Cypress savings deposits to be taxed

TNHermit · #21 03/17/13, 10:16 PM

Russians getting hit also. They are not happy. Its a FT article and you have to subscribe so just have to take my word. It will come out tomorrow. Markets are wacked along with Euro

TNHermit · #22 03/17/13, 10:17 PM

"Absolutely, there is no capital restrictions, people can move. We hope people will believe us, believe the collective leadership of the European Union, that this was a necessary step, but a single shot at the problem, and that from now on they can be very confident that nothing will happen to their savings," Sarris said in Brussels.
Cypress savings deposits to be taxed - Current Events

Cypress savings deposits to be taxed - Current Events

Photographer | Collection | Getty Images
People withdraw money from an ATM in the Cypriot capital Nicosia. The Cyprus government postponed a planned emergency session of parliament on Sunday to debate a controversial EU bailout.

Sarris had previously insisted that any bank bailout would not include confiscation of deposits. Under the deal agreed to on Saturday, savers will get equity in the bank in return for a levy of 9.9 percent on accounts above 100,000 euros and 6.75 percent on accounts below that.

(Read More: Cyprus Bailout 'Disaster' Risks New Euro Crisis)

TNHermit · #23 03/17/13, 10:23 PM

Here's The Admission: YOU HAVE BEEN WARNED
The Market Ticker ® - Commentary on The Capital Markets

Posted 2013-03-17 18:14
by Karl Denninger
in Editorial

Here's The Admission: YOU HAVE BEEN WARNED

Cypress savings deposits to be taxed - Current Events

Here it is folks, in plain English.
WHEN, not if if happens here do not say you weren't warned.

Cypriot officials insisted no levy on smaller depositors was impossible. One senior Cypriot official involved in the talks said that because about 35 percent of all deposits are below the threshold, exempting them would mean a rate so high for the rest that it would no longer be viewed as a tax.
"If this is successful then it will be used in the future," said the dejected official, predicting Spanish and Italian banks could face similar levies. "If this is not successful then who cares about Cyprus."

That's not a prediction it is a statement of fact, and it will come here too.
"IT WILL BE USED IN THE FUTURE"
Got that?
Your 401k or IRA?
It's not yours.
They'll steal it, along with your bank account. FDIC and SIPC insurance be ----ed to Hell.
They just admitted that they will do exactly that to bail out their friends who made bad bets and themselves who failed to enforce the law prohibiting these losses from accumulating without the institutions being closed long before you could lose a single penny.

http://market-ticker.org/akcs-www?po...45&findnew#new

TNHermit · #24 03/17/13, 10:25 PM

TNHermit · #25 03/17/13, 10:32 PM

German Commerzbank Suggests Wealth Tax In Italy Next

http://www.zerohedge.com/

TNHermit · #26 03/17/13, 10:33 PM

Just found out there are Russian Mobsters involved in this. This is a comeedy. Go to the Ticker link\
http://market-ticker.org/akcs-www?po...45&findnew#new

and scroll down if you want to hear some good talk

Awnry Abe · #27 03/17/13, 10:33 PM

This is a very major story, that folks may dismiss as nothing because "it is just Cyprus". They were told that it wouldn't happen, then it did. ATMs were emptied in hours. Imagine what it will be like when it happens here.

DryHeat · #28 03/17/13, 11:14 PM

It seems to me that a version HAS been happening here, in slow motion, for some five years. My MIL used to be able to increase her savings a bit annually by living frugally and adding interest on her nest egg to various small income streams. But since interest on FDIC accounts went to 0-1%? She's losing several thousand a year, and increasing. I fully expect inflation to ramp up faster now, making the process all the more destructive, just not as clear on a daily basis, at least without comparison notes. But frankly, galloping inflation was exactly what I predicted as Bush, Cheney, and company dragged us into those unfunded wars, an unlegislated tax.

Txsteader · #29 03/18/13, 03:38 AM

Quote:

Originally Posted by CrownRanch

This is a very major story, that folks may dismiss as nothing because "it is just Cyprus". They were told that it wouldn't happen, then it did. ATMs were emptied in hours. Imagine what it will be like when it happens here.

Some have speculated that DHS's recent large ammo purchases (along w/ militarization of local LE) were for some sort of civil 'unrest' scenario. I'd think something like this would qualify as a trigger.

TNHermit · #30 03/18/13, 06:46 AM

Over at ZH

"Depositor Repression" May Spread To Swizterland, EURCHF Spikes

TNHermit · #31 03/18/13, 07:32 AM

Ann Barnhart has some background, (along with some religious views) She is well versed on what has been going on on wall st

http://barnhardt.biz/

You can also follow the latest on twitter #cyprusbailout

TNHermit · #32 03/18/13, 08:08 AM

COmment from The Ticker

One of my prep school classmates is one of the head lawyers of the FDIC. I called him tonight and he was completely briefed and aware of the Cyprus situation. When I mentioned the ticker to him, he laughed because he said the FDIC, FSLIC and SIPC have no jurisdiction nor provide any protection against taxes or fees, which Gen kind of implied. A bank run, of course is a different story, but the government can tax you to death and the FDIC, FSLIC and SIPC will just stand by and watch. They also will not cover you for a seizure that is related to a crime, like fraud, terrorism or narcotics violations. He did mention of the first successful federal prosecution of a politician in Massachusetts for a political crime which resulted in a 100K fine, a case that I wasn't aware of.

http://market-ticker.org/akcs-www?post=218845&page=4

doodlemom · #33 03/18/13, 09:06 AM

NEW YORK (MarketWatch) — U.S. stocks began Monday in a steep decline after euro-zone leaders proposed a tax on Cypriot bank deposits to reduce the cost of a rescue, prompting worry the move might be used in larger nations such as Italy and Spain.
The devalue is potentially more devastating than any proposed taxation. It would probably be down to squat in many cases by the time a tax would pass with respect to investments. Nevertheless taxing it would amount to less than squat lol.

http://www.marketwatch.com/story/us-...ry_latest_news

JJohnson · #34 03/18/13, 09:15 AM

Quote:

Originally Posted by Txsteader

Some have speculated that DHS's recent large ammo purchases (along w/ militarization of local LE) were for some sort of civil 'unrest' scenario. I'd think something like this would qualify as a trigger.

Dont forget the other federal agencies like the social security administration and (NOAA) National Oceanic and Atmospheric Administration stock piling ammo as well. Add 2800 armored tanks into the mix and I think its a given that the GOV'T is planning for something and its not just target practice.

TNHermit · #35 03/18/13, 09:17 AM

When thinking and reading about this, people should remember that there is some 20 trillion dollars in savings accounts here. our debt is 16 trillion (kinda LOL actually its like 250 trillion) the politicians say we have no debt crisis. Why do you think they are saying that.

bowdonkey · #36 03/18/13, 09:29 AM

Quote:

Originally Posted by TNHermit

When thinking and reading about this, people should remember that there is some 20 trillion dollars in savings accounts here. our debt is 16 trillion (kinda LOL actually its like 250 trillion) the politicians say we have no debt crisis. Why do you think they are saying that.

TNH, I personally don't know what to think sometimes.I have several very wealthy acquaintances that say the national debt is nothing to worry about. At least outwardly they don't seem to be concerned. My gut feeling is TPTB are confiscating wealth and liberty from the bottom up.

TNHermit · #37 03/18/13, 10:01 AM

Quote:

Originally Posted by bowdonkey

TNH, I personally don't know what to think sometimes.I have several very wealthy acquaintances that say the national debt is nothing to worry about. At least outwardly they don't seem to be concerned. My gut feeling is TPTB are confiscating wealth and liberty from the bottom up.

I guess Karl has already answered that. And a lot of people believe we are safe because of the FDIC. Somebody here or somewhere already said " If you can't stand in front of it with a gun its not yours"!

http://market-ticker.org/akcs-www?po...59&findnew#new

And Glen Beck is explaining it now

Txsteader · #38 03/18/13, 11:11 AM

Anybody notice the market this morning? At this moment, the Dow is only down 3.56 points, having risen from a 100+ point drop.

TNHermit · #39 03/18/13, 11:43 AM

Quote:

Originally Posted by Txsteader

Anybody notice the market this morning? At this moment, the Dow is only down 3.56 points, having risen from a 100+ point drop.

I've been watching all morning.
My take
The MSM is poo pooing this thing to death
Everyone TPTB ares on board pushing its no big deal. While ZH, Ticker and the like are screaming warnings.
Somebody is pumping the markets to help
People are further beyond help than I thought

Now you have the banks in Cyprus, which is a Russian Mafia laundering center closed till Thursday. If this doesn't blow up in somebodies face this week then the Mafia has bee told behind the door they will be taken care of and we are in deeper trouble than anybody has a clue. Will have to watch and see. Cyprus is only a 25 billion economy. Bill Gates could bail them out. Its a test and how it comes down gonna set the stage

TNHermit · #40 03/18/13, 12:26 PM

You know if you go back to history again. We could very well die a quiet death just as they did with Europe before WW2. Chamberlain made an agreement with Hitler and called him a fine man and it was over and everyone just went a long. And this country has been so indoctrinated that Anything is fine could do it very easily. Can you name a time when any POTUS has done what Obama has done and there has been actually very little but talk done about it.