Topic: Spain confiscates 0.03% of all bank deposits. (Read 5483 times)

That's likely true, but at least you would get something back.

Another interesting point to consider is that major crises are usually accompanied by deflation (at least part of which is a result of debt destruction).  So the inflation caused by printing dollars to cover bank deposits might be at least partially offset.  And the good thing about the inflationary part is that the dollars would be going more toward the working/middle class instead of the rich, which would keep the economy going better than giving banks bazillions of dollars.

The risk premium would increase greatly in a major crisis.  Look at the US downgrade in 2011.  The risk premium would expand in a really bad situation, and the result would be that the government would have to print money to cover the insurance.  So, yes, you'd get your money back, but it would be money that is worth less than what you had in the bank.

The point is that FDIC is nothing, you have to rely on the implicit government guarantee.

The FDIC is also backed by the US government, which can borrow basically unlimited amounts at a zero risk premium. With the backing of the FDIC deposit holders in the US do not need to worry about loosing access to the money in their bank accounts up to deposit limits.

The FDIC has 50 billion of equity, probably in the form of bank deposits. It's basically just babble that you like to hear.

Our government doesn't even have any money, so no, there is no bank insurance here lol.

I doubt that would make any difference.  As you pointed out, FDIC insurance pays out when banks fail.  I doubt it covers government theft.   Besides, even if FDIC insurance would somehow cover it right now, I'm sure they'd find a loophole or change the laws so it won't.

Not that I want the government to do that, but I'd greatly prefer that to messing with bank deposits.

So you're telling me spain didn't have any of their banks insured? (Not being sarcastic, genuine question)

In the US they'd just print 0.03% more dollars. Lot less likely to cause public uproar.

I don't think this could happen in the US. The FDIC insures all bank deposits up to $250,000 per depositor per institution. The bank would have to fail first and after that it could only apply to deposits above the above limits.

Banks already pay the FDIC an insurance premium based on how much money is on deposit at their bank. 

Well, if countries continue to do this, it will force people to use alternative ways to move or save money.. bitcoin is the obvious choice.

I feel like we wouldn't let this happen as easily, there would be a public outrage. But then again, we let NSA happen. So maybe not.

If you earned 0.025% APY in interest on your bank account but they took 0.03% from your account then they really only took 0.005% from what you had in your account at the beginning of the year. The amounts would likely be unnoticed to most people if they did not see it on their statement.

Just think where income tax rates began.  E.g in the US, what was the rate and what was the income that got that rate?  What income got the highest rate? 

It was the camel's nose under the tent.  Same thing here, bringing the water to a boil while the frogs are in it.

You forgot to say that when their expenses decrease, they don't pass it on, just so that they can grab more profit, lol.

Yeah, that's aggravating.  Of course they'll pass it on.  Banks and corporations always do.  Anytime their expenses increase, they pass it on.

Haha. In a normal account, our bank interest is 0.025%, even less than the tax. The next move that I am expecting is for all interest to be cancelled, and charging us more commision.
Bitcoin solves all these problems, no more unreasonable tax. If your coins get stolen, its your own fault for not storing them properly, and you need to know who to trust and who not to trust.

Sure, I definitely understand that sentiment.  But whether they take the money from bank deposits or sales receipts or income, it's basically a tax increase.  If they're going to do it anyway, they at least shouldn't screw with the banking system.

Bitcoin solves nothing without a change in politics. Also, we have the big problem of automation, more and more and more jobs get automated, so more and more and more ridiculous ways to counterfeit this are created. Not everyone can be a technician, and there will always be people coming from even poorer countries willing to work for peanuts, so the only solution for these that aren't lucky enough to be born with the genetics that it takes to become something like an engineer or are born in a well off family, is to deal with it and work for shitty pay that will gradually get shittier. Even if you were to ask for some help no one is going to help you with shit. Bitcoin rich people are the same as fiat people after all. I've been here for a year and i've never had a full BTC yet. Most people are struggling, how can BTC help if they can't pay the bills. The problem with this is the people. We need better politics and a change of mentality, not fucking minijobs. I support Bitcoin because it's a very interesting piece of tech but Bitcoin alone does nothing if the people remain the same. I can barely pay the bills, if I tell people they'll just tell me "work harder", or "move" (implying I can even pick up the local train let alone move to other countries) and all that shit that doesn't apply in the real world when you are on a dead end situation.

Hi, I live there( i live in a dorm and i know a lot of other people interested in Bitcoin, even tho they are all new thus they barely have any, like me). I even did a presentation, talked about Bitcoin, the community etc.
This is in principle done to help certain local councils with the debts. It's all a joke, our beloved goverment has stimated in 0.03% the tax on the bank deposits. Pretends to get 375 million out of it..

They even laugh at us saying that the banks will pay it, as if they wouldn't put the weight on us in form of commisions or lower interests for our savings.

Also be sure that this 0.03% will do nothing but keep growing.