# Cyprus Confiscating 10% of People's Savings to Pay on National Debt



## Dont Taz Me Bro (Mar 17, 2013)

Who says it can't happen here considering the road we're going down?



> Britons have about £1.7billion of deposits in Cyprus and could lose up to £170million. The Cypriot government has agreed to seize up to ten per cent of savings and use the money to bail out the islands crisis-hit banking system.
> 
> The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.
> 
> ...



It's called big government, sir.


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## Mad Scientist (Mar 17, 2013)

The Gov't is trying it's best to save the Economy over there, they shouldn't complain.

EDIT: If I understand correctly, that's on *orders* from the EU.


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## Dugdale_Jukes (Mar 17, 2013)

It's a start. Likely more governments will consider that option. 

Where it is going to go is cross border asset-seizing. For example, the US pressuring Switzerland or the Bahamas to give up some pct of US accts. It's going to happen. What is in doubt is the time frame.

And while the gross pct may well be "across the board" what will be seized are assets "above X". There will be a line below which assets are safe.


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## editec (Mar 17, 2013)

Why are Britons banking in Cyprus in the first place?


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## Dont Taz Me Bro (Mar 17, 2013)

editec said:


> Why are Britons banking in Cyprus in the first place?



I know a lot of British soldiers are stationed in Cyprus.  Have been for decades.  There are also a number of ex-patriots living there for what ever the reason.  Brits, for what ever reason, have had an affinity with the place, kind of like how northerners here in the U.S. will move to Florida when they retire.


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## ScreamingEagle (Mar 17, 2013)

Dugdale_Jukes said:


> It's a start. Likely more governments will consider that option.
> 
> Where it is going to go is cross border asset-seizing. For example, the US pressuring Switzerland or the Bahamas to give up some pct of US accts. It's going to happen. What is in doubt is the time frame.
> 
> And while the gross pct may well be "across the board" what will be seized are assets "above X". There will be a line below which assets are safe.



...until inflation really kicks in....


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## freedombecki (Mar 17, 2013)

Dont Taz Me Bro said:


> Who says it can't happen here considering the road we're going down?
> 
> 
> 
> ...


 In sports, it's called "KILL THE UMPIRE, SUCKAH!"


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## bripat9643 (Mar 17, 2013)

American Communist said:


> The Gov't is trying it's best to save the Economy over there, they shouldn't complain.



It's patriotic not to complain when the government steals your savings!


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## bripat9643 (Mar 17, 2013)

Dugdale_Jukes said:


> It's a start. Likely more governments will consider that option.
> 
> Where it is going to go is cross border asset-seizing. For example, the US pressuring Switzerland or the Bahamas to give up some pct of US accts. It's going to happen. What is in doubt is the time frame.
> 
> And while the gross pct may well be "across the board" what will be seized are assets "above X". There will be a line below which assets are safe.



It sounds like you approve.


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## Dugdale_Jukes (Mar 17, 2013)

editec said:


> Why are Britons banking in Cyprus in the first place?



Cyprus is a tax haven, mostly for senior European bureaucrats dodging their own tax systems, but also for the heroin trade Clinton protected when he split out Kosova from Yugoslavia and intervened in Serbia.


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## Dugdale_Jukes (Mar 17, 2013)

bripat9643 said:


> Dugdale_Jukes said:
> 
> 
> > It's a start. Likely more governments will consider that option.
> ...



While my loathing of government knows few bounds, my contempt for bureaucrats dodging their own tax systems is significantly greater. 

So, yes, it's going to be fun watching how this goes down.


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## bripat9643 (Mar 17, 2013)

Dugdale_Jukes said:


> bripat9643 said:
> 
> 
> > Dugdale_Jukes said:
> ...



What I don't get is how anyone got caught flat-footed by this.  There must have been stories in the news about it.  Nothing like this could get through the U.S.  Congress without the entire country knowing about it before it went down.  By that time, everyone would have ample time to take out their money from their bank accounts.


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## tinydancer (Mar 17, 2013)

It's taking peoples' personal savings that they have no right to. The government is stealing. It's called theft.

And I personally hope that those persons' who are having their money stolen get some fire in their bellies and storm the Greek parliament buildings.


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## BillyV (Mar 17, 2013)

Why would it be considered "confiscation"? I'm sure if you asked Justice Roberts it would just be called a "tax" and be perfectly legitimate. Just payment for liberal utopia!


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## Rocko (Mar 17, 2013)

editec said:


> Why are Britons banking in Cyprus in the first place?



It's a tax haven. Ironic, huh?


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## bitterlyclingin (Mar 17, 2013)

That couldn't happen here, could it? What if the Chicomms started demanding Guam, Wake island, Hawaii, Alaska, California, Washington, and Oregon as partial payments of our debts?

» Cyprus could / could not happen here (Reader Poll) - Le·gal In·sur·rec·tion

Eurozone About To Put Levy On Bank Deposits In Cyprus | Weasel Zippers

"Yes, it is every bit as bad as it sounds, and worse. Word is that the initial plan was for a 40% (!!!!) levy confiscation of Cypriot bank accounts. They settled for a MERE 6.75% and 9.9% dual-layered compromise. 
Yeah, you all need to do what I have been doing for the last several months and live within spitting distance of being overdrawn in your bank accounts. In other words, keep the BARE MINIMUM in the bank and feed your account just enough to cover the bills. As soon as money comes in, get it the heck out of there. 

Looks like the IRS may prove to be the least of my worries with regards to levying bank accounts! 

This has the potential to spark bank runs in other Southern European nations MERELY BECAUSE OF THE FACT THAT IT ACTUALLY HAS HAPPENED. Pray the Greeks, Italians, Spaniards and Portuguese are all watching talent shows or soccer and don't notice. But if it does, if you have watched my eight-part economic presentation on YouTube, then you understand that we will blow sky-high as the big banks and their tens of trillions of dollars in repos and reverse repos and credit default swaps, many-to-most of which are written on European sovereign debt, blow. 

In case you have been either under a rock or passed out drunk since yesterday: 

UPDATE: I agree with various commentators that this is almost certainly a test-run by Brussels to see what the reaction of the Cypriots is. If no one is hanging from light poles by sunset on Tuesday, they will likely move on to Greece and the other Southern European economies, satisfied that the people have been sufficiently conditioned to roll over. Tiny Cyprus, an ISLAND mind you, makes the perfect test lab. 

I anticipate that the light poles will remain undecorated. There is no fight left in the men of former Western Civilization; only indifference punctuated by self-loathing. Say goodnight, Gracie."

Barnhardt.biz - Commodity Brokerage


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## francoHFW (Mar 17, 2013)

Just listen to all the idiotic conspiracy theories and fear mongered propaganda from the dupes LOL. Change the channel...

Breaking: The USA is better off than just about anyone, and when the GOP ends its BS about the debt ceiling/fiscal cliff/sequester, we'll be out of this....

The EU has screwed itself with German/Brit austerity, and will only recover after we do.

But thanks for the Booosh World Financial Meltdown and 3 1/2 years of mindless obstruction.

Today, Boehner says there's no immediate debt crisis, agrees with Obama. DUH!:

There's no immediate debt crisis, Boehner says, agreeing with Obama - latimes.com


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## Dont Taz Me Bro (Mar 17, 2013)

francoHFW said:


> Today, Boehner says there's no immediate debt crisis, agrees with Obama. DUH!:
> 
> There's no immediate debt crisis, Boehner says, agreeing with Obama - latimes.com



So now Boehner is credible?


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## Jarlaxle (Mar 17, 2013)

Cash in a safe is starting to look pretty good right about now.


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## mudwhistle (Mar 18, 2013)

A socialist country in a bind is liable to do just about anything to pay it's bills:

Reuters) - Cyprus was working on a last-minute proposal to soften the impact on smaller savers of a bank deposit levy after a parliamentary vote on the measure central to a bailout was postponed until Monday, a government source said.

In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a 10 billion euro ($13 billion) bailout for the island, which has been financially crippled by its exposure to neighboring Greece.

The decision, announced on Saturday morning, stunned Cypriots and caused a run on cash points, most of which were depleted within hours. Electronic transfers were stopped.Cyprus works on last-minute deal to soften bank levy | Reuters​
The federal government is already stealing from their employee's TSP accounts. It's only a matter of time before a proposal surfaces in Congress to tax individual savings accounts. 

Then again, it may have already.

I swear....every day the Feds sound like the mob.


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## Oldguy (Mar 18, 2013)

What's the Fed have to do with Cyprus?


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## mudwhistle (Mar 18, 2013)

Oldguy said:


> What's the Fed have to do with Cyprus?



Feds......not Fed.

Dumb-ass.


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## 007 (Mar 18, 2013)

Oldguy said:


> What's the Fed have to do with Cyprus?



You can bet your ass that the socialists here in our government have been salivating over the idea of doing it here.


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## KissMy (Mar 18, 2013)

Jarlaxle said:


> Cash in a safe is starting to look pretty good right about now.



The cash in your safe is the governments cash. They are still printing more to reduce the value of yours. Gold made a U-turn.


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## Sunshine (Mar 18, 2013)

mudwhistle said:


> A socialist country in a bind is liable to do just about anything to pay it's bills:
> 
> Reuters) - Cyprus was working on a last-minute proposal to soften the impact on smaller savers of a bank deposit levy after a parliamentary vote on the measure central to a bailout was postponed until Monday, a government source said.
> 
> ...



You are better off these days with your money under the mattress.  The interest rate is roughly equal to that of a bank and hidden better from Obama.
I bought a little treasure chest and polished up some quarters to go in it, about $20.  Plan to bury it in my back yard and take a treasure map I bought off Amazon so my little grandson and I can go out later this year and dig it up.  Who knew this would turn out to be the best strategy of all!


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## Meathead (Mar 18, 2013)

The catch here is that 30% of bank deposits in Greece are from clients outside the Eurozone. In other words, to a large extent not only the British, but Israelis and Arabs will be bankrolling the Cypriot deficit.


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## Meathead (Mar 18, 2013)

Dont Taz Me Bro said:


> francoHFW said:
> 
> 
> > Today, Boehner says there's no immediate debt crisis, agrees with Obama. DUH!:
> ...


That there is no _*immediate*_ debt crisis is a given, but it is hardly consoling.


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## editec (Mar 18, 2013)

Yeah, this is an astounding development.

I'll ask once again:*What are Britons doing banking in Cyprus?*

And as long as I am trying to understand it, did I read it wrong or are they really ONLY taking the money of Britons?

the next question is obvious, if the previous question is yes.

WHY_ ONLY_ BRITONS?


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## editec (Mar 18, 2013)

Okay...either the journalist who wrote the article is a forking idiot, or ONLY BRITONS are getting ripped off.


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## NYcarbineer (Mar 18, 2013)

Dont Taz Me Bro said:


> Who says it can't happen here considering the road we're going down?
> 
> 
> 
> ...



Except for where they may go after insured deposits, the fact is, bank deposits are fair game when banks are failing.


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## KissMy (Mar 18, 2013)

Meathead said:


> The catch here is that 30% of bank deposits in Greece are from clients outside the Eurozone. In other words, to a large extent Israelis and Arabs will be bankrolling the Cypriot deficit.



Cyprus took money from the wealthy around the globe who hid their money there to avoid taxes in their own country & to benefit from a bail-out of Cyprus. That caused the Cyprus banking system to become 8 times larger than other countries as a percent of GDP. Easy money for Cyprus.


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## Meathead (Mar 18, 2013)

NYcarbineer said:


> Except for where they may go after insured deposits, the fact is, bank deposits are fair game when banks are failing.


What would be the point in depositing into banks if those deposits are "fair game"? Obviously, if banking is an investment, they would have to yield a lot more.


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## mudwhistle (Mar 18, 2013)

editec said:


> Yeah, this is an astounding development.
> 
> I'll ask once again:*What are Britons doing banking in Cyprus?*
> 
> ...



Oh, only the foreigners get hosed.

Well that's different.



BTW, I see no evidence of this in the article.


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## Meathead (Mar 18, 2013)

KissMy said:


> Meathead said:
> 
> 
> > The catch here is that 30% of bank deposits in Greece are from clients outside the Eurozone. In other words, to a large extent Israelis and Arabs will be bankrolling the Cypriot deficit.
> ...


Cyprus is part of the Eurozone and money cannot be hidden. Simply, Brits deposit in Cyprus because so many live there. Wealthy Israelis and Arabs do so to protect their money and hedge from their domestic currency.


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## mudwhistle (Mar 18, 2013)

Funny.....Cyprus is hoping for a particular industry to bail them out of this trouble.

Natural Gas.

Hope the Socialists there aren't like ours.


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## dblack (Mar 18, 2013)

Dont Taz Me Bro said:


> Who says it can't happen here considering the road we're going down?



Hasn't it, more or less, happened already?


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## PoliticalChic (Mar 18, 2013)

Seems that among the insane premises that Obama supporters are willing to accept as *their version of truth include*

a. we don't have a spending problem

b. deficits don't matter

c. it's just peachy keen that the Democrat economic plan never balances the budget....

d. ObamaCare adds trillions to the debt






What do you imagine the future will hold for the United States?

Check out this story from Cyprus, where the plan is to *simply take citizen's savings*:





1. "Cyprus tries to rework divisive bank tax

2. NICOSIA (Reuters) - Cypriot ministers rushed on Monday to revise a plan to seize money from bank deposits as part of an EU bailout, in an effort to ensure lawmakers supported it in a vote later in the day.

3. ....announcement that Cyprus would impose a tax on bank accounts as part of a 10 billion euro ($13 billion) bailout broke with previous practice that depositors' savings were sacrosanct and sent a shiver across the bloc, causing the euro to tumble and stock markets to dive.

4. On Sunday, a source close to the consultations told Reuters authorities were hoping to cut the tax to 3.0 percent from *6.7 percent for deposits under 100,000 euros. The rate for deposits above that would then be jacked up to 12.5 percent from 9.9 percent."*
Cyprus tries to rework divisive bank tax - chicagotribune.com



'Can't happen here'?
Really???


How many times must the responsible Right warn you of the dangers of this class-warfare, socialist administration???


Wake the heck up!!!


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## dblack (Mar 18, 2013)

Jarlaxle said:


> Cash in a safe is starting to look pretty good right about now.



Which currency? Those gold nuts are looking more and more sane.


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## ba1614 (Mar 18, 2013)

And I'm considered an extremist because I hope for the best and prepare for the worst.

 This is exactly why my wife and I hoard all the untraceable gold and silver coins we can get our hands on.


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## Book of Jeremiah (Mar 18, 2013)

editec said:


> Why are Britons banking in Cyprus in the first place?



One of my friends was a Major in the Cypriot Army - now retired - I can ask him as he lives in the UK.  His family owns alot of land in Cyrus and own businesses there.  I'm sure he'd know.  

I told him years ago to transfer his money to gold and silver but he didn't listen.  I still would advise anyone who has family members outside of the USA to invest in gold and silver and then store your assets outside of the country.   That way the govt cannot touch it.  If you don't have family members outside of the country you'll have to get creative because the last thing I advise anyone to invest in is ETFs.  The only thing that is going to help you in the day the dollar dies is physical gold and silver.  Not paper, not ETFs.  None of that will be worth a red penny.    I'm really surprised when I see how many people have still not transferred their assets to physical gold and moved it out of the country. What exactly are they waiting for is what I'm wondering.     - Jeremiah


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## mudwhistle (Mar 18, 2013)

Just had a federal employee PM me saying he/she was retiring to head off a grab by the White House on his/her retirement fund. I'm not close enough to retirement to do the same or I would.


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## dblack (Mar 18, 2013)

If you believe the 'crazy old Maurice' of the libertarian/republican wing - it's somewhat more complicated than all that.  

Failure and Success in Cyprus - by Ron Paul


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## NYcarbineer (Mar 18, 2013)

Meathead said:


> NYcarbineer said:
> 
> 
> > Except for where they may go after insured deposits, the fact is, bank deposits are fair game when banks are failing.
> ...



You would have to ask that of the people who have uninsured deposits in Cypriot banks.

This is a bank bailout.  The depositors are apparently screwed one way or another.


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## Book of Jeremiah (Mar 18, 2013)

Take a step back and look at the timing.  Obama is due to go to Israel on March 20th.  That is 2 days from now.  Cyrus confiscating money story was purposely timed I believe.  It is going to create a domino effect.   People are going to start moving their assets, getting their money out of bank accounts the government has access to and I don't expect it will take long to create the effect Kissinger - Soros - Obama club are looking for.  

These events are being carefully timed.  People need to be paying attention because it looks like the bottom is going to drop out of this very soon.  Obamacare includes government access to our bank accounts.  They can take money WITHOUT your permission.  Oh yeah!   Does everyone realise this?  It does.  - J.


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## Book of Jeremiah (Mar 18, 2013)

FDIC is a joke. Your money is no longer protected in American banks thanks to Obamacare.  Better look into it rather than take the word of a liberal. - J.


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## KissMy (Mar 18, 2013)

Jeremiah said:


> Take a step back and look at the timing.  Obama is due to go to Israel on March 20th.  That is 2 days from now.  Cyrus confiscating money story was purposely timed I believe.  It is going to create a domino effect.   People are going to start moving their assets, getting their money out of bank accounts the government has access to and I don't expect it will take long to create the effect Kissinger - Soros - Obama club are looking for.
> 
> These events are being carefully timed.  People need to be paying attention because it looks like the bottom is going to drop out of this very soon.  Obamacare includes government access to our bank accounts.  They can take money WITHOUT your permission.  Oh yeah!   Does everyone realise this?  It does.  - J.



Who's name is one "your money"? Not yours, it is the governments money & they will do as they wish with it. They print it, lend it, multiply it, devalue it, tax it, confiscate it, etc. Gold is the only money that is "your money".


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## Trajan (Mar 18, 2013)

Dont Taz Me Bro said:


> Who says it can't happen here considering the road we're going down?
> 
> 
> 
> ...



yes it is, and for those that  may scoff at miniscule Cyprus, heres another end run around property rights and contracts, a G-20 member. 


Argentina's Property Grab - WSJ.com

and..

Portugal, Hungary.....

Portugal seizes pension funds, is US the next? | www.commodityonline.com | 3


the  approach is different but the rapacious attitude of desperate government 'mis'-managers that have run out of_ their _money and is now into other peoples, (which of course they will run out of too as Thatcher wittingly observed), is not new at all.


If you read, and read history,  this is all so drearily  familiar


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## Trajan (Mar 18, 2013)

NYcarbineer said:


> Meathead said:
> 
> 
> > NYcarbineer said:
> ...



humm,  are we screwed one way or another if say our gov. decided to levy our bank accounts NY Carb.?


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## CrusaderFrank (Mar 18, 2013)

Biden's already talked about it

Thankfully we have a Second Amendment to guard our rights and property from a tyrannical government

Oh and Cyprus should tell the EU To fuck off and let the bankers take a fucking haircut


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## Oddball (Mar 18, 2013)

dblack said:


> Jarlaxle said:
> 
> 
> > Cash in a safe is starting to look pretty good right about now.
> ...


Actually, silver is the better buy right now.

Have fun trying to wipe your ass with FRNs when the inevitable crash comes.


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## t_polkow (Mar 18, 2013)

Dont Taz Me Bro said:


> Who says it can't happen here considering the road we're going down?
> 
> 
> 
> ...



International capital is raping the people, Capitalism at it finest.


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## Oddball (Mar 18, 2013)

t_polkow said:


> Dont Taz Me Bro said:
> 
> 
> > Who says it can't happen here considering the road we're going down?
> ...


You wouldn't know capitalism if it kicked you in the nuts.

*Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.*

~Plank 5, Communist Manifesto


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## theHawk (Mar 18, 2013)

t_polkow said:


> Dont Taz Me Bro said:
> 
> 
> > Who says it can't happen here considering the road we're going down?
> ...



Bailouts aren't apart of capitalism.  Failed companies, even banks, should be allowed to fail.


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## editec (Mar 18, 2013)

What's going on isn't capitalism, neither is it communism or socialism.

It's an ongoing crime conducted under the authority of  government.

the Political science word for this kind of government/event is *Kleptocracy*


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## boedicca (Mar 18, 2013)

The EU is devolving into Socialism.  Consider Cyprus a Pilot Test for asset seizures.

There is some possibility that this will also happen in the U.S., but I suspect the more likely case is massive inflation to reduce the value of government debt.


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## boedicca (Mar 18, 2013)

editec said:


> What's going on isn't capitalism, neither is it communism or socialism.
> 
> It's an ongoing crime conducted under the authority of  government.
> 
> the Political science word for this kind of government/event is *Kleptocracy*




Uh.  Communism and Socialism are both forms of Kleptocracy,  byb.


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## boedicca (Mar 18, 2013)

t_polkow said:


> Dont Taz Me Bro said:
> 
> 
> > Who says it can't happen here considering the road we're going down?
> ...




International Capitalism?

The EU is not a Club of Capitalists, bub.


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## Oddball (Mar 18, 2013)

editec said:


> What's going on isn't capitalism, neither is it communism or socialism.
> 
> It's an ongoing crime conducted under the authority of  government.
> 
> the Political science word for this kind of government/event is *Kleptocracy*


A commie by any other name....


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## boedicca (Mar 18, 2013)

KissMy said:


> Jeremiah said:
> 
> 
> > Take a step back and look at the timing.  Obama is due to go to Israel on March 20th.  That is 2 days from now.  Cyrus confiscating money story was purposely timed I believe.  It is going to create a domino effect.   People are going to start moving their assets, getting their money out of bank accounts the government has access to and I don't expect it will take long to create the effect Kissinger - Soros - Obama club are looking for.
> ...





Really?   Wow.  You really are a loon.


I agree with Gold as a store of value, but the money I earn belongs to me.  It is not loaned or gifted by the government.


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## Oddball (Mar 18, 2013)

boedicca said:


> KissMy said:
> 
> 
> > Jeremiah said:
> ...


Actually, he has a point.

"Federal Reserve Notes" are private commercial script, not lawful, de jure, Article 1, Section 8, "money".


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## boedicca (Mar 18, 2013)

I'm not going to support an interpretation that fiat currency belongs to the government and that the government can take it back.


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## editec (Mar 18, 2013)

Oddball said:


> editec said:
> 
> 
> > What's going on isn't capitalism, neither is it communism or socialism.
> ...



Yeah and every element is oxygen if you're a fucking ignoramous about chemistry.

Words matter, fool.


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## boedicca (Mar 18, 2013)

editec said:


> Oddball said:
> 
> 
> > editec said:
> ...





It's a shame you don't practice what you preach.


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## editec (Mar 18, 2013)

boedicca said:


> editec said:
> 
> 
> > What's going on isn't capitalism, neither is it communism or socialism.
> ...



In practice I completely agree with you.

In theory, not.

In theory, capitalism isn't theft of the weak by the strong, either.

In practice, that's what our form of capitalism has become...a Kleptocracy by monetary manipulation

Words matter, Boed.

That's why the first thing propagandists destroy are the words (concepts) one needs to describe the world around us.


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## Oddball (Mar 18, 2013)

editec said:


> Oddball said:
> 
> 
> > editec said:
> ...


You can call it di-hydrogen monoxide if you want...It's still CO2, dickweed.


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## Oddball (Mar 18, 2013)

boedicca said:


> I'm not going to support an interpretation that fiat currency belongs to the government and that the government can take it back.


You missed the point...It doesn't belong to gubmint either.

But they have installed themselves, via legal tender and tax laws, as the enforcer/protection racketeer for the Fed and, by extension, World Bank, IMF, BIS, etcetera.


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## boedicca (Mar 18, 2013)

editec said:


> boedicca said:
> 
> 
> > editec said:
> ...




The kleptocracy of monetary manipulation is a Government-Crony partnership - it is Not Capitalism.

As to the strong preying on the weak, the is exactly how Socialism and Communism function, with distorted definitions of "strong" and "weak".  Substitute "politically connected/powerful" for "strong, and everyone not so is weak in such a statist construct.


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## editec (Mar 18, 2013)

boedicca said:


> The EU is devolving into Socialism.  Consider Cyprus a Pilot Test for asset seizures.
> 
> There is some possibility that this will also happen in the U.S., but I suspect the more likely case is massive inflation to reduce the value of government debt.



Socialism does not get to just take people's savings.

Neither does capitalism, democracy, socialism, or communism.

Kleptocrats  get to take whatever the fuck they want using whatever lame-assed excuse they can come up with.  

Kleptocracy just a right  word to describe what is happening and what Cyprus clearly has become if they go through with this -- Then that government (no matter what it calls itself) is a KLEPTOCRACY...a nation run by a criminal goverment.

Words matter.


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## boedicca (Mar 18, 2013)

Oddball said:


> boedicca said:
> 
> 
> > I'm not going to support an interpretation that fiat currency belongs to the government and that the government can take it back.
> ...




I understand.  I disagree they should have that power, and refuse to concede it is lawful.


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## boedicca (Mar 18, 2013)

editec said:


> boedicca said:
> 
> 
> > The EU is devolving into Socialism.  Consider Cyprus a Pilot Test for asset seizures.
> ...




Socialism and Communism don't take people's savings?

Gee, tell that to the Russians.

History matters.  Get some.


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## Oddball (Mar 18, 2013)

boedicca said:


> editec said:
> 
> 
> > boedicca said:
> ...


Ford, Chevy, Toyota...It's still a car.


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## Dont Taz Me Bro (Mar 18, 2013)

editec said:


> Socialism does not get to just take people's savings.
> 
> Neither does capitalism, democracy, socialism, or communism.
> 
> ...



In Communism nobody has any savings to take.


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## Trajan (Mar 18, 2013)

boedicca said:


> The EU is devolving into Socialism.  Consider Cyprus a Pilot Test for asset seizures.
> 
> There is some possibility that this will also happen in the U.S., but I suspect the more likely case is massive inflation to reduce the value of government debt.



what the Europeans didn't realize ( well tome did the brits etc.)  is the EU and the Euro was never meant to do anything but pull back on their freedom, liberty and what property rights they had...the table has been set. 

the mess in Cyprus wherein the Germans and IMF unwittingly(?) are helping the Russians very possibly  secure a HUGE petroleum asset is, well, unreal....all to what? save the Euro?  

if the Cypriot banksters took all of the $ the EU demands they pony up as their part of the bargain from above the 100k Euro level, the people below would be safe as their money is ostensibly guaranteed........and the ones taking the hair cut would be any bank(s) creditors  etc....instead they are socializing the losses, which the European baking Union said would not happen until the haircuts were handed out and had exhausted those creditors.....


if this goes thru, the slippery slope just got a hole lot more slippery and the down angle has increased for everyone.


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## American_Jihad (Mar 19, 2013)

*Road to Serfdom: Eurocrats to Seize Citizen Money from Bank Accounts*

March 19, 2013 
By Arnold Ahlert 






Cypriots are getting a firsthand look at what happens when EU elitists, as Margaret Thatcher famously remarked, run out of other peoples money to spend. On Saturday, in exchange for an EU bailout of $12.96 billion for a nation on the verge of bankruptcy, it was proposed that individual bank account deposits would be subjected to outright confiscation being promoted as a wealth tax. Deposits of $130,000 or more will be hit at a rate of 9.9 percent, while depositors who fall below that threshold with be taxed at a rate of 6.75 percent.

The idea was initially proposed by Cypriot President Nicos Anastasiades last Friday. Were not aiming to gloss over the situation, he said after the EU-IMF meeting in Brussels agreed with that idea early Saturday. The solution taken may be painful, but it was the only one worth taking, he added. The move would reportedly raise as much as $7.76 billion of the nearly $13 billion needed to bail out Cypriot banks devastated by billions of dollars of losses in investments in Greek banks.

Yet this bailout, or more accurately described by CNN as a bail in of ordinary peopleto pay for the mistakes made by bankersis unprecedented. Yet the effects of this policy were eminently predictable: Cypriots spent the weekend withdrawing their funds from bank machines all over the nation.

...

Road to Serfdom: Eurocrats to Seize Citizen Money from Bank Accounts


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## ScreamingEagle (Mar 19, 2013)

Pauli007001 said:


> Savings seizures are nothing new.
> There is a plan, a liberal plan in the USA, to seize IRA accounts and 401k plans in order to shore up the collapsing Ponzi scheme we call social security.
> The beverage plan much the same back in 46, to create the state pension scheme in the UK.
> I'm betting Obama has a major boner thinking about how he can rob more Americans using this scheme!



(moved this to politics)


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