Topic: European Union is robbing its citizens' bank accounts. 9.9% to be confiscated. - page 7. (Read 33195 times)

Well; its called a  current account  here and it does bear interest, even if its almost symbolic (less than 1%).

Either way; the moment you give your money to the bank its no longer your money; it is the banks money to do with as it pleases within the rule of law. If you want assurances you will need someone to assure it. I would expect the libertarians to rely on free market insurance and private due diligence. Others may call on the government, and the government did do it for sub 100K accounts but its unreasonable and stupid to demand even more from the  government if that same government doesnt have  oversight and enough regulation in place to be able make those assurances. You cant have it both ways.

From what I heard Cyprus had extremely lax banking oversight and next to no regulation. Thats its government choice (and assuming a functional democracy, the will of the people). There are potential consequences to that. When things went well you reaped its rewards; now that it  went sour  I dont think its reasonable to  expect other taxpayers in countries with more stringent laws and oversight to bail you out, let alone claim they are robbing you.

In my case I pay annul fee to the bank for maintaining my business account. They are paid for keeping my money safe. What is the point ? Why should I bear risk of bank or government if they have problem on their side?

You don't think bank casinos are a direct result of money printing and zero or negative real interest rates? They're borrowing for nothing, is it really shocking that their risk assessment is skewed? Banksters suck, but they're very plainly in league with the ruling class.

So it's easier to steal from you, obviously.

Putter, FYI, Current Account = Transactional Account, an account which doesn't generate interest. It's purpose is solely to make transactions.
In other words, anytime putting money in a bank, you are putting it into abyss. Now please tell my why should we use banks at all ?

First of all; Ive never heard of an account not paying interest. Low as it may be these days. Secondly its not because interest is low or even non existent that it logically follows there is no risk. What makes you say that? 
 Not so long ago people bought german debt at negative interest rates because of the perceived low (but still not non existent) risk.


Who do you think raided your banks?  Honestly, Im not privy to all the details, but shouldnt your anger be directed in the first place to the bank executives who played in the casino of financial derivatives with your money and lost?

Initially, EU insisted on putting 6-10% levy on every amount regardless is it insured it or not. Having now under-100k deposits untouched is solely the merit of Cypriot parliament who rejected this proposal.

We are talking about current accounts which does not have interest, and logically, no risk, as bank cannot use this money to invest into any obligations. Taking money from current account is the same as taking it out of your pocket, and it is named THEFT.

Hahaha! Brilliant idea! Now we need to beg thieves who raided our bank accounts to lend us back some of stolen money.

Look; I would be angry if I lost my money too. Im not saying it doesnt suck. It certainly does suck.
That said  the fact of the matter is that those banks bankrupted themselves and now we have hoards of libertarians suddenly demanding government bailouts. Probably the same ones that oppose government regulation and financial oversight. That doesnt make sense.

AFAIK the government guaranteed the first 100K euro. Thats what they should stick to (and if I understood correctly; they now will); you cant fault a saver for actually believing the government. 

Anyone with more money on there  should have done their own due diligence.  You might want to make an exception for anyone transferring money briefly; like when buying a house or something; but beyond that I dont see why big deposit holders should be treated any differently from shareholders or any other creditor those bankrupt banks owe money to. No one guaranteed them their funds and I dont see why any taxpayer be it from cyprus or elsewhere should compensate their loss.


True, it will have an ugly cascading effect. Its not like I rejoice in someone else's misery; but the facts are what they are.
Maybe something else can be done for those businesses like extending them credit to help overcome this problem, or perhaps you can put them in the same category as "house buyers", but the solution cant be to prop up failed banks.

You are wrong.
Not only time deposits which generate interests are affected, but also current and savings accounts with no interest.
Just imagine that year by year you saves money to buy nice countryside home after retirement. All the money is kept on current account and you can access it anytime. But once, you just find that your account is frozen and all your savings over 100k are converted into toxic obligations to repay country's debt, which means you actually lost anything over 100k. Bye bye, happy retirement. Being successful and live without debt is punishable nowadays...

The same happened to every business who has more the 100k on their current account. All wages, prepayments from customers, etc, to be lost and business goes bankrupt. All workers are fired and customers don't get ordered items they paid for. But, hallelujah, country debt is resolved!

Ohh and now they did not kick any cans down the road. They did not give them LOAN of 10b on condition that Cypriots suicide their economy for it.

I am perfectly fine with central bankers suddenly becoming prudent and allowing weak to die out. The point is. It is not what is happening. They will still maintain zombi banks all over but Cyprus.

Anyway, whatever they do it all comes crashing down in the end, they just have accelerated this process a bit by bullying Cyprus.

Are you really arguing that it would be better to push the problem further into the future with inflation??

EU created this mess years ago, precisely due to creating too many "accounting entries in their computers" to buy debt bonds from many of its sub-governments. This crisis is the natural consequence.

Of course that it would be fairer to take all assets from banksters, but inflating the problem into the future is definitely worse than what's being done.

Isn't it exactly what they were doing all the time? Oh of course it was to save German and French banks not some tiny island nation.

Are you saying you want the european central bank to create the money for every bad debt out there, moral hazard and inflation be damned? You were then also  in favor of the bank bailouts in the  US? You oppose the idea that bad businesses should go out of business and instead should be rescued by government bailouts?
Really?

Letting those banks go bankrupt while protecting the small savers is the only sensible thing the EU or Cyprus could do.  If you want to blame them for anything; then blame them for having it let come this far but realize then that you are advocating more government oversight over banks. If you oppose that then you also have to accept the depositors liability for not doing their own due diligence. You cant have it both ways.

Germany, the old culprit 

True.

Apparently German votes demand that. So it could not have been helped.

Indeed. You know, no matter how big a war is, it has its first casualty. Yesterday it was safe to do stupid things, today it is safe no more. Bad for cypriots.

I think the anger is pretty much about discrimination Cyprus has experiences and about their most important industry of Cyprus intentionally destroyed by eubullies while preserving their German and French own banks that  are equally insolvent.

But it is ok, it is only Russian mobsters who got haircut or more likely a headchop. So no biggie.

EU has intentionally destroyed the economy of Cyprus by refusing to create an extra 6 billion accounting entry in their computers. This is all.

Id just like to point out; one can claim the government is stealing from savers, but if the government and EU did nothing, those banks would go bankrupt and big and small savers alike would lose most, if not all of their money. After all; that money isnt theirs anymore, they lent it to the bank at interest. Is that really a better solution?

Now for sums below 100K those funds were supposedly guaranteed by the government and I can understand the anger; but for anything above that, if you have all your money invested in an insolvent bank, you are going to take a haircut one way or another and blaming the government doesnt make much sense.

Correction:  could do this when they had the monopoly. 

No longer, now there's options.  They've inadvertently lit the fuse.  This ones gonna blow up in their face.

The interesting thing is they are bothering to tell you about it this time.  Of course the money controllers can do this anytime they want by loaning themselves new money.  This time they are telling you.  Any insiders care to tell us why?