Cypress savings deposits to be taxed
 

How long before its you

The powers that be will need to find mine to tax it.:coffee:

You beat me to it, TNH. :)

Here's another link on the story:

http://www.zerohedge.com/news/2013-0...c-bank-runs-br

Just confiscating money or calling it a fine is govt's new term for taxes. Well our gov't is wanting to become just like Europe so it wont be long before Liberals do the same thing here. They are already trying with their wealth tax proposals. If it gets to that point here I assume most people will just bury their money in the back yard and forget about using the banks all together because this so called tax would eclipse the money earned through interest.

The're really going to be in trouble when noone puts money in the bank.

No they dont Ed
All they have to do is the same thing European countries do- VAT tax.
Sales tax in most European countries is 19% ,, Italy is 19-29%.
It's a bitch to pay 29% sales tax

For those that can watch the vid of a guy who has his bulldozer setting in front of the bank. funny how calm the people are but its the same here

http://www.bbc.co.uk/news/world-europe-21813754

Been following this on ZeroHedge all day. This is one of those happenings that make me really think and evaluate. To loose 7-9% of my checking balance would mean bounced checks. Anger would be an issue, too. For now, the deposits and outflow need to be closer together.

It's your 401K, and IRA they'll be going after. But don't worry, they'll write you an IOU.

Just keep an eye on Europe cause what ever happens there is comin here. There has been a butt load of crap going on ,credit downgrades, but nobody is paying attention. Ignore it and it goes away I guess

Wonder when the bank runs will start and how soon the military will arrive to stop them. This could get really, really ugly..

Just saw this:

Bailout Cuts Cyprus Bank Accounts, Withdrawals Barred

Cyprus, whose banks were pushed to the edge of default by their exposure to heavily devalued Greek bonds, will get a 10 billion euros ($13 billion) bailout from international lenders, but bank depositors will lose up to nearly 10 percent of their money and authorities have prohibited withdrawals for now, setting off furious reaction as depositors lined up outside the institutions demanding their cash. Interest will also be taxed at 20-25 percent but the move won’t affect customers in Greece where Cypriot banks have branches.




http://greece.greekreporter.com/2013...rawals-barred/


16 MARCH 2013


People with Cyprus bank accounts will lose up to 10% of their savings as the price of a 10 billion euro (£8.6 billion) rescue package for the cash-strapped country from its European partners and the International Monetary Fund.
The bailout was agreed early on Saturday in a bid to keep the island nation from a bankruptcy that could rekindle the region’s debt crisis.


But in a major departure from established policies, the package also includes a one-off levy on the money held in bank accounts in Cyprus. Analysts have warned that making depositors take a hit threatens to undermine investors’ confidence in other weaker eurozone economies and might possibly lead to bank runs.
In return for the rescue loans Cyprus will trim its deficit, shrink its troubled banking sector, raise taxes and privatise state assets, said the Netherlands’ Jeroen Dijsselbloem, presiding over meetings of the 17-nation eurozone’s finance ministers. “The assistance is warranted to safeguard financial stability in Cyprus and the eurozone as a whole,” he said, speaking after nearly 10 hours of negotiations.
People with less than 100,000 euro (£86,000) in their Cypriot bank accounts will have to pay a one-time tax of 6.75%, those with more will lose 9.9%. The measure is expected to net 5.8 billion euro (£5bn) in additional revenues, Mr Dijsselbloem said, greatly reducing the country’s financing need.

Wealth redistribution in its greatest most simple form. This is the bare bones approach to what's happening here and no one sees it or understands. They think everyone with a few dollars is rich but forget About those that have saved their entire lives

Exactly! Just skimmed an article talking that Italy is next. As some of the comments have stated, these are the field tests. Loved the one that said the only bank to trust is Bank of Serta.
This really is like watching a car wreck. I don't want to watch but this is a warning the road is disintegrating. Might not happen next week but it can happen on a Friday and then can have at least a three day bank holiday. Then what do you do? Moan and groan or be as prepared as possible.

hmm - my guess is that all over Europe people will be taking as much money out of the banks as they can.

I'm just hoping that if they are going to charge everyone 6.75% on their savings (unless they have more than 100,000 in the bank in which case it's 9%) then by my reckoning, they SHOULD pay me 6.75% on the amount I am overdrawn :D

Did you read ZH today. They are extending the bank holiday through Wednesday. THats is insane. It has to rock the markets. Also the graphs are unreal. The US is right up there with Greece,Spain,Italy and the rest. And now I see that they are saying Italy is next

http://www.zerohedge.com/news/2013-0...just-beginning

can you say bank run.......

like my grandaddy said if its not in your possession you don't own it.

They are saying that interest is going from 6-9 to 9-12. Looking for confirm.

in the mean time the markets have just opened and here is the news

http://www.zerohedge.com/sites/defau.../picture-5.jpg
S&P Futures Plunge To 1-Week Lows; Gold Jumps To 3-Week Highs

Submitted by Tyler Durden on 03/17/2013 - 18:04 http://www.zerohedge.com/sites/defau...0317_ES1_1.pngGiven FX markets are double-dipping now, it is little surprise that S&P 500 futures open down 16 points from the 1553.5 close on Friday - a one-week low. This is the biggest close-to-open gap down since May 2012. Treasury Futures just opened implying a 1.94% 10Y (-5bps) and 3.16% 30Y (-5bps). And despite the USD strength, spot gold just opened also up from $1591.95 to $1607. The arb against JPY carry is holding stocks for now... only another 8 hours until Europe opens... Over 38,000 contracts have traded in S&P 500 futures in the first 5 minutes ($2.9bn notional) - 30 times the average for a Sunday night... The initial dump was caught by a VWAP reverter but that is fading now... Japan's NKY looks set to open down around 500 points or so given JPY's strength.


http://www.zerohedge.com/

Update
Its long with some more info. talks of rate changes and what the are offering fir "collateral" LOL

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

"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.
http://fm.cnbc.com/applications/cnbc...g?v=1363539173 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)

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
http://market-ticker.org/smilies/ignore.gif
Here's The Admission: YOU HAVE BEEN WARNED

http://market-ticker.org/akcs-www?get_gallerynr=87 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

German Commerzbank Suggests Wealth Tax In Italy Next



http://www.zerohedge.com/

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

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.

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.

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. :cool:

Over at ZH

"Depositor Repression" May Spread To Swizterland, EURCHF Spikes

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

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

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

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.

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.

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

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

:stars:

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

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.