WTF.
That is a pretty messed up way to run things. Me thinks folks are gonna offshore their money real soon.

 

coming soon to the USA or what used to be called the home of the free and the brave

 

That's exactly what I was thinking. Why do you think they want our guns so badly? It isn't about some school children getting killed. Kids are getting murdered by the 1,000's here in the US in the ghettos of Detroit, Chicago, Oakland. You don't see them trying to stop that.

This is about robbery and control.

 

does this cause a bank run in Spain, Italy and France?

 

and adding all that to this:

http://www.ibtimes.com/us-intelligence-agencies-be-granted-unlimited-access-americans-financial-records-report-1125571

you have to wonder how long until the US does the same thing.

 

To be honest, this has been on the cards for some time now. Maybe those who are now being fleeced will wake up and maybe people throughout Europe will take this to heart and reduce their accounts to a minimum.
@Mogli
My guess would be that we are either in/or coming up to the end game.
The system is dying and they know it.

 

Not to buy into conspiracy theories...but could this be TPTB "testing the fence" of how far they can go?

Small test..small country, lots of expats,

 

It's probably a test to see if it will work. If it's a disaster or failure, the EU probably won't try this again. In fact, by even trying it now they've given warning to all those with large accounts throughout Europe to pull their money NOW. So this will probably be very counter-productive, long term...

A few details on the Cyprus situation from what I've gleaned. The 'tax' hasn't taken effect YET. Cyprus is in the middle of a three day holiday, nothing can be done until Tuesday when the banks reopen. Depositors are trying to pull all their money out but bank authorities have put a 400 Euro limit on withdraws; I can't tell if that's per transaction, day, or 400 Euros, period. It doesn't matter as only ATM are available to most people right now and those have already run out of money. Some people are reportedly doing electronic transfers, but it's not easy. There's a tremendous backlash building across the island. The Greek Parliament was to vote today, Sunday, on whether to implement the tax, but it was put it off until Monday, possibly because it wouldn't have passed and the Greek President needed more time to build up support. We'll see what happens.

 

In the US we call this quantitative easing.

It produces inflation and results in the same thing.

Since the Euro is not the worlds reserve currency, they have to resort to outright theft.

Makes me wonder how much currency devaluation the Fed has planned.

 

In the US we call this quantitative easing.

It produces inflation and results in the same thing.

It's even worse in the US because even if you take your money out, you're not safe. The money will just keep losing value.

 

any word on how the rest of the eu is taking this news?

 

Cyprus Banks take 10% from Deposits

People in Cyprus have reacted with shock to news of a one-off levy of up to 10% on savings as part of a 10bn-euro (£8.7bn; $13bn) bailout agreed in Brussels.

http://www.bbc.co.uk/news/world-europe-21814325

It appears that the Government of Cyprus has allowed the banks to take 6.75% from everyone with less than 100,000 euro in their accounts and 10% if over 100K.
No warning just going, going gone.

It appears the banks also closed till Tuesday to keep people from getting what was left out of their accounts except what they could get through ATM's

Our 401K and savings accounts probably look pretty tasty to the Government right now or will as soon as they can't sell any more bonds.

 

Our 401K and savings accounts probably look pretty tasty to the Government right now or will as soon as they can't sell any more bonds.

That'll never happen here in my opinion based on absolutely nothing. It's not like they've ever passed a bill without ever reading it or to indefinitely detain American citizens without a trial. My fingers are in my ears lalalalalala.

 

Yet another reason not to keep the bulk of my FRN in a conventional bank.

 

I keep the bulk of my money not 20' from where I am sitting. Screw these banks and their cards and schemes.

 

Won't help. Just as the FRN's aren't backed by gold and silver, the vast majority of dollars aren't backed by FRN's.

Every time you sign a mortgage note, or any promisory note, you create money out of thin air and "expand the money supply." The note is then taken on "special deposit" and leveraged in return for FRN's. Basically, your signature is turned into millions of fresh dollars, with NO FRN'S representing them.

What happens to all of these dollars that don't have notes? They get divided into the value of the ones that do.

The "official" inflation rate doesn't include these shenanigans. So, while you sleep, your dollar bills are safe, but their value trickles away every second, and you are left holding the bag for the debt obligation, but can't hold the value for even a short time. Then you are blessed with the obligation to pay taxes on the dollars gained, while you have actually lost value.

In short, holding USD is a financial suicide pact.

 

To Comment on what KCFirepower said.
If you read the story they think that almost half the money in the banks was actually from Russian nationals that had done just that. They had put their money in Cyprus to keep it from happing in Russia. Instead it happened where they moved their money to instead.

So if you decided to put your money off shore where would you put it? Is anyplace safe at the moment?

They could just a easily do it to our IRA and 401K
They could just decide that 20% of your 401K now has to be in 50 year Zero Coupon Bonds. Poof 20% of your retirement is gone with a few keystrokes of a computer.

 

That's exactly what I think we'll start seeing. Hope I'm wrong.

 

I'm still in a daze that this happened. I will be shocked if there aren't bank runs on Monday. I wonder what the EU's plan is to prevent complete loss of confidence and collapse.

 

The EU is a communist entity, private property can be seized by the state at will.
Most people don't even realize that the EU is under Marxist control. This takeover has happened in plain sight, only now is it starting to fully manifest itself.

I'm not dazed by the Marxist theft of private property, I saw this coming a very long time ago.

 

Are we really surprised about this confiscation tax? The whole world is printing and abusing their currencies. This is a perfect example of why it is best not to keep a substantial amount of cash in the bank, or safe deposit boxes. In a safe deposit box you will not be able to access it and in the bank the same after they have pilfered the amount they wish to take.

If you have it in hand they can't do this to you.

 

. . . This is a perfect example of why it is best not to keep a substantial amount of cash in the bank, or safe deposit boxes. In a safe deposit box you will not be able to access it and in the bank the same after they have pilfered the amount they wish to take.

If you have it in hand they can't do this to you.

Yep

I posted the following in another thread on Europe.::

As to how that theft could work in the US, any IRA or 401K account could be frozen and assessed to reduce the government debt.

For anyone dragging their feet in converting digital money into PMs, take what you're seeing and think about this. In 1950 a loaf of bread was $.14 and today it is around $2.00 . . . http://wiki.answers.com/Q/How_much_would_one_dollar_in_1950_be_worth_today . . . That would be a silver dime and 4 cents in 1950. You can still a buy loaf of bread today with that same silver dime and 4 cents. Today that silver dime is at $2.07 . . . http://www.coinflation.com/silver_coin_values.html

 

Aaaand this seems like a good time to double my emergency cash fund at home.

 

Ditto!!! I will continue on the "program" I am already on...

 

Where's Trent, we need him to explain how this is not concerning and actually indicative of financial health.

 

Made me trade some electronic digits for some shiny stuff...

 

How will this affect American Idol?

 

Haha. Great post man. American drones are doomed.

 

I'm sorry to have interrupted your viewing of American idol with a splash of reality.
Please feel free to watch two episodes of Dancing with the stars and I'm sure you will feel much better.

 

I've become less shocked about what happens these days, but I will be shocked, surprised and confused if there is not a bank run throughout the EU, particularly Spain and Italy.

I don't understand how the EU thinks they can contain this.

 

Per the BBC news, "The Cypriot president was elected last month on a promise to tackle the nation's debt crisis."

Me thinks they should have looked a little deeper into his promises. That does let me know though that the U.S. is not the only country plagued by people who vote without thinking.

 

IF.... the votes are real. At this point I think TPTB put into power whomever they want.

 

I think you are unfortunately on the right track. Even as a person who is of the older persuasion and has watched a lot of shenanigans in our politics since I started voting, I still find it hard to wrap my brain around the complete corruption of our voting system and the collapse of our system of checks and balances. My intellect follows it and understands it, but my patriotic, emotional side stands in stunned grief.

In watching the dissolving of our political honor and national responsibility I've come to understand the "normalcy bias" people talk about. It is difficult to watch the mess our system has become. I keep waiting for the ending credits to roll and realize it was just a bad movie.

- - - - - -

Looking at the situation in Cyprus, I can see what is happening in this country on a much more subdued basis. The portion of the Cypriot people who do most of the living and dying and paying in the country will lose the most because they can't threaten the gas supply next winter or make back room deals. They can only watch the little security they have built up disappear.

 

I whole heartedly agree that things like this seem to have lost their shock value.
It is scary that they have and worrisome that things have come to this.

I would love to hear from someone that lived there to see if there was any inclination that this was coming or was it something like what happened here with the banking crisis.
Remember they were telling us right up to the night before the bankruptcy that Leman Brothers was going to be fine. The whole time they were telling us that they were writing up the paperwork to file bankruptcy in the next office.

I personally an going to watch this with keen interest to get an idea of what to expect here when things suddenly turn south. This will be a chance to see just how people will react. There have been tons of discussions of what we think will happen. Now we will be able to see for ourselves who was right.

IMO this is going to show us how a lot of the people here would act. Not all but I feel the average person in Europe is living in a socialist based society much like what the people here on Government assistance are used to. Just due to human nature their reactions should be similar to what people on the dole here would do.

We will see just how people do react to having 10% of their cash stolen by the government.
If they react swiftly and decisively this could end up being a one off event.
If they roll over and just cry but don't actually do anything about it this will spread like wildfire.

You can't possibly think that if they just roll over and don't do something major that other governments are not going to jump on the chance to take even more from their own people?
I think if all they do is protest and cry that you will see someone else try 25% within a few months and then 50% until they find out the limits that cause people to get dramatic in their response.

 

whats the big deal. it's a wealth tax. if you live in the usa and own property you pay the exact same kind of tax each year when you write the check for your property taxes.

 

weak troll

 

Slats, you present an interest scenario regarding how to view and see the response to this travesty of theft. It will be interesting to see just how the population reacts to the theft of their cash and the banking lock down. It will be important to see how the authorities justify the theft and how they handle the folks response to the issue.

Cypress is a small portion of the EU and I am not sure there will be other countries who will follow shortly but they could after seeing the precedent set. This could be the 'shot heard around the world' (as in the start of WWI) and be the start of the failure of the European Union, or, they may just paper it over for now.

Most definitely worth keeping a close eye on.

 

Yes, definitely worth watching. (My tin foil hat is shaped like a cowboy hat) Years from now, we could look back on this as "the first domino to fall".