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Could The "Cyprus Fiasco" Occur In The United States?
As has been assiduously explained by members of the European statist oligarchy, the reason for the deposit tax levy, in addition to the broader unsecured debt "bail-in" bailout of Cyprus, was due to the unique funding structure of Cypriot banks, in which the bulk of funding was in the form of deposits (whether Russian or domestic), leaving a tiny €2 billion in the form of junior bonds. Since the bailout would require realigning the balance sheet to a new, sustainable "fresh start" in which assets were remarked to a realistic value, it would mean impairing liabilities all the way down the capital structure. Naturally, politics played a big part in the decision to impair what Germany primarily saw as a Russian money-laundering haven, while local depositors were merely "collateral damage."
Politics aside, the bottom line is that the Rubicon has been crossed, and deposits have now been forcefully confiscated in what Europe promises to be a standalone case. What is certain, is that nobody will wait to find out how long it takes before Europe's class of increasingly more desperate and ill-meaning despots is found to be have lied once more (as it has about everything else since the start of the European crisis). And while the mainstream media will be focused primarily on Europe in the coming days, as BCG and we have warned, the topic of "wealth taxation" is now front and center, and it stars not only Europe, but the US as well.
The question then becomes: what does the funding structure of the US private depository institutions look like, and is there any possibility of Cyprus "wealth tax" recurring on the other side of the Atlantic. To answer this question, we present the summary layout of the consolidated US depository system, which according to the Fed's December 31, 2012 Flow of Funds report had a grand total of $15 trillion in assets, and a matched number of liabilities, of which 72%, or a total of $10.9 trillion was in the form of deposits (checkable, small and large time, and savings).
Visually, this looks as follows:
So, if the US was to go the Cyprus route, and begin impairing balance sheet liabilities to remark assets, there would be precious little space (with just $4.3 trillion in total other funding liabilities), before one would need to start eating into the deposit base, should Congress decide to implement a very "fair and just" financial asset tax in the US next.
Will Congress do this? Obviously, nobody can answer that question now. However, it was "absolutely certain" as recently as 48 hours ago that Cyprus too would see no depositor "bail in" either. Then things changed rapidly. What is known, is that according to the same BCG chart we showed last night, the necessary debt-reduction needed in the US to reach a sustainable debt level, was over $8.2 trillion using debt numbers as of 2009...
... Since then consolidated US debt has risen by over $5 trillion.
Which means that if, indeed, the US proceeds with its own wealth tax, then deposits may well be one "wealth class" that gets impaired. Of course, since in the US other financial assets, namely the stock market, account for a far greater proportion of household net worth, it is quite possible that instead of impairing deposits at US banks, which already subsist solely due to the Fed's $2 trillion in excess reserves, the government may instead choose to generously tax simple 30% of all of your stock holdings, and achieve the same "wealth transfer" result.
Why?
Because it's only fair, as the second coming of the glorious global socialist revolution has made it all too clear.
And remember this: there are no longer any rules, and any assets, any "wealth" saved, stored, and hidden is now fair game in the global forced wealth reallocation "game."
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Yeah go ahead and try this in Oklahoma or Texas. I dare ya.
Umm... try what?
They already did and you crackers didn't do a thing about it. You let the Koch brothers trick you into laying it all off on teachers. What a bunch of boobs.
I couldn't help but note that "comments are disabled for this video"
wonder why that is...
True. Hmm, that seems to be the case for all the FDIC videos. Perhaps it's because they know best, and don't want any back-talk from mere citizenry.
Arbeit macht Frei. Nothing to see here. Move along.
In this, Sheila Bair said, the more you know the safer you are!
HAHAHAHAHH LIKE THE FDIC HAVING A COUPLE BILLION TO INSURE 7.4 TRILLION IN DEPOSITS. FUCKIN A, THIS SHIT IS RICH!
They could issue a new currency and pay out what they promised or less.
Good one, void. Sheila is just so nice, and Suze, well of course she is an idiot.
ARF! Long time no see. Assuming you are the same that was on TF way back when.
Bu ha ha ha! Comments are disabled? I wonder why...
Good move. I can just imagine the reaming that would ensue.
Shadow Banker 1: "How can we get people to leave their money in our institutions?"
Shadow Banker 2: "How about two dykes talking about trust and a shoebox?"
Both: <sips Chivas Regal Royal Salute in Baccarat crystal tumbler...neat> "Fucking Viral Genius! Do it!"
And both Jews. I'm shocked, just shocked to find so many jews in banking and finanace (parasite) industries.
"No risk of that"
Timmah
I'd say it already has occurred in the form of ZIRP. The Fed is just sneakier about stealing from savers so people don't recognize it as easily, and the Fed wants it to go on forever instead of just being a one shot deal.
Well 'we' promise to pay them back for a loan they make to us on a house or a credit card....and then tell them to fuck themselves, so why is it wrong for 'them' to steal' our savings? What comes around goes around.
Eat shit, fuck off, and die please.
Shhh, don't tell the junkies that without their massive drug habits, the dealers would no money or power - they might get upset.
Gotta hand you a green arrow for speaking truth to populist power.
Sorry, credulous and self-righteous pleb fools, but moral hazard does not just apply to "the rich" or "the elites". It applies to everyone who participates in their scam. Keep playing the total victim and that is what you will be. Perhaps if we weren't so eager to be fooled, they wouldn't be so easily able to fool us? Live by the fraud, die by the fraud.
We ??? Speak for yourself jackass
it already has
Could this be one of the reasons behind opening up Americans' financial records to all of the alphabet agencies? Nah...surely not.
For me MF Global was the shot across the bow. i only keep basic day to day transactions in a bank, something i could lose and barely worth taking. This is no surprise to me. if it has been a surprise to anyone here i hope you still have time. if you still arent worried after this, as probably most of the people i know, maybe the bulldozer will get your attention.
Miffed;-)
The moral hazard / kill the zombie banks paradigm.
They did NOT go far enough.
The Cyprus banks are in trouble because they bought the Greek sovereign bonds that were subject to a haircut with their deposits.
Notice that the Cyrus deposits of the Greek banks will be exempted by the deposit tax.
I understand that the Cyprus deposits of the Greek banks will be bought out by the Greek banks in their entirety.
So they seem to be playing favorites to protect the Greek banks and by extension their Cyprus depositors.
Do yourself a favor, go to the store today and pick up anything that you are light on... food, water, ammo, supplies, etc...
Do it TODAY.
Good luck trying to buy common caliber ammo on that shopping trip if where you live is anything like my 'hood.
Sheer up, I`am the lucky guy ! Got myself some brass the other day . Ammo ? You must be kidding.
You can't prosecute banksters in this country. Dude, they can take your pet goldfish if they want it.
Our great war is a spiritual war.
Our great depression is our lives.
-TD
Cyprus may just be Russian payback for Syria - Russia could lose 50B.
Russia wants access to Cyprus bank data
Nicos Anastasiades led effort in 2011 for Cyprus to enter NATO. Former president Demetris Christofias (AKEL) vetoed I on grounds it wasn’t consistent with settling the partition issue (Turkey)
Remeber the IMF warning about Russian "capital" flight & Putin suggesting it was corporates taking money offshore...
Maybe just maybe Putin has his eye on the orgin of the dark pool of capital flight
Geithner denies blocking Ireland haircuts.
..."
NakedCap on Geithner block: " Geithner is as doctrinaire and short-sighted a defender of bankers’ privileges as the Allied Powers were of their rights to make Germany pay for the costly and bloody Great War. "The deal was torpedoed from an unexpected direction. At a conference call with the G7 finance ministers, the haircut was vetoed by US treasury secretary Timothy Geithner who, as his payment of $13 billion from government-owned AIG to Goldman Sachs showed, believes that bankers take priority over taxpayers. The only one to speak up for the Irish was UK chancellor George Osborne, but Geithner, as always, got his way. An instructive, if painful, lesson in the extent of US soft power, and in who our friends really are." 3 days later DSK arrested at airport..."...Geithner is as doctrinaire and short-sighted a defender of bankers’ privileges as the Allied Powers were of their rights to make Germany pay for the costly and bloody Great War..."
What? Was there anything wrong with fire-bombing/incinerating 40k German non-combatant civlians in Dresden, including babies suckling their mothers, and including the world's most beautiful art and architecture? With absolutely no military targets? Was that not an act of naked allied mercy, same as all other allied acts during the war? You, know, like Hiroshima and Nagasaki?
"We don't target civilians," so says Faux News dick face of the decade Bill O'Reilly.
cyprus was a test ground by the rockefeller nazis....they are literally using it as an experiment to see how far they can go and figure out how to handle native responses....obama has already proven himself an adept thief with gm, chrysler, mfg, peregrine, robosigning, mexican drug cartels, and other criminal enterprises....
people holding money in banks other than very short term cash are pure idiots....this should be a wake up call....the interconnections between banks are so tight, as nazi holder pointed out a week or two ago, that these 2 bank failures will cascade quickly and "require" the same thuggery and criminal response from the rockefeller nazi government here as in cyprus....
large banks everywhere - including the fed - are insolvent....this will mushroom to make the 9/11 conflagration job by the bush crime syndicate look like a camp fire marshmallow roast....
the take away is that banksters, equity holders, and bond holders will be spared while depositors will be fucked royally....
could it happen here? Yes.
will it? Yes.
United States of Confusion and Bananas
The only surprise here will be the lack of outrage by the people......since A) most of this money is criminal proceeds or tax evaded, and B) most of it is not from Cyprus domiciles.
The only surprise here will be the lack of outrage by the people......since A) most of this money is criminal proceeds or tax evaded, and B) most of it is not from Cyprus domiciles.
You're Olli Rehn's press secretary, right?
Under the guise of any kind of emergency act, there will be no Bill of Rights. The best way to prepare is to stay free of large population areas. This is where most of the controls will be heavily enforced and a good chance of seeing one of the new 2700 armored vehicles.
the taxation of shares looks the most likely, after all the fed ha sbeen forcing cash into equities since its zirp started nearly 5 years ago
what is the difference between an increase in capital gains tax and a one off hit? well ..time..in years, that's all
what we are seeing is a return to the demand for cash to retire liabilities
the fed is printing money at 85 billion a month to do this; the government does not have the money and needs to convert untaxed capital gains of its citizens into cash flow into its coffers so it can spend money bailing out banks, government/state/muni pension funds, make benefit payments and fund its colonization of global resources via the military.
remember, interest rates matter less and less in a world that is aging; it is the rate of drawdown of capital that has replaced the interest rate. this "drawdown rate" represents a demand for cash by people who have saved money to fund their retirement and health.
the drawdown rate is 5% (it takes 20 years in retirement to drawdown 100% of capital) and there are ever increasing baby boomers who forming cohorts to draw down their capital. the baby boomer bulge of retirement means that 2% of the population in year 1, 4% in year 2, 6% in year 3, 8% in year 4...2x years n% in year n wnat their 5%.
its all about "give me my money, or i keellll you" from here on out
While the wealth tax is still uncertain, I am 100% certain that we will get means testing of ALL government bennies from health care to Social Security to unemployment. If you have cash in the bank, you will not feed at the Gubmint table until the Gubmint sucks out you savings and retirement accounts. Not a direct tax on wealth, but hits the 'tax the rich' buttons at the voting booth.
isn't that the way its supposed to be? with the bennies set at a level that is above a minimum standard (povery plus) and savers able to acccumulate funds at a better than ZIRP rate?
more evidence that zer interest rates causes deprivation of the general populace.
we've got an inept congress of lemmings who seem to only be able to agree on two things:
1. restricting or eliminating the American public's rights and freedoms
and
2. selling us out
the bailouts, the stimulus programs, the debt ceiling disasters, the fiscal cliff theater, the super congress epic fail, sequestration and so on and so forth. now the fed is printing more road for them to kick the can down. of course we all know this can't continue forever, in fact it probably can't go on for much longer at all... they know this as well.
so...
they prep just like anybody else would when the shit is about to hit the fan. 1.6 billion rounds of ammo, over 2000 mine resistant APC's, microwave cannons, pain inducing high frequency sound emitters, over 7000 new assault rifles and other "personal defense weapons". practice targets made to look like pregnant women, children and john q public and lot's and lot's of drones.
all this while asking us to be "reasonable" and submit to "common sense" gun restrictions.
can it happen here?
hell yes it can and I would argue that the PTB's are planning for when it does.
I will gladly pay you today in derivatives for your fiat currency next week. Makes about as much sense...as my "money" is safe in the hands of government and banks. Which is which again?
'the government may instead choose to generously tax simple 30% of all of your stock holdings, and achieve the same "wealth transfer" result.'
utter and complete nonsense.
at the first wiff of that action, or shortly there after, the value of the stocks assumed in the article to exist would drop faster than the speed of light algos. people's so called 'apple times the number of shares money' would suck down so fast that a black hole would seem like a non event.
The "break" is beyond the fix of man! http://shutupnsing.wordpress.com/2013/03/17/the-pope-you/
This has already happened in Amerika -- executive order 6102 inacted by the grand-daddy of socialists himself (who by the way was also a blue blood from Bank of New York lineage). Don't fool yourself, it will happen again, it's only a matter of time. In fact, the FED is already confiscating our hard earned savings now and passing it on to TBTF through negative real rates of interest. The next phase may take another form like IRA confiscation or savings "taxes". But it will happen. Do not trust banksters, do not trust the FEDs. The Amerikan blue bloods love socialism (and the fiat that enables it) because it gives them complete control over you.
They will defend the Derivative exposure at all costs...Don't kid yourself, It's beyond the point of return.
And as far as "could it happen in the U.S." ? Why find out, because at some point it will be too late....
Can it happen in the US?
Not if you have Bitchez.
if this does not crash the markets, i dont know what will. this is as bad as it can get, and any confidence the regular citizen had in the banking system has to be shattered now.
of course in the u.s though, this prob means dow record high tomm.
i hope this starts a global crash
The market will crash only when Obama will be FORCED to give the order to crash it, same as Bush in 2008.
There is only thing that forces a president and those behind him to give that order: CRUDE OIL PRICE above $90 for longer than 6 months.
USA and Europe are in depression due to scarcity of energy. I think Obama has two choices:
1) Dump the crude oil from storage and postpone Iran attack indefinitely, as Bush seems to have done by dumping the oil into starved market and handing over Iran issue to Obama.
2) Attack Iran soon (within weeks) then dump the oil, same as Reagan did with Libya.
Oil dump will trigger all kinds of derivatives.
We are in a depression caused by scarcity of energy. There is no other solution.
It is so obvious that Obama is a puppet, his string pullers will tell him what to do. If the blue bloods want to save their asses by starting a war then they will. IMO, anybody who fights for the FEDs is fighting for the global banking and oil cartels, not in defense of the American electorate.
I think the Nobel Peace prize guy will attack Iran......
The rhetoric has been ramped up by Kerry and The Great Messiah lately....
And they will probably suffer another Desert 1.
Sorry... no WWIII, the military will finally do it's job and arrest the Kenyan if he tries to start it.
Let the military draft Ben Affleck and put him on Marine Corp Recon duty (though I doubt he could make it through basic training).
Uh, sorry, but the military is doing its job, Instant willful obedience to orders... Whose orders? It doesn't matter, so long as they get to blow some people up and play with their fancy toys. Your faith in the military to correct the situation is just what they are counting on for the military coup that will result in full on fascism.
Unless I misunderstood what you were saying and the military you were referring to is that of a foreign invading force acting to break the stranglehold of US hegemony... maybe then.
Attacking Iran will mean no oil for anyone as in the seventies. They have this up their sleeves, no doubt.
But why and what for ? The current sanctions with Iran forced to swapping oil for gold with Turkey and others
makes the coming resource war against the last Aryan nation standing inevitable, not only will all the oil but plenty of gold be liberated so the longer this is drawn out, the better for domestic power broking in the middle eastern
war mongers enclave and the bigger the loot for her proxies.
Scarcity of energy? WTH are you smoking? Us consumption is off ~30% from highs and the ability to exploit shale sources has exploded reserves. We EXPORT gasoline from here now.
When the price of a gallon of gasoline holds over approximately $0.38/gallon in pre 1965 US silver denominated money for more than 6 months, THEN you will have an arguement for scarcity... Right now it's about $0.20/gallon tops in US, still about as cheap as it has EVER been in history here...
Only if the matzoh eating treason monkeys order it to
100% wealth tax in the Caymans would be nice- not to pay for a bank bailout of course.
1% of the money could be used for bounties on banksters and their puppets all over the world. Make a citizens arrest, get $10M from the fund. The rest of the money could go towards jobs, clean water, housing, (not Pharma) health care the world over.
what a great idea!
confiscate the deposits of every offhosre banking unit, since this money is obviosuly dirty!!!! +1 million
I see a reality TV show, this could be big.
Running Banker: Set in a totalitarian dystopic society where justice is all but a myth from the distant past, bankers and their ill gotten fiat funds are hunted by teams of bounty hunter mercenaries, accountants, and hackers.
And anyone can bid for the pleasure of tripping the latch on the guillotine. Now that is a free market I would like to see.
Remember the end of the first Road Warrior, before the jews destroyed Mel Gibson? Gibson's character hand cuffs the criminal rapist's leg to a destroyed car. Gibson then pours out some fuel, lights the fuel, and tosses a saw to the criminal, telling the criminal he can't cut through the hardened hand cuff chain, but he has enough time to cut off his leg if he hurries. Too late, car explodes.
NDAA authorizes U.S. president to take over private assets in case of a national emergency. So the question posed in the title of this article now was already answered more than a year ago.
Except that NDAA is unenforceable toilet paper and politicians at all levels would be hangining from lamp posts long before it came anywhere near full implementation and it's desired endgame.
They're debasing the currency. That is governmental theft by any other name. Convert to PM's while you still can. Nuff said.
Nah, NO WAY that shit could happen here!
"The only thing that has recovered is Wall Street’s parasitic business model. They will never stop until they destroy the entire country"
Wall Street: $474 Million, Detroit: 0The more time passes, the more skeletons emerge from the closet. So what’s the punishment for an industry that has literally destroyed countless communities across the American landscape? Trillions in taxpayer bailouts and even more control over our government. They say “it would’ve been much worse without the bailouts.” Tell that to Detroit. From Bloomberg:
The only winners in the financial crisis that brought Detroit to the brink of state takeover are Wall Street bankers who reaped more than $474 million from a city too poor to keep street lights working.
The city started borrowing to plug budget holes in 2005 under former Mayor Kwame Kilpatrick, who was convicted this week on corruption charges. That year, it issued $1.4 billion in securities to fund pension payments. Last year, it added $129.5 million in debt, 9.3 percent of its general-fund budget, in part to repay loans taken to service other bonds.
“We have no lights, no buses, poor streets and now we’re paying millions of dollars a year on our debt,” said David Sole, a retired municipal worker and advocate for Moratorium Now Coalition, a Detroit group that fights foreclosures and evictions. “The banks said they need to be paid first. But there is no money.”
The debt sales cost Detroit $474 million, including underwriting expenses, bond-insurance premiums and fees for wrong-way bets on swaps, according to data compiled by Bloomberg. That almost equals the city’s 2013 budget for police and fire protection.
Municipal borrowers from the Metropolitan Water District of Southern California to Harvard University in Cambridge, Massachusetts, have paid billions to banks to end interest-rate swaps that didn’t protect them.As banks were collecting fees from bonds, some targeted city homeowners with subprime loans that led to foreclosures, depressing real-estate values and tax revenue, Sole said.
Last year, Detroit’s water and sewer utility borrowed to pay more than $300 million to unwind swaps.
The only thing that has recovered is Wall Street’s parasitic business model. They will never stop until they destroy the entire country.
Full article here.
Doubtful. We Americans own guns (and ammo).
So did you grandparents when FDR took their gold. Fat lot of good it did them.
Killing Fields
They haven’t even finished planting their seeds and they are spending the money, leverage on property they stole in the last round. So, you are low on cash flow to pay the increasing taxes and you rent your land out to a pot grower. With the proceeds, free money, he bids up the price of real estate, and screws you in every which way, because he’s a civil servant.
An empire is monkeys typing on a keyboard hoping to generate a program that will dig them out of the last mess they created. To adjust gravity, let them steal your “random” program and think they have destroyed you in the process, leaving the Newsoms of the world “thinking” they are successful.
All the stores are fronts for the drug trade. Flush out the last population and bring in the next, to keep the growing population of civil servants busy, one the same as the next, in a row of teeth, in a shark that cannot stop.
If they sold drugs like cigarettes, the economy would collapse. Never buy pot. If you must smoke, trade for it, and the best thing to trade is potential, because the monkeys destroy kinetic energy every time. Remember that Eastwood flick where he has them burn their own town down, after hanging and failing to kill him?
Coming from tobacco, which I tell everyone who cares to look, by the way I smoke a Camel short, why would a peer workgroup pressure me to trade my paycheck for cocaine, upon termination for denial and the argument that it is cheap because it is from Connecticut or Rhode Island, when I can harvest better than these bozos, pulling all the sharks into the killing field? Monkeys.
A seed for $500 an ounce of bush and a piece of coveted property is an awful lot of monetary leverage. It’s pretty simple; don’t show up to a jobsite with your best tools where the inflation rate of real estate is greater than the inflation rate of your labor. If you don’t want sharks, don’t feed them.
Could The "Cyprus Fiasco" Occur In The United States?
Wake up folks, it already has. The US government passed a bailout bill against the wishes of 90% of the people they were supposed to be representing. Then they spent the next few years lowering the taxes, increasing the loopholes, and ignoring the movement of wealth into off shore tax dodges of and by corporations and rich bastards. The cost of the bailout of not only US banks, but banks around the world will be paid by workers, the poor, the old, and the sick.
Here we are several years later and not a flipping thing was done about it by anyone including those who post here. Why in the hell would anyone expect any reaction because some Podunk country takes a measly 7-10% off the top of savings? Geez all we are talking about here is a few billion not the trillions lost by those of us who live in the US. Nothing to see here, move along.
Everyone asks could it happen here. I agree with many zh'ers and others, it is already happening here. Confiscatory taxation, property seizures, speech codes, and blah de fucking blah blah. Let's just suppose for a minute that it would be easiest for the liberal progressive cabal to start in their own backyard. Applying the Cypriot model regionally, the blue cities will go first. Detroit, Philly, Atlanta, Minneapolis, Chicago, Seattle, Portland, New Orleans, others. Look at the Detroit councilman who threatened anarchy and general SHTF mobilizing the other day in response to a state takover of their broken plaything formerly known as Detroit. A FUCKING SITTING COUNCILMAN. Never mind his race, never mind his corruption. He is only preaching what his people know. Violence for taking away what they believe is theirs for the keep. The little entitlement whores are going to get mad. Look at the Philly Mayor's attempt at giving a budget speech this past week. Watch the unions handle that message. The graft, the corruption, the cronyism. I will absolutely not hesitate to point out the decades of Democrat rule in these cities. The elections gamed to produce a desired result. The liberal progressive worldview must spread the misery otherwise it will be too easy to point a finger at their policy failures, at the fucking failure to cage the free man. And their acolytes, the little fucking lockstep apparatchik they lead around and parade in front of a compliant press...they have no idea what else to do. Too goddamn stupid but never taught otherwise.
The smell of desperation is in the air from the political class. Both political classes. Some bright spots here and there, but no one can stop this train because they never controlled it to begin with. Biding their masters and criminalizing law abiding citizens, for what? For protection when they sent the militarized thugs and their brothers in arms (unions, the press, compliant industries) after the citizenry. It has been happening for years in the minority communities, and those of us looked away from these cesspools knowing full well we had no part in the creation, and can add nothing to the solution. Then, frightened to confront their poltical failures of humanity, of governance, of progressive liberalism; the politicial class come for the rest of us.
Molon labe motherfuckers.
The only way deposit confiscation (which is the subject of the post) is happening here is through QE's artificially low interest rates robbing saving deposits from a decent return. The rest of your rant has to do with local politics and comes across as pretty racist. I see that kind of rant as a key component of the divide and conquer policy so useful to the elites and banksters that this post is about.
If Pelosi gets back in the saddle after the 2014 midterms, the imposition of a general wealth tax would suddenly become very realistic. And it won't be just deposits that get hit. Stocks, bonds, gold, real estate, everything will be taxed.
I've got no problem with a wealth tax as long as it has a large exemption for what nesteggs the middle class has managed to keep intact.
I've most often found that when someone wants to silence or discredit debate, they simply invoke the race card and butress it with some pseudo intellectual bullshit. The confiscation of deposits, in my humble view so this sounds prettier for tender ears, extends well beyond QE Infinitum and resultant low interest rates into secondary and tertiary levels of investment, benefits, and asset class. In consideration of that view, let's step beyond mere savings account fees. Let's talk about gaming baseline data to confiscate benefits. A fake Libor rate, the chain weighted CPI-U for COLA robbing sosh-security from seniors, bogus housing starts, unemployment reporting...I hope I am providing a rounder view here so as to more saliently add to my comments.
As for the racist angle, the facts speak for themselves. Detroit is 83% black population. Bankrupt. Atlanta is 52% black. Billion plus in unfunded pension liabilities. Decades of Democrat rule in both houses. Divisive? Of course. I'm pointing something out that is perhaps inconvenient to your worldview and certainly beyond your rigid adherence that "[t]he only way deposit confiscation is happening here is...". How do you know I am not a minority in the frame of having broken free from the Democrat plantation? It's a big sandbox here and not everyone agrees with everyone, but drop the pretense of high intellect. Oh, and fuck the racist accusation.
For those of us who are wondering WTF just happened??? Interesting article....
http://www.breakingviews.com/hugo-dixon-cyprus-deposit-grab-sets-bad-pre...
Cyprus: Test run No 1.
Tyler, unless I missed something, it's not clear if the business accounts were affected in Cyprus, or if US business accounts might be in jeopardy also. Thx.
I am not going to tell anyone what to do. My job with regards to the general public is only to inform. The responsibility now falls on you, but I will say this: if you disregard the goings on in Cyprus and the rest of the Eurozone, you do so to the detriment of not only yourself, but your children as well. Because I guarantee, one day it will be you racing to an ATM machine along with the rest of the masses in a futile attempt to protect the last vestiges of your wealth from men who have no country, no allegiances, and have pledged their lives, fortunes and sacred dishonor to nothing less than the total domination of all four corners of this Earth. - Andrew W. Sutton, MBA
These Euro bankers are REALLY rolling the dice fucking with Russian oligarchs.
I feel like the US doesn't have to steal money overtly when it can print to infinity. The EU has the Weimar-fearing Germans to contend with and has to steal outright from the citizens. US can do it all with smoke & mirrors.
Well....
It's a good thing for us only 10% of the people in the US hold stocks.
Suckers!
Socialism? No this is the mocking up part of capitalism
If they want to tax wealth in the US, they can start by confiscating all the offshore accounts set up for the express purpose of evading US taxes. This ought to pay off 100% of the fucking debt. This is one reason why the entire world is in a debt crisis. TPTB have been cheating for decades by hiding money and paying legislators to pass laws letting them cheat.