middle class in cyprus taking it in the shorts..

[gardenweasel]

http://www.reuters.com/article/2013/03/16/us-eurozone-cyprus-idUSBRE92E02220130316

i have a feeling that the "rich" in cyprus(the uber-rich and well connected,not those that spent a lifetime saving a 100 grand or so) who have their wealth tied up overseas,in expensive art or real estate won`t be bearing the brunt of this theft....


it`ll be the hard working middle class who have their life savings in local banks or have cd`s(earning next to no interest) etc....

just confiscating money and closing banks so people can`t get their own hard earned money.......

very scary stuff....

 

[The Mover]

As it said in the article " THEFT PURE & SIMPLE " Ditto Very Scary Stuff.

 

[gardenweasel]

mover,the scariest part about the turn of events in cyprus is that when bureucrats and bank honchos arbitrarily decide to confiscate part of people`s life savings(for whatever reason,good,bad or indifferent),it basically destroys the banking system....the whole thing is built on trust...people believe that putting money in banks or secure investments(ira`s and 401 k`s) is a way of making sure their money will be there(regardless of what it`s eventually worth)....you take that trust away(particularly in a climate in which investments like cd`s are basically worthless) and why would people put their money there?......might be better off sticking it in your mattress...

it`s crazy....and scary...not a good time to live in europe....

 

[Jinxbreaker]

If it works there then Spain is next and so on and so on....The whole WORLD should be paying attention to this!!!

 

[Jaxx]

If it works there then Spain is next and so on and so on....The whole WORLD should be paying attention to this!!!

Yes this is big. But its not only the working stiffs in cyprus that are getting robbed err I mean taxed.

http://www.businessinsider.com/gartman-cyprus-stealing-russian-money-2013-3

 

[ukgaz]

Certainly not a good place for those people.

If Cyprus owned there own currency they could have just printed more money.......Like we do here in the US. Then they could have kept rates lows as inflation rises and then introduced "hidden" taxes to bring in money.... like we do here :shrug:

 

[gardenweasel]

Certainly not a good place for those people.

If Cyprus owned there own currency they could have just printed more money.......Like we do here in the US. Then they could have kept rates lows as inflation rises and then introduced "hidden" taxes to bring in money.... like we do here :shrug:

the old quantitative easing...lol...well,at least that`s slick(kicking the can down the road)....but robbing people`s savings accounts in broad daylight is about as stupid and ham-handed as it gets....mind-bogglingly stupid...

i wonder what they expected to happen?...the sheeple will grumble a bit and then roll over(who knows,maybe in cyprus they could get away with it)?...if they somehow carry through with this,the cypriot banks(probably along with others in europe) will be in a world of hurt....the precedent will be set and who in their right mind could ever trust another bank again?....

thankfully,you know...and i know...that they couldn`t do that here....or at least it `ll take a lot longer...a blatant move like that would ignite a second revolution...although i have read about the govt. considering the take over of ira`s(deciding how to distribute your money to you).....if that happens,just don`t die before you retire and spend it all....it`s possible your heirs wouldn`t get the balance......

but as i said,europe,in particular,is in a bit of a situation...hopefully cyprus nixes this idea as quickly as possible ....maybe they can avert a real run on banks...which could snowball into a european issue ...

i know you have family in the u.k....hope it doesn`t take a turn for the worse,my friend.......

btw..i read an article that stated this could never happen here because of deposit insurance.....then,i read another that indicated that deposit insurance wouldn`t technically cover this confiscation/tax/fee because it wouldn`t involve the failure of the bank...it would be slickly parsed so that the gov`t could get around insurance protection....so who knows....

:lol:

 

[ukgaz]

Thankfully the UK never joined the Euro. It's a scarey world we live in now. Even if Cyprus back out of this move they have already sent the message to the people - don't trust us.