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According to this link: Cyprus Bailout Deal - Business Insider they're implementing "instant tax" on all bank deposits within the nation of Cyprus as part of a bailout deal - any deposits below 100,000 Euro gets hit with 6.75% and anything above 100k is taxed at 9.9%, across the board. Furthermore, this will be done before banks reopen on Tuesday, so the citizens of Cyprus are left completely without recourse - talk about getting screwed with a 10 1/2-foot pole!
I can only hope this outrage is met with catastrophic bank runs all over Europe and a total repudiation of the EU banking system, which has done nothing but cause misery for tens of millions of hapless Europeans. I do think Cyprus will be what pushes the people of Europe over the edge - time to break out the popcorn, as it's going to be on like Donkey Kong.
The same can happen here if they don't get control over the spending. The money for big government has to come from somewhere especially when you have those tax-happy politicians in charge.
The same can happen here if they don't get control over the spending. The money for big government has to come from somewhere especially when you have those tax-happy politicians in charge.
You don't appear to know where that somewhere is.
The money is government debt. So do you think government has any trouble getting it?
According to this link: Cyprus Bailout Deal - Business Insider they're implementing "instant tax" on all bank deposits within the nation of Cyprus as part of a bailout deal - any deposits below 100,000 Euro gets hit with 6.75% and anything above 100k is taxed at 9.9%, across the board. Furthermore, this will be done before banks reopen on Tuesday, so the citizens of Cyprus are left completely without recourse - talk about getting screwed with a 10 1/2-foot pole!
I can only hope this outrage is met with catastrophic bank runs all over Europe and a total repudiation of the EU banking system, which has done nothing but cause misery for tens of millions of hapless Europeans. I do think Cyprus will be what pushes the people of Europe over the edge - time to break out the popcorn, as it's going to be on like Donkey Kong.
Yes its known as bank counterfeiting. They print money they can't collect and then pass the loss to the citizens. Such is the workings of the global FIRE sector few citizens talk about what with all the political training they receive.
I got caught by attempts by Swiss banks to minimize currency impact years ago with negative interest on accounts and it looks like it is being considered again...
'Switzerland may introduce capital controls to fight a sharp rise in the Swiss franc in the event of a euro-zone collapse, radical measures that the Alpine nation hasn’t employed since the seventies.'
The money is government debt. So do you think government has any trouble getting it?
Yes, they will eventually. As our $16 trillion nation debt continues to skyrocket, eventually even the US will not be able to continue making interest payments, and that alone is what gives us the ability to keep borrowing. As powerful as our economy is, there IS a limit, and our government is fast approaching it. If spending continues the way it's going, default is inevitable.
This is pretty frightening, who is to say other governments wont do that? In the future we will be hearing that having a savings account is a risky investment..
According to this link: Cyprus Bailout Deal - Business Insider they're implementing "instant tax" on all bank deposits within the nation of Cyprus as part of a bailout deal - any deposits below 100,000 Euro gets hit with 6.75% and anything above 100k is taxed at 9.9%, across the board. Furthermore, this will be done before banks reopen on Tuesday, so the citizens of Cyprus are left completely without recourse - talk about getting screwed with a 10 1/2-foot pole!
I can only hope this outrage is met with catastrophic bank runs all over Europe and a total repudiation of the EU banking system, which has done nothing but cause misery for tens of millions of hapless Europeans. I do think Cyprus will be what pushes the people of Europe over the edge - time to break out the popcorn, as it's going to be on like Donkey Kong.
The fact is it is not true until the vote is made:
bank runs have already started there, and some people are unable to get their money out.
interestingly, about half of their depositors are believed to be non-resident Russians-who probably aren't going to take the news well at all....
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