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Germany Generously Offers To Freeze The Bank Accounts Of Wealthy Greeks

Tyler Durden's picture




 

Back in 2013, when one cuts through the rhetoric and posturing, what the Cyprus depositor bail-in and subsequent capital controls were all about, was an attempt to confiscate deposits of ultra-wealthy Russian billionaires held the banks of this beloved by the Russian oligarchy offshore tax haven. At least that was the theory: in practice the wealthiest Russians got advance notice of what the Greek government in collaboration with the Eurogroup was planning, and quietly moved their funds to even safer offshore venues, leaving the local population to pick up the pieces.

Fast forward two years later, when Greece is on the verge of complete monetary collapse and which is now scrambling to "borrow" funds from local pensions and other public sources of scarce capital just to remain in compliance with IMF debt repayments and avoid a hard default. In fact, according to some, Greece may not have the funds to make its next mandatory payment due on April 9 to the IMF with the long overdue Greek exit from the Eurozone to follow in due course.

Well, maybe not, because Germany has been kind enough to provide an idea where the foundering Greek "radical leftist" government can find some additional funds: by freezing and raiding the bank accounts of wealthy Greeks. Of course, the legal loophole provision is that only those suspected (not convicted) of tax fraud would be eligible for such an asset  freeze, however since in Greece virtually nobody pays the amount of tax they should (recall a month ago the WSJ wrote: "Greeks consider taxes as theft,” said Aristides Hatzis, an associate professor of law and economics at the University of Athens. “Normally taxes are considered the price you have to pay for a just state, but this is not accepted by the Greek mentality") , this is essentially a carte blanche to freeze and raid the funds of the wealthiest Greeks who have bank accounts in Germany (and soon in all other European nations) no questions asked.

Dow Jones reports:

Germany would be willing to freeze the bank accounts of wealthy Greeks suspected of tax fraud, Economics Minister Sigmar Gabriel said in a newspaper interview on Saturday.

 

"We have offered to freeze the bank accounts of wealthy Greek citizens that owe taxes to their homeland. The offer stands, but for that [to happen] the Greek financial authorities need to get active," Mr. Gabriel told the German daily Rheinische Post.

 

Europe is willing to help Greece, but the Greek government's acceptance of previously agreed upon reforms is a prerequisite, he reiterated. Greece's problems aren't a result of Troika initiatives, referring to the International Monetary Fund, the European Union and the European Central Bank, he added.

 

"Greece is a victim of its own economic and political elite," Mr. Gabriel said.

But wait, we thought it was "austerity" that was to blame for everything. Does Mr. Gabriel, gasp, suggest that "austerity" is the name that crony, corrupt, incompetent European politicians have been giving to their actions to enable the unprecedented theft and transfer of wealth that has taken place in Europe in the past five years?

In this case Gabriel is spot on with this assessment - one which we said was precisely the case two years ago - and as such Germany has a solution: a one-time, sovereign bail-in, funded by the wealthiest Greeks.

And here it gets interesting, because suddenly the options becomes very clear for said wealthy, tax-avoiding Greeks: align with Russia, or suffer deposit confiscation at the hands of Germany, or Switzerland, or France, or any other nation that has been alienated by the Syriza government.

To be sure Germany tried to smooth out this contingency

Turning to Russia, Mr. Gabriel said he doubts Greece would seek to replace European partners with an allegiance to Russia.

 

"Even if I try, I can't imagine that anyone in Athens is seriously considering turning their backs on Europe to throw themselves into the arms of Russia. And I also doubt that Moscow feels any pressing need to gladly fulfill some of Greece's financial pipedreams, given the economic and financial situation there," he said.

Perhaps, but keep in mind that it was the threat of the world's wealthiest losing all their accumulated wealth that forced the Fed and its central bank peers to launch the biggest ever bail out of capitalism in 2008, at the cost of destroying the livelihood for hundreds of millions of middle-class Americans and Europeans. Because when there is nothing but desperation left, the rich do silly, self-serving things.

The question is will Greece's wealthiest make it clear to Tsipras that their money is off limits, and unless he can find a Eurofacing resolution that preserves their wealth, then he should promptly turn to Putin.

With Greek money about to run out in the coming days, we should have the answer very soon.

 

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Sat, 04/04/2015 - 14:08 | 5958937 Polymarkos
Polymarkos's picture

What constitutes a suspicion of 'tax fraud?' Being Greek? Or being wealthy? Both?

Sat, 04/04/2015 - 14:29 | 5958980 Peter Pan
Peter Pan's picture

Probably having an account in Germany when you live in Greece.

Let's face it, if Europe had any sense they would make details of all bank account details available to all European tax authorities and all Europeans should have a centrally generated tax file number.

Sat, 04/04/2015 - 14:33 | 5958991 MsCreant
MsCreant's picture

Ge the hell out of my private financial business!

What the fuck is wrong with you?

Sat, 04/04/2015 - 14:41 | 5959008 Peter Pan
Peter Pan's picture

If you have paid your taxes you have nothing to fear. As for your private financial business, you have none when dealing with banks and governments.

In Australia tax return preparers don't have to rely on their clients providing interest income details. They can automatically access that information through a central portal provided by the tax authorities.

If you have a desire for privacy then buy gold instead of being another victim.

Sat, 04/04/2015 - 14:53 | 5959021 NoDebt
NoDebt's picture

Aticle translation:  The accounts are already earmarked.  So either you tell us to confiscate it so you can pay us off OR you turn to the Russians and we confiscate it for ourselves directly.

 

Sat, 04/04/2015 - 16:22 | 5959211 Luckhasit
Luckhasit's picture

Ha! Pretty much what they said.  Leave the EU and all of your citizens assets will belong to us.

Sat, 04/04/2015 - 17:31 | 5959343 COSMOS
COSMOS's picture

Fuckin Unbelivable, typical scorched earth Nazi tactics, these mofos raided all the pension funds and are now looking within the EU to confiscate assets of any Greeks.  Greece and its people will be stripped bare naked, if they already haven't been.  What is worse is that the mofo politicians allowed this to happen.  They should of defaulted a long ways back when they still had funds to pay pensions for a while while they transited to the new currency.  Now it will be sheer carnage.  If anyone in the world has any sense they will split their money into precious metals buried in their gardens and accounts in China, Russia, Iran, Panama, Carribean etc diversify the shit.  There was an account how in Kiev the mofos were breaking into safety deposit boxes to steal shit.

Shit is even happening in the USA

http://hamptonroads.com/2014/10/safe-deposit-box-contents-stolen-va-beach

http://www.jpost.com/Diaspora/Savings-of-Ukrainian-Jewish-refugees-from-...

With all this shit it is unfathomable how gold can still be trading at current values and not shooting for the moon give the actions of these fucking govts

 

Sat, 04/04/2015 - 18:26 | 5959451 thinkmoretalkless
thinkmoretalkless's picture

Civil forfeiture, "structuring" deposits, asking bank employees and other businesses to report "suspicious activity" (like having to nickels to rub together, that is suspicious in this economy). It's here and we are being conditioned to accept that we have no rights. They haven't been able to disarm the people, but it is not for lack of trying.

Having cash is considered "suspicious" if not evidence of a crime. Soon if you buy a case of beans the grocery clerk will report it as suspicious.

Sun, 04/05/2015 - 01:30 | 5960246 Againstthelie
Againstthelie's picture

So the propaganda is working.

If you compare civil forfeiture with the tax evasion of billionaires while no employed worked can escape his taxes, because they are automatically subtracted from his loan, then you deserve it, that the 1% does pay no taxes and you pay 50%.

'Germany Generously Offers To Freeze The Bank Accounts Of Wealthy Greeks'

This headline implies, that it was a bad idea, if the 1% would be forced to pay taxes. Is my memory betraying me or did ZH not post articles that showed, how "well" the Greek tax collection is working and how the rich ones easily escape paying taxes?

 

Indeed it is a very good suggestion for the Greek taxpayers, if ALL are being forced to pay taxes.

Sun, 04/05/2015 - 02:06 | 5960285 Manthong
Manthong's picture

“biggest ever bail out of capitalism in 2008”

WTF?

The swindling and fraud that was preserved by the 2008 bailouts has as much to do with capitalism as rape has to do with procreation.

Sun, 04/05/2015 - 02:36 | 5960303 Againstthelie
Againstthelie's picture

Yeah, and Communism had nothing to do with Communism...

 

"Capitalism is about avoiding competition. Competition is sin." (J.D. Rockefeller)

I guess he knew what Capitalism really is about and what's the propaganda for the sheep.

Sun, 04/05/2015 - 09:24 | 5960596 Manthong
Manthong's picture

As the son of a card carrying bigamist and snake oil shyster, Rockefeller treated capitalism the way that Madoff treated finance and the way that Hitler and Stalin treated governance..

10 Things You May Not Know About John D. Rockefeller

Don’t conflate bank robbery with making withdrawals from the bank.

 

Sat, 04/04/2015 - 19:28 | 5959605 angel_of_joy
angel_of_joy's picture

If anyone is stupid enough to keep his money in a German bank (or in any EU bank for that matter), considering all that happened in Cyprus, the nominal negative interest rates, and all the other crap created over the last 5 years, then he deserves to lose it all !

Sat, 04/04/2015 - 22:23 | 5960027 Macon Richardson
Macon Richardson's picture

Best comment today, Angel.

Sun, 04/05/2015 - 02:41 | 5960306 Againstthelie
Againstthelie's picture

And what happened in Cyprus?

Money given to private banks was lost when the banks went bust.

That's exactly how it should be. It was not a bail-in. There just was no bail out with taxpayer money.

Banks are private companies. When they go bust you shall lose your money.

 

But since you think it's stupid to deposit money at German banks, which banks are safer?

 

Sun, 04/05/2015 - 03:08 | 5960317 Againstthelie
Againstthelie's picture

Amazing, who is downvoting this factual statement and a legitimate question?

A person not knowing that banks are ordinary private companies and that private companies can go bust...

Sun, 04/05/2015 - 14:42 | 5961240 angel_of_joy
angel_of_joy's picture

All EU banks are as bankrupt as were the banks in Cyprus, at this moment in time . First on the list: Douche Bank (which happens to be the biggest German bank). Have fun while it lasts smart ass, it's your money after all...

Sat, 04/04/2015 - 16:46 | 5959264 Stumpy4516
Stumpy4516's picture

If I was a citizen of any of the countries with financial troubles in the EU (including France) and had an account in Germany I would immediately move my funds to Asia.  There is warning being given this time, there will not be any warning for the other countries.  Just overnight poof it's gone.

 

Sat, 04/04/2015 - 17:50 | 5959387 RaceToTheBottom
RaceToTheBottom's picture

This is exactly what the US did with Swiss Banks.  Of course we are exceptional....

Sat, 04/04/2015 - 21:13 | 5959853 odatruf
odatruf's picture

It's our density!

 

Sun, 04/05/2015 - 00:11 | 5960001 COSMOS
COSMOS's picture

Are we exceptional becuse we have forgotten our Constitution.

Sat, 04/04/2015 - 14:59 | 5959048 doctor10
doctor10's picture

the formation of the EU was all about "asset-stripping"  Europe for the bankers

In Europe and the USA it works as follows

Income taxation and the IRS reporting requirements provide the road map; targeted tax increases and regulation provide the mechanisms of extraction. 

When vote time comes the immigrations gates are opened to drown the native opposition to being raped yet again

Rinse Repeat

 The guys enabling it all make out pretty good

 

the Greeks will get f'd because they refused the reporting requirements part of the deal

Sat, 04/04/2015 - 15:19 | 5959096 weburke
weburke's picture

does greece have the infrastructure to respond to this invitation of germany? I an guessing no. plus, greeks a moving assets immediatly after reading this.

Sat, 04/04/2015 - 15:07 | 5959071 GoldSilverBitcoinBug
GoldSilverBitcoinBug's picture

Tax is theft period.

Come here in France where we have two small businesses owner killing themselves because of your freaking taxes and socialism.

Sat, 04/04/2015 - 15:18 | 5959092 Peter Pan
Peter Pan's picture

I agree to a large extent but despite all the downvotes I got, the reality is that those giving them are a tad schizo because they are the first to decry the use of tax havens but take offence to tax authorities providing information to other tax authorities. You simply can't have it both ways.

Sat, 04/04/2015 - 14:42 | 5959009 Stuck on Zero
Stuck on Zero's picture

I'm getting encouraged by all of this.  What I see is rich oligarchs starting to turn on each other and rat out their fellow criminals.  This is going to be fun.

Sat, 04/04/2015 - 15:38 | 5959128 TheReplacement
TheReplacement's picture

You forgot "Sieg Heil!" at the end there.

Sat, 04/04/2015 - 18:28 | 5959462 sun tzu
sun tzu's picture

Who would keep a sizable amount of money in a Greek bank? Those Greeks should have been smart and kept their money in a Swiss bank.

Sun, 04/05/2015 - 13:35 | 5961091 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

Ironically, an Icelandic bank would be pretty safe now. They actually punish crooked banksters.

Sat, 04/04/2015 - 15:06 | 5959063 agent default
agent default's picture

It is about a wealth/power grab.  It happen globally for every one eventually.  Got gold?

Sat, 04/04/2015 - 15:12 | 5959082 indygo55
indygo55's picture

What fucking stupid Greek still has money in Greek banks? 

Sat, 04/04/2015 - 16:19 | 5959207 cnmcdee
cnmcdee's picture

If I was Greece I would just take a list of all Germans in the country and arrest them on the spot, for aiding and abeiting fraud via the paying of taxes to the German government.  They want their citizens back they can deliver all Greece bank accounts via European CASH - bitchez.

Right after that I would proceed with Icelandic like prosecutions against everyone involved in destroying Greek society via predatory loan shark practises.

While I am doing that I would just adopt the ruble or yuan, and join Bric

 

Let the EU eat cake. Bitchez..

Sat, 04/04/2015 - 14:09 | 5958938 The Chief
The Chief's picture

Coming to a US state near you.

Sat, 04/04/2015 - 14:48 | 5959027 Kirk2NCC1701
Kirk2NCC1701's picture

You bet! As I've said before: Greece is a Beta Test for the rest of the broke fiat states (US, EU, Canada, Australia), who've been driven into financial serfdom by generations of Redshields and their 'Daywalkers'.

Sun, 04/05/2015 - 05:54 | 5960367 old naughty
old naughty's picture

"a beta test..."

and it will continue on to Asia (the entire globe) as well, no?

No safe haven.

Sat, 04/04/2015 - 14:54 | 5959028 NoDebt
NoDebt's picture

I'm thinking California first.  Maybe Illinois.

"Today New York and Delaware have offered to confiscate the accounts of wealthy XXXXXXX state residents to pay for their state's debt obligations.  President Obama, now in his fourth term, has given his approval to these actions citing that it's 'only fair for the rich to shoulder a greater portion of the burden'.  The account threshold limit was set at $20,000 because 'nobody needs more than that in an account to live a happy middle class lifestyle'."

Sat, 04/04/2015 - 15:06 | 5959065 hairball48
hairball48's picture

I'm thinking Illinois will be first. You read Mish's blog and the guest analysis of Chicago's  bond troubles?

It's going to be fun watching that shitstorm unfold. Kalifornia is bad but they're fussing over water now :)

hairball

Sat, 04/04/2015 - 16:02 | 5959173 Calmyourself
Calmyourself's picture

I gave up on anti-gun Mish several years ago, looks like an aging lesbian with 30 cats anyway.. 

Sat, 04/04/2015 - 18:29 | 5959466 sun tzu
sun tzu's picture

I didn't know he was anti-gun. I just found out he was anti 1st Amendment and freedom. I guess it goes with living in Illinois.

Sat, 04/04/2015 - 15:10 | 5959076 Peter Pan
Peter Pan's picture

What do you mean by coming? With interest on deposits running negative thanks to ZIRP, inflation and taxes, the American people have been getting haircutted for over ten years.

Sat, 04/04/2015 - 15:48 | 5959145 IridiumRebel
IridiumRebel's picture

We raided some folks....

Sat, 04/04/2015 - 14:13 | 5958945 CarpetShag
CarpetShag's picture

Would have as much effect on the Greek debt as dangling a shoelace in the Grand Canyon (to borrow an analogy)

Sat, 04/04/2015 - 14:17 | 5958951 davidalan1
davidalan1's picture

We froze some fuckers---OOPAAAAA!!

Sat, 04/04/2015 - 14:17 | 5958953 kaiserhoff
kaiserhoff's picture

"Greece is a victim of its own economic and political elite," Mr. Gabriel said.

   and who isn't?

Sat, 04/04/2015 - 14:19 | 5958955 ebworthen
ebworthen's picture

Those Benevolent Brussels Bandits - always looking out for themselves - just like our Wall Street Warlocks.  Stealing by any other name.

Sat, 04/04/2015 - 14:34 | 5958994 MsCreant
MsCreant's picture

Damn straight. Here, I'll hold them while you rape them. And then pay me for my trouble.

Sat, 04/04/2015 - 14:18 | 5958956 Sanity Bear
Sanity Bear's picture

Why wouldn't every wealthy Greek person with money in a German bank pull every last euro out on Monday, thus neutering the threat?

Sat, 04/04/2015 - 14:22 | 5958962 ebworthen
ebworthen's picture

Cash withdrawals over couple thousand Euro not allowed. 

Transfer?  To U.S.?  Nope.  To China?  Maybe.  To Russia?  Now there's an idea ;-)

Sun, 04/05/2015 - 13:39 | 5961100 Steaming_Wookie_Doo
Steaming_Wookie_Doo's picture

I'd think Hong Kong or Singapore.

Sat, 04/04/2015 - 14:27 | 5958972 Uber Vandal
Uber Vandal's picture

One would think that after Cyprus, anyone would be very leery of any bank.

Cyprus was my wake up call, for it dawned on me that if it could happen "there", it could happen "here", and every "rule" just got thrown out the window.

 

 

Sun, 04/05/2015 - 02:25 | 5960298 JustUsChickensHere
JustUsChickensHere's picture

Leery of banks?

And nobody is mentioning Bitcoin here?  Volatility has largely gone this year .... no banks involved. No country to be pressured.  Keep it in cold storage and/or brainwallet(s)... invisible to tax authorities.

Ok - it IS traceable if you do not take precautions .... but learning how to do that is the price of safety from TPTB.

Avoid banks some other way?

Even cash under the mattress has a couple problems compared to Bitcoin - suddenly the govt chooses a 'new design' note - and your cash becomes toilet paper.  Robbers can grab it... mice can eat it.

Gold under the mattress is hander to use than cash - but at least it is stable.  Same problem with robbers though.  And : is it gold?  or a fake - you need skill and tools to check  

 

Best idea - use a bit of every technique available - diversify

 

Sat, 04/04/2015 - 16:36 | 5959242 Soul Glow
Soul Glow's picture

Why?  Did they get the memo - WE ARE PULLING YOUR FUNDS ON MONDAY?

Oh no the bank will forget to forward the message haha.

Sat, 04/04/2015 - 14:19 | 5958958 fiftybagger
fiftybagger's picture

Commies will be commies

Sat, 04/04/2015 - 14:25 | 5958963 THE DORK OF CORK
THE DORK OF CORK's picture

"however since in Greece virtually nobody pays the amount of tax they should'

"Zero hedge the radical blog site........

Ha haa hA


Sat, 04/04/2015 - 14:39 | 5959004 MsCreant
MsCreant's picture

"however since in Greece virtually nobody pays the amount of tax they should"

Yeah, you should pay none. I know we should pay none in the US with the way these out of control bastards cook up ways to steal it and spend it on war, welfare (corporate and poor), padding their own bank accounts, and bridges to "votes."

Sat, 04/04/2015 - 16:28 | 5959223 Luckhasit
Luckhasit's picture

Tax is bullshit for the most part.  Look at roads here in NC. There is a dollar a gallon tax on disel that and the state STILL counts on federal funding for these roads. 

Are you fucking kidding me?! Billions in taxes right there, you can fund the damn state with that payroll.  NC gets a dollar a fucking gallon.  Not counting gasoline and kerosine.  Billions..

Sat, 04/04/2015 - 16:33 | 5959238 Soul Glow
Soul Glow's picture

I'm taxed enough taking dates out :/

Sat, 04/04/2015 - 14:57 | 5959040 unicorn
unicorn's picture

in germany neither. i know you know, so just for the record:

Germany didnt pay its wardebts 1945. bit cheeky this german behaving.

PS during debtnegotiations germany proposed an amnesty for themselves;)

Sun, 04/05/2015 - 03:58 | 5960339 Spiro The Greek
Spiro The Greek's picture

How many Greek citizens with bank accounts in Greece, Tax Office Number and annual decelerations do you know?

Let me answer this (media parrot)...you know one...me! Just now

I pay 18 different taxes per day, I pay 23% transaction tax (VAT if you are a British gay), I pay 28% employer tax if I employ people, I pay a tax for my balcony as it is considered en extrusion over public land (the footpath), I pay inheritance tax if my mother leaves me 1 euro after she dies, I even pay 5% tax for watching TV incorporated to my monthly electricity bill..hey I have a tax of 45% if I earn 100k...do you pay any of that?

 

 

Sat, 04/04/2015 - 14:22 | 5958965 Peter Pan
Peter Pan's picture

Am i missing something or did the Germans just give advance notice to the holders of German accounts to withdraw their money?

Now that the Germans fear Greece seeking Russian help do they offer any help and they have also made stern threats about seeking Russian help.

Sat, 04/04/2015 - 20:28 | 5959747 Al Tinfoil
Al Tinfoil's picture

The real question from the German notice, is: What are the Germans up to when they give advance notice to Greeks of possible account seizures? 

Obviously, such Greeks will empty their accounts ASAP, fleeing to safer havens.  

Is this some kind of negotiating ploy with Greece?  What are the Germans threatening?  Are the Germans closing off a possible source of money that Syriza might pursue?

Are the Germans setting up an excuse for not helping Greece seize money from Greek tax-dodgers?

Are the Germans using this ploy to put pressure on Greek elites, and force the elites to take control of Greece before Syriza engineers a Grexit?  Putting the Greek elites on notice that their money is not safe anywhere in the EU seems to be a sure way to force the elites to take some action to placate Germany and the Troika.

Sun, 04/05/2015 - 03:52 | 5960334 Spiro The Greek
Spiro The Greek's picture

Russia is atrick for us, name me one case in the past that we sided with they were fighting the Turks !

These are not "foreigners" bank accounts, these are the bank accounts of their politician puppets that controlled my country since 1-25-2015, Germans are just about to start eating their own flesh.

Greeks do not have bank accounts since 2010, they have been confiscated, lost etc.

Sat, 04/04/2015 - 14:25 | 5958969 Who was that ma...
Who was that masked man's picture

Regardless of how much money you may have, whatever you do, don't keep it in a bank.

Sat, 04/04/2015 - 14:28 | 5958976 ah-ooog-ah
ah-ooog-ah's picture

+1000

Sat, 04/04/2015 - 14:35 | 5958995 Peter Pan
Peter Pan's picture

Now that negative interest rates are gaining traction, banks are just storage units where you pay a fee for storing your paper. Strange how the case for owning gold has never been stronger but how the sheeple still worship at the abbatoir.

Sat, 04/04/2015 - 15:55 | 5959155 Harbanger
Harbanger's picture

Believe it or not, some people with big savings are seeing the stock market as a safer bet than keeping cash in the bank.

Sat, 04/04/2015 - 16:44 | 5959260 valley chick
valley chick's picture

And history rhymes. I will take my chances with physical assets and not talking about pocketbooks and shoes. :-) 

Sat, 04/04/2015 - 14:42 | 5959010 Winston Churchill
Winston Churchill's picture

Looks like I'm going to need a much bigger mattress.

Sat, 04/04/2015 - 16:05 | 5959177 Harbanger
Harbanger's picture

One problem with too much physical cash is what happens if they change the currrency on you?  You'll end up having to trade it back in for the new currency.  The way govs look at it, Physical cash over a small amount is now associated with tax evasion.

Sat, 04/04/2015 - 18:27 | 5959460 Amish Hacker
Amish Hacker's picture

Yup, but when cash in the bank is subject to confiscation via bail-ins and negative interest rates, banknotes in hand look like a better choice. The current financial situation can be seen as downward movement ("flight to safety") on Exter's Pyramid.  http://en.wikipedia.org/wiki/John_Exter#/media/File:Exter.png   Note that currency sits just above gold.

Sat, 04/04/2015 - 14:52 | 5959032 Kirk2NCC1701
Kirk2NCC1701's picture

"Got Cash? What's YOUR Sleep-number setting?"

Future line is a TV add.

Sat, 04/04/2015 - 22:29 | 5960046 TNTARG
TNTARG's picture

Never ever evereveveerrrrrrrrrrr!

Sat, 04/04/2015 - 14:28 | 5958975 valley chick
valley chick's picture

What part of "you don't hold it, you don't own it" do people not understand?

Sat, 04/04/2015 - 14:46 | 5959017 Winston Churchill
Winston Churchill's picture

Its a conundrum though.You need plenty of currency so you aren't forced to sell your PM's

during extended deflation,but even getting that much cash out of the bank  is a major problem.

Sat, 04/04/2015 - 14:53 | 5959035 Kirk2NCC1701
Kirk2NCC1701's picture

Confession: Mrs Kirk 'owns' it, even when she's not holding it.

;-)

Sat, 04/04/2015 - 16:29 | 5959226 Soul Glow
Soul Glow's picture

That's what she said.

Sat, 04/04/2015 - 16:38 | 5959245 valley chick
valley chick's picture

Good for Mrs Kirk! :-)   

Sat, 04/04/2015 - 14:29 | 5958981 nmewn
nmewn's picture

So that whole Belgian idea of paying euros to French tourists to narc out local Greek businesses on tax collection isn't quite pulling in the massive revenue from the plebs they thought it would huh?

Maybe something was lost in the translation ;-)

Sat, 04/04/2015 - 14:41 | 5959006 JLM
JLM's picture

When Greece defaults on the German taxpayers (who are left holding the bag) the Germans will confiscate every Greek Euro they can get their hands on without asking.  Nice of them to give a warning..... .

Sat, 04/04/2015 - 14:48 | 5959026 SpanishGoop
SpanishGoop's picture

Do you think the Germans will enjoy their Greek summer holiday after that.

Cheap holidays that is, they will only need a one way ticket.

 

Sat, 04/04/2015 - 14:46 | 5959018 adonisdemilo
adonisdemilo's picture

Sorry Mr Gabriel but you're going to have to explain to your German taxpayers that you have stuck them with the Greek debt that you engineered by bailing out yor own bloody banks.

Sat, 04/04/2015 - 15:01 | 5959054 messystateofaffairs
messystateofaffairs's picture

This is an excellent idea. And when Spain, Italy and Portugal default their depositors money in other Europen countries can be confiscsted as well. Anyone, anywhere, keeping more than pocket change in any bank needs their head examined.

Sat, 04/04/2015 - 15:06 | 5959064 unicorn
unicorn's picture

bankaccounts are worthless anyway. europeans sold their souls to ECB. all the debts belong now to the the little people, and their children and grandchildren and... slaves till this system collapses. might be sooner than later.

Sat, 04/04/2015 - 15:10 | 5959077 sandhillexit
sandhillexit's picture

Go Dollar!  par...par...par....

Sat, 04/04/2015 - 16:27 | 5959218 Soul Glow
Soul Glow's picture

Who cares about fiat when gold has been smashing currencies left and right!  This is the untalked about secret - gold has dominated the Yen, the Ruble, the Euro, and many others (especially oil producing nation-states).

The only survivors have been the dollar and the banknotes pegged to it - the Yuan hint hint.

Sat, 04/04/2015 - 15:12 | 5959078 kowalli
kowalli's picture

usa is next

Sat, 04/04/2015 - 15:34 | 5959123 Ignorance is bliss
Ignorance is bliss's picture

If your Greek and all the governments will turn over your assets. Perhaps you should get yourself some gold and surround it with lead.

 

 

 

Sun, 04/05/2015 - 03:48 | 5960333 Spiro The Greek
Spiro The Greek's picture

Lead (yet an other of my people's discoveries)in its military form, is for the idiots of this planet, my race has survived since the beginning of time (and hopefully until the end) because it has mastered the power of the tongue. You can use it for licking things or talking to people.

What you are witnessing now with Greece and the paper money your grandfathers have recently discovered is no more then an other 300 Vs 300millions episode of our life (The Greeks)...sit back in your recliners and watch how it is done, you might even make a movie one day.

Sat, 04/04/2015 - 15:56 | 5959156 cwsuisse
cwsuisse's picture

The German rhetoric applied against Greeks is copied from earlier raids on Switzerland. There can be little doubt that Greek billonaires have had ample of time to read the writings on the wall and to move their assets to safe zones such as Singapore, Hong Kong and some maybe brave enough to try and whether the storm in Zurich or Moskow. The situation n Cyprus was very different from any freezing of assets in the EU under suspicion of tax evasion or fraud. It would likely overstretch the system to legally freeze assets without a valid arrest warrant. The procedure contemplated in the article appears to be unrealistic. At least for the moment. The conviction of the German administration that there are many unpaid taxes by rich Greeks may prove unrealistic. And maybe even the conviction is not truly there and it is just another attempt to catch the attention of the electorate. 

Sat, 04/04/2015 - 16:25 | 5959215 Soul Glow
Soul Glow's picture

Right PRINT MOAR MONIEZ!

lolz

oh, I junked you

Sat, 04/04/2015 - 15:58 | 5959163 MEFOBILLS
MEFOBILLS's picture

Sovereign Countries should have their own money, otherwise they are not sovereign.  International trade is no more than goods exchange, and that can be marked with accounting means, such as Keyne’s Bancor.

   Please Note, it was Dexter White (Jew) who thwarted Keynes at Bretton Woods.  White was later found to be a spy for the Soviet Union.  At that time, Soviet Union was Jewish led and controlled at highest levels.  Yes, these would be “atheistic” Jews, who have since proven to be even more psychopathic and murderous than their Kabbala and Talmud worshipping brothers.  Duped and confused American’s went along with the scheme, because America at this time was also fully hosted, especially after election of 1912; not to mention that new world arrangement benefited America – at least for a while.

 All of this Greek tragi-comedy is a direct function of Credit Money and its designed-in perversions.  Hanging debt instruments on an entire population, and then vectoring its associated credit through Oligarchy is a perversion.  Then removing that credit from the local money supply, and vectoring it away outside of sovereign law, is another perversion. 

This is why I keep pounding away the theme that money is law.  There is no denying it and those that do are in thrall to a usury funded hypnotism gripping mankind’s mind.    Quit being dupes and wake up.

Banker’s control the equal sign and use MAGICK to do uneven swaps.  They allow credit to come into being against debt instruments and then unequally assign laboring population to pay, yet funnel the credit to their in-group or those who they want to influence.  Now that former Greek Credit Euro’s are in another country, and outside of Greek Law – Eurocrats then shift gears and claim austerity.  This is exactly how debt spreading game works - harvesting to cancel debts.  This is war without shooting bullets.

Austerity is just another term for “Asset Stripping” or what I call harvesting.  Austerity = Harvesting=Asset Stripping.  Taking real resources like land, people, their commons, in exchange to “cancel” debts is part of the magick.

Vectoring, or channeling is one of the main attributes of money, along with volume and type.  Debt instruments can also vector, thus the debts and their associated credit money can be disallowed from combining.  All of these evil games need to come under control.  We need sovereign money to benefit mankind and allow us to evolve.  Private Credit money is a hosting scheme and benefits international in-groups.  Private credit means is de-evolutionary, is murderous, and is also raping the earth.

The Jewish problem is real.  Jewish money masters, and now others, are main arbiters of this private credit magick, itself a long gestation outgrowth of Kabbala and Zohar mystery religion, which in turn is Occultism and Lucerferian.  Let’s keep it all private and sneaky, and harvest mankind. Let’s kill people who get in the way of our world designs and super rent scheme.  Jews will have to be convinced to turn away from their superiority cult and stop being paranoid, otherwise we are headed in a bad direction.

We are better than this.  Most humans want to do the right thing; we have to shake off our parasite.

The new Brics system is also debt spreading, so the parasite is spreading.

 

www.sovereignmoney.eu

Sat, 04/04/2015 - 16:23 | 5959214 Soul Glow
Soul Glow's picture

 International trade is no more than goods exchange, and that can be marked with accounting means, such as Keyne’s Bancor.

- MEFOBILLS

What is the standard of unit traded?  Gold?


Sun, 04/05/2015 - 01:57 | 5960280 MEFOBILLS
MEFOBILLS's picture

- MEFOBILLS

What is the standard of unit traded?  Gold?

 

A bancor?  A bancor would try to match up goods - usually things that are pretty consistent.  Iron Ore, Cows, Coal, Wheat.   Average a number of things together, and you end up with a value unit that can be assigned.

Gold should be left alone for people to buy as a hedge.  People like the shiny metal, almost as if it is genetic desire - like sex, so having Gold in storage makes them feel secure.  Security is a good thing, but monetizing the metal to make it as medium of exchange would be a step backward.  An exchange medium cannot be used for exchange if it is hidden away in storage.  Gold is deflationary - that is the verdict of history.

Sat, 04/04/2015 - 16:01 | 5959167 q99x2
q99x2's picture

What if their money is in Bitcoin which they keep stored in their head?

Bitcoin last price $254

Sat, 04/04/2015 - 16:18 | 5959202 Soul Glow
Soul Glow's picture

What's a bitcoin?

Sat, 04/04/2015 - 16:27 | 5959217 SpanishGoop
SpanishGoop's picture

Something you can't hold so don't own.

 

Sat, 04/04/2015 - 16:50 | 5959275 shouldvekilledthem
shouldvekilledthem's picture

Owning the private key = owning bitcoin.

You can't beat the banksters with your shiny-shiny despite your ability to hold it.

Sat, 04/04/2015 - 17:16 | 5959319 Soul Glow
Soul Glow's picture

In the future they will use bitcoin as the unit of measurement - THE UNIT OF ACCOUNT!

lolz sarcasism intended above, sorry bud

Gold is money

Sat, 04/04/2015 - 17:24 | 5959340 SpanishGoop
SpanishGoop's picture

Private key ? is that something like a bank account number and a access code ?

Good luck in battering you private key when internet access is restricted or gone.

 

Sat, 04/04/2015 - 20:46 | 5959783 Aussiekiwi
Aussiekiwi's picture

Right....seem to remember a Bitcoin site posting a 'very sorry guys but we have cashed up and are off to the Caribbean, hope you understand' posting a few weeks ago, and what do you do when your private key is not honored?

Sat, 04/04/2015 - 22:16 | 5960013 COSMOS
COSMOS's picture

Agree totally aussie, some people just cant seem to think two steps ahead.

Sat, 04/04/2015 - 16:16 | 5959196 Soul Glow
Soul Glow's picture

Greece isn't playing game theory though.

Sat, 04/04/2015 - 16:31 | 5959228 Th3mist0cles
Th3mist0cles's picture

I read some posts for the benefits of having gold or hold the money if you want to own it...

 

Let me just tell you what they are preparing to do in Greece. You will have to declare to the tax authorities all cash you have, in banks (domestic and foreign), in bank safety boxes, even the cash you have in your house. Actually you will also have to state if you hold gold, in bars or gold sovereigns (the most popular gold bullion here).

Many are thinking not declaring everything, although they have paid their taxes to the last cent. But what happens if we leave euro and go back to drachma? Of course in the black market euro will be strong, just like dollar was in communist countires. But thinking of everyday family people trading their euro in the black market, is just laughable.

 

Or what happens if someone gets access to what you hold at home?

Or if the tax authroties decide to check you, since they know you have the money to pay fines (or bribes, which they prefer)? And trust me, no matter how careful you are, it is impossible to follow the tax laws...

 

The shit is about to hit the fan...

 

Sat, 04/04/2015 - 17:29 | 5959351 Soul Glow
Soul Glow's picture

I own no gold sir!

<snickers>

Sat, 04/04/2015 - 16:33 | 5959239 DOGGONE
DOGGONE's picture

Show the unseen TRUTH.
http://patrick.net/?p=1223928

Sat, 04/04/2015 - 16:45 | 5959261 crashguru
crashguru's picture

Hard to imagine that Gabriel came up with this clever idea. Now Syriza got the ball and must prove whether they are determined to deliver what Obama always promised, i.e.CHANGE ...

 

 

Sat, 04/04/2015 - 16:51 | 5959278 shouldvekilledthem
shouldvekilledthem's picture

Bitcoin users are not affected.

Sat, 04/04/2015 - 17:17 | 5959327 Soul Glow
Soul Glow's picture

Neither are gold owners.

Sat, 04/04/2015 - 17:39 | 5959367 Jack4952
Jack4952's picture

Several times over the last decade (the last just about 3 WEEKS ago!) the European Union (EU) Commision argued that the EU should create and maintain its OWN standing army, independent  of the armies of its member nations. And which nation currentl controls the EU Commission? Why, GERMANY, of course !!! (As the old adage states, "When money talks, no one criticizes its accent."

Just think would be happening to Greece right now had such as EU Army ALREADY been created?

Lest people have forgottten, the GERMAN NAZI ARMY invaded and occupied Greece in APRIL 1941 - 74 YEARS ago almost to the day!!!

Deja vu, all over again!

Sat, 04/04/2015 - 17:42 | 5959373 farmerbraun
Sat, 04/04/2015 - 18:12 | 5959426 Financial Paparazzi
Financial Paparazzi's picture

RICH GREEKS PREFER TO HAVE THEIR ACCOUNTS FROZEN IN GERMANY THAN WIPED OUT IN GREECE

Tsipras government tries to attract bank deposits with the promise of free Feta Cheese

 

Source: www.financialpaparazzi.com

Sun, 04/05/2015 - 03:30 | 5960326 Spiro The Greek
Spiro The Greek's picture

keep reading these sites and you are so, so, so much in to knowledge...brb I have to scratch my balls after reading your post lol

Sat, 04/04/2015 - 21:29 | 5959899 Sizzurp
Sizzurp's picture

I'm sure when governments start doing this type of thing, it will be a big boost for the banking industry. Uugh or maybe not.

Sun, 04/05/2015 - 03:28 | 5960325 Spiro The Greek
Spiro The Greek's picture

In case you did not know, this is how it goes.....

Greece as a modern Nation was created by the Germans who cleverly "piggybacked" our revolution and established our first oligarch by the name of Otto....

Greeks managed to rid themselves of royals but alas our country's helm was taken by German educated, married, related puppets....

Greeks were manipulated and absorbed for more then 50 years by these politicians and came to the present state as a result of the German Geopolitical games...

Alas this has come to an end with this non-political goverment of ours, as you can see now the Germans will turn on their own (the Greek wealthy they are talking about is what I'm talking about) and wil start eating their own flesh...!

Keep sitting in your comfortable armchairs in the USA, UK, etc...once more we are fighting for you and will show you the lights of s descent existence...you are welcome to copy it as you have done with our democracy, philosophy etc.

Sun, 04/05/2015 - 06:40 | 5960395 cherry picker
cherry picker's picture

This is an Act of War isn't it?

That is what the Americans do too.  All one needs nowadays is to be 'suspect', no trial or conviction needed to be robbed, raped or droned.

What do you have to be 'suspected' of?

Anything, 'terrorism', 'tax'avoidance', 'child support', 'laundering', 'blowing a whistle on their criminality' who knows what. 

Goodby freedom and Constitution, Hello Nazism.  That is what it is all about, going downhill without brakes.

Sun, 04/05/2015 - 10:40 | 5960768 SirBarksAlot
SirBarksAlot's picture

There are still wealthy Greeks?

Wealthy Greeks who have kept money in their bank accounts?!

Sun, 04/05/2015 - 13:49 | 5961121 Youri Carma
Youri Carma's picture
GREEK CRISIS : The Real Causes https://www.youtube.com/watch?v=HZc6oD0WfW8

IMF same exact four-step program: http://www.gregpalast.com/the-globalizer-who-came-in-from-the-cold/
1.0 Privatization ‘Briberization.’
2.0 IMF/World Bank capital market deregulation allows investment capital to flow in and out the “Hot Money” cycle.
3.0 Market-Based Pricing, a fancy term for raising prices on food, water and cooking gas
4.0 IMF and World Bank call their “poverty reduction strategy”: Free Trade- “The IMF riot.”

0 – FORCE MAJEURE! – Call Void All Bankster Bogus Derivative Debts! Because paying off these trough fraud induced debts have become a technical and practical impossibility. 29 December 2008, (Blogs.Reuters – The Great Debate) http://forum.prisonplanet.com/index.php?topic=216627.0

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