This page has been archived and commenting is disabled.

Dijsselbloem: "Levy On Wealth Is Defendable In Principle"

Tyler Durden's picture


While France's Hollande and Spain's Rajoy are double-teaming the 'unique, exceptional' nature of Cyprus, the non-template nature of the 'deal', the need for Europe-wide guarantees, and that the ESM should be used to recap banks and not depositors, none other than Dutch FinMin Dijsselbloem is at it again as he admits what many have suspected:


and, as if responding to the desperate French and Spanish leaders:


It would appear our views are increasing appearing true - that a wealth tax is coming in much more systemic a manner than many expect currently.


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 03/26/2013 - 15:16 | 3378323 arm50
arm50's picture

no one cares

Tue, 03/26/2013 - 15:20 | 3378357 nope-1004
nope-1004's picture

during initial discussions, but after the confiscation they sure as hell will.


Tue, 03/26/2013 - 15:23 | 3378377 persu
persu's picture

I am asking, is't that normal process. There is a guarantee up to 100k and then once capital is gone, doposits are cut?

This is normal? Why such a fuss?

Tue, 03/26/2013 - 15:34 | 3378465 TJ00
TJ00's picture

Because the EU haircut the Greek bonds which the Cypriot banks held, making them insolvent, and now the EU wants savers to pay for the EUs actions. Or to put it another way if I stabbed you and then blackmailed you into giving me all your money to take you to hospital, would that be a good or bad thing?

Tue, 03/26/2013 - 15:38 | 3378487 SMG
SMG's picture


So are public hangings of corrupt public officials and the people who control them.

Tue, 03/26/2013 - 15:54 | 3378580 hedgeless_horseman
hedgeless_horseman's picture



Thank you for pushing money to the USA and helping us to fund our deficit spending.


Tue, 03/26/2013 - 16:11 | 3378630 Manthong
Manthong's picture


.. but there is that little detail of PRACTICE.

The little that is left of a western “market” will abandon you in a heartbeat and the BRICs/developing world will reject you even faster.

Tue, 03/26/2013 - 16:15 | 3378701 The Juggernaut
The Juggernaut's picture

Principle of the fucking dark ages.  Kingly like atmosphere do have its healthy Revolutions.

Tue, 03/26/2013 - 16:26 | 3378750 redpill
redpill's picture

This Dieselboom fuck really doesn't know when to shut up, does he.

Tue, 03/26/2013 - 16:31 | 3378772 Deo vindice
Deo vindice's picture

Actually, I'm glad he's talking. It might wake up a few more sleepers into action as it is a revelation of how these bankers really think.

Keep on talking Mr.Dijsselbloem. By speaking the truth you are helping the cause of liberty more than you could possibly know.

Tue, 03/26/2013 - 16:44 | 3378832 Lore
Lore's picture

Okay, then explain why people are piling into the USD, when White House has pushed "TAX THE RICH" for months, and there's talk of nationalizing 401K and IRAs.  Knowing the major economic themes of the next couple decades, wouldn't it make much more sense to buy PMs and maybe hold some Eurasian currencies? Or is that too esoteric for people on the street? Call me dense, but I just don't follow European depositor logic.

Tue, 03/26/2013 - 17:25 | 3379001 Manthong
Manthong's picture

“then explain why people are piling into the USD,”

a. it’s all they  know.. misplaced confidence

b. elements of game theory.. and the algos.

c. see “a” above, the last 40 years of “education” has produced societal livestock (this time is different)..

Tue, 03/26/2013 - 17:34 | 3379020 hapless
hapless's picture

In short, PMs are a great inflation hedge, but only if there is inflation.  Without inflation, PMs suck at just about everything 'cause they are expensive to store in bulk and don't yield anything.  So European depositors are waiting for the first sniff of inflation - then they'll rush to exit currencies like so many Brazilians in a burning nightclub.

Tue, 03/26/2013 - 17:35 | 3379039 akak
akak's picture

When exactly in the last 80 years (USA) or the last 100 years (in Europe) has there NOT been 'inflation', i.e., ongoing currency debasement?  Allow me to answer my own question: NEVER!  So any fool still "waiting for inflation" is not just going to be too late, he is ALREADY too late.

Tue, 03/26/2013 - 20:39 | 3379673 fnord88
fnord88's picture

Geez you idiot. Krugman says today that there is no inflation, never has been and never will be, so you're wrong. He has a shiny nobel prize, so he knows. I have other shiny things, but i'm just a moron shumk. Even Buffett, the smartest investor of all time thinks i'm an idiot for buying shiny yellow metal. Sometimes i wonder why i do so many stupid things all the smartest people tell me not to.....glutton for punishment i guess. Just like you should trust a women that has cheated on you, you should always trust a banking system that has fucked you. To say otherwise makes you a doomer....and maybe a terrorist.

Tue, 03/26/2013 - 16:51 | 3378873 sunnydays
sunnydays's picture

Jim Willie said it is about domination between East and West in an interview about Cyprus

Tue, 03/26/2013 - 16:36 | 3378797 Anasteus
Anasteus's picture

Exactly, Dieselboom should first clarify for himself what he actually wants to say. Otherwise, even hens in the yard will be laughing at him.

And I don't want to hear another call from Goldman...

Tue, 03/26/2013 - 16:38 | 3378808 Relentless
Relentless's picture

I had to down vote you - the only people who actually want him to shut up are the lying bar stewards in the rest of the EU. 


Moar truthiness!!


Oh, and I'm picking DieselBoom for my dead pool entry.

Tue, 03/26/2013 - 16:28 | 3378758 SafelyGraze
SafelyGraze's picture

it would be a lot more fair if, for example, a 10 percent tax or penalty were assessed whenever funds were withdrawn


Tue, 03/26/2013 - 16:40 | 3378814 DosZap
DosZap's picture

Safely Graze,

NO, if people follow banking PROTOCALLS,then NO one should be hit,unless they are OVER the insured,guaranteed amount.(and then ONLY when it will save ALL depositors.)

Tue, 03/26/2013 - 16:16 | 3378703 I am more equal...
I am more equal than others's picture

Removing the political and banking class is defenable in principle and practical too. 

No one expects the spanish inquisition.....

Tue, 03/26/2013 - 16:32 | 3378780 SgtSchultz
SgtSchultz's picture

....."Nooobody expects the spanish inquisition"



Tue, 03/26/2013 - 16:44 | 3378825 DosZap
DosZap's picture

As long as the SHEEPLE under the MAX insured rate do not get hit,they will stay asleep.

If they(Cypress) went thru with their 1st proposal, in America there would not be a Bank left in one piece.

Three things you do NOT wanna screw around with.

A Mans family,his money, and his guns................

Tue, 03/26/2013 - 16:14 | 3378697 CheapBastard
CheapBastard's picture

Banks are no longer a safe place to store your money.


That's the bottom line. If you don't hold it in your possession, "Poooofff!..." it can be gone in a flash depending on the whims of some bankers & politicians, without warning.

Tue, 03/26/2013 - 16:33 | 3378782 Deo vindice
Deo vindice's picture

Banks have not been a safe place to store money for a very long time. It's just becoming apparent to the masses now.

Tue, 03/26/2013 - 19:10 | 3379341 JeffB
JeffB's picture

This too shall pass.

Tue, 03/26/2013 - 15:55 | 3378585 francis_sawyer
francis_sawyer's picture

In other news... 'Bloomberg' says that telling New Yorkers what to eat, drink, carry, & that it is in their best interest to be spied upon 24/7 is defendable...

Tue, 03/26/2013 - 15:57 | 3378596 azzhatter
azzhatter's picture

Hey, jizzelbomb- using this logic, it is defensible to hang bankers, politicians and eurocrats as well. I am in complete agreement in principle of course

Tue, 03/26/2013 - 16:16 | 3378705 Winston Churchill
Winston Churchill's picture

Just need to sort out the details;hemp or piano wire ?

Tue, 03/26/2013 - 16:23 | 3378731 inevitablecollapse
inevitablecollapse's picture

depends on the desired aesthetic affect i suppose...

Tue, 03/26/2013 - 16:27 | 3378755 ejmoosa
ejmoosa's picture

Got Rope?

Tue, 03/26/2013 - 15:41 | 3378520 persu
persu's picture

But credit risk is normar business. If Greece is insolvent, it is insolvent. It is poor risk management to hold a concentration of almost insolvent sovereign bonds.

Anyone could have predicted Greek insolvency in 2004. Olympics added 5% to GDP, all waste in later useless arenas, all paid by borrowing.

If a bank is stupid enough to buy such debt, it is a failure of governance, risk management and macroprudential oversight. Wealth depositors should pay attention.

It is a real world. Stop whining about conspiracy or similar Alex Jones type of argumentation.

Tue, 03/26/2013 - 15:51 | 3378568 Urban Redneck
Urban Redneck's picture

Then how about the ECB- which itself was dumb enough to accept crap paper as collateral, taking a haircut on the 9B they fronted Laiki, after all it's --

"just credit risk management to hold a concentration of almost insolvent sovereign bonds.  If a bank is stupid enough to be holding such collateral and then pushes its counter-party into bankruptcy, it is a failure of governance, risk management and macroprudential oversight." (among other things)

Tue, 03/26/2013 - 16:20 | 3378727 TBT or not TBT
TBT or not TBT's picture

The demographics of Greece is the main cause of their decline. They didn't have enough kids to sustain their civilization, nevermind their welfare state, pensions and so on. The stupidity of the euro allowed this demographically doomed historically risky country to borrow lots of money for awhile at low spreads to far less risky borrowers in formerly prudent low risk places like Germany. The decline was coming anyway for Greece, baked into their distribution of age and super low birth rates. They just got to party hearty for a few years here. No recovery is possible there. They face civilisational collapse.

Tue, 03/26/2013 - 16:31 | 3378769 Debugas
Debugas's picture

demographics is not the root cause. people cant afford having babies anymore because they have no stable source of income

Wed, 03/27/2013 - 02:12 | 3380305 edotabin
edotabin's picture

Regardless of cause and effect, it is a death spiral

Tue, 03/26/2013 - 16:36 | 3378795 TJ00
TJ00's picture

1. Sovereign Bonds are Tier 1 capital and are held without any reserves against them as per Basel, as Sovereigns in the EU can be blackmailed into taking on private debits to other sovereigns, like they did with Ireland who are paying Germans back for their failed banks, no sovereign is safe, except Germany.

2. The EU had been saying they would save Greece up until the bond haircuts remember debt baybacks, rollovers and swaps? Yep The EU lied about private creditors to Greece being screwed while at the same time keeping the EBC / IMF whole.


To conclude, holding Greek bonds wasn't stupid if you believed the people in charge, we (the ZH community, a few notable bloggers and occasional reporter) are the few that are willing to doubt the lies of the politicians and bureaucrats and poke holes in there arguments, but most people, maybe 99%+, are neither intelligent nor inquisitive enough to be like us.


Tue, 03/26/2013 - 19:23 | 3379387 JeffB
JeffB's picture

That's true to a great extent. On the other hand, it was the central governments and their central bankers that flooded the world economy with cash blowing an enormous worldwide financial bubble. That cash had to be spent or invested elsewhere and the normal economic indicators and checks and balances were thrown completely out of whack.

Prices on stocks, bonds & commodities were greatly inflated based on artificially low interest rates and a lot of hot cash. The economy was booming far beyond what was reasonable and supported by the underlying economic reality.

Those bankers obviously made some bad decisions, particularly in retrospect, but there was a reason so many other bankers (& rating agencies) were making such disasterous decisions at the same time as well. It was not some ginormous coincidence.

See Prof.  Roger Garrison's Youtube talk on the ever prescient Austrian Theory of the Trade Cycle.


Tue, 03/26/2013 - 15:42 | 3378498 earleflorida
earleflorida's picture

the financial catalyst for any sovereignty is not the poor, nor the uber wealthy, but rather the middle class that fuels the engine of growth

Tue, 03/26/2013 - 15:40 | 3378512 TeamDepends
TeamDepends's picture

Doposits guaranteed in the Amsterdam  Sinsi Bank oh man that was good stuff.  What?

Tue, 03/26/2013 - 15:52 | 3378570 Ineverslice
Ineverslice's picture


We are gonna die...

Otter, we're the only white people in here.

Tue, 03/26/2013 - 16:11 | 3378680 TeamDepends
TeamDepends's picture

I won't go schizo, will I?

There's a distinct possibility.

Tue, 03/26/2013 - 16:47 | 3378856 SgtSchultz
SgtSchultz's picture

Hey Flounder, you can't spend your whole life worrying about your mistakes, you fucked up, you trusted us.

Tue, 03/26/2013 - 16:27 | 3378752 Debugas
Debugas's picture

ECB being a bondholder of Laiki bank saved its 9bn euros by transfering to the "good" part whereas Laiki depositors got shaved

Tue, 03/26/2013 - 17:01 | 3378902 ootofthehoos
ootofthehoos's picture

The normal process is bankruptcy court to dispose of the bond and shareholder capital first, not attack deposits first. The bank can continue to operate under government control, if it is caught by regulators before all the capital is gone and then the bank is liquidated or recapitalized and uninsured deposits might take a loss.

All of these current procedures are abnormal because the entire banking system is a festering wound operating without rules, and instead arbitrary authoritarians make it up as they go.


Tue, 03/26/2013 - 17:46 | 3379063 OccupyTVstations
OccupyTVstations's picture

Now it's 80%, Bitchez!

Cyprus Finance Minister Michael Sarris has said uninsured Laika depositors could face an 80pc haircut, and might have to wait up to seven years for a payout.

@ 21:19

lol- they must testing to see how far they can go before the people get serious about gallows, guillotines, et al

Tue, 03/26/2013 - 15:24 | 3378379 kaiserhoff
kaiserhoff's picture

And still not a word about derivatives, or what that tsunami will do to them.

They really are clueless.  Ben must be shitting razor blades.

Tue, 03/26/2013 - 15:37 | 3378483 Ruffcut
Ruffcut's picture

They ain't clueless, they don't care about derivatives only on small players they kill off. It is about owning ALL OF IT.

So far, so good.

Tue, 03/26/2013 - 16:31 | 3378771 jus_lite_reading
jus_lite_reading's picture

Answer: $380 BILLION per month in total QE. That official $85B/month is window dressing as the real figure is OVER $380B and accelerating, and they can't answer to anyone because it is a "nati0na| s3cuirty risk"... as in, if the truth was told, the whole house collapses.

You do the math. They need to keep the facade together for 197 YEARS AT THAT RATE of $380B/month just to fund the next 20 years of total debt! Let that sink in. The numbers are astounding. In short, it's a mathematical certainty the global ponzi will fail within the next 12 months, and by fail it means one of two things- hyperinflation or total collapse and BOTH of these situations lead to the war Albert Einstein talked about...  

Tue, 03/26/2013 - 17:13 | 3378964 dicktator
dicktator's picture

We are all ponzians now, as The classic guru would say today. So, buy physical bitcoins!

Tue, 03/26/2013 - 15:38 | 3378485 Blano
Blano's picture

By then it's too late.

Tue, 03/26/2013 - 16:15 | 3378702 Stoploss
Stoploss's picture


"Levy On Wealth Is Defendable In Principle"


Is holding a financial gun to people's heads while they are robbed also defendable??

Tue, 03/26/2013 - 16:44 | 3378835 RichardENixon
RichardENixon's picture

Yes, but only in principle.

Tue, 03/26/2013 - 15:25 | 3378369 ZerOhead
ZerOhead's picture

Confiscation of all wealth transferred through fraud or criminal malfeasance to the financial elite is also defendable in principle... no?...

Tue, 03/26/2013 - 15:31 | 3378445 Cognitive Dissonance
Cognitive Dissonance's picture

If not now.........wait a minute, they'll change the law retroactively.

<See... all legal like. Now that wasn't so bad, was it?>

Tue, 03/26/2013 - 15:48 | 3378499 ZerOhead
ZerOhead's picture

Life just sucks being a law abiding 'Patriot'...


I wantsta be a banksta...

Banksta what I wants to be...

Bleed the silly sheeples dry...

Owns all gubmit comittees...


Tue, 03/26/2013 - 15:50 | 3378560 Ineverslice
Ineverslice's picture


What in the heck is going on RIght NOw in Milan and Madrid, is what i'd like to know.  Nothing?     


Tue, 03/26/2013 - 15:58 | 3378590 ZerOhead
ZerOhead's picture

A foreboding sense of doom and apprehension at present.

When the full extent of level of the theft, future capital controls, and the victim list is more widely known I expect we will see just how fast scared money can move.

The current record is 186,000 miles per second... that's 300,000 km/sec for our friends across the pond...

Tue, 03/26/2013 - 16:09 | 3378660 Manthong
Manthong's picture

Well, since socialist “market” economics is a convenient fiction for the psychopaths running the show, take her to warp factor 9, Ms/Mr Sulu..

Tue, 03/26/2013 - 16:38 | 3378801 Deo vindice
Deo vindice's picture

"... that's 300,000 km/sec for our friends across the pond..."

There's a pond between Canada and the USA? ;-)

Must be the one where all the canoes full of silver tip over.

Tue, 03/26/2013 - 15:53 | 3378573 McMolotov
McMolotov's picture

Damn it feels good to be a banksta...

Tue, 03/26/2013 - 15:34 | 3378450 McMolotov
McMolotov's picture

These morons don't know when to shut the hell up. A lot of people will soon think killing bankers and politicians is "defendable in principle," if they haven't thought it already.

Tue, 03/26/2013 - 15:43 | 3378537 Ruffcut
Ruffcut's picture

IT's why God gave us rope and lamposts. WE spend billions for prisons to lock up thieves, and if that doesn't work then justice may be better served by the hands of the moral majority. 

Tue, 03/26/2013 - 15:57 | 3378603 francis_sawyer
francis_sawyer's picture

How can we possibly justify killing banksters?


Most of them are fucking jews... Wouldn't that be, like, advocating for another holocaust? You'll have to be remanded to a 'thought crime' camp...


Tue, 03/26/2013 - 16:13 | 3378674 SMG
SMG's picture

Why do you work for the Elite as an internet troll trying to shift the blame from people, who truly deserve to be punished for what they have done?  Don't work for them anymore they are pure EVIL.   They want to kill or enslave all of us, even you and your family.  When in human history has doing whatever you want worked?  Men are not gods, only men, no matter what their satanic brainwashing says.   There is still time to look to a loving God for forgiveness, and work for real good.  Just saying.

Tue, 03/26/2013 - 17:05 | 3378725 francis_sawyer
francis_sawyer's picture

Yes SMG ~ francis_sawyer is clearly 'Satanic'... Thank God [YOUR God ~ the only real & reputable God], for people like you to patrol the internets & make humanity safe from evil... I'm sure we would all perish otherwise...


Praise RELIGION [for that matter]... For without it ~ How could anybody be capable of free thought?... I mean, like, this is my favorite week of the year... I so enjoy walking outside watching the cows, bees, birds, flowers & fauna all getting together for their Easter & Passover celebrations... & it's so nice to know that those 'Satanic' bugs, fleas, ticks, & fungus will be banished to the 9th level of hell because of the pious prayers of all the flower & fauna...


Edit: Yes folks... IN FACT... It is from that fermenting mash of brainwave patterns that francis_sawyer finds himself doing battle with every day on ZH...

Tue, 03/26/2013 - 17:27 | 3378944 SMG
SMG's picture

Quite simply there is good, and there is evil.  Being good doesn't forbid free thought. 


Treat others as you would want to be treated.

Love and forgive others.

Be generous to others, and try to improve the lives of others.

Protect the innocent.

Promote faith, hope, and love. (God)


  • Lucifer: pride (superbia)  I am a god. I can decide what is evil, and eventually nothing will be.
  • Mammon: greed (avaritia) It's ok to abuse the "useless eaters" and steal from them for my gain.
  • Asmodeus: lust (luxuria) Sex magick anyone?
  • Leviathan: envy (invidia) Keep trying to climb that ladder in the group.
  • Beelzebub: gluttony (gula or gullia)  Banking system
  • Amon or Satan: wrath (ira) Never forgive your enemies. War, ending with WWIII
  • Belphegor: sloth (acedia) Make people dependent on the state which you control
Tue, 03/26/2013 - 18:20 | 3379159 francis_sawyer
francis_sawyer's picture

GOOD: Up arrowing your own comments because of your justified self righteousness

EVIL: any comment by francis_sawyer the devil worshiping blame shifter

Tue, 03/26/2013 - 15:57 | 3378605 a growing concern
a growing concern's picture

Looks like you've got a couple of banksters junking you. Nothing a bit of rope won't cure.

Tue, 03/26/2013 - 15:59 | 3378619 pods
pods's picture

No shit, I cannot believe Dieselbomb has not STFU.

Quit fucking diggin.  

All these fucking technocrats do is talk and try to explain why they are so smart, meanwhile entire economies are imploding due to their words.

Somebody put a bullet in this fucker, it surely would be "defendable in principle" a hell of a lot more than his fucking excuses for bankster robbery of people.


Tue, 03/26/2013 - 17:17 | 3378980 Piranhanoia
Piranhanoia's picture

I am starting to wonder if he isn't blowing the whistle on the scheme set up that he knows will destroy his country just like any other?   One mistake and forced retraction that he didn't appear to make, but had it made for him is one thing.  But a second statement and a forced retraction by Eunatics is quite another.

   Maybe he he is really brave?   You don't tell TPTB to go fuck themselves that often and keep your job.

Tue, 03/26/2013 - 15:24 | 3378382 Sudden Debt
Sudden Debt's picture

Stalin did...
Lenin Did...
Marx did...
Hollande does...
Obama does...

Tue, 03/26/2013 - 15:44 | 3378542 Ruffcut
Ruffcut's picture

Did you miss the word SUCK?

Tue, 03/26/2013 - 16:43 | 3378828 blu
blu's picture

I'll take "They Made Shit Up As They Went" for $200.

Tue, 03/26/2013 - 15:27 | 3378410 Banksters
Banksters's picture

Robbers can be shot while in the act of theft.  Bankers get government appointments.

Tue, 03/26/2013 - 16:43 | 3378836 blu
blu's picture

Robbers don't know jack about theft.

Tue, 03/26/2013 - 16:08 | 3378664 Salah
Salah's picture




Tue, 03/26/2013 - 16:38 | 3378807 Debugas
Debugas's picture

CREDITISM ? In Russia they call it Reaganomics because it was Reagan's invention to prop up the demand by consumer credit

Tue, 03/26/2013 - 19:00 | 3379327 Wile-E-Coyote
Wile-E-Coyote's picture

Maybe old Diesel Boom is trying to warn people..............

Tue, 03/26/2013 - 15:18 | 3378324 machineh
machineh's picture

All your euro are belong to us!

Anyone can create a job. But only a bankster can create a euro.

[Denial follows in 20 minutes.]

Tue, 03/26/2013 - 15:18 | 3378343 Taffy Lewis
Taffy Lewis's picture

Pay your fair share, Bitchez!


Tue, 03/26/2013 - 15:22 | 3378365 jekyll island
jekyll island's picture

Next step will be confiscation on accounts under 100k if you make too much salary. Kinda surprised they haven't done that yet.

Tue, 03/26/2013 - 15:25 | 3378393 Sudden Debt
Sudden Debt's picture

Look at France and Belgium!

The more you make, the higher the taxes are!
And once you make 8000€ a month, you can't make more because taxes take all the rest.

Tue, 03/26/2013 - 15:17 | 3378330 Tinky
Tinky's picture

Pussy Riot! (Not relevant, but I like to say it.)

Tue, 03/26/2013 - 15:26 | 3378404 Sudden Debt
Sudden Debt's picture

I like a wild pussy!

Tue, 03/26/2013 - 15:50 | 3378437 Dr. Engali
Dr. Engali's picture

Wild...... tasting? Like gamey?

Tue, 03/26/2013 - 15:18 | 3378337 toys for tits
toys for tits's picture

It's not defendable when you do it without due process, asshole.

Tue, 03/26/2013 - 15:34 | 3378460 Elijah Craig 18
Elijah Craig 18's picture

The EU has already shown that their own laws on capital controls and depositor guarantees mean nothing, so defendable means whatever the hell these sociopaths say it means.

Tue, 03/26/2013 - 15:35 | 3378467 ParkAveFlasher
ParkAveFlasher's picture

"Due process" will be applied retroactively.


Tue, 03/26/2013 - 16:25 | 3378747 TBT or not TBT
TBT or not TBT's picture

Sorta like our bankruptcy laws can be ignored if it helps the UAW, Obama style.

Tue, 03/26/2013 - 16:01 | 3378631 XitSam
XitSam's picture

The politicians always exclude themselves and their allies.

Tue, 03/26/2013 - 16:48 | 3378860 yrbmegr
yrbmegr's picture

In the United States, even with due process it would be unconstitutional.

Tue, 03/26/2013 - 15:19 | 3378339 Bastiat
Bastiat's picture

As long as the principle isn't "private property"  i.e. it's "defensible" as long as you start from the place where the state ultimately owns everything.

Tue, 03/26/2013 - 15:23 | 3378374 xtop23
xtop23's picture

Right? Disgusting.

Screw the spiderman towel. Pull your funds out and starve the beast. Its the only option you have.

Tue, 03/26/2013 - 16:36 | 3378796 DosZap
DosZap's picture

Under ALL Banking rules whatever the amount OVER the guarantee by the Soverign is FAIR GAME.

If someone is STUPID enough to have MORE than is guaranteed, they deserve to be cleaned.

Where WE should draw the line is anything at, or under MAX insured by Bank, is Untouchable and fully insured.Period.

And no not taking up for banks( I hate them), just stating what SHOULD be obvious to anyone who can read the friggin fine print.

Tue, 03/26/2013 - 17:00 | 3378905 xtop23
xtop23's picture

True that, but that wasn't the original plan. It still destroys the myth of private property in the face of gargantuan sovereign debt. 

Tue, 03/26/2013 - 16:53 | 3378882 blu
blu's picture

Pull your money out. That's fine.

They'll just change the currency on you, make the old currency illegal, and buy your old currency back at half on the dollar/euro in new currency.

As long as they are in power they win. We cannot get them out of power because they won't allow it. The solution to that lies somewhere between total destruction and total ruin. Which are not the same thing, please note, but they both manifest in the same terrible dark part of human history.

Tue, 03/26/2013 - 15:41 | 3378504 McMolotov
McMolotov's picture

That's the heart of the matter, isn't it? And you can hear that viewpoint quite clearly in the way Krugman recently justified capital controls for the US.

These people don't believe we earn or own anything; they believe what we have is solely what the government in its beneficent glory has given us.

Tue, 03/26/2013 - 15:18 | 3378340 Cognitive Dissonance
Cognitive Dissonance's picture

"All your wealth are belong to us." - Troika

<We blew it years ago so now we're taking yours. What ya gonna do about it?>

Tue, 03/26/2013 - 15:42 | 3378530 Triple A
Triple A's picture

the wealth tax is one of the biggest reasons martin armstrong believes there will be no hyperinflation. The guy has been on the money so far.

Tue, 03/26/2013 - 15:50 | 3378562 Ruffcut
Ruffcut's picture

Fucking horseshit. Proper capital formation comes from the root of the econmy, The jobs the growth, not made out the premise of bullshit of banksters.

Tue, 03/26/2013 - 15:50 | 3378563 ParkAveFlasher
ParkAveFlasher's picture

Martin Armstrong is just happy to see the sunlight, I says.

Tue, 03/26/2013 - 15:19 | 3378350 New Revenue
New Revenue's picture

I love DieselBoom - just a matter of time before it all goes "BOOM" - he is just adding fuel to the fire.

Tue, 03/26/2013 - 15:28 | 3378400 Cognitive Dissonance
Cognitive Dissonance's picture

I think DieselBoom is a controlled deliberate "truth" teller and not the loose cannon he is being portrayed as. The game has changed and someone needs to convey this. Why not now with tiny Cyprus so that Greece 4.0, Italy 3.0 etc are not a surprise when they announce the rule changes.

<There will be many changes and "truth" tellers on the road to perdition.>

Tue, 03/26/2013 - 15:37 | 3378480 ParkAveFlasher
ParkAveFlasher's picture

Dovetails nicely with Bloomberg's "get used to Big Brother" comment.

You know how Bloomberg loves to have global bankers over to his palace to sit on his faux-leopard print couch and show them his Klimpt.

Tue, 03/26/2013 - 15:49 | 3378558 formadesika3
formadesika3's picture

I take it a Klimpt isn't a soda machine.

Tue, 03/26/2013 - 15:57 | 3378604 TruthInSunshine
TruthInSunshine's picture

CogDis, you beat me to it. It's "unpossible" that the media publish so much truth (if even by the normal relative standards of their anti-truth) without it being the result of marching orders given to the Main Stream Financial Proxy Media Puppet Mouthpieces.

Tue, 03/26/2013 - 15:50 | 3378564 Elijah Craig 18
Elijah Craig 18's picture


Tue, 03/26/2013 - 15:59 | 3378618 azzhatter
azzhatter's picture


Tue, 03/26/2013 - 15:51 | 3378566 Cognitive Dissonance
Cognitive Dissonance's picture

Show them his what?

<Wait....I don't want to know. Really.....I don't.>  :)

Tue, 03/26/2013 - 16:30 | 3378767 ParkAveFlasher
ParkAveFlasher's picture

Pardon, Klimt.

You probably guess that I don't own one myself.

Tue, 03/26/2013 - 15:22 | 3378353 MsCreant
MsCreant's picture

No kiddin'
I'm ready to fight
I've been lookin' for Euros all night
If I don't get them in my sight
Diesel Boom boom! RIGHT HERE! Out go the lights!

All credit to Pat Travers Band

Tue, 03/26/2013 - 16:47 | 3378852 RichardENixon
RichardENixon's picture

Most politically incorrect song ever. Almost as bad as my avatar.

Tue, 03/26/2013 - 15:21 | 3378356 css1971
css1971's picture

His fellow European finance ministers are going to call up the Russians and send them right over for a nice "chat". Unless he shuts his mouth.

Count on it.

Tue, 03/26/2013 - 15:21 | 3378358 kaiserhoff
kaiserhoff's picture

Shit, meet fan.

Tue, 03/26/2013 - 15:29 | 3378426 Cognitive Dissonance
Cognitive Dissonance's picture

Many miles to go before I sleep the real shit hits the fan.

Tue, 03/26/2013 - 15:33 | 3378453 kaiserhoff
kaiserhoff's picture

No doubt right CD.  It takes a long time for the ship of state to sink.

At least, the Tylers provide some great entertainment.

Tue, 03/26/2013 - 15:54 | 3378579 Ruffcut
Ruffcut's picture

The shit has been piling up near the fan and waiting for that big shove forward.

PEople create, banks create shit so need somewhere to put it. Have your disinfectant ready.

Tue, 03/26/2013 - 17:05 | 3378918 blu
blu's picture

The ship of state does not sink now. That concept belonged to an earlier time when there were barbarians ever at the gate ready to pounce. The ship of state would in the past weaken until old enemies could take over, making for a new start.

There are no barbarians now. So now the ship of state gradually dies in place becoming a festering ghost ship crewed by zombies and insane cannibals. It glides silently into unsuspecting, sleepy communities and off loads its gruesome cargo of pestilence, corruption, theft and disease. By the morning sun nothing is left alive but everything is sucked to death, drained and skeletal.

Then the ship of state moves on, looking for something else vibrant and healthy that it can soul-rape into terrified, mindless ruin.

Welcome to the end. Hold your children. The vampires are waking and they are now going to devour the entire world and nothing -- absolutely nothing -- can stop them.

Tue, 03/26/2013 - 15:33 | 3378451 Joe Davola
Joe Davola's picture

better be sittin on the can

Tue, 03/26/2013 - 15:21 | 3378359 Dr. Engali
Dr. Engali's picture

So if we have a worldwide wealth tax and everybody becomes a lot less wealthy at the same time due to to the fact that people worldwideare liquidating to meet or beat said wealth tax,how do we determine hoiw much and at what rate to tax said wealth?. It's a conundrum for sure. I think the Bernank's presses are going to be overwhelmed.

Tue, 03/26/2013 - 15:22 | 3378367 fonzannoon
fonzannoon's picture

The most important thing is that Exxon and GE etc pay no taxes. everything else can be worked out.

Tue, 03/26/2013 - 16:55 | 3378889 yrbmegr
yrbmegr's picture

If they were to keep their money in the U.S., it couldn't be wealth-taxed.  Food for thought Exxon and GE (and all you other corporations keeping your money out of the U.S.).

Wed, 03/27/2013 - 03:02 | 3380324 Hobbleknee
Hobbleknee's picture

If they paid taxes, the costs would be passed on to us.  We are the end of the line.

Tue, 03/26/2013 - 15:39 | 3378500 eclectic syncretist
eclectic syncretist's picture

OK, let me see if I got this right.  The S&P is about to set a record high, albeit on vapor thin volume.  Now, the equity markets are flying because money is being counterfeited as rapidly as possible by the Fed, and distributed to the banks at 0% interest so that they can buy said equities.  Since that is going so well, and they've told us the recovery has been underway for quite a while now, next they may have to steal our money so that our future prosperity will be assured.

Nope, I still don't get it.

Who gets the stolen money anyway, the government or the banks?

Tue, 03/26/2013 - 15:54 | 3378581 Peterus
Peterus's picture

They're sharing.

Also, what difference does it make if one person is for quite some time in a prominent position of govt and than a bank? Whenever he's cashing in makes little difference - it counts that he spends it on himself and his causes.

Tue, 03/26/2013 - 15:55 | 3378583 formadesika3
formadesika3's picture

Does it matter? To quote Carlin for the 1000th time, "It's a big club and you ain't in it."

Tue, 03/26/2013 - 16:43 | 3378824 gaoptimize
gaoptimize's picture

I've been thinking about the vapor thin volume.  Take a look at the daily volume of the ~$275M NYSEARCA:SIL .  Less than $200K changed hands today.  That is less than a tenth of 1% of the market cap.  I think the global and US economic picture is painted (with distortions few people see) very clearly for everyone to see.  It is like a Rorschach test now, and the personalities of people don't change very fast.  I think everyone has pretty much settled on an interpretation and a strategy to either profit from it (optimists/momos/algos) or ride it out (pessimists/realists).  Only when the distortions are no longer maintainable will there be any volume.

Tue, 03/26/2013 - 15:22 | 3378361 Joebloinvestor
Joebloinvestor's picture

Wait till the defense argument at this clowns murder trial.

Tue, 03/26/2013 - 15:26 | 3378402 MsCreant
MsCreant's picture

There would be no murder trial. An award ceremony maybe...

Tue, 03/26/2013 - 15:33 | 3378455 Joebloinvestor
Joebloinvestor's picture


Tue, 03/26/2013 - 15:34 | 3378461 kaiserhoff
kaiserhoff's picture

Orient Express?

A death of 10,000 cuts?

Tue, 03/26/2013 - 15:57 | 3378597 Ruffcut
Ruffcut's picture

NO, death by  10,000 pricks, coming from Washington and beyond.

Tue, 03/26/2013 - 15:22 | 3378362 Killer the Buzzard
Killer the Buzzard's picture

Opulence... I don't has it.

Tue, 03/26/2013 - 15:22 | 3378363 Antifederalist
Antifederalist's picture

This guy should just STFU.   He is his own worst enemy.   Amazing.

Tue, 03/26/2013 - 15:47 | 3378553 Peterus
Peterus's picture

Let him talk.

Who knows, his words might be the epitaph of current cronyist system in Europe if he gets good timing and a hard-hitting sequence.

Tue, 03/26/2013 - 15:23 | 3378370 Racer
Racer's picture

It isn't Levy you liar, it is ROBBERY

Tue, 03/26/2013 - 15:39 | 3378508 Blano
Blano's picture

It isn't a penalty, it's a tax.

Tue, 03/26/2013 - 15:57 | 3378601 ParkAveFlasher
ParkAveFlasher's picture

It isn't my thumb, it's my dick!

Tue, 03/26/2013 - 15:23 | 3378375 Confundido
Confundido's picture

EurUSD at 1.2856, Gold at $1,600/oz, S&P500 @1561pts...they are all fucking sheep heading to the slaughterhouse...They deserve everything coming their way...

Tue, 03/26/2013 - 15:23 | 3378376 css1971
css1971's picture


So. If the state is bankrupt, and the banks are insolvent. Then who exactly pays the deposit guarantee in a monetary union which simply "printing money" is not possible?

Is that a fatal flaw I spy?

Tue, 03/26/2013 - 15:25 | 3378388 Bastiat
Bastiat's picture


Tue, 03/26/2013 - 15:37 | 3378479 dick cheneys ghost
dick cheneys ghost's picture

exactly.....The Fed, the FRN, the petro-dollar and the Reserve currency all survive to fight another day........God Help us

Tue, 03/26/2013 - 15:32 | 3378446 HpDeskjet
HpDeskjet's picture

Nobody... The 100k limit does not exist in practice.

Tue, 03/26/2013 - 15:36 | 3378473 Bastiat
Bastiat's picture

How much did Bernanke send to Europe after 2008?

Tue, 03/26/2013 - 15:57 | 3378595 HpDeskjet
HpDeskjet's picture

He opened swap lines so the precise answer would be 0. But i agree that there will always be excess liquidity to banks to hide/postpone insolvency. However, if enough ppl understand that the central bankers are only powerful as long as there are enough people who "have faith", this liquidity doesn't help anymore... Our current system depends on faith of the masses and (central) bankers know and use this to keep the status quo/enrich themselves (by borrowing at 0% and lending at 3-4-5-%). This Cyprus issue can open the eyes of a lot of people and have great consequences for banks/ruling elites. Bad in the short run, but necessary and unavoidable in the long run.

Wed, 03/27/2013 - 06:08 | 3380419 thisandthat
thisandthat's picture

Nope, the fund is set up by banks for that effect.

Thu, 03/28/2013 - 11:19 | 3385428 thisandthat
thisandthat's picture

What he meant is funds' coverage is nationwide, so each national fund covers accounts opened at the local agencies only (including at non-EU banks) - eg: an account at a foreign bank in Portugal, is guaranteed by the Portuguese fund, and vice-versa. But the funds are financed by the banks/credit institutions themselves and central banks.

Tue, 03/26/2013 - 15:24 | 3378378 Demonoid
Demonoid's picture

He got it wrong.

It's actually a levy on principles, defendable by wealth.

To wit, the midnight expatriation of the Russians' and Londoners' money, leaving the poor saps in Cyprus with their lousy 10K or 20K in "Cyprus Euros" locked down under capital controls.

Tue, 03/26/2013 - 15:24 | 3378385 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

I think an official name change is in order. The EU will know be known as the Eurape Union.

Do NOT follow this link or you will be banned from the site!