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German Commerzbank Suggests Wealth Tax In Italy Next

Tyler Durden's picture




 

While some argue that Cyprus was "one of the biggest money-washing machines for Russian criminals," and others that Cyprus ex-Pat community and energy resources brough deposits (not to say their high deposit interest rates), it seems the European Union (IMF et al.) have decided that the route to crisis stabilization, just as we outlined here over a year ago and updated here, is through a wealth tax.

However, as Handelsblatt reports, the gross distortions of wealth distribution among both core and peripheral nations (evident in the chasm between 'mean' and 'median' net assets - or wealth) makes some nations more 'capable' of 'giving' and as Commerzbank's chief economist notes, median wealth in Italy is EUR164,000 (as opposed to Austria's median of around EUR76,000 and mean of around EUR265,000) meaning that in theory Italy has no debt crisis (with net assets at 173% of GDP) - significantly more than the Germans at 124% - "so it would make sense, in Italy a one-time property tax levy," he suggested.

"A tax rate of 15% on financial assets would probably be enough to push the Italian government debt to below the critical level of 100% of gross domestic product." So there you have it, the 'new deal' in Europe, as we warned, is 'wealth taxes' and testing the "capacity of Cypriots" appears to be the strawman on what the public will take before social unrest becomes intolerable.

 

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Sun, 03/17/2013 - 15:22 | 3339251 Edward Fiatski
Edward Fiatski's picture

Fucking idiots.

EUR$ 1.2000 THIS SUMMER - You better believe it.

Sun, 03/17/2013 - 15:23 | 3339256 THX 1178
THX 1178's picture

Is this all being done on purpose? It seems planned out. I mean are they TRYING to cause bank runs?

Sun, 03/17/2013 - 15:27 | 3339276 Edward Fiatski
Edward Fiatski's picture

Yes. Crisis was almost "resolved", we need a new one - Don't let a crisis go to waste.

Don't forget China slowdown & a billion unemployed slaves that are soon to receive military conscription as a consequence of that, then we party for real, once the banking system of the Western world is in shambles and demand for SHIT we don't need with MONEY we don't have, collapses.

Sun, 03/17/2013 - 15:32 | 3339301 kaiserhoff
kaiserhoff's picture

It's like alimony.  It's the fucking you get, for the fucking you got.

Sun, 03/17/2013 - 15:35 | 3339320 Edward Fiatski
Edward Fiatski's picture

Most will be choking in the clouds of thermonuclear radioactive fallout, so don't sweat it.

Sun, 03/17/2013 - 15:43 | 3339353 Manthong
Manthong's picture

“Brisante Daten”

Um.  That may be a little prescient than they realize.

Sun, 03/17/2013 - 15:57 | 3339402 kaiserhoff
kaiserhoff's picture

A little C-4 in your horse meat, Herr Doktor?

Sun, 03/17/2013 - 16:49 | 3339625 Pinto Currency
Pinto Currency's picture

"A tax rate of 15% on financial assets would probably be enough to push the Italian government debt to below the critical level of 100% of gross domestic product."

And because governments destroyed wealth, the debt would again be above 100% GDP before you know it.

And then another "one time" wealth tax.

And so on, and so on.

Sun, 03/17/2013 - 19:08 | 3340176 Stoploss
Stoploss's picture

The fuckings will never stop.

 

Just like when you get done fucking, all you think about is the next fucking.

Don't even need to be educated to figure that out.

 

" The fuckings will continue until there is nothing left to fuck ".

 

That is all..

Sun, 03/17/2013 - 21:03 | 3340511 Lore
Lore's picture

Wait a minute... Cypriots and other Europeans are being herded into USD for "safe haven." 

But didn't Barry Saetoro likewise say something about "taxing the rich?"  JUST WAIT.

Enter the bobbleheads.

"Cyprus has put a little bit of a spin back towards safe-haven assets, purely as a result of a little bit of nervousness coming back into Europe." - Jonathan Barratt, CEO of Barratt’s Bulletin, a commodity newsletter in Sydney

Sun, 03/17/2013 - 21:38 | 3340628 nmewn
nmewn's picture

"But didn't Barry Saetoro likewise say something about "taxing the rich?"

Yeah, I think he said something like that AGAIN just before jumping on OUR 747 and flying down here to Florida for some golf lesson with Tigger. If nothing else, he's consistently inconsistent...lol.

And then this breath taking bit of recent sophistry to Georgie Stephanopoulos...

"And, y– you know– I think what’s important to recognize is that– we’ve already cut– $2.5– $2.7 trillion out of the deficit. If the sequester stays in, you’ve got over $3.5 trillion of deficit reduction already.

And, so, we don’t have an immediate crisis in terms of debt."

No, no crisis at all Barry. You've only ADDED 6 TRILLION IN GOVERNMENT DEBT IN FOUR YEARS for a total of approaching 17 trillion.

I don't think he has a fucking clue about the difference between deficits & debts. He's never run a business, never had to not cut himself a check in order to meet the payroll of his employees, never had to haggle over health insurance rates for his employees, always used someone elses money to make his living.

Just-like-now.

Sun, 03/17/2013 - 22:00 | 3340685 Totentänzerlied
Totentänzerlied's picture

Precisely. A respectable government could spend that much in a few years, tops. "One time only" - never is. "Transitory" - isn't. "Temporary extraordinary measures" - aren't.

It's a slap in the face of the plebs. These governments have not made any credible or meaningful attempts to slow or eliminate deficit spending on a forward basis, they will be back at that "critical" 100% debt-to-GDP in fucking no time. Then - "whocouldanode?!" - another one-time confiscation.

Sun, 03/17/2013 - 23:37 | 3340984 Telemakhos
Telemakhos's picture

This.

There's a reason no one taxes wealth except out of sheer desperation.  From a scheming overlord's perspective, the people are like little investments: you can harvest a little off their growth (income tax or capital gains tax), but you never want to touch the principal (no wealth tax!), because you're guaranteed to get less from them in the future if you do, whether because of a newfound earnestness in evading taxes, or the rippling effects of lower consumption, or because there's suddenly less capital available for small businesses owners to do anything useful.

The jacked up sales taxes in Spain (IVA's at 21% now) were close to being this stupid, but there was at least an incentive to save with IVA; wealth taxes don't incentivize anything except for evading capital controls by refusing to deposit in any sort of pooling capital (fear of confiscation makes not only bank depositors timid, but every other kind of investor too).

Sun, 03/17/2013 - 15:35 | 3339322 transaccountin
transaccountin's picture

does anyone have an idea where silver will open tonight? thx

Sun, 03/17/2013 - 16:05 | 3339440 smlbizman
smlbizman's picture

up at first, than smashed...to show you that losing 10% is a deal....

Sun, 03/17/2013 - 16:53 | 3339647 smlbizman
smlbizman's picture

and i just went thru apmex.....most bags are out, or very low inventory....most rolled avg circ. all values, very limited..philharmonics...mostly out...

Sun, 03/17/2013 - 16:32 | 3339548 smlbizman
smlbizman's picture

trans, ive never understood how asking a legit question gets a thumbs down....it cant be a regular person...

Sun, 03/17/2013 - 16:38 | 3339568 akak
akak's picture

It's probably just one of the mindless junkmonkeys who buttsurf through here from time to time.  Just ignore it.

Sun, 03/17/2013 - 20:32 | 3340424 Deacon Frost
Deacon Frost's picture

Thats right 'akak', government indoctrinated trolls, they slip through the ZH approval process, and are here to be 'agent provocateurs', rather than provide intelligent discussion.

Sun, 03/17/2013 - 21:18 | 3340565 Terminus C
Terminus C's picture

This is fight club ffs, junks, like bruises, are badges of honor.

Sun, 03/17/2013 - 21:44 | 3340644 DirkDiggler11
DirkDiggler11's picture

I'm just guessing, but I would speculate your red arrow is due to APMEX.... They @ss rape you on pricing... Very high mark-ups over spot on gold and silver bullion products. On the plus side, they usually carry a lot of inventory and have many different offerings, especially for those that choose collectible coins over bullion.

Sun, 03/17/2013 - 15:41 | 3339331 SafelyGraze
SafelyGraze's picture

what we're working on is this:

negative capital gains tax

that way, if stock prices decline (which we think is very unlikely, but we need to hedge that risk), investors will pay tax on the amount of the decline.

after all, many investors abuse these declines in order to reduce their reported profits.

the negative cap gains will help close this loophole.

 

maybe 15%-30% of the loss. we're working with CBO on the details.

 

Sun, 03/17/2013 - 16:11 | 3339467 Sleepless Knight
Sleepless Knight's picture

Love is blind but marriage is an eye opener. You know why divorce is sooo expensive?  It's worth it.

Sun, 03/17/2013 - 20:42 | 3340451 The Big Ching-aso
The Big Ching-aso's picture

All this is proof positive that The Stockholm Syndrome should now be renamed The World Syndrome.

Sun, 03/17/2013 - 21:01 | 3340503 QQQBall
QQQBall's picture
  • You mean Vaginamony
Sun, 03/17/2013 - 22:00 | 3340683 Miffed Microbio...
Miffed Microbiologist's picture

For crying out loud. Every tread I go to seems to have angry divorced men pissed off with women. Aren't there any people here that are happily married or in good relationships? Shouldnt we all be out drinking green beer and enjoying st Patrick's day? For gods sake what am I saying. Today's my birthday and I have my family here to celebrate and they're all frustrated with me worrying about Cyprus and hanging out on ZH. Well, I guess I need a beer. Or maybe just bang a pot.

Miffed;-)

Sun, 03/17/2013 - 22:04 | 3340700 Totentänzerlied
Totentänzerlied's picture

"Aren't there any people here that are happily married or in good relationships?"

Yeah I think I met one, once. Might've been a dream, then again.

Mon, 03/18/2013 - 01:51 | 3341271 StychoKiller
StychoKiller's picture

I've been happily married since 1984, do the math.

Mon, 03/18/2013 - 10:19 | 3342254 Miffed Microbio...
Miffed Microbiologist's picture

Well, you've cheered me up. This year is my 30th anniversary and we've been together 36. I can't imagine life without my wonderful husband who just beams in joy when I come into his presence. Kinda makes the world we live in today easier to take. We have it a lot better than others here.

Miffed:-)

Sun, 03/17/2013 - 22:43 | 3340823 NotApplicable
NotApplicable's picture

Define "happily."

Sun, 03/17/2013 - 21:43 | 3340641 FreedomGuy
FreedomGuy's picture

The new Karl Marx: "From each (citizen) according to ability, to each (bank) according to need (and political influence)."

Sun, 03/17/2013 - 17:55 | 3339890 TNTARG
TNTARG's picture

Of course. If I get it right, since january 1, 2013 noninterest-bearing transaction accounts are no longer insured separately from depositors' other accounts at the same IDI.  Top insurance is now $250.000 per depositor.-

No safe net, people has to pay for what banks can't. Banksters bitchez!

Sun, 03/17/2013 - 20:45 | 3340458 umbertoz
umbertoz's picture

It is currency war. They want a weak Euro

Sun, 03/17/2013 - 21:20 | 3340574 Kirk2NCC1701
Kirk2NCC1701's picture

THX 1178: to answer your question, ask yourself if the Euro fear hurts or helps the USD. Are Dr. Ben and Dr Paul happy or not? ;-)

Sun, 03/17/2013 - 22:12 | 3340734 franzpick
franzpick's picture

I envision a secret meeting of desparate world bankers, realizing nothing else can be done, deciding to"trial balloon" a 10% seizure of deposits in a small country, to see if the public reaction can be contained so as to judge whether larger seizures of deposits could then be carried out on a multi-national basis.

So the answer is: Yes, it's planned out, and No, they're trying to determine what amounts of money they can seize WITHOUT causing bank runs.  It's that bad...

Sun, 03/17/2013 - 23:18 | 3340941 goldfish1
goldfish1's picture

Cyprus is in quite the geopolitical position. Certainly Russia must protect it's interests.

Sun, 03/17/2013 - 15:55 | 3339393 Wile-E-Coyote
Wile-E-Coyote's picture

Haaa Haaaahh now we know why the Pope tried to do a runner. He must have got the nod from Merkel.

Sun, 03/17/2013 - 18:52 | 3340103 TheGardener
TheGardener's picture

Commerzbank suggests ! Freaking insolvent zombie bank
bailed out by the taxpayer and on government life support !

The walking dead infecting the rest with their gangrene !

Sun, 03/17/2013 - 21:14 | 3340547 NoClueSneaker
NoClueSneaker's picture

ISDA Chief Joe Ackerman saved the CommerzCorpse throught his greek "non-default event ".

Shit Zombie Bank still in bussiness without any fuckin' collateral except empty bureaus all over the freakin' Europe. The shithole of the bank was a pioneer of scamming their own customers, selling them a shit and exporting the money of the über-richies to Singapoore - in the mid-90thies. German cocksucker payed 22 Bn. € for the crap, they're hedged with the Holly Ghost and still denying the gravity .

Is there some Paulson to short this shit of the bank with his hooker-budget ?

Sun, 03/17/2013 - 15:22 | 3339257 machineh
machineh's picture

Stabeeleetee, bItCHeZ.

Be thankful it's not 40% (yet).

Sun, 03/17/2013 - 15:23 | 3339258 lolmao500
lolmao500's picture

Italians, time to pay the mafia to off your government if they do that crap.

Sun, 03/17/2013 - 16:02 | 3339421 MsCreant
MsCreant's picture

Mafia: No need to pay, this one is on the house. Every few years you have to go to the matresses to clear out the bad blood.

OR

"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. ... God forbid we should ever be twenty years without such a rebellion; what country can preserve its liberties if their rulers are not warned from time to time that their people preserve the spirit of resistance?  Let them take arms." -- Thomas Jefferson to William Stephens Smith, 1787

Mon, 03/18/2013 - 04:12 | 3341419 Lore
Lore's picture

That's also why I hate "green" Agenda 21. It's just a new flavour of mafia.  We have a systemwide problem of too many aspiring control freaks jockeying for local office in the belief that it entitles them to tell you how you ought to live.

Capital misallocation and destruction over the next couple of decades is going to be enormous. It's so UNNECESSARY.

Mon, 03/18/2013 - 09:22 | 3342008 Mitzibitzi
Mitzibitzi's picture

I agree.

My take on it is;

I'm fairly environmentally conscious and go out of my way to re-use valuable raw materials in new ways (plus I'm cheap!). Leftover food goes in the dog, chickens or composter, depending on what it is. I drive a very fuel efficient diesel, these days. There's a 12v lighting system throughout the house (you don't need 200W of mains lighting to see your way to the bathroom at night!) And so on...

I'd obviously prefer it if everybody else made a similar amount of effort but, hey, it's each individual's choice at the end of the day.

I do reserve the right not to associate with or do business with anyone who clearly knows they live a wasteful existence but obviously doesn't give a shit, though. Don't feel the need to push some forceful green agenda - basic open contempt and ostracism would do the 're-education'  job perfectly well, if enough people took part.

Sun, 03/17/2013 - 15:23 | 3339260 bania
bania's picture

Cyprus. Talk about a trial balloon.

Sun, 03/17/2013 - 15:35 | 3339299 Abraxas
Abraxas's picture

I really hope that Cyprus people (Cy-Prusians???) pull an Iceland on these MFs.

Sun, 03/17/2013 - 18:14 | 3339920 chubbyjjfong
chubbyjjfong's picture

According to Icelanders, the real reason Iceland let the banks fail in the end is not because they were prudent, it was because they were forced too as their 'Powers That Be' fucked up their bailout procedure so bad that no institution could justify lending them money in all theiir calamity. But fucking top marks for the result, whichever way they got there.

Sun, 03/17/2013 - 21:05 | 3340517 granolageek
granolageek's picture

There are fewer people in Iceland than ther.e are in Wyoming.

Thy government fell when the Reykjavik chief of police told the prime minister that his officers would not arrest their grandmother for banging pots together at midninght. And he was not stupid enough to tell them to.

Sun, 03/17/2013 - 15:23 | 3339263 McMolotov
McMolotov's picture

Jesus fucking Christ, pardon my French. Is this controlled demolition?

Sun, 03/17/2013 - 15:42 | 3339344 Ballin D
Ballin D's picture

Go to any MSM website and look for news relating to this. Most of what Ive seen puts a positive spin on it and takes up almost no front page real estate.

This could blow over in the rest of the world's eyes. Just like everything else will until people take their heads out of their asses.

Sun, 03/17/2013 - 16:01 | 3339417 Antifaschistische
Antifaschistische's picture

Do you want to know what this Antifaschist thinks..

...why will there be rioting?   Does anyone care any more?  People are just bending over and taking it.  The US is of course, the most classic example of the great bend over and take it.

Bank:  Yes, give us your gold, and we'll give you certificates for your gold.

Customer:  So, I can then, just trade the certificates and someone I give this cert to can come get his gold

Bank:  Of course...this certificate = gold.   It just facilitates a lower transaction cost.

Customer:  Okay, I guess that works.

fast forward.........................

Bank:  I have a great idea...why don't we just keep your gold...and you can still trade your certificates.

Sheeple:   Oh, okay...I guess that works.

NO ONE DEMANDED THEIR GOLD BACK WHEN THIS CON JOB TOOK PLACE.  THE GOLD THE BANKSTERS HAVE NOW BELONGS TO THE PEOPLE...NOT THE BANKS.

but, the sheeple just take it...no riot, no burning, no fight, just the worlds greatest bend over and take it in the history of man.

 

Sun, 03/17/2013 - 16:23 | 3339492 Abraxas
Abraxas's picture

Sorry, I can't participate in the revolution. I'd love to, but there are all these "friends" I have to reply to and share my precious pictures with ... and, and, there's this reality show I must see, and after that I've the same-sex marriage discussion group to go to ... Also, I'm conditioned to abhor violence of any kind (except for police brutality). Sorry, maybe next time.

Mon, 03/18/2013 - 02:31 | 3341297 Cathartes Aura
Cathartes Aura's picture

yeah, so sorry I can't help either, I've got some trades I need to set up, just watching the screens, right? and there's the game at the weekend, a few others coming over, can't let 'em down, mates, but we have a few drinks and talk about our stacks 'n' compare stats, 's all good.  we all know what's going down, yah.

I'll hit the ATM and get some fiat out for the cause man, at least OUR banks are cool, not like them euro-peons, hahahh.

yeah.  there's no revolution.  I read more information about "TV shows" from posters here than I get any where else. folks still banking at the TBTFs, still voting and talking about change. . .

Sun, 03/17/2013 - 15:23 | 3339264 Banksters
Banksters's picture

Merkel: Cypriot depositors must share responsibility http://ekathimerini.com/4dcgi/_w_articles_wsite1_1_17/03/2013_488307 Sure was nice of Statsi mamma merkel to get Greece to launder that money back to Commerzbank and Deutschebank.

 

Sun, 03/17/2013 - 16:03 | 3339412 EscapeKey
EscapeKey's picture

Don't ignore this outrageous lie:

: Depositors will not lose as they will be given equity. 

 

Sun, 03/17/2013 - 16:24 | 3339511 Abraxas
Abraxas's picture

equity = dildo up the ass; no lie, just a disagreement in definitions

Sun, 03/17/2013 - 15:23 | 3339266 magpie
magpie's picture

Now its just everyone in the EZ trying to bankrupt each other fast enough

Sun, 03/17/2013 - 15:26 | 3339281 lolmao500
lolmao500's picture

Deutschbank is so overleveraged, they gonna be doing the same thing at some point.

But eh, a tax-funded bank bailout... coming from the bank deposits or the government is the same thing really.

Sun, 03/17/2013 - 15:43 | 3339350 Ineverslice
Ineverslice's picture

 

Herr Merkel....we must re-capitalize.

Sun, 03/17/2013 - 15:26 | 3339282 frenchie
frenchie's picture

gulps...

Sun, 03/17/2013 - 15:28 | 3339287 JustObserving
JustObserving's picture

So a fraction of your deposits will be confiscated and you will be assessed extra taxes on properties.  What does that leave? Bunga Bunga, Ferraris, Lamborghinis and Gold?

Sun, 03/17/2013 - 15:59 | 3339407 Freedumb
Freedumb's picture

There will be a seizure of 10-15% of topless lagoon babes to recapitalize the Bunga Bunga

Sun, 03/17/2013 - 15:28 | 3339288 Joebloinvestor
Joebloinvestor's picture

How can anybody NOT THINK there isn't going to be a run on European banks on monday (the ones that open).

 

Talk about a "heads up" of what is coming down the pipe (sewer that is).

Sun, 03/17/2013 - 15:28 | 3339290 Yen Cross
Yen Cross's picture

    This is going to get really ugly now.

Sun, 03/17/2013 - 15:32 | 3339302 SKY85hawk
SKY85hawk's picture

Hopefully people realize that any improvement in Debt-2-GDP will be met by INCREASED Government spending/waste.

Sun, 03/17/2013 - 15:33 | 3339308 Oldwood
Oldwood's picture

Maybe this is the "show" we have been waiting on.

Sun, 03/17/2013 - 20:58 | 3340493 Go Tribe
Go Tribe's picture

This is all very interesting. Interesting that people will let the government take their money and demand NOTHING in return, not a few banker imprisonments, not government budget slashing, NOTHING.

C'mon Cypriots, raise some fuckin' hell!

 

Sun, 03/17/2013 - 15:28 | 3339291 NoTTD
NoTTD's picture

Sure, that makes sense.  Just work your way up the ladder, for the "giving".  If people have money, they should give most or all, if necessary, to the goverment - who will use it wisely.

Sun, 03/17/2013 - 15:33 | 3339307 mm17101978
mm17101978's picture

Well folks, in Italy a deposit levy has already been slapped. Back on July 11, 1992: fucking Giuliano Amato (a Socialist who is still pushed today as a possible successor to Napolitano as President or as Premier to succeed fucking Monti, who reinstated the property tax in Italy on all houses) blasted all savers with an 0,6% tax on all bank deposits. So yes it can happen again. In 1992 it was done criminally by adding a provision very very deep at the end of the Budget Law of that year. I am about 22% in gold so far. Time has come to boost it to 100%. And the key is where to store it too. This fucking country of Italy and its banks are not ideal. Best regards from a bankrupt European "country".

Sun, 03/17/2013 - 15:37 | 3339329 Jim B
Jim B's picture

Get a decent safe, a gun, and a couple of dogs! 

Sun, 03/17/2013 - 15:48 | 3339373 EINSILVERGUY
EINSILVERGUY's picture

PM's in Safe  check

6 months of Food check

Guns and Ammo  check

2 German Shepherds and 3 months dog food  check

Booze -  back in a few minutes

 

Sun, 03/17/2013 - 18:55 | 3340122 Tijuana Donkey Show
Tijuana Donkey Show's picture

I just feed the dogs the dead..... easier that way. 

Sun, 03/17/2013 - 21:00 | 3340499 Banksters
Banksters's picture

The dogs will get gout if they eat Americans.

 

http://fatamericans.net/wp-content/uploads/2012/09/Fat-American-2.jpg

Sun, 03/17/2013 - 21:15 | 3340553 dogbreath
dogbreath's picture

I would kill myself if I looked like that

Mon, 03/18/2013 - 00:22 | 3341133 akak
akak's picture

I've got news for you --- he IS killing himself.

Mon, 03/18/2013 - 01:40 | 3341253 dogbreath
dogbreath's picture

yeah, the slow way  

Mon, 03/18/2013 - 04:24 | 3341436 Non Passaran
Non Passaran's picture

I'm much higher in gold %-wise and I am committed to push that over 100% should the price sink below 1500.
Good info by the way. The fucking bitchcunt politicians.

Sun, 03/17/2013 - 15:37 | 3339313 Coke and Hookers
Coke and Hookers's picture

They are doing this for one reason only: They think they can get away with it. Cyprus is a test to 'make sure'. My bet is that they will get away with it. The Euro population does not have the guts to rebel. Look at the Irish - they basically bent over with their backsides pointing in the direction of that big, elongated, unlubricated thing from Brussels - and they're still on their knees. The continentals will do the same and the elite can take what they want without the slow moving methods they've used so far for asset transfer.

The key here is that there's nothing else left than private assets and liquidity. EVERYTHING else has been seized/leveraged by the banks. Therefore, private assets and money is next, by any means necessary.

Sun, 03/17/2013 - 18:28 | 3340021 yogibear
yogibear's picture

"The Euro population does not have the guts to rebel. Look at the Irish - they basically bent over with their backsides pointing in the direction of that big, elongated, unlubricated thing from Brussels "

The US is just as bad. Being bent over the table and being volated daily by Bubba the Banksters. One Bubba speaks Dutch and the orher English.  

 

Sun, 03/17/2013 - 15:34 | 3339314 timbo_em
timbo_em's picture

We know that when things get serious, you have to lie and we've just learned that when things get really serious, you have to steal.

What's next? 

Sun, 03/17/2013 - 17:13 | 3339733 r3phl0x
r3phl0x's picture

War

Sun, 03/17/2013 - 15:35 | 3339315 BrigstockBoy
BrigstockBoy's picture

Is this why DHS felt the need to purchase all those bullets?

Sun, 03/17/2013 - 15:51 | 3339382 Wile-E-Coyote
Wile-E-Coyote's picture

Yeap and every bullet has a name scribed on it, used or not.

Sun, 03/17/2013 - 15:35 | 3339319 Jim B
Jim B's picture

It is sad!  Property rights and the rule of law are being murdered to save corrupt governments and banks!  

Must be time to buy more PMs!

Sun, 03/17/2013 - 21:26 | 3340594 pods
pods's picture

I would say it is about time to stock up on more SPMs (semi-precious metals)

Cu-Pb.

pods

Sun, 03/17/2013 - 15:36 | 3339321 lolmao500
lolmao500's picture

Just two weeks ago the Cypriot new President said :

http://online.wsj.com/article/SB1000142412788732417890457833826210498694...

"I want to be absolutely clear. Absolutely no reference to a haircut on public debt or deposits will be tolerated. Such an issue isn't even up for discussion," he told Parliament on his first day in office.

LUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUUULZ!!!!!!

Sun, 03/17/2013 - 15:39 | 3339324 Element
Element's picture

 

 

"A tax rate of 15% on financial assets would probably be enough to push the Italian government debt to below the critical level of 100% of gross domestic product."

 

Not according to Roggoff etal. ... <90% ... do the crime properly or don't even bother.

Sun, 03/17/2013 - 15:36 | 3339325 JustObserving
JustObserving's picture

How much would we have to pay if we split the tab? Again, the math is painful. With a total population of 304 million, from infants to the elderly, the per-person payment to the federal treasury would come to $330,000. This comes to $1.3 million per family of four—over 25 times the average household’s income.'

Dallas Fed President Richard Fisher. May 28, 2008

Now it's only $440,000 per person in the US of A

http://www.dallasfed.org/news/speeches/fisher/2008/fs080528.cfm

Sun, 03/17/2013 - 15:44 | 3339356 Oldwood
Oldwood's picture

If you could just cover my portion until I can sell my Cypriot bank shares, I sure would appreciate it!

Mon, 03/18/2013 - 04:18 | 3341427 Non Passaran
Non Passaran's picture

Or in the meantime you can release some of that Cypriotic gas out of your back in their general direction.

Sun, 03/17/2013 - 21:29 | 3340604 pods
pods's picture

Even worse, our currency is backed, and our very labor valued by that debt,

pods

Sun, 03/17/2013 - 15:37 | 3339328 Scalaris
Scalaris's picture

Let me guess; the wealth tax will be implemented purely on the grounds of eradicating the Calabrian mafia and their money-laundering practices.

Sun, 03/17/2013 - 15:46 | 3339345 Element
Element's picture

But to be fair, it must be applied with an even-hand ... you know how it is ... Hey Rocky, watch me pull a rabbit out of a hat! No democracy up here, and none up this sleeve either.

Sun, 03/17/2013 - 15:56 | 3339397 WmMcK
WmMcK's picture

  Oh, Bullwinkle, that trick never works.

1) Didn't know my own strength.

2) Gotta get a new hat.  (and my personal favorite ...)

3) (After pulling Rock out ...) Well, at least I'm getting closer.

Sun, 03/17/2013 - 15:37 | 3339330 Piranhanoia
Piranhanoia's picture

Germany is going to be taken apart this time.  No nazi sympathizers left to rebuild the reich.  As long as the frau speaks,  the worse it will get.  Good luck to you good people of Deutschland, or whatever you call the new states.

Sun, 03/17/2013 - 15:39 | 3339338 lolmao500
lolmao500's picture

The anti-EU party needs to win in Germany for things to REALLY change.

Sun, 03/17/2013 - 15:40 | 3339340 IridiumRebel
IridiumRebel's picture

Cue the Italian Bulldozers....

Sun, 03/17/2013 - 15:40 | 3339342 Paracelsus
Paracelsus's picture

Jogger: Man,you just stepped in a big pile of shit!!

Forrest Gump: It happens...

Jogger: But,shit?

Forrest Gump: Yeah...

 

Sun, 03/17/2013 - 15:42 | 3339343 Piranhanoia
Piranhanoia's picture

deleted, double post

Sun, 03/17/2013 - 15:42 | 3339347 spooz
spooz's picture

Wealth taxes, if they exempt a reasonable amount of assets, can make a dent in the unacceptable recent trends in inequality. Its especially nice to see the tax havens in the crosshairs.  imo.

To anyone who hasn't seen the viral inequality video:

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/03/06/this-viral-vi...

Sun, 03/17/2013 - 16:57 | 3339619 Broomer
Broomer's picture

No arrows of any type for you. For those interested:

Article from 29 March 2012: http://www.bbc.co.uk/news/magazine-17512040

the world's average salary is $1,480 (£928) a month, which is just less than $18,000 (£11,291) a year.

But these dollars are not normal US dollars. The economists use specially adjusted exchange rates - the average salary is calculated in Purchasing Power Parity (PPP) dollars. One PPP dollar is equal to $1 spent in the US.

Essentially, the PPP dollar takes into account the fact that it is cheaper to live in some countries than others.

Check your country here: https://en.wikipedia.org/wiki/List_of_countries_by_average_wage

Is your body ready?

 

Sun, 03/17/2013 - 22:13 | 3340735 Totentänzerlied
Totentänzerlied's picture

I am for a "one-time stability levy" to be assessed against the world's top 25% income "earners", such as those greedy, uber-rich Americans. It's only fair!

Sun, 03/17/2013 - 15:43 | 3339351 spanish inquisition
spanish inquisition's picture

Somehow I think that the politicians will be getting a waiver for themselves and their family members?

Sun, 03/17/2013 - 15:45 | 3339362 q99x2
q99x2's picture

Makes me want to go to europe to join in the revolution. The problem I have is that no one will talk about where the fight club is in my town.

Sun, 03/17/2013 - 15:48 | 3339374 MsCreant
MsCreant's picture

Be the fight club you seek. 

I am fight club.

Sun, 03/17/2013 - 15:47 | 3339372 MsCreant
MsCreant's picture

Stalking horse works better for me, not straw man.

Sun, 03/17/2013 - 22:10 | 3340723 perchprism
perchprism's picture

 

Or guinea pig.

Mon, 03/18/2013 - 07:57 | 3341698 MsCreant
MsCreant's picture

Long time no see, glad to see your avatar out and about.

Sun, 03/17/2013 - 15:52 | 3339375 slingshot
slingshot's picture

If any bank runs are detected, next step freezing withdrawals transfers  in  Spain Italy Portagul France  the 1%ers already out and in protected accounts  Singaport Hong Kong Switzerland ect.  Cyprus is merely a test to see if he commoners  will actually do anything.  In actuality they dont have much recourse.

Sun, 03/17/2013 - 16:22 | 3339479 spooz
spooz's picture

Singapore, for one, may not be as safe as you think:

"Others are worried secretive Singapore won’t be able to stay that way. The city-state, defiant against the label “tax haven,” has taken steps to ensure its tax treaties allow for more information exchange on tax dodgers, most recently firming a double-taxation agreement with Germany. (A spokesperson from the Monetary Authority of Singapore says it works hard to report any “suspicious transactions.”) Singapore is also forced to comply with new financial regulations—including the Foreign Account Tax Compliance Act, a way for the U.S. to ensure its taxpayers do not shirk payments through offshore holdings. This, Palan says, is a “game changer” for the private-wealth industry and will be used as a model by other countries."

http://www.reuters.com/article/2012/10/14/us-singapore-tax-idUSBRE89D0GM...

Switzerland too:

"Joint efforts by the EU, the US and number of other countries have led to Switzerland introducing new banking laws on February 1. The new regulation now allows foreign tax services to send group requests for bank account information of their citizens. Banks, nominal account holders, agents or trust managers will now be obliged to provide the information."

http://rt.com/business/swiss-tax-haven-over-226/

 

Looks like Hong Kong may still like enjoy its tax haven status, but I'm not so sure I'd feel safe with all my dough in China.

"Hong Kong just became an even better place for company directors who value secrecy. The Chinese territory, already ranked fourth in a list of 71 “secrecy jurisdictions” by the Tax Justice Network, has proposed new laws making it harder to identify the directors of non-public companies."

http://taxjustice.blogspot.co.uk/2013/01/tax-haven-hong-kong-may-be-abou...

Sun, 03/17/2013 - 22:19 | 3340754 perchprism
perchprism's picture

 

Why don't you blow me, you cocksucking commie.

Sun, 03/17/2013 - 15:51 | 3339379 williambanzai7
williambanzai7's picture

I suspect more progress will ensue from shutting down Commerzbank

Sun, 03/17/2013 - 15:52 | 3339390 falak pema
falak pema's picture

lol, you beat me to it! 

Sun, 03/17/2013 - 21:20 | 3340573 NoClueSneaker
NoClueSneaker's picture

WB7u akkbar !

It should have happened some 18 years ago ....

Sun, 03/17/2013 - 15:51 | 3339384 falak pema
falak pema's picture

the best way to enforce a wealth tax is to control all the banks who are spreading the disease. If you control the dissemination of  the pest you stop all those deads pigs floating in the river and the resulting pest.

Start at the source and don't beat about like a blind man in the bush, pretending you know what you are doing.

That way you don't solve the cause and you only make the effects more severe; like using drones against innocents.

 

Sun, 03/17/2013 - 15:52 | 3339391 Racer
Racer's picture

How about 100% tax on banksters property and money because of their unlawful and fradulent activities, that should give the people a massive lump sum to each individual in the world instead

Sun, 03/17/2013 - 23:00 | 3340887 Non Passaran
Non Passaran's picture

I don't like it.
Those for who are suspected guilty should go to court.
Some would be wrongfully accused.
Even PM banks need bankers.

Sun, 03/17/2013 - 15:57 | 3339399 PUD
PUD's picture

But they have to save the banks! Who else will there be to loan you your own money that was stolen from you at interest?  huh?

Sun, 03/17/2013 - 15:58 | 3339403 Peter Pan
Peter Pan's picture

By the time they finish with Italy, the Italians will be wishing the Mafia was still in charge. The godfather has been replaced by the devil himself.

The problem with all these moves to cull bank deposits is that is does not appear to be counterbalanced by debt write offs for people who are truly faced with impossible debt.

The survival of the system that retains power and wealth in the hands of the few is paramount and all else is expendable.

Sun, 03/17/2013 - 16:58 | 3339672 OccupyTVstations
OccupyTVstations's picture

The godfather has been replaced by the devil himself.

 

Bunga Bunga!

 

Except that Berlusconi must be merely a demon, cuz I'm pretty sure if Satan came to earth, he's got to be Cheney.

Sun, 03/17/2013 - 15:58 | 3339404 debtor of last ...
debtor of last resort's picture

Ahhh, next; Italian elections. Forming a government won't work now. I'm afraid fascism will force a eurozone wide deposit guarantee. Or a eurozone wide 'wealth' tax... I am Galt for many years now. All those weird people looking at me... sick&tired of it. ;-)

Sun, 03/17/2013 - 16:02 | 3339419 Oldwood
Oldwood's picture

Without trust no relationship, be it in business or love, can survive much less prosper. They are simultaneously destroying all trust to create chaos. Chaos favors the prepared and I feel pretty sure that those that are precipitating this crisis are fully prepared for what is coming.

 

 

Sun, 03/17/2013 - 16:02 | 3339420 They Tried to S...
They Tried to Steal My Gold's picture

ARE YOU WATCHING LADIES AND GENTLEMEN? 

 

You can do this when the sheep have no forms of protection other than hand gestures!

 

All this stuff will only make it easier for Soetoro to try this here in the US.....

Sun, 03/17/2013 - 16:08 | 3339453 magpie
magpie's picture

The major difference to most other kleptocrats past & present is that these do not believe in capital controls beyond the ATM shutdown, guaranteeing things will go down the drain far faster.

Sun, 03/17/2013 - 16:19 | 3339501 earleflorida
earleflorida's picture

as the basel`money-masters set the totem`pole's barometer so high... the world clamors for breathing room, only to find it poisoned by a fistful of j --'-... ? ;-)>

Sun, 03/17/2013 - 16:25 | 3339525 realtick
realtick's picture

Sexy Sunday: Forget The Mila Kunis Top - Presenting The Shiri Appleby Money Shot Buy Signal

Sun, 03/17/2013 - 16:39 | 3339579 gwar5
gwar5's picture

Currency War = Banker War against humans and self government

 

Reminder for Americans, I think FDIC insurance rules changed as of January 1, 2013. Now, only the aggregate of ALL your accounts is protected by the 'limit', no longer each individual account limit at various institutions.  And while trillions are held in deposit accounts, the FDIC only has a few paltry billions to bail out all depositor accounts, and banks like BAC have been allowed to put trillion(s) in toxic assets on the public side of the ledger to be backed by FDIC. All of which means FDIC protection is a myth and Mowhawks for depositors must be on the table if a big bank stubs a toe. Somebody correct me if I'm wrong about the year end changes....

Both Jim Sinclair and ZH have also made good points last 48 hours about a nasty Russian backlash and what that may bring. Guessing it would be bullish for boats and gold, not necessarily in that order. Sinclair thinks Eurobankers are positively suicidal.

More, Sinclair has been saying all along the recent beatdown in PM would be the harbinger for banks to cash in their short positions and go long PM end of March, ala repeat of the 1979 ramp up. Is this the planned trigger for said PM lift off?  And as Tyler suggests, to increase velocity of money and inflation?

Scary when these two are saying the same thing. Gird your loins.

 

 

 

 

 

 

Sun, 03/17/2013 - 18:45 | 3340085 enloe creek
enloe creek's picture

One real wierd thing happened friday, the PM stock I follow had many multiples of normal volume with options expiring huge volume  huge % up for this little stock which had been mercilessly shorted over the last 18 months.  someone has reversed course. 

Sun, 03/17/2013 - 23:15 | 3340930 andrewp111
andrewp111's picture

I don't think that is correct. The FDIC website still says you are insured to $250K per depositor per bank.

https://www.fdic.gov/deposit/deposits/dis/index.html

However, the unlimited deposit insurance on corporate checking accounts did expire on Jan 1

It would not surprise me if they limited FDIC insurance to 250K/depositor sometime in the future.  If they did, it would make Treasury Direct look like a very attractive place for big depositors, and that could keep interest rates low or negative for a very long time.

Sun, 03/17/2013 - 17:01 | 3339690 TNTARG
TNTARG's picture

Hope all of you people re-think about it since when they did it to us in Argentina (2001) you blamed us, the argentinean people.

It's not us, it's not u, it isn't the italians: it's them, and we should all go for them together.

Sun, 03/17/2013 - 17:06 | 3339710 akak
akak's picture

They why do the Argentinians keep voting over and over for politicians with the exact same discredited, statist Peronist policies?

Which is to equally ask why Americans keep voting for politicians from the same discredited, statist Tweedledum-Tweedledee two party duopoly.

Sun, 03/17/2013 - 19:11 | 3340183 TNTARG
TNTARG's picture

"Peronism" is a vast umbrella. The Pope is peronist and I wouldn't ever have voted for him!

 

Sun, 03/17/2013 - 23:22 | 3340599 honestann
honestann's picture

The lesson is, in the modern world, humans are happy to vote their entire future away, and the entire future of mankind away, for the false perception of getting a little bit of something for nothing in the short term.

The sheeple have been brainwashed by endless generations of authoritarians, and no longer have any ability to see what is right in front of their eyes.  And most of those few who still can see what's in front of their faces, prefer to see everything everywhere destroyed for the chance of getting something for nothing from the few remaining honest, ethical, productive, benevolent fools on this planet willing to keep everyone alive.

!!!!!  SHRUG  !!!!!

Sun, 03/17/2013 - 21:47 | 3340651 Terminus C
Terminus C's picture

This is because they pay the poorest of Argentinians to vote.  Also, most sheeple do not know that they have real choices and buy into the msm and party lines.  Also, people are comfortable with the evil they know vs the unknown.

Sun, 03/17/2013 - 17:12 | 3339731 deepsouthdoug
deepsouthdoug's picture

That's one dumb German bankster. Don't tell em what you're going to do.

Sun, 03/17/2013 - 21:48 | 3340653 Terminus C
Terminus C's picture

Likely it means it is precisely what they will not do.

Sun, 03/17/2013 - 17:19 | 3339747 gopher
gopher's picture

Time to convert those cash accounts to an anonymous digitail currency (bitcoin) perhaps?

Sun, 03/17/2013 - 17:19 | 3339749 gopher
gopher's picture

Time to convert those cash accounts to an anonymous digitail currency (bitcoin) perhaps?

Sun, 03/17/2013 - 18:02 | 3339912 icanhasbailout
icanhasbailout's picture

Yes! Quick, convert your hard assets into an intangible claim that can't be enforced by any system of law! That'll make you safe!

Sun, 03/17/2013 - 21:24 | 3340587 honestann
honestann's picture

</sarcasm>

Sun, 03/17/2013 - 17:47 | 3339857 psyops
psyops's picture

this really feels like Sept 1939, the invasion of Poland all over again...They just now do it with Euros instead of Panzers...

I wonder how long until we witness the City of London Blitz No2...

I bet Mr. Schauble having his Finance Ministry in the former Luftwafe headquarters in Berlin was a choice dictated by an unconscious preference for both National Socialist aesthetics and Blitzkrieg tactics...

Sun, 03/17/2013 - 18:00 | 3339909 icanhasbailout
icanhasbailout's picture

Tell them they can have 1% for every ten thousand bankers hanged.

Sun, 03/17/2013 - 18:38 | 3340056 billsbest
billsbest's picture

The whole world should be deadheading to the exits!

Watch:

Hitler Bails Out Cyprus - YouTube
Sun, 03/17/2013 - 21:23 | 3340583 honestann
honestann's picture

*****  five stars --- another classic  *****

Sun, 03/17/2013 - 18:40 | 3340066 robertocarlos
robertocarlos's picture

I'm against this move. What should happen is ALL the banks should go BK, they are, and deposit insurance in the form of a new currency should be paid out. The max payout is 100k. That would reset everything.

Sun, 03/17/2013 - 21:03 | 3340512 Westcoastliberal
Westcoastliberal's picture

We are all Icelanders now!

Sun, 03/17/2013 - 22:02 | 3340695 NoWayJose
NoWayJose's picture

We will all WISH we are Icelanders...

Sun, 03/17/2013 - 19:26 | 3340239 currencywar
currencywar's picture

More fodder for Beppe Grillo and a movement against central bankers...one can only hope...But, will people learn the right lesson? 

Somehow people can acknowledge that many politicians are corrupt, but they can't see that giving said politicians more powers is a bad idea.  A small and decentralized government that lives within its means is considered "extreme" in today's world. 

Still trying to figure out if there is a place to run to if/when the shtf.

Sun, 03/17/2013 - 20:33 | 3340429 Ban KKiller
Ban KKiller's picture

The Italians will do what? Take their "money" and put it where? The PM dealers will be...shut! 

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