What’s going on in Cyprus?
Over the weekend this story began to become more widely known. John Hayward at HumanEvents.com reports:
The greatest bank robbery in history is about to occur in the island Republic of Cyprus, as every single bank gets hit at once. The perps are the Cypriot government and the European Union, who conspired to create a bailout package that would bring 10 billion Euros in rescue loans to Cyprus… while seizing almost 10 percent of the balance in every private bank account.
Not surprisingly, the nation has been in turmoil since the plan was announced, so it looks like it will undergo some hasty last-minute adjustments and go into effect Tuesday or Wednesday. That should give everyone an extra day or two to panic and fling themselves at the windows of the nearest bank branch.
The seizure is actually somewhat… what’s the word? Ah, yes… progressive, since the amount stolen will be only 6.75 percent for lower-income depositors, scaling up to 9.9 percent for the Evil Rich. A little under $6 billion will be confiscated overall.
But of course, the simple, straight-up theft of their bank deposits has enraged the citizens of Cyprus, who have good reason to wonder why they should be penalized for a combination of poor government policy and foreign depositors stuffing huge piles of cash into bank vaults over the course of decades. Also, they were explicitly promised in the past that their deposits would be protected.
Yes. Simply for being a citizen of Cyprus and having a bank account, individuals will be “taxed” for the amount in their account at almost 10%.
Or … to put it more plainly and honestly, the government will steal their money to make up for gross incompetence and progressive policies that are FAILING FAILING FAILING.
Kinda makes you want to go out and purchase a mattress.
March 18, 2013
Tags: Cyprus Posted in: Uncategorized
6 Responses
Gene E Nowak - March 18, 2013
Personally I have been concerned that some form of that scenario will be played out in the near future. That most paychecks are direct deposited will make the job easier.
Another concern I have is at some point in the near future government will declare that private ownership of precious metals is illegal.
Dick Greenwood - March 19, 2013
Without The FED ‘counterfeiting’ funds for the Treasury it would have happened in the US in 2009. The PLAN (Bernanke losing Board votes) is certainly there; with the planned conversion of 401(k)’s into Treasury ANNUITIES. The monthly pay/off terms will be to he Government’s ‘liking’.
Gene E Nowak - March 19, 2013
I knew about the attempt to cease 401(k)’s.
Cibby - March 19, 2013
When the party of the first part observes the party of the second part being successful at something with which it has failed to succeed (control its own spending, in this case), the party of the first part will attempt to seize some or all of what the party of the second part possesses.
This is human nature that you can see on a kindergarten playground. We are born with a greedy streak. Many of us grow out of it. The rest become Democrats, with character defects that make it impossible to be successful at managing their own affairs, but empower them somehow to manage the affairs of others.
Jenneane Y. Froman - March 19, 2013
I look for this to happen here but I believe the percentage will be smaller (1%)and will be taken on both deposits and withdrawals. Hardly enough to be concerned about – RIGHT!
Gene E Nowak - March 19, 2013
Confiscating others property to settle their debt is wrong. Doing it in a little bite does not make it right.
Most dictators take one small step forward and a half step backwards until they have complete control.
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