Topic: European Union is robbing its citizens' bank accounts. 9.9% to be confiscated. - page 4. (Read 33189 times)

No. It has to hurt the people who are *responsible* for the mess and those who chose to take risks. However, that's not on the table. Instead, the same innocent people are being made to pay for the mess over and over and then over again.

In all probability, sure as hell they can and will. But wait, doesn't that spell hunger..

I am more than prepared to wind down my business altogether, if it doesn't make sense any more. I am already selling my silver stock at a discount (see signature) and keeping the proceeds in bitcoin. If the politicians want that all economic activity grind to standstill, I am the early indicator. In fact I sold out of gold already, and cashed out of euros in the bank. If they force me to abandon cash, the only business that I have left is to trade between silver and bitcoin. And since even that needs to be done clandestinely I am afraid, there will be no business, and I can start collecting dole and move to Thailand.

My company's closing of gold operations was the 3rd most read article in Helsingin Sanomat the biggest Finnish newspaper, last Wednesday.

Never trust Brits either. In fact record all your conversations just in case. No seriously. 

A) I'm sooooo glad we don't have that sh!tty € here. (On the other hand we have other problems )

B) As one old gentleman told me during my internship in the UK > "Never trust Germans and French." And thats exactly what everybody should do

That's a good reason to hold all your savings in BTC and only maintain a bare minimum in local current, just enough to meet your living expenses.

Without doubt, this is what should all Europeans do today.
But tomorrow rules may change and all paper EUR become useless. They can just prohibit paper money forcing everyone to use bank accounts only.

Yes it is quite mad. But not as mad as legitimizing with a vote a system in which the majority is allowed to force and steal from anyone at gunpoint who is minding his own business.

I believe some actually voted like 3-4 times. EU is new democratic paradigm, we keep voting until the answer is yes.

But it is hurting the people who profited from this mess the most: the sheeple that continue to allow the current banking and monetary system to exist and who support politicians that use it to steal from each other through taxation, debt and inflation.

If you voted, you have agreed to play a game in which the elected politicians get to make the decisions for you. In reality you are an accomplice to this mess and only have yourself to blame if you get hurt. Let the people that created the mess also solve it by themselves. Unfortunately people who were NOT supporting this game and did NOT vote for it also got hurt. They deserve sympathy.

Thank god there is now an alternative emerging to at least have a choice to opt out of part of this diseased system.

hey Akka, let's go to Cyprus and start an exculpation rally. We zeh Germans apologize on behalf of Merkel and the German people, and introduce them to Bitcoin.

The above might be an argument to bail out states. And actually; I dont mind too much if some of my tax money went to greece or spain or cyprus in the form of debt relief (which makes a lot more sense to me than lending them even more money they cant pay back). Its also in my interest those states get back on their feet financially and economically.

But the above can not possibly be an argument to bail out failed banks that took ridiculous risks and lost it all. The moral hazard is exactly the same as in the US bailout; which I think was a colossal mistake. Those banks and its shareholders should have been wiped out so that banks (and their shareholders) that didnt mismanage their customers fund would actually have had benefit from their better strategy. Im glad the EU is doing this part right at least.  

The banks should definitely fail. What I'm repeatedly describing here is how a bank failure should proceed.


Where do you think such money would come from? The tooth fairy?
These state-backed insurances rely on the barrel of a gun (as everything else backed by states). Why should Cypriot (or worse, EU) tax-victims be forced to finance the risk-taking of those who invested in these banks going down? Only those who took the risk should lose. People who had no relation with the failing banks should not be stolen.

Again, read this (as apparently you did not): http://detlevschlichter.com/2013/03/cyprus-and-the-reality-of-banking-deposit-haircuts-are-both-inevitable-and-the-right-thing-to-do/


WTF!? I don't want to bail out any bank. And how the hell did you conclude I'm nationalist??
Seriously, would you mind at least reading what I write before blasting such ridiculous accusations?


The fact that so many outrageous injustices are practiced in US is not an excuse to practice them anywhere else.


WTFx2? Do you even... I mean...

And you dare link me to word definitions... 


The recession is inevitable. It's the inexorable consequence of an artificial creation of credit through inflation. The best (less worse) way of dealing with it is letting bad investments die, let companies fail, the quickest possible. The worst way of dealing with it is by pushing the problem further with the creation of more money/credit, or by increasing government spending


That'd be great.

The agreement hardly was you can make investments as risky as you want and we gonna bail you out.

Again, I know that all Europeans are in this mess together and that there is no other Option than to bailout this Banks.

I have no problem with the actuall bailout ( no more than any other one here that is).

The only problem that I have is that my Tax-money is used to bail out this States and know when I look for news about this States I see this:







And that just pisses me off.

Where are the Burning bankster puppets?

Where is the Caricature of the Cyprian Financial Director (or who ever is in charge there)?

Some kind, yes; deposits are guaranteed up to 100K euro; and thats what is being honored. Above that you are on your own.
Thats not unique to cyprus; that applies pretty much across europe. In the US I believe its up to $250K.

As for the rest of your post;  shareholders were indeed wiped out completely (as they should be) but obviously thats not enough otherwise those banks wouldnt be bankrupt in the first place. The rest of the gap will be filled by bond holders and deposit holders with >100K. Also that seems completely logical to me, if any company goes bankrupt its creditors shouldnt expect to be paid in full, otherwise there would be no bankruptcy. Both bond and deposit holders really are nothing else than creditors to the bank.  I dont see why taxpayers should cough up that money for a bank and not any other bankruptcy.

Why not just hang central banksters on the nearest lampost and start issuing money yourself then? No need to pay any interest and can easily abolish income tax while you at it.

 

This is called moral hazard, and the fact that this shit is going to blow up on all of the Finns' and Germans' face, is the very reason why I took my last EUR 30,000 out of the bank today (see pic). Now they can try to "tax" me bruahaha.

Quoted me before I was finished:

And gain:

Nobody here in Germany says Cyprus should not be bailed out, everyone here knows that this is necessary and important.

But Germany can't just bailout everyone. You are aware that Germany doesn't have this money. We have to lend it ourself and pay interests on it.

It has to hurt the people who profited from this mess, too.

Come on, I never called you a Nazi.  That's ridiculous.

As far as why you should pay, I'll reiterate:

You formed a union with your neighbors to work within a single financial system and a single currency.  You are all mismanaging it together so you should all pay together.  Not only because you all caused the problem together (so you deserve to share the loss), but because if any of you go down you all go down.  You don't have to like each other, you just have to keep each other afloat when things get bad.  If you didn't want to pay for things like this then you should not have set up such an insane arrangement in the first place.

No the argument is that Germans should not have to pay the profits people made by putting their money into (indirectly) into high risk investments.

You understand the words high and risk, do you?

Cyprus Banks paid outrages interest rates compared to other European banks. Due to their high risk investments and all depositors provided from this.

Why should German Taxpayers pay this?

Wow and the nazi club, did you came up with this all by yourself? Cause this is brilliant, seems to always work against Germans.


And gain:

Nobody here in Germany says Cyprus should not be bailed out, everyone here knows that this is necessary and important.

But Germany can't just bailout everyone. You are aware that Germany doesn't have this money. We have to lend it ourself and pay interests on it.

It has to hurt the people who provided from this mess, too.

Are you planning to put some new wallpaper in your trading room? Purple/violet + orange go nice together.