Cyprus Agrees 30% Tax On Bank Deposits - page 2.

zeroday

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This strategy is old as world - Steal everything, then lend them back a little part of stolen.
Financial slavery is just being established.

rpietila

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Quote from: Lethos on March 23, 2013, 03:59:53 PM

Ouch, a lot of people's retirement fund / business money is about to take a large drop.

Feel really bad for the general public in Cyprus, they are being punish, for the fault of others for the most part.
This Legalised theft will make a dark shadow over the Euro and Banking industry for a long time.
It might never recover or regain the public's trust. Really stupid move.

This is the right thing to do. The banks only hold about 8% of what the people have put in. The rest they invest. When the investments go sour, the depositors take a hit. The banking megasystem is responsible for the global malinvestment of the last 100 years, and the chickens are coming home to roost. The artificial depressing of interest rates is the main tool, whose use has gone terribly wrong.

If all the banks in the world will fold as a result, we are going to see quite unimaginable suffering, before the distribution channels of real goods adapt to the new monetary conditions. Something that for most of us, has never happened in our life, since most of us weren't around during WWII.

Lethos

sr. member

Activity: 476

Merit: 250

Keep it Simple. Every Bit Matters.

Ouch, a lot of people's retirement fund / business money is about to take a large drop.

Feel really bad for the general public in Cyprus, they are being punish, for the fault of others for the most part.
This Legalised theft will make a dark shadow over the Euro and Banking industry for a long time.
It might never recover or regain the public's trust. Really stupid move.

zeroday

donator

Activity: 784

Merit: 1000