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Saxo Bank CEO: "Is Cyprus Deposit Levy The First Sign Of Widespread Wealth Tax?"
Authored by Lars Seier Christensen, via his blog at TradingFloor.com,
Confusion reigns supreme in the Cyprus bailout. So it is fairly risky to stick out your neck commenting on an unknown outcome that could leave you exposed to ridicule in hours if things change. And this blog is not intended to be a daily or even weekly commentary as I am not providing short-term trading advice, meaning that it is tempting to just wait and see what the outcome will be.
However, as this is so far the most important macroeconomic event of 2013 and it is continuously developing in new and perplexing ways, I feel it is necessary to try to make some sense out of what we are observing and hearing.
What we know now is that the Cypriot parliament has rejected the bailout package after a poker game with the Troika, trying to deal many different hands varying from zero percent deposit tax for the smaller depositors to 15 percent on the larger ones. None of the combinations have proved sufficiently appetising to secure a deal so far.
Read more about this .. here.
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Thanks for the reminder.
thx for your biz, here's a spiderman beach towel, now GTFO!
ha a "wealth tax", laughable man. The rich would have lost everything without the bailouts. God forbid the playing field be level for once
"This has exposed the crooks for what they are"
"The cat is out of the bag"
"Pandora's box cannot be shut"
"The bell cannot be un-rung"
"This is the beginning of the end"
Nonsense. Cyprus was chosen as the trial balloon because of its small size and relative unimportance. In another month, this story will have been forgotton, and the Troika will have suffered no significant loss of power or prestige. It will, however, have the benefit of gauging the reaction to one of its more extreme proposals.
Well...that might almost all be true...until the banks in Cyrpus open again...if ever. Might have a little problem with the whole apathy approach to the issue once folks start setting banks on fire after they realize that said banks, in league with the Russian mafia types, gambled all of their savings away. And after that, you might also see government buildings on fire, should the public find out that members of parliament have given away the country's natural resources...to placate some very angry folks.
But other than that...sure...no one will remember the day the ECB came to steal deposits [for yet another bank bailout]
They could also freeze all accounts for cash withdrawls which would only be accessed by a debit card. All businesses would have an order to exchange cash for plastic. Sure you can spend your cash, but the business you bought something from would have to turn it over.
An excellent trial to get us used to a cashless society.
You're giving them too much credit for intelligence, foresight, etc, etc, ad nauseum.
"What astonishes me is that such an important and extreme move is risked for such a modest prize. The slow realisation that confiscating our money will be the next move in the debt crisis has been made very acute by this blatant move. The most important game changer in years and the most frightening tool in the tool box has been pulled out in the open for a mere USD 5.8 billion. The impact could trigger massive asset capital flows and asset devaluations to the tune of hundreds of billions. The loss of trust will be detrimental to all weak economies. Why on earth did the Troika not save this shocker for a substantial occasion, say a bailout of Spain or Italy? Incompetence? Lack of market understanding?"
why why....aaahhh...the sheeple have shown they are sheep. the money will eventually be taken. just give the eu time.....they will take it and no one will do anything.
...If they weren't Russians we would care
The world’s biggest clam weighs almost 500 pounds.
What's the rest of her weigh?
They can have 29% of my lead.
Pre-heated.
Why do people keep calling this kind of bank robbery "wealth tax"?
To have 40K euros in the bank account does not mean that the depositor is "wealthy".
An real "weatlh tax" is something like Hollande's 75% on income over one million euros; fair or not, that's a different issue.
Exactly. And I hear MSNBC and CNN calling it a tax as I walk by. Tax? Wealth? If it was a tax it would be defined upon a class of income or assets, not just a "you guys with money in those two banks? We're takin' it." Actually, the legal notion of an estate of a dead person in the US is mainly a way around the constitutional ban on wealth taxes. SCOTUS has held wealth taxes forbidden by the 'takings' clause, made obvious by the wording, also, of the 'income tax' amendment. But that estate money? It does belong to the dead person or the heir yet. It's a 'transsfer tax.'
given the employment picture in the EU and in the US, i sure as fuck don't feel sorry for this guy.
Yes, they'll give him a very expensive funeral.
As soon as they find all his body parts.
When your scared your money printing is going hyperinflationary and that gold will rise, steal liquidity from the peasants to keep it low.....desperate and dangerous.
Bingo. Long black markets, barter, and sharecropping.
If you take deposits to pay bond holders, how does that make the bank solvent?
The debt-load on the books goes down, still might not make it solvent, but no way in hell the working man gets a jubilee. The only thing that will put the greedy moneychangers back in their place, restore some form of sound money, put the moral hazard to bed, and bring on a real structural change in society are fucking guillotines, period.
and that my friend is the ultimate death tax amen to justice...
i leave less than $20 in the bank all the time.
fuck 'em. that's all they figure i'm worth, and that's fine with me.
Same here. The bank of Dave Matthews has my money. Those fucking tickets are not cheap.
fyi
'Sector News
Spanish Banks: A new tax on deposits?
• A new tax on deposits? The Finance Minister said yesterday in the Senate that the Government will impose a tax on bank deposits. According to press sources citing the Finance Minister, the levy would reach a maximum of 0.3% of time deposits. This tax would be approved by a Royal Decree. '
0.3% today, 13% tomorrow...
All for the greater good of the same public construction cos that made airports sprout from the fertile lands of Extremadura which remain empty to the day.
Same shit as in Portugal, you have but to see the daily (public) data from regional "project" allocation funds.
And phyzz Ag isnt up 50 bux today alone?
Check the charts on platinum and palladium to see what unmananged markets made of all this today.
Most of the banks there are insolvent because they got sucked into buying Greek debt and of course were forced by the northern crooks in the EU to take a massive haircut.Whether or not the Russians have an appetite to bail out the banks and support the Cyprus wage and pension system is another story but ya,the Russians need a port in that region for their military and possibly for future industries such as oil and gas.The other two options are either compromise with the EU or complete bankruptcy.Actually starting all over similar to what Iceland did really bothers the fractional banking system gangsters.
I GOT AN IDEA TO SOLVE THE PROBLEMS.
Tax all central banks in the country at 200% net income.
Can you imagine the politicians when they figure out that the more they borrow, the more they collect in taxes?
Would the central bank raise rates? For what? To pay more in tax?
The governments are robbing the wrong side of the bank.
Loved this. It's worth saying to a couple of the guys I work with, just to see what happens in their faces.
If the EU is truly a monetary union should not this tax on banks go across all the EU banks rather than just the Cyprus banks?
The EU is emphatically not a monetary union. It is a political union with a belief that charity in the form of equalization payments, together with allowing core banks to extend endless loans southward, would be enough to make further union conceivable. Pretty great idea, eh?
Your checking account are belong to us now.
At long last the freaking password has been recovered.
Portugal (where I live and from whence I cannot leave, unfortunately) passed the 6th amendment to a law that allows the State to capitalize banks with public money. Sadly but foreseeably nobody, absolutely nobody related this to Cyprus or a levy. Ain't happening here, watch football, rant moar, ask for subsidies.
Link:
http://www.jornaldenegocios.pt/empresas/detalhe/gaspar_alteracao_a_lei_p...
Wow. Zero Hedge should consider a little sidebar list or graph/ic of countries that have passed legislation enabling depositor "bail-ins". The list in my mind from reading around today is getting too long to remember.
I think the list so far this week is New Zealand, Switzerland, Spain, and now Portugal. I'm sure I missed some.
Maybe not a sidebar, but I worthy story idea for Tyler.
The easy, semi-painless way for the gooberment to "tax" your IRAs.
A legislated, mandated 5 year conversion of IRAs and 401Ks to Roths.
Your choice to pay incremental income tax from the Roth conversion or an already taxed account.
Year 1 - 20% conversion of IRA/401k balance and taxed as income.
Year 2 - 25% conversion of IRA/401k balance and taxed as income.
Year 3 - 33% conversion of IRA/401k balance and taxed as income.
Year 4 - 50% conversion of IRA/401k balance and taxed as income.
Year 5 - 100% conversion of IRA/401k balance and taxed as income.
Year 6 - Elimination of Roth tax benefits and conversion to taxable investment accounts (exception - the only tax deferred investments for Roth accounts in the future will be US Gooberment retirement notes).
Basis price for future capital gains established at time of Roth conversion to taxable investment account.
Year 6 and beyond dividends and capital gains are taxed as normal with an increased rate schedule. More importantly, the inflation rate (hidden tax) will have increased to a healthy rate.
Another thing that contributes greatly to my puzzlement is how Portugal stays under the radar. The FinMin presented the most hedious possible numbers 24h before the mind-wankers in Brussels decided, likely under the influence, to Cypriate the russians. No connection?
Sorry for commenting on my own post but it's worth noting that they, the russians, are buying a shipyard in northern Portugal.
http://sol.sapo.pt/inicio/Economia/Interior.aspx?content_id=64036
With each day the facts become clearer to more Americans. The rulers are driving the economy and its accompanying culture deeper into a blind canyon. When private wealth is to be confiscated to pay the debts it will become increasingly clear just who is responsible for this gross mishandling of America’s fortunes and future.
When the American middle class awakens to the crimes committed against it by a private banking cartel, the ruling elite will have its exit orders given to it.
At this point there will no banker plan that will succeed, including a Cyprus-style wealth tax on the “rich.” Look at the parliamentary response in Cyprus. It was clear that no bank account, no matter how small, would be safe in the future after this unprecedented crime was announced... and the politicians responded accordingly.
Banks do this all the time. I withdrew $1000 from an RRSP from a bank and they charged me 25$ which fee wasn't there earlier. I said to the manager "why don't you make the fee $1000".
Saying it yet again... just seize all deposits from non-resident EU citizens. Problem solved.
Well I hope the people rise up and take the law into their own hands. I'm tired of seeing this lighting themselves on fire bullshit. Bankers are a bunch of apathetic pricks. They could give a fuck about some pleb burning up outside lobby. My money is on a pissed off russian boss pushing few buttons.
puf
Reducto ad absurdum exercise: So, for argument's sake, if ALL the rich people were taxes more -- a LOT more -- would that solve the inherent math problem of perpetual compounding, and FRB's need to keep growing? A: No, it would not. It would only postpone fiscal doomsday.
Then the real question is: Besides plans for global socialism/feudalism, what will they (hope to) achieve? Besides bring even the rich in line with TPTB, and thus create a global power structure that is ultimately controlled by the banking cartels?
It's an old trick. First you scare them with something very bad, then you offer them the real 'solution' which doesn't sound half as bad anymore after the first deal.
Hi, Mum & Dad, bad news. I got hit by a car, I'm failing 3 subjects, we might elope and I think I'm pregnant, oh, and I accidentally gave your phone number to some guy who called here asking for you & where you lived.
Just kidding.
I'm really just dropping out of college and heading out to Mexico to find myself. But I thought I'd give you some perspective.
Real inflation tax in USA per Shadowfacts.com since 2008 is very impressive already per the chart. Anybody subscriber got access to actual figure?
http://www.shadowstats.com/inflation_calculator?amount1=100&y1=2008&m1=2...
And for those who don't know, there is already a 'wealth tax' embedded in Obamacare which is 3.8% on large transactions (house) for qualified confiscatees. More regulations and taxes can also be written into Obamacare since it's a work in progress, and probably are, as the true cost of Obamacare is slowly being reaveld.
As others have mentioned, the real prize is confiscation of 401Ks and IRAs. Not to worry, the CIA, FBI, NSA, CFPB, TSA, DHS and the US Post Office are already on the case should you ever try to access an ATM without permission.
I did the shadowstat wigit for the last 100 years (guesstimating the difference between the two using the chart sizes).
It looks like the annualized rate of corresponding inflation for the last 100 years is about 3.22% per year per BLS and about 4.7% per year per shadowstat (guessing visually).
Huh, it's not nearly so scary a number when considered on a per year rate of inflation.
I can still remember (just barely) the last time we had about 15% per year inflation back when Carter was president.
Back then, one could get a bank CD yielding almost 20% per year!
I must admit that I believe that John William's Shadowstats actually overstates the true rate of dollar depreciation/annual price increases ('inflation'). Not, however, by as much as the laughably manipulated and lowballed CPI figures from the BLBS understate it.
It's such a hard thing for me to figure how to measure.
I look at all kinds of different ways of guessing inflation.
I have even made up one of my own which is named after a local taco shop.
I can remember what I used to pay for the same exact order back in 1987 that I buy now, and according to that "measure" of inflation it yields about 4.4% inflation per year since 1987.
I'm sorry, make that 4.7% inflation per the taco method. (And, its a veggie order, so that probably understates some likely inflation for meat-eaters.)
But "food and energy" are supposed to be higher, right?! And, thus . . . their typical exclusion. That's why I make sure and look at it both ways because, last time I checked, I need food and energy.
I remember the late 70s/early 80s well. Mortgage rates were nearly that high, too.
The bulk of parent's wealth at the time was in a nearly-risk free investment yielding 18%. It looks great on paper until you recognize what was happening to purchasing power at the same time.
I'll take CDs and mortgage paper at 18% with inflation at 15%, over paper at 0.5% and inflation at 3%!
'Purely hypothetically speaking, of course.
What would house prices be today if we had 15% mortgage rates?
less?
Make an Excel graph of the numbers - a line chart - and then see if it's not so scary. Especially what the line looks like at the end of that 100-year time.
As an engineer, that kind of analysis doesn't seem to tell me very much.
To me, all exponential charts look like all other exponential charts, and one can change the scale arbitrarily to make them look steeper or more shallow.
To me all that matters is the rate of change per year (or based on some other common basis like that).
Then you can properly compare the apples to the oranges.
'Or, dollars to ounces!
And, the ounces sure seem to beat the fiat, in this comparison.
For multiple thousands of years gold has been a great way to store an amount of value, once obtained, through whatever means -- despite its value volatility due to being a PM.
What is the purpose of fiat (purportedly, if more nefarious motives are not involved): to facilitate commerce (not store value long-term). Don’t expect it to.
Actyually Gold was $20.67 in 1912 vs, $1600 today. That means Gold is up 77 times over the last 100 years. It seems to be ahead of inflation by a factor of 2. The numbers I looked at show gold should be about $700-800 to have been a true proxy for inflation. Factor in what one needs to live instead and it has been a pretty good proxy.
Good point SS,
There are always seemingly other windows of comparison when comparing rates of change of different things for different periods of time.
Fuzzy, I say.
'But, I'll have some gold too, thank you. If my goal is to store value long-term, and not necessarilly make it nor facilitate commerce in the short-term.
I'm going to try to measure it exactly how you suggest if I can. That's all I know.
$1000 invested for 100 years at 4.7% is worth $109,000. So something that costs $1 now cost $109
$1000 invested for 100 years at 3.22% is worth $25,000. So something that cost $1 now cost $25.
So basically over 100 years the difference in these inflation rates is about 4 times. A very huge difference.
However, a research of prices from 1912 leads more towards the 3.22% rate. During that time the average wage has gone up at about the same rate.
The difference is that there is so much more we are now required to spend our money on these days, that didn't even exist back then. Factor in these extras and the rate gets closer to the 4.7% rate.
i would say the true number is more like 4%.
If you happen to see akak, please explain this to him. I haven't been able to get through...
:D
Be careful,
Are we subtracting 3% per year?
'Or, adding it?
If I made 3.22% rate of return for 100 years I would have made almost 23 times my money, right (1.0322 times itself 100 times in a row)?
I I had lost 3.22% rate of return for 100 years (96.78% times itself 100 times) it would be a 96.21% loss over 100 years.
Which are you suggesting?
"If I had lost"
Regardless of being careful, I think you are correct. If I have made no mistakes adding.
But, I still think it is a fuzzy thing to try to measure. Good luck.
I like the way your presumed typo "reaveld" sounds like "re-evil"-ed when sounded out.
Intentional?
Germans showed they treat the periphery of EU as 3rd class citizens that can be sacrificed. That means no solidarity within EU was ever possible so the EU will disintegrate sooner or later. (One can not have common currency and markets without common social security system treating every citizen equal)
Yup. Attacks the very raison d'etre of the EU - to have a common 'European' culture where everyone was equal and unified in a common cause. This I think does more damage to the euro than even the bank runs - when people have to give up the illusion.
It aint an illusion its the lesson of blood filled history; and the Euro is not an END its a "means"; and that can always be fixed.
The end stays the dire lessons of past to create a space of peace, cooperation and progress in a region that has known more war than anywhere else on the globe. This region also has a big concentration of human skills and solid infrastrucutre.
So the culture of Greece and German have what in common?
Opera?
If Cyprus talks with Russia have failed then Cyprus will have to default and the ball will begin to roll in EU...
Those who want to see Euro resilience to meltdown will then be able to find out; like the rest of us who have no route out if it goes kaboom.
Draghi bazooka will then show if its a pea shooter or a straight shooting rocket to the moon.
BCG report will be very a la mode as Bruiter of Citi also said.
"What we know now is that the Cypriot parliament has rejected the bailout package after a poker game with the Troika"
I wonder how many memebers of the parliament found dead cats on their doorsteps the morning of the vote.
This is just silly. We know that if enough people withdraw their money the financial system collpases. What we need is some decent technology. Perhaps a micro chip imbedded in our palms. The Government can then decide how and when we spend these credits. The system then cannot be collapsed by panicking herds of people.
Even better, an arsenic pill embedded in the chip. Should we be naughty an officer of the law can 'zap' us with a 'ray gun' that releases the arsenic into our bloodstream and terminates us is a safe and non messy way.
This is the future people - SLAVER. Silicon Lipoplant arsenic vial electronic release.
/sarc
Oh so litle Lars is afraid,this is why he left Denmark,to not pay tax!
So leave him in his land of Cheese,the holes in them:Taxdodger of universal class,besides,what the hell is his connection to Saxo Gramaticus?Seier,Mr Midas Bank,a skidrow brokker ?
At least they are being honest with a deposit levy. Fot years we have been taxed, unknown individual %, to fund the crony-capitalist-in-charge IMF gangsters. For all we know, bank fees, charges are probably sent on mass to IMF accounts.
This is the current word -
http://www.rte.ie/news/2013/0320/377458-cyprus-bailout/
"He said the violation of the principle that assured deposits are safe should never have happened."
Ze kitty vas let out of ze bag aye!
A view of the future for all.
See below.
Gee, that all sounds familiar. Anyone can plainly SEE where this is all headed. There is no Superman to save the day. But maybe...
The answer to the first title question is, does a bear shat in the woods?
And to this question. "What have we learned from this?"
Well, by divine providence, sez we, the future has been laid before all who have eyes to see, and ears to hear. The writing is on the wallboard. Skip all the lolly-gagging and get to it. The corruption is rampant and they are planning on hitting every soul on the planet with this bank tax levying heist tool to raid everone's accumulated wealth, value, digits, monies, trading rocks, etc, anything else of value. It will effect everyone, large and small.
Give thanks that the future has been shown to those who can still make a difference. Now that the world sees that these criminals that profit from endless wars, even now being planned in isriel, and that these corrupted politicians and criminals are the ones that demand your savings so they can continue to profit from the war industry, maybe the people might want to say no more. Or, hey, you can not steal what is not yours. If you do, you should go directly to jail. Stop financing the babylonian empire of dust and start financing the natural economic process. Give you some of this, in trade for some of that. How much harder does it have to be? Do you all remember when there was a time to enterprise, and invent for the betterment of humanity? When that very action was a value people embraced, instead of the having the new daily attitude of pure self-centered carelessness. Nothing gets done until it effects one's pocketbook. Gotta kick the mass mind in the arse some how aye! So, consider it done. Then.
The question now befalls upon humanity. Do you care enough to change, really change all this by going after those who support these banksters with that double edged Sword of Truth, and Justice? Or, do you just want to continue to play the game until they have the open window to pull off some sort of violent game-changer attack on some other poor nation as a scapegoat/distraction from the crash? Does the world want to continue see their savings sucked dry by the vampirac-squid to spend more money on the well worn out mantra of the war on terrorism? Gawd, what a farking farce that was. Still a huge crux of so much of this insanity. You world, get what you get when you ignore this kind of horrible crime and do nothing because you fear those who did it. Well, they are going down too. Anyone that actually still believes fire brings down tall buildings at the speed of gravity is stupid enough to believe the fire grate in your fireplace will come crashing down after you light the warming fire. Or, your BBQ will come crashing down at the SPEED of gravity when you have your summer Bar-b-Cue's. Oy vey!
What we know materially is all we know as far as what comes across the wires, and from on the ground there.
Here is a late report. Sorry if it has already been posted.
"The Cypriot financial system stands on the edge of collapse as local banks on Wednesday remained closed and the European authorities warned they could begin withdrawing support for the country within days."
http://www.telegraph.co.uk/finance/financialcrisis/9944095/Banks-still-s...
What is also known and more important, is what is felt in each soul. Everyone knows what they feel in their heart. What has been amazing is the mass energy it produces in the way this is in real time co-created. Or, not allowed to be spun into anything but what it could be, a bank heist. Truly, the light is bright in the name of the people. Surly, there can be none here that are so self-centered to think that these actions in Cyprus that are windows to the future will not effect them some day. Dig it, we all hang together, or we hang separately. Being the one we all are IS the answer among so many the great group here offers. Such is the macrocosm of the world we symbiotically relate with every day. It is One. Tis that simple.
So what to do? Play the money changer game still, or see it die and start over? Pretty easy decision to make. They are planning our slow death, and that of the world's economy. They have their plan B's and Plan C's etc, too. How to ride the experience as it comes closer and closer to each and every one world-wide is each souls choice to make. What to do about it is in the etheric air still. Let those choices be made from the heart of Love, and not the mind of fear. It is understandable that the FEAR OF LOSS is powerful. But every human being on board has the ability to rise above that fear. Make no decisions from there. The pursuit of Justice is already in motion. Let the Lightbrigaders shine!
That was a really good post.
Hilarious....a wealth tax?… the banking sector taking ridiculous bets resulting in the handing over of 15 trillion in taxpayer wealth and Saxo are now worried about a wealth tax.
That pirate ship has sailed Lars… Banking thieves standing in judgement of other thieves – what has the world come to! Turning against your banking/political sector mates - what happened to honour amongst thieves?
Another interesting angle
--
Who knew about the Cypriot bank holiday and took capital flight beforehand?
by Edward Harrison / on 19 March 2013 at 21:34
http://www.creditwritedowns.com/2013/03/who-knew-about-the-cypriot-bank-...
Enacting a very effective "wealth tax" in the U.S. would be simple: means test Social Security and Medicare benefits the same way we do Medicaid.
Currently, you don't qualify for Medicaid longterm care benefits until your net assets are down to $2,000. Net assets include home equity, IRA's, 401K's, savings accounts, etc. And don't think you can give away or hide assets so you qualify for Medicaid longterm care - they WILL find 'em. Ask any competent estate planner.
Just do the same for Social Security and Medicare. It's only fair, right?
You can bet they're working on this.
Do you understand trusts?
"...as we are already at least at plan D or plan E". I would say it's an F.
IMF gangstas....
IMF chief Lagarde's home searched by policeBy Mark Thompson LONDON (CNNMoney)
French police have searched the Paris home of International Monetary Fund chief Christine Lagarde as part of an investigation into her role in settling a business dispute when she was finance minister, her lawyers said Wednesday.A French court said in August 2011 that it was investigating Lagarde's role in intervening in a long-running dispute between businessman Bernard Tapie and a French bank, Credit Lyonnais.
Lagarde was accused of giving Tapie preferential treatment because of his support for former French President Nicolas Sarkozy. She has always denied any wrongdoing.
Prior to joining the IMF, Lagarde was French finance minister for four years.
"As we have said before, it would not be appropriate to comment on a case that has been and is currently before the French judiciary," said Gerry Rice, an IMF spokesman.
"Prior to its selection of the managing director, however, the IMF's executive board discussed this issue and expressed its confidence that Madame Lagarde would be able to effectively carry out her duties," Rice said.
Lagarde, 57, was appointed IMF managing director in June 2011, succeeding Dominique Strauss-Kahn, who resigned after a New York hotel maid accused him of assaulting her in his suite. U.S. prosecutors dropped the case against him a few months later. Criminal charges against Strauss-Kahn in the United States were filed but later dropped.
http://money.cnn.com/2013/03/20/news/lagarde-imf-raid/index.html?iid=HP_...
First Published: March 20, 2013: 10:08 AM ET
It's on like donkey kong. It's all about game theory, folks.
The best thing for individuals to do is "collapse" now and get it over with. Rip off the bandaid, lance the boil.
The financial equivalent of this is to get out of paper investments and into real, durable physical stuff, particularly gold and silver. Keep physical cash and a bank account for everyday spending (dare them to try to make both obsolete).
If it ever comes down to people's bank accounts being raided, then do you really think stocks and bonds will hold their worth? Stocks and bonds are not money, you can't pay with them. Even very wealthy people need money. And alot of wealthy people are also trying to liquidate.
If you do this now then you insulate yourself from what is coming down the road. You can still lose, but only if TPTB and everybody else loses at the same time. This is the key. Do not put yourself in a position where you lose, but TPTB and their debt junkies win.
Central Planners test marketing their strategies and tactics on a small fry, probably assuming most people won't notice if it all goes wrong.
Sadly, it's a good assumption. Ask the man on the street about the Cyprus situation and he'll probably tell you he doesn’t know anything about trees.
Helped by the leftist media not covering it very well ???
Gee, wonder why ???
Putin (Russia and Gasprom) will bail out Cyprus
6 billion Euro in exchange for your Oil and Gas and your Cyper - sovereign status...
just sign here and here and here.
(russian....cyrillic typeface censored on ZH)
( how to take candy from baby strategic move )
(russian....cyrillic typeface censored on ZH)
(LMFAO)
wr;)
...At the same time, Finance Minister Michalis Sarris met officials in Moscow to discuss whether Russia would be prepared to ease the terms of an existing €2.5 billion loan, and perhaps provide additional financing. Anastasiades also spoke by telephone with Russian President Vladimir Putin.
http://money.cnn.com/2013/03/20/news/economy/cyprus-bailout/index.html?i...
At least the Cyprus banks have the guts to tell their clients what they are attempting. I actually prefer their full frontal approach to the sneaky, deceptive, back stabbing, shiv to the kidney in the dark nature of endless ZIRP and inflationary printing which accomplishes the same thing.
I don’t know what upsets me more about Wall Street banksters; that they steal from savers or that they are too cowardly to even admit it.
Milking the rich?
Hello?
Somehow, the Politicians have failed to hear the people:
We don't more taxes.
We want less spending.
Q: Who will be next to find themselves in such a situation is the prudent question to ask?
A: Almost every human being on planet earth.
Every single human being who:
- holds any fiat currency
- holds any paper assets
- holds any assets in a savings account
- holds any assets in a checking account
- holds any fiat or paper asset in any corporation
Frankly, anyone who continues to hold "wealth" in any paper form is insane. Furthermore, anyone who continues to allow someone else to hold their real, physical gold, silver or other assets for them is insane.
The prudent and most relevant question to ask is: can you trust anyone?
The answer is absolutely a clear resounding: !!!!! NO FREAKING WAY !!!!!
Sadly, I must conclude at this point that even holding shares of honest and physically backed ETFs like the Sprott funds are no longer safe. Any government can simply grab those assets, and sooner or later they will.
Convert all assets into real, physical, valuable goods... and protect them yourself.
!!!!! DO NOT DELAY !!!!!
You know, the vast, vast, vast majority of human beings are soooooo astronomically stupid at this point in history, the following scheme would work perfectly well, and lead to:
- peace on earth
- endless power and wealth for the predators
- no need to demonize or fight wars against liberty advocates
Eliminate all taxes. ALL of them.
Government prints and spends as much money as they claim they need.
Very simple, right? The sheeple, which must be at least 99% of humans at this point in history will happily accept, save and spend the currently popular fiat currency and computer bits. All the fiat money people accept, save and spend exactly pays for the government printing and spending via inflation. Frankly, since most sheeple don't save money anyway, just spend as fast as possible, this "inflation tax" doesn't hurt them very much or obviously anyway.
The 1% of human population who are not terminally insane, stupid sheeple will simply accept, save and transact in physical goods like gold, silver, platinum, lumber, eggs, and endless so forths. Since they are not being raped or enslaved any more, they can live their lives happily and without being part of the endless fiat government programs (including fiat money, fiat inflation, etc).
Sure, I know the predators won't accept 1% of the population of earth being outside their control, but that's the only reason the above system doesn't work. At some point we really do need to ask ourselves whether insanity and stupidity shouldn't have a down side.
Who is next? The USA of course. It will happen in 2015, after Madame Pelosi retakes control of the House, and there will be no obstacles to confiscating anything.
He who panics first,panics best.
Clearly a tax on ECB, IMF, EU, FED, BOJ, BIS, and government pensions is the best choice.
Use federal reserve notes and incur an Irrecusable obligation. The puzzle is complete!!!
A Banksters defeatism (realization of defeat) nightmare, Being forced to Return to Real Money=United States Note=Lawful Money, Use the Remedy within the Federal Reserve Act. Redeemed 12USC411, Refusal Penalty 12USC501a http://savingtosuitorsclub.net Stop being a Slave!!!!!! This is Tax Free Money!!!!!! http://stormthunder.com/
Convincing Congress to Abolish the Fed http://www.silverbearcafe.com/private/convincing.html
Irrecusable obligation, which according to 'Bouvier's Law Dictionary' (1914 ed.), is "a term used to indicate a certain class of contractual obligations recognized by the law which are imposed upon a person without his consent and without regard to any act of his own." This is distinguished from a recusable obligation, which according to Bouvier, arises from a voluntary act by which one incurs the obligation imposed by the operation of law. The Income Tax succinctly described is an irrecusable obligation.
The obligation to make a return of income for using private credit is recognized in law as an irrecusable obligation. The voluntary use of private credit is the condition precedent, which imposes the irrecusable obligation to file a tax return. If private credit is not used or rejected, then the operation of law, which imposes the irrecusable obligation lies dormant and cannot apply.
Use federal reserve notes and incur an Irrecusable obligation. The puzzle is complete!!!
A Banksters defeatism (realization of defeat) nightmare, Being forced to Return to Real Money=United States Note=Lawful Money, Use the Remedy within the Federal Reserve Act. Redeemed 12USC411, Refusal Penalty 12USC501a http://savingtosuitorsclub.net Stop being a Slave!!!!!! This is Tax Free Money!!!!!! http://stormthunder.com/
Convincing Congress to Abolish the Fed http://www.silverbearcafe.com/private/convincing.html
Irrecusable obligation, which according to 'Bouvier's Law Dictionary' (1914 ed.), is "a term used to indicate a certain class of contractual obligations recognized by the law which are imposed upon a person without his consent and without regard to any act of his own." This is distinguished from a recusable obligation, which according to Bouvier, arises from a voluntary act by which one incurs the obligation imposed by the operation of law. The Income Tax succinctly described is an irrecusable obligation.
The obligation to make a return of income for using private credit is recognized in law as an irrecusable obligation. The voluntary use of private credit is the condition precedent, which imposes the irrecusable obligation to file a tax return. If private credit is not used or rejected, then the operation of law, which imposes the irrecusable obligation lies dormant and cannot apply.