 08:44:42 AM »
In the US, the Fed is artificially holding the interest rate depositors earn to less than 1%.  By printing $85B in new money each month to buy US Bonds on the open market they are inflating the money supply.
 
Regardless of what their phony manipulated Consumer Price Index says, prices are surging on food, energy, imports, and household goods.
 
This is government theft of deposited funds just as much as what Cyprus is doing - they are stealing the interest income depositors should be earning and stealing purchasing power on deposited funds through inflation.  And it still won't be enough to satisfy them.  They have the gall to call other people 'greedy', and demand ever more tax dollars.

Re: Government to seizes bank accounts in Cyprus
« Reply #29 on: March 25, 2013, 09:06:53 AM »
I didn't say that all Muslims are murderers.  But most of the warfare style murdering today involves Muslim countries. But, as I said, the murder is small change compared to that from a British, American, Russian or German tank assault.

I'm beginning to think that the Fed holding down interest rates is another assault on the middle class.  It used to be that one saved for old age, and in old age, lived on the interest.  Now there is no interest to live on, and one must live on principal.