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German Commerzbank Suggests Wealth Tax In Italy Next
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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But just a train-ride away...
They may have got the order of operations wrong..
Its supposed to be pillage, then burn...
If only Carlin was here to see this unfolding
"They want it back, so they can give it to their criminal friends on Wall Street. And you know something? They'll get it. They'll get it all, sooner or later, because they own this fucking place."
Where is the Italian mafia when you need them?
German Commerz bank doesnt get Intl news?
The overnight 6.9-10% reaming, uh, tax, is working so well in Cyprus.
Makes one wonder if they are holding back in USA until guns are confiscated until they try this at home...
That's just 'zackly what they're doin' Ziggy!
I am (almost) speechless. not only do they rape, they brag about their prior preference of raping 4 times as much then what they got, then you have this German banking chode talking about Italy and how they can "afford it" (wealth tax).
They have a game plan. The entire southern tier will go up in smoke. France as well?
And the USA banks are counter-parties to a huge portion of European derivatives: interest rate and default swaps...
Once the bank runs implode the entire southern tier, the Americans will pay for the "10 sigma" event. IE - the Germans are indeed pushing the button which will explode the derivatives and pull in the American and British to fund the repayment of the bonds.
Dude, this is like Obomber in the USA. Divide and conquer... Start with Cyprus, get the poor to agree to confiscate from the rich.... They must pay their fair share.... They will suppor tthe crap outta that little island and say - voila it works... oops, Italy and Spanish banks are failing, the system is terminal decline. what can we do? Bank tax!!! Voila!
Way crazy, huh?! Did they all go to the same prep schools?
In all seriousness, we may be witnessing the end of the financial and economic world as we know it. This is the spark, but it won't stop here, as Herr German Banker Chode just pressed the "possibilities" button regarding Italy...which means everyone. People will run the banks, sell currencies and try to find shelter.
Hope all my ZH fan-boyz and grrlz are fully stocked, locked and loaded, cause THIS is it (as I said 2 weeks ago). If you are still unsure, you need to knock off the suds for a few hours to clear yer knoggins.
Say, wha..Locked and loa...why, that's my middle name, dude!
+1 on ya!
Your, sir, are the epitome of the epiphany. Keep shinin'.
Cypriot Finance Minister Michalis Sarris said he hoped for a fresh start for Cyprus following the bailout. "It's not a pleasant outcome, especially for the people involved," he said. "This is a once and for all levy." He added that the tax would be a "very fair way of sharing the burden." He also said it had been necessary to "protect the general welfare of the people and the stability of the system". (source: Der Spiegel)
Nostradamus had nothing on Orwell.
Sarris, just another dictator masking himself as a man of the people through the populist tone. He's learned well from those before him, Lenin, Marx, Hitler, Mussolini, Mao and Potus.
Do you have your 3-5 man cells operational yet? Best not delay . . .
Of course. Germany wants to crash capitalism and create a Socialist empire of Europe...
http://germanywatch.blogspot.co.uk/2013/03/the-cyprus-bailout-and-germany.html
Ahhh, right on time...Mighty Mouse Ben
Fed, to Reassure Investors, Stresses It Will Not End Stimulus
http://www.nytimes.com/2013/03/18/business/economy/federal-reserve-expec...
Sheeple are stoopid. The tax is leaked at 7%.... then teh uproar and the oligarchs "cave" and only take 3% of their money and 15% on the "rich, with the citizenry's consent.... This is like something Obomber dreamed up. This template is time-tested & seems to work every time?
Lol...theyll be told theyre getting 50% returns on their money...
If you have more than 100k in the bank you deserve to lose it. Us poor care as much for the rich as they care for us. almost zero.
How do you say "Grab Your Ankles In German"?
Or would it be in Italian?
Universal, my dear watson,...BOHICWNL
It German...
Merkel!
Solar eruption just occurred. Could be an interesting event to watch in the next week. It's so much fun living at this time in history ! The whole world seems ready to puke.
http://www.wnd.com/2013/03/radioactive-solar-blast-to-hit-earth/
Forget the black swans, bring out the dragons.
Well, at least here in America we have FEMA camps to look forward to.
Were it not for the fact we can print our own money, the USA would be so f&*()ed right now we'd make Europe look like China!
Maybe there is an Italian angle to this. Cascadeing bank runs through Cypus, Greece, Italy, and Spain. Massive outflows from the banks in Italy. Cyprus gets thrown under the bus so the Italians have somthing to think about before the next election. The smart money will convert to USD and stash it somewhere. What will the new Lira be, a devalued piece of shit worth half of the official conversion rate of your bank deposit 3 months later.
So you want to vote for Bepe Grillo eh
How long before you will be able to get an MBA at any top tier business school with a specialty in Muppet Management?
Cypriot women
just got 9.9 % hotter..
Even Sprott with his totally allocated accounts .... is risky when TSHTF .... you want your stuff in your front pockets .... with your other valuables ! That's it .... a leather .... coin purse/package enhancer .... "Jingle Balls" ? I am so relevant to the public debate !
Quite a surprise how well they are holding down PM prices tonight.
It did jump to 1609, briefly.
I kind of hoped it won't move as I hope to make some additional purchases below 1600.
In the future this will be called getting Merkelgeschafted.
Bank runs? Seems the only factor gumming up Keynesian witchcraft right now is dead money Velocity. It's there, just not moving through the system. It's stashed in Bonds and Banks.
This whole Jawboning epidemic wouldn't be an effort to try and churn all that idle money, maybe? Get 'em to pull it out and spend it on themselves before the gremlins get it? Somewhere I caught that banks were overloaded with deposits, for the FDIC coverage, and not enough borrowers.
Granted, if it is like that, it's about as dumb an idea as...well,
https://www.youtube.com/watch?v=GhxqIITtTtU
What will it take to actually rattle this market?