First, it was their guns, now it's their money. How's that Socialism working out for ya? Cash machines EMPTIED across Cyprus as 60,000 British savers face losing MILLIONS after £8.7billion EU bailout imposes tax on all of nation's bank accounts
Why isn't this even raising an eyebrow on this forum? This Crazy Cyprus Deal Could Screw Up A Lot More Than Cyprus... Cyprus bailout a major game changer
Seizing part of people's bank deposits a no-go in Cyprus... Cypriot lawmakers reject deposits seizure bill Mar 19,`13 -- Cypriot lawmakers on Tuesday rejected a critical draft bill that would have seized part of people's bank deposits in order to qualify for a vital international bailout, with not a single vote in favor.
Bank of Cyprus gets special administrator... Administrator appointed to run Bank of Cyprus 26 Mar.`13 - The Central Bank of Cyprus has appointed a special administrator to run the island's largest commercial lender, Bank of Cyprus, which was saved from collapse by a painful bailout for the island agreed with international lenders on Sunday.
Granny says, "Dat's right - dem Russkies liable to lose a lot of money... Bank of Cyprus big savers to lose up to 60 percent Mar 30,`13 -- Big depositors at Cyprus' largest bank may be forced to accept losses of up to 60 percent, far more than initially estimated under the European rescue package to save the country from bankruptcy, officials said Saturday.
MolonLabe2009 wrote: Dogma is a terrible thing. Youre implying that the breakdown in Cyprus is the failure of the nannie-state. But it appears you didnt even read your own source: The part thats of real interest to myself is their banking system provided substantial privacy to their clients. This is that offshore, black accounts, private banking lingo. Whether those accounts are subject to the raids is only suggested. The ruling elite are perpetrators, their money isnt going to be subject to theft. Rather, people of some means, those considered wealthy. This next source corroborates the cause of the meltdown: So not a failed commie agenda, but a bloated & rogue banking sector. Your article mentions the concern of British depositors, waltkys article notes the exposure of Russian depositors. While all appear subject, foreign accounts (uninsured) were utilizing Cyprus as a tax haven, its financial sector totally deregulated. Im curious though, arent you among those clamoring for austerity in America? Soon, people will be asking YOU, hows that austerity working out for ya? You mistakenly believe that the poor are the problem & thus, the appropriate target. However, once those & other such measures are taken (pawning off of government assets), you are in for a very rude awakening! While we can hope that Cyprus is the exception, it doesnt appear as such:
http://www.guardian.co.uk/world/2013/mar/30/bank-of-cyprus-depositors-lose-savings It keeps getting better and better doesnt.
Utter claptrap. The US government has the power to print money. Cyprus doesn't. There is absolutely no reason the US government would ever have to steal from people's bank accounts.
Isn't it just about the same thing? Your money in the bank becomes worth less due to the inflation caused by the printing press. Not only is this a glimpse of the future, with QE3 it is the past too. Truth is stranger than fiction.
People don't believe it could happen here..and they're wrong. We hve already been FORCED to bail out the sane banks that refuse to loan us money..
Socialism requires that economic calculation be removed from the individual and placed in the hands of central planners. These bank failures, the "bloated & rogue banking sectors" as you put it, are a direct reflection of the inevitable failures of central economic and monetary planning. Banks do what they want because governments control the money supply and will subsidize the failures of their banking systems.
DonGlock26 wrote: You have your dogma, so all evidence to the contrary is either a lie or irrelevant. With respect to the political situation in Greece, much of the characterizations that Ive read pertain to things like tax evasion & corruption, not communism. But Ill cite several sources that make note of certain aspects that would tend to shape the view of someone like yourself. So, after the initial sentences of the first article, it goes on about how cheap money was used to fuel consumption and that wages rose significantly during the boom cycle. Holy $h!+, ⅔rds of the workforce was employed by the government? The latter source notes that a high-level official, a socialist, was brought up on corruption charges for receiving kickbacks. I assume beyond this, nothing else matters. The politicians, organized-labor, Greek society, failure! One problem with the depiction is that in a communist system, there is a more equitable distribution of wealth. We see there was none of that in Greece. Absurdly, no enforcement of taxation at all. Then of course, on the other end of the consumption spending theres the matter of whose interests were served? Whose interests with the purchase of submarines & missile delivery systems? And what of the debt, who serviced Greeces recent splurge? And the bailout money, where did much of that end up? The unproductive subsidies, the widespread corruption? For those banks that lent to Greece, what sort of evaluation led them to determine that commie Greece was a fine investment? No, Im afraid the world is what its always been. This is from 2010: Okay, so Wall Street titans were there behind the commie Greek political agenda. Wall Street & commies, a rather odd pair of collaborators... it would seem to me. Interesting how the loans then equated to Wall Street firms attaining the rights to lucrative government assets. And the bailout money? So, much of the bailout money was used to pay off Banks who bought up Greek bonds. Obviously, there wasn't any risk for them. They knew their investment was safe! Equally important is what the answer was moving forward. Austerity, privatization of government assets and measures to make Greece competitive in the global economy. This just really smells rotten to the core. My understanding is that the privatization program is moving slowly, but ultimately, the lucrative assets owned by Greek society will end up in private hands. Worse, theyre going to be had cheap. Goldman & Morgan werent there to help Greece, they were there to wreck it! Greece isnt the reflection of a failed political system but rather a market & resource grab by powerful Wall Street firms.
That is not the people's money! Did they print it? No! The government should seize it, they will take care of the people in the best way possible.
