[martin14]

raydan raydan:

It could happen here, it's not impossible, what's stopping our government from slapping a tax on our savings?

Nothing; the insurance that you thought you had doesn't exist if the
government doesn't want it to.

And the Cypriots just showed an easy way of getting around it.




It's the only topic of discussion in Europe today, probably the rest
of the week as well.





The gun lobby in the US will get a lot of ammunition from this.

[raydan]

A lot of other things could happen to our savings, even if it's a bank... run away inflation is one, devaluation of our money another.

[martin14]

raydan raydan:

A lot of other things could happen to our savings, even if it's a bank... run away inflation is one, devaluation of our money another.

Watch what another banking crisis will do to the Euro.


In any event, Cyprus is now completely fucked.


The bank run is now guaranteed, if the tax comes or not, doesn't matter.
They will need to fly in planeloads of cash to cover this mess.

Russian money will leave, any losses from them, well just watch how much
the Euro-pussies will pay for natural gas this fall.. Gazprom will cover
all losses.

Many expats and companies will now pull their money out of Cyprus.



And if the bailout fails, then banks will collapse in a matter of days.

More fun.

[N_Fiddledog]

Ready for a conspiracy theory?

[martin14]

$1:

="N_Fiddledog"]Ready for a conspiracy theory?

No need for that bs.


If they had, for example, put a 12% tax on the surplus of any deposit over 100k euros,

they could have easily said "Well, deposits only safe up to 100k, the rest
will cost you 12%, sorry"

it would not have created 1/10th of the stink that is now brewing.



Trust is basically the only thing the banking system can offer people.


That trust got severely violated yesterday and today.

Now I hear they may try to change it, to limit the levy to deposits over 25k
or some such bs, but the truth is the damage has already been done.

[Brenda]

martin14 martin14:

Brenda Brenda:

It pissed me off SO bad.
The UK soldiers will be compensated for the "loss" (money grab) by the UK government.

Why does that bother you ?

That the EU steals ANOTHER 6.75 to 9.9% from the people? If they can do that in Cyprus, they can do it in any country. Do you have ANY idea what the EU already costs the European tax payer???

We're talking another 10 BILLION Euro's (what's that, 13 billion dollars?) and that is just for Cyprus!

[martin14]

Greece has racked up 320 billion so far, 10 billion is really a drop in the bucket.

And yes, they can walk in and take your money anywhere.. even in Holland.



the Eurogroup, led by Dutch finance minister Jeroen Dijsselbloem and under the clear direction of his German counterpart Wolfgang Schaeuble and IMF chief Christine Lagarde
have all said they are not thinking about doing it again right now, but they will
not say it's a one time solution.


Schaeuble wanted at first to hit bank accounts for 40%..

[Brenda]

martin14 martin14:

Greece has racked up 320 billion so far, 10 billion is really a drop in the bucket.

A bucket that has been overflowing for years now, tho.

$1:

And yes, they can walk in and take your money anywhere.. even in Holland.


the Eurogroup, led by Dutch finance minister Jeroen Dijsselbloem and under the clear direction of his German counterpart Wolfgang Schaeuble and IMF chief Christine Lagarde
have all said they are not thinking about doing it again right now, but they will
not say it's a one time solution.


Schaeuble wanted at first to hit bank accounts for 40%..

It's ridiculous, it's theft, it drives me crazy.

The UK and The Netherlands still have to get their money back from Iceland too, when they bailed out the Landsbank there 5 years ago.

People are stretched out and don't have anything left anymore.
Sales tax in The Netherlands is 21% at the moment, most of that goes to the EU. People can't make ends meet, and those elitist assholes are bailing countries out that have set retirement at age 55, while westerners are mandatory to work till they are 67, only to afford to bail them out.

[Brenda]

Oh, another lovely little detail...
The former CEO of the Bank of Cyprus received 2 million Euro's. LAST WEEK.

[martin14]

Brenda Brenda:

martin14 martin14:

Greece has racked up 320 billion so far, 10 billion is really a drop in the bucket.

A bucket that has been overflowing for years now, tho.

Yup, they should cast the Greeks out in 2008, so many problems would have been
already solved.

[Jonny_C]

It's a creative tactic, I'll give it that.

I wonder if it was considered for Greece (and then dropped because those unruly Greeks wouldn't have stood for it and the country would probably have collapsed).

Easy credit, and living beyond one's means, is at the root of it all. Governments throw money at people to win elections. Banks (and other financial institutions) are happy to chase dubious profit-making schemes. The people are to blame too, but only secondarily because they are led by "experts" to believe that all is fine, until things are not.

[martin14]

Jonny_C Jonny_C:

It's a creative tactic, I'll give it that.

I wonder if it was considered for Greece (and then dropped because those unruly Greeks wouldn't have stood for it and the country would probably have collapsed).

Easy credit, and living beyond one's means, is at the root of it all. Governments throw money at people to win elections. Banks (and other financial institutions) are happy to chase dubious profit-making schemes. The people are to blame too, but only secondarily because they are led by "experts" to believe that all is fine, until things are not.

To be honest, a lot of the how and why just went out the window today.

Reading rumors, negotiating the levy to 3% under 100k, 12.5% over.



However, they should not be discussing this BS at all.

Depositing money in a bank does not make you an investor, it makes you a CUSTOMER !

Since they are negotiating percentages, they have accepted in principle they are
going to do it, and the door will be open for other people in other countries to get clipped in turn.

They have accepted the principle that the 100k limit with which you thought
your money was safe, is now not applicable.


Very bad moves all around.

[Brenda]

And no one has been able to take their money, their hard earned money, out of their bank accounts.

I'm glad the UK government compensates their armed forces for their losses (which means the UK tax-payer), but holy hell, this hole thing is ridiculous and it should not be necessary. Who came up with this insulting idea anyway??

[Vamp018]

Bank Run and ATM in Progress with limits
http://money.cnn.com/2013/03/16/news/ec ... ce=cnn_bin

[raydan]

Brenda Brenda:

And no one has been able to take their money, their hard earned money, out of their bank accounts.

I'm glad the UK government compensates their armed forces for their losses (which means the UK tax-payer), but holy hell, this hole thing is ridiculous and it should not be necessary. Who came up with this insulting idea anyway??

That's the way banks work, your money isn't in an envelope in the vault, it's tied up in mortgages and other short, medium and long term investments. When things start going bad and people panic and try to get their money out, the bank runs out of short term and has to lock everybody out. I've seen this before, in Canada, but that was quite a few years ago in credit unions.