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Australia To Start Taxing Bank Deposits

Tyler Durden's picture




 

Up until now, the world's descent into the NIRPy twilight of fiat currency was a function of failing monetary policy around the globe as central bank after desperate central bank implemented negative and even more negative (in the case of Denmark some four times rapid succession) rates, hoping to make saving so prohibitive consumers would have no choice but to spend the fruits of their labor, or better yet, take out massive loans which they would never be able to repay. However, nobody said it was only central banks who could be the executioners of the world's saver class: governments are perfectly capable too.  Such as Australia's.

According to Australia's ABC News, the "Federal Government looks set to introduce a tax on bank deposits in the May budget."

Ironically, the idea of a bank deposit tax was raised by Labor in 2013 and was criticized by Tony Abbott at the time. Much has changed in two years, and as ABC reports, assistant Treasurer Josh Frydenberg has indicated an announcement on the new tax could be made before the budget.

Mr Frydenberg is a member of the Government's Expenditure Review Committee but has refused to provide any details.

 

"Any announcements or decisions around this proposed policy which we discussed at the last election will be made in the lead up or on budget night," he said.

 

Speaking at the Victorian Liberal State Council meeting Mr Abbott has repeated his budget message, focusing on families and small businesses.

 

"There will be tough decisions in this year's budget as there must be, but there will also be good news."

For the banks and creditors, yes. For anyone who is still naive enough to save money in the hopes of deferring purchases for the future, not so much.

The banking industry has raised concerns about a deposit tax, saying it will have to pass the cost back onto customers.

 

Steven Munchenberg from the Australian Bankers' Association said it would be a damaging move for the Government.

 

"It's going to make it harder for banks to raise deposits which are an important way of funding banks. And therefore for us to fund the economy," he said. "And we also oppose it because particularly at this point in time with low interest rates a lot of people who are relying on their savings for their incomes are already seeing very low returns and this will actually mean they get even less money."

Don't worry Steven, neither central banks nor government care about "a lot of people" - they just care about a select few. As for the banks, once China, and immediately thereafter Australia, launches QE as the entire world descends into a monetary supernova, and Australia's banks are flooded with trillions in excess reserves like those in the US, all shall be forgiven. As a reminder, banks such as JPM are so flush with zero-cost cash from other sources, well one other source, they are now actively turning away depositors.

As for Australia, while central banks are untouchable and unaccountable to anyone (except their commercial bank directors and anyone else they secretly meet during those bimonthly sessions in the BIS tower in Basel), the government can be voted in and voted out. Especially a government that is about to break one of its main election promises:

The Federal Opposition has accused the Government of breaking an election promise by planning to introduce a tax on bank deposits.

 

The former Labor Government put forward the policy in 2013 to raise revenue for a fund to protect customers in the event of a banking collapse.

 

Shadow Assistant Treasurer Andrew Leigh said Treasurer Joe Hockey criticised the proposal at the time. "When we put it on the table Joe Hockey said that it was a smash and grab on Australian households just aimed at repairing the budget," he said.

It is almost surprising, but not really, how when it comes down to money, the thin white line between "us" and "them" always disappears when the money runs out.

As for Australia's savers, welcome to the NIRP world where savers in increasingly more countries are now on the endangered species list.

 

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Sun, 03/29/2015 - 19:54 | 5940354 Thirst Mutilator
Thirst Mutilator's picture

Down Under bitchez! LIVE IT!

Sun, 03/29/2015 - 19:58 | 5940366 knukles
knukles's picture

Why not just kill off the entire lower and middle class peoples on the planet?

Sun, 03/29/2015 - 20:01 | 5940379 NoDebt
NoDebt's picture

You say that like they don't already have a plan.

 

Sun, 03/29/2015 - 20:12 | 5940419 Deathrips
Deathrips's picture

Sheep on the Barbie?

 

Rips

Sun, 03/29/2015 - 20:20 | 5940445 0b1knob
0b1knob's picture

Sheeple on the Barbie.  There fixed it for you.

Soylent green is sheeple!

Sun, 03/29/2015 - 20:44 | 5940501 boogerbently
boogerbently's picture

On a contrarian note,

 

When I got divorced I subpoened my wifes bank records. She was depositing (she has her own business) exponentially more than she was "claiming" (on taxes).

Which is what the court (in CA) uses as her income.

Now, we could argue all day long about the misuse of our tax $$$, but Less taxes paid by cheaters, more paid by you and I.

Deposits would be a more accurate way to determine income.

Instead of the fantasyland honor system our govt employs now.

Sun, 03/29/2015 - 20:54 | 5940519 NidStyles
NidStyles's picture

Taxation is theft.

Sun, 03/29/2015 - 21:32 | 5940600 boogerbently
boogerbently's picture

Taxes are necessary, what Washington does with them is theft.

 

Sun, 03/29/2015 - 21:39 | 5940620 Harbanger
Harbanger's picture

What it does is take taxes from the plebs to make the minimum payments on it's national debt.  In other words, it feeds interest payments to the bankers that keep them in power.

Sun, 03/29/2015 - 23:33 | 5940887 UnpatrioticHoarder
UnpatrioticHoarder's picture

No hat tip = no more tips for you Tyler!!!

Mon, 03/30/2015 - 02:31 | 5941069 macholatte
macholatte's picture

 

 

Do the people who make these proposals plan to be exempt from the laws?

 

Mon, 03/30/2015 - 02:55 | 5941075 Four chan
Four chan's picture

they should tax the banks on cash it holds in its accounts.

Mon, 03/30/2015 - 06:08 | 5941154 GetZeeGold
GetZeeGold's picture

 

 

 

 

Men of thunder from down under?

 

Yeah......whatever.

Sun, 03/29/2015 - 22:05 | 5940695 rejected
rejected's picture

They just printed up about 4 trillion... Why are taxes necessary?

Because it shows you who your daddy is...

Sun, 03/29/2015 - 22:36 | 5940761 Handful of Dust
Handful of Dust's picture

I guess the bankers and politicans got tired of shagging sheep so now they'll shag the sheeples.

Sun, 03/29/2015 - 22:38 | 5940773 SafelyGraze
SafelyGraze's picture

"Australia To Start Taxing Bank Deposits"

just confiscated it already

Sun, 03/29/2015 - 23:31 | 5940883 UnpatrioticHoarder
UnpatrioticHoarder's picture

Where's my hat tip, Tyler?!

Mon, 03/30/2015 - 01:34 | 5940995 wee-weed up
wee-weed up's picture

 

 

now they'll shag the sheeples

Thanks to Obozo, those sheeples are multiplying like bunnyrabbits...

And now flooding across our wide-open Mexican border.

And he & the unscrupulous Dims will see to it...

That they get to vote.

Game... Set... Match!

We're so fucked!

Mon, 03/30/2015 - 06:52 | 5941176 GetZeeGold
GetZeeGold's picture

 

 

 

 

And now flooding across our wide-open Mexican border.

 

Bush/Clinton 2016

Clinton/Bush 2016

 

This is the American dream.....you were expecting something else?

Mon, 03/30/2015 - 00:53 | 5940969 PoasterToaster
PoasterToaster's picture

The government can print as many dollars as it needs.  Why are there any taxes at all?

Mon, 03/30/2015 - 00:56 | 5940974 e_goldstein
e_goldstein's picture

To keep you in your place, serf.

Mon, 03/30/2015 - 02:56 | 5941076 commander gruze?
commander gruze?'s picture

Bitcoin and PM users not affected.

Mon, 03/30/2015 - 14:48 | 5942863 giggler321
giggler321's picture

yet

Sun, 03/29/2015 - 21:33 | 5940601 Harbanger
Harbanger's picture

Not if you're a big gub lovin liberal! taxation is fairness and social justice.

Sun, 03/29/2015 - 22:37 | 5940768 Lost My Shorts
Lost My Shorts's picture

Funny thing though ... this article is somewhat ambiguous.  There are hints that the "tax" being proposed is equivalent to the FDIC assessments that have funded deposit insurance in the US since the FDIC existed, including back when the US was on a gold standard.  See this:  https://www.fdic.gov/deposit/insurance/assessments/proposed.html

If this were intended as a wealth tax, sound the alarm.  But if the Aussies are just shifting to a US-style system where depositors pay for their insurance instead of having the taxpayer pay for it, the implications are somewhat less dramatic than implied by the headline.  How long before ZH is acquired by HuffPo -- or did it happen already and I missed it?

Sun, 03/29/2015 - 23:22 | 5940866 Overfed
Overfed's picture

When the income tax was first implemented in the US, wasn't the max rate like 3%?

Mon, 03/30/2015 - 08:21 | 5941313 Grinder74
Grinder74's picture

If the church can survive on 10% (or often less as hardly anyone is able to give full tithe), why can't the government?  In the U.S., the majority should be going to the States anyway: 7% to State, 3% to Feds.  

Mon, 03/30/2015 - 04:08 | 5941111 Fiat Envy
Fiat Envy's picture

I up voted but really it is slavery.

Sun, 03/29/2015 - 21:08 | 5940553 One World Mafia
One World Mafia's picture

The ONLY valid tax is on non essential goods.  No VAT taxes.  You want to levy a tax on moving money.

Mon, 03/30/2015 - 06:43 | 5941166 Curiously_Crazy
Curiously_Crazy's picture

Agreed. Though there are variations. In Oz there is a GST (VAT by another name) yet essential goods are exempt; to use food as an example, if you make your own dinner from fresh meat, vegies, make your own sauces etc and you won't pay a cent. If however you buy processed shit you get get wacked with a 10% tax. Just one example, but I don't have a problem with it.

Sun, 03/29/2015 - 21:17 | 5940574 MsCreant
MsCreant's picture

"Now, we could argue all day long about the misuse of our tax $$$, but Less taxes paid by cheaters, more paid by you and I."

Where the fuck, dear friend, do you get that from? Just because they pay less does not mean they tax the rest of us more. They just take from any chump they can take from. Your just jealous you caught her outsmarting them.

I have an ex too. I would never turn him in if I found out he was getting away with keeping his money from them. NEVER. Might reevaluate him!

How about all of us refusing to pay any fucking thing. 

Now there is an idea.

I am a tiny fish. I still do tiny fish things to not let them get mine. I used to pay them early, what a dumbass. I now let them tell me what I owe. They don't pay me interest even though I would have to pay them if I was late.

Get your head on straight. FUCK THEM. Get your war on. 

Sun, 03/29/2015 - 21:30 | 5940596 boogerbently
boogerbently's picture

Taxes increase to cover debt. THe lower the tax revenue, the more taxes increase to cover it.

As far as "turning her in, the judge saw the lies, and did nothing.

On top of under claiming her income by $100,000, she made deposits of $5200 the month her first Disability payment was direct deposited.

Do you think some fraud could be eliminated this way ????

Sun, 03/29/2015 - 21:41 | 5940627 Trucker Glock
Trucker Glock's picture

"the judge saw the lies, and did nothing."

"Family Court is a racket." - Gen. Smedley Butler

 

 

Sun, 03/29/2015 - 23:10 | 5940836 Real Estate Geek
Real Estate Geek's picture

Yeah what was he thinking.  In Family Court, XY chromosome  = Loser.

Sun, 03/29/2015 - 23:18 | 5940856 Overfed
Overfed's picture

I had a case in family court about 7 years ago. My kids mother was druggin' and partyin' to the detriment of our kids.

I won my case and got full custody. She didn't get overnight visits for over a year and a half.

Mon, 03/30/2015 - 00:09 | 5940926 MsCreant
MsCreant's picture

My husband's mother was like that. He is grateful to his dad for protecting him. It still means a lot to him, to this day. 

Mon, 03/30/2015 - 08:23 | 5941319 Grinder74
Grinder74's picture

I remember your wife.  Good times.  She was surprisingly tight...you must not have stretched her out much.

Mon, 03/30/2015 - 07:54 | 5941250 Pumpkin
Pumpkin's picture

I have to chime in here about 'family court'.  Family court is a scam.  First of all, it is equity, not law.  Your POS lawyer will never tell you, but equity jurisdiction is pathetically weak and limited.  That jurisdiction should ALWAYS be challenged on the record.  Equity imports full judicial discretion.  Why in the world should any of your inalienable rights be subject to full judicial discretion?  If that is not bad enough, know that the family courts get matching federal funds for money transfers between the parties in family courts.  That's right, the federal government gives those 'courts' money for ordering you to pay money.  And your lawyer will conceal all of this info, just so he can drag the case out and bleed you dry.

Mon, 03/30/2015 - 00:05 | 5940919 Stuck on Zero
Stuck on Zero's picture

Hey booger.  I think your ex was depositing money as bags full of quarters.

Sun, 03/29/2015 - 21:32 | 5940598 Never One Roach
Never One Roach's picture

Another reason why the Swiss, Indians, Asians, and many other [wise] peeples buy gold and hide it in their basements.

Sun, 03/29/2015 - 22:38 | 5940772 christiangustafson
christiangustafson's picture

The whore!

Sun, 03/29/2015 - 23:28 | 5940875 Tall Tom
Tall Tom's picture

Deposits would be a more accurate way to determine income.

 

Really?

 

So if I deposit my Gross Sales in an account then you propose that it is taxed rather than the net profits...WHICH IS THE ACTUAL INCOME?

 

So my personal property...MY CAPITAL, (YES I DID PAY FOR THE GOODS WHICH I SOLD, EVEN AT TIMES I TOOK A LOSS WHEN I SOLD THEM), is repeatedly taxed on top of the profits garnered?

 

You are fucking nuts and any policies that promote this type of craziness will just serve to shut down the retail businesses.

 

It is so anticapitalist it makes me sick.

 

What a damned communist.

 

Get real or get out of here.

 

 

Mon, 03/30/2015 - 00:44 | 5940960 glenlloyd
glenlloyd's picture

I think you're missing the point of how patently absurd this all is. We're now either 1) paying zilch in interest for deposits or 2) taxing deposits or 3) a combination of 1 & 2.

Apparently now cash money is not worth anything at all and as Old Yellin said a few days ago a very poor store of value and she can create it out of nothing.

Doesn't this really scare people? How can people even pretend not to think this is all just a surreal dream?

This is totally and utterly insane.

Sun, 03/29/2015 - 21:37 | 5940615 mrpxsytin
mrpxsytin's picture

The only reason that this is happening in Australia and not the third world Western states of EU and USSA, is that currently Australia is the only Western nation where the people have the ability to build up bank deposits.

Mon, 03/30/2015 - 12:05 | 5942144 Slomotrainwreck
Slomotrainwreck's picture

NEWS FROM THE FUTURE!

 

Australian government feels sorry for the sheeple who have to pay more taxes. To aleviate this problem, the government will place the deposited funds into a 'secure holding fund' which is not taxed.

Withdrawal requests will be considered.

Sun, 03/29/2015 - 20:16 | 5940426 philipat
philipat's picture

Negative rates to be followed by a new rule that, purely for the purposes of defending against terrorists don't you see, only $500 cash can be withdrawn per month and payments for anything costing more than $500 cannot be made in cash. Get your money out now.....

Sun, 03/29/2015 - 20:47 | 5940505 Anusocracy
Anusocracy's picture

There is no plan. It's just a normal aspect of their behavior.

Sun, 03/29/2015 - 20:01 | 5940381 A Lunatic
A Lunatic's picture

That is covered on page 4,758........

Sun, 03/29/2015 - 20:04 | 5940390 seek
seek's picture

They are, you're just complaining about the speed they do it at.

Sun, 03/29/2015 - 21:34 | 5940605 Never One Roach
Never One Roach's picture

'I'll read it after it's passed."

 

~ Reed & his buddy, Nancy "Botox" Pelosi

Sun, 03/29/2015 - 20:17 | 5940436 thinkmoretalkless
thinkmoretalkless's picture

But.....who will clean our houses, hotel rooms....cut the grass...cook the food. Wasn't it Dr Venkman who said to the politician, "Aren't you suppose to kiss our butts?"

Mon, 03/30/2015 - 02:01 | 5941045 The central planners
The central planners's picture

Middle class? Where did you see one?

Mon, 03/30/2015 - 06:48 | 5941174 jughead
jughead's picture

Then who would be left to clean up the mess?  We only live because they don't like gettin their widdle hands dirty.

Sun, 03/29/2015 - 20:15 | 5940430 Burt Gummer
Burt Gummer's picture

Reason #1,525 on why NOT to use a bank added to the list.

https://www.youtube.com/watch?v=qBCUCJNWimo

Mon, 03/30/2015 - 01:34 | 5941011 Wile-E-Coyote
Wile-E-Coyote's picture

Australia was formed as a penal colony, looks like it still is!!

Mon, 03/30/2015 - 03:02 | 5941080 JLee2027
JLee2027's picture

They must be sheep in Australia to accept this.

Why would anyone ever make a deposit again?

Mon, 03/30/2015 - 06:56 | 5941182 GetZeeGold
GetZeeGold's picture

 

 

They must be sheep in Australia to accept this.

 

They're disarmed sheep.....what are they going to do about it?

Sun, 03/29/2015 - 19:54 | 5940356 JD59
JD59's picture

Commie Utopia comming to a bank near you.

Sun, 03/29/2015 - 20:05 | 5940394 NoDebt
NoDebt's picture

The problem with confiscating savings (and that's what this is) is that you can only do it once.  And once they've done it and the hole still isn't filled, they're screwed.

 

Sun, 03/29/2015 - 20:47 | 5940504 MsCreant
MsCreant's picture

Here is where I get confused. Why do this shit to stir us up? They can, and are, printing. Why not just print? Does the appearance of doing shit to us contribute to the legitimacy of their system, that it is somehow real cause, gosh, we got a problem and we need to take some of your money from you to solve it, thus throwing you off about the whole printing scam in the first place?

Sun, 03/29/2015 - 21:20 | 5940575 Realname
Realname's picture

Its not about the money. Its about control.

Sun, 03/29/2015 - 21:36 | 5940611 willwork4food
willwork4food's picture

That and the intended deflationary consequences in an inflationary reality.  They are trying to keep the game alive as long as possible.

Sun, 03/29/2015 - 22:14 | 5940712 Caviar Emptor
Caviar Emptor's picture

I smell biflation. Again. Yes, deflate demand through any means necessary. But prices will still rise.

Sun, 03/29/2015 - 23:11 | 5940844 sun tzu
sun tzu's picture

It's about them losing control. They fear deflation, so they are trying to force people to spend MOAR. 

Sun, 03/29/2015 - 22:04 | 5940694 yepyep
yepyep's picture

if they print it expands the money stock, causes inflation.

 

if they tax deposits it doesnt.

Sun, 03/29/2015 - 22:28 | 5940740 Help Is Not Coming
Help Is Not Coming's picture

Remember, they are actively trying to generate inflation. They are printing massive amounts of money but the supply is collapsing faster so still no relative inflation. One way to generate inflation is to increase the velocity of money. If they start taxing deposits and limit the amount of cash withdrawals then you'll be forced to spend it. At least that's what they think.

The smart money would just wire it to the bullion dealer and take physical delivery.

I think this is all simply an attempt to increase the velocity of money to generate inflation.

Sun, 03/29/2015 - 22:08 | 5940702 WOAR
WOAR's picture

It's a distraction from the new hot war in Yemen.

Or maybe Yemen is a distraction from our broken financial system? I can't keep the two straight...

Mon, 03/30/2015 - 00:28 | 5940942 scaleindependent
scaleindependent's picture

It is their MMT.  According to them, you can print all you want and still avoid inflation if you either destroy demand or increase taxes/fees to dry up the excess money you print.  Fortunately for them, the printed money first goes thru them or their friends and as such they get first dibs at buying real assets and also fortunately for them, they tax and penalize savers only.  As a result of all of this is their "surprise" at the low inflation and because there is low inflation they must increase QE.

Sun, 03/29/2015 - 21:33 | 5940604 Miffed Microbio...
Miffed Microbiologist's picture

I think when the savings are fully looted and the crowd get a bit unruly, they unleash the bulldozers. Frankly if you just look at the math, there are just too many people for a modern day feudal system. Sorry to be so Pollyanna.

Miffed

Sun, 03/29/2015 - 21:46 | 5940635 willwork4food
willwork4food's picture

Hey Miffed! Agreed, and they are doing everything in their power to reduce the "gun behind every blade of grass scenario with GMO's,  fukishima radiation,  fracking and Monsanto's all fav Round Up. There are many more.

Sun, 03/29/2015 - 22:02 | 5940686 Miffed Microbio...
Miffed Microbiologist's picture

Ain't it so dear! I must say I do have hope for the one fact that the USA is the most privately armed country in the world. This is an interesting dynamic if you think about it. Is there a historical precedent?

For complete control at some point there must be gun control and communication disruption, i.e. control of the Internet. The fait accompli if pulled off. People should be seriously looking into steganography and non registered firearms before it is too late, if is isn't already.

Frankly, I look around here in Cali and just want to have a Scotch while shaking my head. We're partying with only one year of water left. *sigh*

Miffed

Sun, 03/29/2015 - 22:40 | 5940776 knukles
knukles's picture

Been said down through history, best time to party is at Peak Empire
                       Party on Miffed

Sun, 03/29/2015 - 22:55 | 5940801 LongMarch
LongMarch's picture

Yes, there is a historical precedent.

From Thucydides:

"Once the people were thus armed, however, they refused to obey the government and demanded that the authorities distribute any remaining food supplies, threatening to come to terms with the Athenians on their own if this was not done."

Seems to end well.

Mon, 03/30/2015 - 08:07 | 5941277 willwork4food
willwork4food's picture

Well done !

Sun, 03/29/2015 - 19:55 | 5940357 Silver_K-9
Silver_K-9's picture

F*CK! I picked the wrong time to Move to Australia!

Sun, 03/29/2015 - 19:59 | 5940372 tarabel
tarabel's picture

 

 

Perfect time for New Guinea to start an offshore banking industry.

Sun, 03/29/2015 - 20:10 | 5940400 HardlyZero
HardlyZero's picture

Bullish Gold and Silver, down under.

Heh.

Sun, 03/29/2015 - 20:10 | 5940410 Silver_K-9
Silver_K-9's picture

They just had a 7.7 Earthquake...

Sun, 03/29/2015 - 21:04 | 5940539 Thirst Mutilator
Thirst Mutilator's picture

FLASH ~ There's gonna be an earthquake iun this town

 

https://www.youtube.com/watch?v=j_mvejvEdKc

Sun, 03/29/2015 - 21:03 | 5940536 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

I doubt that would matter.

Sun, 03/29/2015 - 22:37 | 5940767 USSA Bankster
USSA Bankster's picture

There will be no escape. The banksters are like cockroaches. They can and will find a way to survive on every corner of the earth, and will multiply unless they are squashed.

Sun, 03/29/2015 - 22:44 | 5940781 Promethean
Promethean's picture

Heh ... tried buying a house lately?

Sun, 03/29/2015 - 19:57 | 5940362 kowalli
kowalli's picture

Hooray

Sun, 03/29/2015 - 19:59 | 5940370 TheFreeLance
TheFreeLance's picture

Go read up on your Silvio Gesell. That is where we are headed -- money as a hyper-velocity social leveler, not -- as Chairman Frodo just admitted -- a store of value.

Sun, 03/29/2015 - 20:52 | 5940513 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Chairman Gollum.

Now we just need to find out who Sauron is or at least find where Mordor is located to get the party started.

Mon, 03/30/2015 - 03:01 | 5941079 August
August's picture

North of God's Country, and south of Canada.

Sun, 03/29/2015 - 20:01 | 5940375 BarnacleBill
BarnacleBill's picture

I hardly dare say this, but I will: this is not going to happen in offshore tax-havens. I have lived in the Cayman Islands for the best part of forty years, and am a former Manager of the local Chamber of Commerce. I know what I'm talking about, and have blogged about offshore havens from time to time on my blog, "Barlow's Cayman". Not for everybody, but some ZH readers should find those articles interesting.

Sun, 03/29/2015 - 20:05 | 5940396 logicalman
logicalman's picture

I guess you are part of the problem, then.

 

Sun, 03/29/2015 - 20:56 | 5940521 MsCreant
MsCreant's picture

I like your posts, I disagree with you somewhat on this thus my downvote.

Do you think what they are doing with the money they take from us, at threat of going to prison, is just? I don't. I wish I was wealthy enough I could have funds offshore and it would make sense.

Fuck them getting my money to kill brown people across the globe.

Fuck their wars. I can't say that with enough contempt.

Fuck them pretending that there is taxation with representation.

In my angriest fantasies, I can't hurt them enough to make it right.

Anything to resist these bastards is okay by me. Even if some other criminal bastard gets to hide from the shit I can't hide from. They still won't get the money to run the machine from them. That is a small something...

 

Sun, 03/29/2015 - 21:08 | 5940554 Eeyores Enigma
Eeyores Enigma's picture

Yo Ms - You go girl. I'm right there with ya. I'm buyin.

P.S. You know what they say about donkey shlongs is true right?

Sun, 03/29/2015 - 21:40 | 5940625 NoDebt
NoDebt's picture

You want I should slap him around a little, Ms?

 

Sun, 03/29/2015 - 22:02 | 5940685 willwork4food
willwork4food's picture

Right on MsC. When the SHTF I wonder what its going to take to get them...find their kids at school? Their relatives in the Hamshires? They are not safe and they know it.

Sun, 03/29/2015 - 22:36 | 5940754 Dr. Venkman
Dr. Venkman's picture

I bank locally and when asked why by a coworker recently I glibly stated : because I know where the executives live in case they fuck me over.

After saying that I am thinking about creating a Bankers Book, crowd sourced locations and addresses of bankers of every level. I do not condone violence on others.... But it has been made clear to me that the banking industry condones forms of violence on everyone else. Feeling vulnerable might keep them in check.

I have met and know many bankers in DE and NYC and they are a frighteningly stupid and self absorbed lot. For the most part. Can't tell if they know the havoc the wreak or don't care.

Mon, 03/30/2015 - 13:51 | 5942609 logicalman
logicalman's picture

The biggest users of tax havens are the damn banksters who are destroying the planet and its people.

The money they have hidden is what they'll use to re-establish control after TSHTF.

If a few 'honest criminals' go down with them, what the hell.

 

Sun, 03/29/2015 - 20:59 | 5940529 NidStyles
NidStyles's picture

Because taxation isn't theft?

Sun, 03/29/2015 - 20:02 | 5940376 ebworthen
ebworthen's picture

So they'll have to get rid of paper and coin currency now.

Otherwise, why would a person not just take money out of the bank?  Leave it in and lose 2% or more guaranteed.

Under the mattress it might lose 2% or more to inflation, but it will automatically be "earning" whatever % interest the crooked banksters are charging to hold your money.

Fucking insanity.

Sun, 03/29/2015 - 20:08 | 5940404 seek
seek's picture

Paid attention to the push for electronic payments lately? It's all connected.

This is just more of the war against savers. Someone with 1K in the bank can certainly pull it out and save themselves from losing $20 a year, but someone with $1M, not so much. This will drive liquid assets into the markets and government bonds, as intended.

Sun, 03/29/2015 - 20:29 | 5940461 cherry picker
cherry picker's picture

You're right. I get Canadian Pension Plan payents.  Its not that much, I didn't even want it, but everyone told me its my money as I contributed.

So I call them and they push me for a bank account number for electronic transfer. 

I say, "Is it my money?"

"Yes it is"

"I want cash or a check I can cash, I have no bank account, don't want one as everyone knows what I do with it and it is none of their business."

They didn't like it but they are sending me a check.  I am keeping the check printers in business for awhile so their employees can still eat.

Sun, 03/29/2015 - 20:52 | 5940483 ebworthen
ebworthen's picture

Yes, and yes.  Any .gov job in the U.S. REQUIRES direct deposit into a bank account as a condition of employment.

God's honest truth, every single one REQUIRES direct deposit, and if you bank with Chase or Wells Fargo you get your paycheck deposited three days earlier than other banks.

Coincidence?  I think not.

Sun, 03/29/2015 - 20:54 | 5940518 cherry picker
cherry picker's picture

What is really ironic, if your name appears on checkit you can't even open an account.

Then again, if you are like me and don't have a bank account by choice, I am a weirdo to be looked upon with suspicion.

If .gov keeps this up I am going to get a drone and import tobacco to where I live to sell to the locals as they are getting raped by the .gov cartels.

I don't have too much to lose as I am getting on in years anyway. :)

Sun, 03/29/2015 - 21:38 | 5940618 Never One Roach
Never One Roach's picture

They're getting extremely desperate for people to jump on a house or buy stawks instead of the prudent thing to save.

 

 

Sun, 03/29/2015 - 20:42 | 5940495 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Yes exactly this is about the big boys money not little folks. If they don't spend much to begin with, the convenience of having a bank account will not be missed anyways as long as their bills are local in nature.

"This will drive liquid assets into the markets and government bonds, as intended."

Finance is propaganda by other means. Understand this important point the curtains starting falling back and the real beast starts getsting exposed. The 'market' has been hijacked like everything else by the 'nwo' and is all doublespeak for something else.

All official financial actions are for psychological purposes, any fucking semblance of reality and an economic market went out the window in 2008.

 

 

Sun, 03/29/2015 - 22:05 | 5940697 willwork4food
willwork4food's picture

LOL Seek, $20/yr loss for 1K? My bank charges me $15/month if I don't have at least 1.5K in...every single day. One day it drops to $1,499.99 the **poof** $15 is gone.

Mon, 03/30/2015 - 19:00 | 5943764 Mentaliusanything
Mentaliusanything's picture

Are You Stupid.. Leave the bank .. Fuck them and the rules "for them only"

Sun, 03/29/2015 - 20:02 | 5940377 cherry picker
cherry picker's picture

With the trillions thrown at education in the last three decades, why is it we get these clowns like the politician in CA which claims climate change could mean more females will turn to prostitution and now Australia.gov is going to really bites the hand that feeds it.

You know, the original Boston Tea partiers were on to something. Appears we need a world wide tea party to get the leeches off the backs of main streets everywhere.

 

Sun, 03/29/2015 - 20:08 | 5940402 logicalman
logicalman's picture

You really think any 'party' will help?

Wanna buy a bridge?

 

Sun, 03/29/2015 - 20:01 | 5940378 Last of the Mid...
Last of the Middle Class's picture

Incredible. stupid is as stupid does. We have to have m   o    a   r   money for government. Yours, your children's and their's too. Taxaton of assets rather than income or sales of goods and services destroys a socio economic class that is barely hanging on and forces them into a lower one. Voila middle class is gone gone. 

Sun, 03/29/2015 - 20:01 | 5940380 OscarMayerAmsch...
OscarMayerAmschelRothschild's picture

How is this even news? Again, anyone who keeps their capital in a bank will get exactly what they have coming to them.

Mon, 03/30/2015 - 01:07 | 5940978 zebrasquid
zebrasquid's picture

Reminds me of the Butch Cassidy and the Sundance Kid scene when the Kid was worrying about jumping off the cliff into a river because he couldn't swim, and Butch laughed at that and said,"It doesn't matter, kid, the fall itself will probably kill you!"
Inflation will likely kill your money in a savings account more than any actual tax that may be imposed.

Sun, 03/29/2015 - 20:02 | 5940383 q99x2
q99x2's picture

Proof positive that people with money in the banks are dumb fucks. They need to buy gold and silver.

Sun, 03/29/2015 - 20:09 | 5940401 Smegley Wanxalot
Smegley Wanxalot's picture

Gold?  You mean that stuff FDR confiscated?

 

Anyone surprised that they confiscated all the Aussie guns in private hands first?

Sun, 03/29/2015 - 20:10 | 5940409 logicalman
logicalman's picture

That's the reason for all the boating accidents.

Sun, 03/29/2015 - 20:15 | 5940427 Deathrips
Deathrips's picture

Please link any case of personal gold being confiscated and the punishment?

 

When youre done looking you will see that they never did anything.

 

RIPS

Sun, 03/29/2015 - 22:20 | 5940731 MrSteve
MrSteve's picture

technically speaking, FDR "nationalized" gold in the USA, holding it "another location". Then the dollar was devalued. Gold mines were a great investment then.

Sun, 03/29/2015 - 20:11 | 5940417 seek
seek's picture

It got confiscated from banks, not people.

The issue will be that holding and using gold will be like having your savings in bags of cocaine and trying to pay bills with it. It's only going to work with a select crowd and if the wrong people find out you're fucked.

Sun, 03/29/2015 - 20:18 | 5940441 Caleb Abell
Caleb Abell's picture

It got confiscated from banks, not people.

True enough, but the bank will pass along the cost to the depositors.  In the end, the working chump will pay.
Sun, 03/29/2015 - 20:38 | 5940486 Urban Roman
Urban Roman's picture

Gold / bitcoin.

Bitcoin as a currency and gold as a store of value.

Long secure storage facilities.

Mon, 03/30/2015 - 00:39 | 5940952 zebrasquid
zebrasquid's picture

TRIED to confiscate. Hardly got much of it, from what I hear.

Mon, 03/30/2015 - 07:06 | 5941192 css1971
css1971's picture

To be fair. The first example of a real, in the wild P.A.Luty submachine gun was in Australia:

https://www.youtube.com/watch?v=Dv33pCUkLRM

Sun, 03/29/2015 - 20:03 | 5940385 NoDebt
NoDebt's picture

Sounds like all those "savers" need to start putting that money someplace safer- like into the S&P (also known as the Federal Reserve large cap growth fund).

 

Sun, 03/29/2015 - 20:06 | 5940398 Fix It Again Timmy
Fix It Again Timmy's picture

We want it, we make the rules, we take it....What a bunch of blood-sucking scumbags...

Sun, 03/29/2015 - 20:06 | 5940399 Smegley Wanxalot
Smegley Wanxalot's picture

Obama: "If you have money in the bank ... you didn't save that!"

Sun, 03/29/2015 - 20:15 | 5940428 Caleb Abell
Caleb Abell's picture

"If you have money in the bank ... we'll take some of it.

Sun, 03/29/2015 - 20:34 | 5940477 ClowardPiven2016
ClowardPiven2016's picture

Obama: "if you like your money...you can keep your money."

Sun, 03/29/2015 - 20:10 | 5940403 Jonesy
Jonesy's picture

Fuck the working goy, dumbass should've bought stocks because they go up forever.

Sun, 03/29/2015 - 20:12 | 5940406 Caleb Abell
Caleb Abell's picture

Why is it a problem?  If you put money in a bank account, or under your mattress, it pays the same interest rate: Zero.

 

The difference is that the cash hidden under your mattress isn't taxed, is available 24/7, and is easier to withdraw.  It would seem the banks are more at risk since it encourages withdrawals.

Sun, 03/29/2015 - 20:09 | 5940407 HardlyZero
HardlyZero's picture

Yet another bail-in.

Sun, 03/29/2015 - 20:13 | 5940420 logicalman
logicalman's picture

Sports - one of the best ways to distract the masses.

Why the fuck would you give a shit?

 

Sun, 03/29/2015 - 21:01 | 5940533 shovelhead
shovelhead's picture

Bad news for you.

The masses are always going to be distracted.

Does it matter by what?

Mon, 03/30/2015 - 03:27 | 5941094 RichardParker
RichardParker's picture

Sports, the opiate of the masses.  LOL

Sun, 03/29/2015 - 20:14 | 5940424 Its_the_economy...
Its_the_economy_stupid's picture

is this not a bid to begin a FDIC type deposit insurance program? are the banks not fighting a fee that they themselves are going to have to pay? Is not this "depositor taxation" message merely a ruse for the banks to keep MOAR and not contrubute to an insurance fund like USA banks must do?

Sun, 03/29/2015 - 20:17 | 5940438 bertwat
bertwat's picture

It was only a matter of time, it was always coming..

Sun, 03/29/2015 - 20:52 | 5940442 BarbaricRelic
BarbaricRelic's picture

Barbaric!

It was precisely for this kind of crap that convinced me not immigrate to Australia. They have a lot going for them, but the general population is full of weak-minded sports fans.

For now America will have to remain the least-worst place to live. For now.

Mon, 03/30/2015 - 03:03 | 5940804 SHRAGS
SHRAGS's picture

They have a lot going for them, but the general population is full of weak-minded sports fans.

Sadly, this is true, I weep daily at being surrounded by mind-controlled empty suit zombies & their belief in government & massive accumulation of debt to buy investment properties.

Where else in the world would you get a Prime Minister boasting "I'm Kevin I'm from Queensland and I'm here to help. His name is Peter, he's from Queensland and he's here to help as well."

https://youtu.be/02ReISmFnf0

Sun, 03/29/2015 - 20:19 | 5940443 dojufitz
dojufitz's picture

Didn't the UK Govt offer a special high rate of interest to pensioners recently and millions came out of the woodwork to get a return?

Offer it and they will come.....squeeze them and they will vanish.....dollars i mean.

 

 

Sun, 03/29/2015 - 20:20 | 5940444 brushhog
brushhog's picture

"banks say they will have to pass the cost onto customers"...doesnt that mean that the tax is on the BANK, not the DEPOSITOR?

Sun, 03/29/2015 - 21:07 | 5940551 shovelhead
shovelhead's picture

Any and all taxes everywhere are paid by the end customer.

A business tax is really just another customer tax.

Sun, 03/29/2015 - 20:24 | 5940453 kchrisc
kchrisc's picture

The irony of this theft is that in realty the deposits are not there, but have been stolen by the banksters.

The banksters need to repay us.

Sun, 03/29/2015 - 20:25 | 5940454 erk
erk's picture

Taxing bank deposits is not the same as NIRP, you still earn interest on Australian bank deposits.

 

Mon, 03/30/2015 - 01:02 | 5940982 MKD
MKD's picture

I dont know what nirp is but, interest earned on your bank deposits is already taxed and has been for a very long time.

currently the interest rate is fuck all on your savings account like 0% or 3% for a fixed term deposit so therefore the government makes fuck all from savings account interest so now wants to tax the actual bank savings.

Sun, 03/29/2015 - 21:00 | 5940460 agent default
agent default's picture

Now you know what FATCA was about.  Do you also begin to see the point behind electronic currencies?  No place to hide if cash is abolished.  Next time somebody tries to talk to you about Bitcoin and other shitcoins tell him to go fuck himself.

Sun, 03/29/2015 - 22:49 | 5940792 FoundInTranslation
FoundInTranslation's picture

"Hurr durr all electronic currencies are the same cause I don't understand anything technical!"

Bitcoin is the antithesis of electronic fiat, dipshit. Educate yourself before spreading your ignorance around here.

And before you say "b- but all bitcoin transactions are public," know that it is trivally easy to hide your identity using bitcoin and coin mixers. It is effectively an anonymous form of electronic gold that cannot be confiscated by anyone, even the violent thugs in government.

Sun, 03/29/2015 - 20:34 | 5940465 ekm1
ekm1's picture

Canada has had deposit fees for multiple years already, maybe 10 years 

 

I had forgotten I had scotiabank checking account until it went negative last week. I closed it.

Now just have one TD bank account $8 per month

Sun, 03/29/2015 - 21:02 | 5940534 Vinividivinci
Vinividivinci's picture

@ekm1...
I've had a dormant account with Scotia too, for 8 years...keep getting statements in the mail, however, my balance rises, by about .03 cents/year.
My point, is that you probably had somekind of service fee option on your account....and not negative interest ! Yet !

Sun, 03/29/2015 - 21:39 | 5940595 ekm1
ekm1's picture

http://www.scotiabank.com/ca/en/0,,24,00.html

http://www.scotiabank.com/ca/en/0,,50,00.html

 

If you are talking about a savings acount, then you are basically buying a fund. No transactions in and out or charge for each transactions

Sun, 03/29/2015 - 20:34 | 5940476 max2205
max2205's picture

Theft is as theft does...?

Sun, 03/29/2015 - 20:36 | 5940482 MsCreant
MsCreant's picture

Am I weird for reading that headline and wanting to kill someone?

How do they not get how fucked up that is?

Sun, 03/29/2015 - 20:37 | 5940484 Bazza McKenzie
Bazza McKenzie's picture

A lot of hoohah based solely on the report of Australia's extremely leftwing ABC broadcasting network (paid for by all taxpayers) which runs every piece of harmful speculation it can imagine in an attempt to damage the current conservative government.

Whether that government is concerned about people or not, it is concerned about relection in 18 months.  It made some electorally harmful decisions in its first 18 months from which it has tried to back away.  The likelihood that it is going to introduce a policy that will appear harmful to everyone in Australia with a bank account when it will be 15 months from an election is nonsense.

Sun, 03/29/2015 - 21:29 | 5940591 GMadScientist
GMadScientist's picture

Your ideas smell like a Lubra's loincloth, mate.

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