Author Topic: Country of Cyprus Taxing Deposits 6.75-10%  (Read 698 times)

Offline JohnyMac

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Country of Cyprus Taxing Deposits 6.75-10%
« on: March 18, 2013, 10:00:40 AM »
Well now, the newest on the government (s) in the EU to get out of debt. Could this happen here? I suspect it would have to originate in The US House. Interesting....

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The world was stunned on Saturday when Cyprus announced that it planned to levy a harsh one-time tax on bank deposits as part of a bailout agreement with its European partners and the International Monetary Fund (IMF).

Nervous depositors rushed to ATM machines to drain their accounts only to find that the banks had already sealed off either 6.75% or 9.9%, depending on whether they had more or less than ?100,000 in the account.

The Cypriot bailout follows those for Greece, Portugal, Ireland and the Spanish banking sector, but it?s the first that dips into people?s savings to finance a bailout. Analysts worry the move could roil international markets and jeopardize Europe?s fragile economies....


http://www.theblaze.com/stories/2013/03/17/shock-anger-fear-heres-the-international-reaction-to-cyprus-shock-tax-on-bank-deposits/
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Offline APX808

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #1 on: March 18, 2013, 10:24:17 AM »
Fucking classic, when the crisis hits, the money inside the bank is at great risk, they will do whatever they want with it.

Keeping the money in the bank is risky because the gov will steal you, but keeping it in your home is risky because thiefs can raid your house or because the inflation will eat you up slowly, or not so slowly,  here we have 25% inflation.

The world sucks, basically if you were born in the working class, you'll be a fucking slave of the banks and the government.

Offline WhiteWolfReloaded

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #2 on: March 18, 2013, 11:42:24 AM »
1000meter and I were briefly talking about this last night. In 1931 it took about 2 months for the bank runs in Europe to smack home. That was then. Nowadays everything tied together in some way. With Cypriot being the biggest bank in Cyrpus I can only imagine it'll start hitting other areas sooner. I really wouldn't be surprised to start seeing some new "springs" popping up like we've seen in the Middle East lately. Which for perspective, I think when the shit hit the fan people a lot of people won't be hunkering down right off the bat. They'll do what they normally do just at a faster pace. Go to the bank and go to the stores, or vice versa when they slide that piece of plastic and get denied. Bank runs for me is a big get the hell out of dodge signal. Have to keep in mind Wells Fargo and Bank of America both have HQ here. I can already imagine all those angry protesters lol.

Offline sledge

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #3 on: March 18, 2013, 04:48:39 PM »
Those people who have been taking their money out of the U.S. now have something else to consider. 

I agree with one of the comments made on an article i read about this.  It won't stand or last long.  Many of the elite of the Russian Mafia have been hiding their money in Cyprus.  Word on the street is that they have placed second behind the DHS in recent purchases of mass quantities of body bags.  I suspect the EU will back off of this one pretty quickly.
« Last Edit: March 18, 2013, 04:50:42 PM by sledge »



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Offline WhiteWolfReloaded

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #4 on: March 20, 2013, 10:20:19 PM »

Offline APX808

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #5 on: March 20, 2013, 10:46:01 PM »
Talking about that before doing it is crazy, are they looking for a bank run? That would generate even more chaos than chopping off peoples savings without warning

Offline Deathstyle

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #6 on: March 21, 2013, 12:12:49 AM »
Fucking classic, when the crisis hits, the money inside the bank is at great risk, they will do whatever they want with it.

Keeping the money in the bank is risky because the gov will steal you, but keeping it in your home is risky because thiefs can raid your house or because the inflation will eat you up slowly, or not so slowly,  here we have 25% inflation.

The world sucks, basically if you were born in the working class, you'll be a fucking slave of the banks and the government.

Get a fire proof safe and put some effort into hiding it and make it as hard as possible for thiefs to find and if they do find as hard as possible to break into it or steal it.

Thats my plan when I start getting a decent amount of silver but right now my 2 coffee cans of nickels and pre 1964 silver coinage arent in much danger.
"Blackouts are God's way of saying, 'Don't worry 'bout it".

Offline Grudgie

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #7 on: March 21, 2013, 12:51:24 AM »
Any country that would do that is an idiot. Modern nation's entire economies are based off of fractional reserve banking which depends on the people's faith in private banks.

Offline APX808

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #8 on: March 21, 2013, 07:08:41 AM »
Fucking classic, when the crisis hits, the money inside the bank is at great risk, they will do whatever they want with it.

Keeping the money in the bank is risky because the gov will steal you, but keeping it in your home is risky because thiefs can raid your house or because the inflation will eat you up slowly, or not so slowly,  here we have 25% inflation.

The world sucks, basically if you were born in the working class, you'll be a fucking slave of the banks and the government.


Get a fire proof safe and put some effort into hiding it and make it as hard as possible for thiefs to find and if they do find as hard as possible to break into it or steal it.

Thats my plan when I start getting a decent amount of silver but right now my 2 coffee cans of nickels and pre 1964 silver coinage arent in much danger.


Yeah I have a safe, the problem with that is that thiefs like to take hostage a weak member of your family and torture it until you decide to give them money, they specially love to do that to old retired families, you need to keep that in mind when placing the safe.

This happened in the small city I live, and happens too often.



The problem with gold/silver is that isn't readily available money to use and normal stores and everyone won't accept it.
You'll need to pay extra to get a certified metal and you'll need to pay commissions to sell it, and when you have a heavily devaluated money precious metals are extremely fucking expensive, you can't trade daily use items with it.

Also you can have government restrictions to buy it, like in my fucking country.

You'll find this funny, but in Argentina people saves in US dollars since decades, now there are restrictions to buy dollars and its price its trough the roof.

While the current system keeps working we will have to deal with banks.
I think the key is to know the things than can go wrong like the ones I listed before, and diversify how you save and where you store your savings.

And never forget that you can't escape inflation, you can only lose slower.

1000meterstare

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #9 on: March 21, 2013, 09:14:28 AM »
That's the problem itself, Grudgie:  the fractional reserve system itself.  10% reserve requirement?  What a joke.  Wealth creation always equals debt creation plus interest.  Did you know there is 25 - 30 more times more debt than there are assets on the planet?  Friggin' ridiculous.   [img]http://www.smileydesign.n

Offline JohnyMac

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #10 on: March 21, 2013, 10:17:41 AM »
Keep in mind folks, that Quantitative Easing (Printing of money) is in fact the same as the government hitting your saving's account 6.75 - 10%. It's just being done behind the scenes and it's called, in part, inflation. Since 2009 we have experienced 7% inflation. Now that 7% does not take into account food, housing and fuel inflation. What are you paying today vs. in 2009?

http://www.buyupside.com/calculators/purchasepowerjan08.htm

http://www.federalreserve.gov/faqs/economy_14419.htm

Of course The Fed has stated that they want to devalue the dollar by 33% by 2032.

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The Federal Reserve Open Market Committee (FOMC) has made it official:  After its latest two day meeting, it announced its goal to devalue the dollar by 33% over the next 20 years.  The debauch of the dollar will be even greater if the Fed exceeds its goal of a 2 percent per year increase in the price level.


http://www.forbes.com/sites/charleskadlec/2012/02/06/the-federal-reserves-explicit-goal-devalue-the-dollar-33/

Well they are well on their way to doing that.

Just want to tip my hat to Sledge who called it on the Cyprus Banks.

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I agree with one of the comments made on an article i read about this.  It won't stand or last long.  Many of the elite of the Russian Mafia have been hiding their money in Cyprus.  Word on the street is that they have placed second behind the DHS in recent purchases of mass quantities of body bags.  I suspect the EU will back off of this one pretty quickly.

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1000meterstare

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #11 on: March 21, 2013, 10:45:20 AM »
JohnnyMac, you are correct.  QE sucks, and it is a different path to the same result.

Offline Grudgie

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #12 on: March 21, 2013, 01:35:16 PM »
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Keep in mind folks, that Quantitative Easing (Printing of money) is in fact the same as the government hitting your saving's account 6.75 - 10%.

Excellent point. If only the common man new a little bit about how the money system works there would be a bank run tommorow.

Speaking of bank runs, I hear Cyprus is suspending people's bank accounts for a further week. I wonder why? They have just wrecked themselves.

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The problem with gold/silver is that isn't readily available money to use and normal stores and everyone won't accept it

I'm thinking a good investment is M1 Garand rifles from the CMP. I'm buying 12 as soon as the paperwork checks out. M1 Garands are a good investment because they are going to be drying up soon, and they will be in high demand whether the economy goes south or gets better.
« Last Edit: March 21, 2013, 01:49:22 PM by Grudgie »

Offline JohnyMac

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #13 on: March 21, 2013, 03:58:17 PM »
 [URL=http://www.smileyvault.co Good for you Grudgie! You are probably correct in that the price will be going up as the inventory diminishes and demand increase. If you can get ones in .308 Win you would be rocken. 
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Offline Deathstyle

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Re: Country of Cyprus Taxing Deposits 6.75-10%
« Reply #14 on: March 22, 2013, 01:11:32 AM »

Fulton Armory can build one for you in .308, that may be an option for me if I have to exile my AR15 till TSHTF. Of course it'll probably be cheaper for you to just buy a SCAR HEAVY and 50 mags so CMP is the way to go unless gunbroker has .308 garands.

Here is Ben Swann's take on it from FOX19 in Cincinnati, Ohio.

http://www.fox19.com/story/21762904/europe-central-bankers-want-personal-savings-accts-for-bailouts
« Last Edit: March 22, 2013, 01:15:39 AM by Deathstyle »
"Blackouts are God's way of saying, 'Don't worry 'bout it".