I would guess the fact that they went after deposits is an indication that things behind the curtains are getting much more desperate by now. Diminishing returns of QE's are getting more and more diminishing sic and banksters are transitioning onto the next stage of their plan which involves more direct ways of "dealing" with population.
Topic: European Union is robbing its citizens' bank accounts. 9.9% to be confiscated. - page 12. (Read 33190 times)
March 19, 2013, 07:14:35 AM
March 19, 2013, 07:07:59 AM
In the US, they would just print 11.1% more money. Same effect, but people don't realize.
Not exactly, printed money is added debt, so eventually it will backfire and hit government with even more interest burden later
That said, there's a very seductive argument that these kinds of things *should* backfire.
March 19, 2013, 04:03:22 AM
I do not think that there was another real option for cyprus. The whole bank system in cyprus would crash and then all the money would be lost. Now are "only" 9.9% affected.
This is not true. That are much better ways to liquidate a bank than to cut money from deposits. Listen to Jesus: http://foundationsofecon.blogspot.fr/2012/07/fraud-cause-of-great-recession.html
Basically, you remove all ownership from current owners. Then you start taking cuts from the most risky investments clients of that bank had on it. Bank deposits are supposed to be the last ones, since they're hardly considered an "investment". Once you take the necessary amount of resources to save the bank, you redistribute the new ownership among all those who payed for its bailout, proportionally. See the documentary I linked above, Jesus explains it in more detail.
This is a much more honest/fair way to let a bank break. The most important is that the current stock holders lose everything, and those who pay for the bailout earn something in exchange (the bank itself). But, of course, politicians aren't going to let that happen, since their wealthy friends wouldn't be very happy with them if they did.
Cyprus cannot just print more money so what else should they do?
Let the damn banks break.
March 19, 2013, 03:52:42 AM
This is, probably, the first precedence of legal stealing from whole population's bank accounts,
I'm pretty sure Argentina confiscated savings a few years ago.
And the Brazilian government did it years before (~1991).
This is definitely not a first. As hyperinflation, confiscations like this have happened multiple times in different places. Humanity has a hard time learning from its past mistakes.
March 19, 2013, 03:47:36 AM
These southern-tier countries were serial defaulters. By constantly devaluing their currency and multiple sovereign defaults, interest rates in these countries were very high. The Euro provided them with a stable currency and lower interest rates. While this allowed the formerly-poor to achieve a much higher lifestyle, the fact is for the better part of the last 20 years these countries have lived well above their means. Looks like it might be time to pay the piper and it will not be pretty.
Even just for oil consumption the same applies to all the western world, we've all been living way beyond our means.
I agree. Some will just be able to kick the can down the road a little longer than others. Cyprus accounts for less than half of one percent of the 17-nation euro economy so they don't hold much clout. The precedent it sets is large but they themselves are miniscule in terms of the global economy.
March 18, 2013, 09:27:33 PM
I do not think that there was another real option for cyprus. The whole bank system in cyprus would crash and then all the money would be lost. Now are "only" 9.9% affected.
Cyprus cannot just print more money so what else should they do?
Cyprus cannot just print more money so what else should they do?
You ever heard of Iceland? It's this little country.. on this planet ..
I actually asked someone this the other day, and they thought I meant the supermarket (there's an 'Iceland supermarket chain in the UK) ... stupid people make my brain hurt
March 18, 2013, 08:13:31 PM
keep your coins in your wallets, only put small amounts in the exchanges.
Especially now:https://bitcointalksearch.org/topic/fincen-addresses-bitcoin-154672
No I do not think this is relevant. Nothing new in that ruling.
However, the advise is sound, especially now. Make sure that you keep as much of your Bitcoins in a walllet controlled by you only. Consider converting fiat you may have with various exchanges into Bitcoin and withdrawing it into secure wallets where no element of trust to any 3rd party is involved. You never know if some exchange or merchant will pull OKpay on you.
You never know which exchange or merchant is exposed to the Cyprus contagion or possible EU wide bank run fallout. Retreat to safety of properly secured Bitcoin wallet until the shit storm is over.
March 18, 2013, 08:13:14 PM
In the US, they would just print 11.1% more money. Same effect, but people don't realize.
Not exactly, printed money is added debt, so eventually it will backfire and hit government with even more interest burden later
March 18, 2013, 08:08:05 PM
keep your coins in your wallets, only put small amounts in the exchanges.
Especially now:https://bitcointalksearch.org/topic/fincen-addresses-bitcoin-154672
March 18, 2013, 08:07:36 PM
March 18, 2013, 08:06:43 PM
keep your coins in your wallets, only put small amounts in the exchanges.
March 18, 2013, 08:00:00 PM
contagion is spreading already in unexpected ways
https://bitcointalksearch.org/topic/okpay-debit-cards-10-tax-cyprus-debited-154518
OKpay thinks that they are as insane/powerful as the politburo.
https://bitcointalksearch.org/topic/okpay-debit-cards-10-tax-cyprus-debited-154518
OKpay thinks that they are as insane/powerful as the politburo.
March 18, 2013, 07:56:04 PM
AH then the country won't be physically trashed. Everyone worth anything will probably leave however. Good luck with a big poor underclass Cyprus.
March 18, 2013, 07:52:04 PM
I just heard about that EU officials suggested to raise that tax to 15.6% for deposits above 100,000 EURO, while accunts below that number will not be taxed
March 18, 2013, 07:34:23 PM
This is, probably, the first precedence of legal stealing from whole population's bank accounts,
I'm pretty sure Argentina confiscated savings a few years ago.
March 18, 2013, 07:07:12 PM
The crash of banking system is just beginning....
Bah. A week from now no one will be talking about it.
Ask yourself: If you were a resident of France, Spain, the UK, Greece or any other bankrupt country in Europe, why would you not run down to the bank and pull out everything tomorrow? Aside from altruism, what possible reason would you justify not doing so?
If I lived in any broke country I'd RUN - not walk - to withdraw everything (including my pension if at all possible) ASAP!
hmm... let me take this one....
Because you already have nothing there to be concerned about.
March 18, 2013, 06:40:34 PM
The crash of banking system is just beginning....
Bah. A week from now no one will be talking about it.
Ask yourself: If you were a resident of France, Spain, the UK, Greece or any other bankrupt country in Europe, why would you not run down to the bank and pull out everything tomorrow? Aside from altruism, what possible reason would you justify not doing so?
If I lived in any broke country I'd RUN - not walk - to withdraw everything (including my pension if at all possible) ASAP!
March 18, 2013, 05:50:25 PM
You people do realise that the x% they're deducting will be paid back in shares in the bank that your deposit is in?
It's not stealing, it's basically saying "The banks don't have enough to pay the money you lent us, so here's a share in our business instead". The other option is just to let the banks fail and people will likely lose more of their money.
I think it's a good thing to highlight that choosing a bank to put your money into should be a serious consideration... suck for those who lose out when the value of those shares inevitably drop in price, but there ya go.
It's not stealing, it's basically saying "The banks don't have enough to pay the money you lent us, so here's a share in our business instead". The other option is just to let the banks fail and people will likely lose more of their money.
I think it's a good thing to highlight that choosing a bank to put your money into should be a serious consideration... suck for those who lose out when the value of those shares inevitably drop in price, but there ya go.
March 18, 2013, 03:55:39 PM
These robbery will definitely skyrocket the bitcoin price and value.
March 18, 2013, 03:52:29 PM
It's not a bank's job to give its customers an education. If they don't understand how banks work, odds are they don't really want to know and I don't see it being reasonable for a bank to try to educate them.
I want to remind you that the problems we see in europe are because the global banking system is successfull in misrepresenting risk. So fuck the fucking banks. They are scum, even amongst themselfs.
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