OpieRadio Logo
Compound Media Logo
Jim Norton Logo

European officials to freeze/confiscate bank deposits as part of Cyprus bailout

Discussion in 'Current Events' started by SaltyDelights, Mar 16, 2013.

  1. SaltyDelights

    Joined:
    May 24, 2004
    Messages:
    3,231
    Likes Received:
    503
    This has never happened AFAIK and it might be a preview of what is to come should our debt escalate to an intractable level... Some people on Twitter are saying bank accounts are totally frozen.
     
  2. THRILLHO

    THRILLHO Registered User

    Joined:
    Apr 5, 2009
    Messages:
    871
    Likes Received:
    1,077
    If you were going to kick a country in the balls, Cyprus would be it. You know they have no spine cause they've been occupied for decades​

     
  3. SKEPTIC

    SKEPTIC Those who believe in telekinetics, raise my hand.

    Joined:
    May 12, 2007
    Messages:
    3,159
    Likes Received:
    1,859
    First you take the guns, then you take the gold.

    /Confiscators gonna confiscate
     
  4. Motor Head

    Motor Head HIGHWAY TRASH REMOVAL

    Joined:
    Jan 23, 2006
    Messages:
    10,385
    Likes Received:
    435
    Coming to a bank near you if Obama has his way.
     
  5. KRSOne

    KRSOne Registered User

    Joined:
    Dec 8, 2011
    Messages:
    12,688
    Likes Received:
    2,854
    I think its gone too far for anyone to stop it from happening. It will happen in the US at some point.

    "The problem with socialism is that eventually you run out of other people's money [to spend]."
     
  6. Party Rooster

    Party Rooster Unleash The Beast

    Joined:
    Apr 27, 2005
    Messages:
    40,304
    Likes Received:
    7,462
    Thanks Obama.
     
  7. SKEPTIC

    SKEPTIC Those who believe in telekinetics, raise my hand.

    Joined:
    May 12, 2007
    Messages:
    3,159
    Likes Received:
    1,859
    The parliament of Cyprus rejected this today. Not a vote in favor. Not one. 36 No votes. And 19 abstentions which came from the MPs of the president's party.

    http://www.bloomberg.com/news/2013-...it-levy-in-blow-to-european-bailout-plan.html

    /clapping hands

    Apparently, despite having restrictive gun laws, the Cypriots are more well armed then I thought. And there's a lot of Russian mob money there. You don't want to steal money from them. Seriously.

    Good for them in telling the Three Stooges (EU, ECB, IMF) where to go.
     
    #7 SKEPTIC, Mar 19, 2013
    Last edited: Mar 19, 2013
  8. KRSOne

    KRSOne Registered User

    Joined:
    Dec 8, 2011
    Messages:
    12,688
    Likes Received:
    2,854
    The bankers aren't going to be happy about that. I wonder what their next move will be? They can't use military action on white people, can they?
     
  9. Ballbuster1

    Ballbuster1 In The Danger Zone...
    Wackbag Staff

    Joined:
    Aug 26, 2002
    Messages:
    101,985
    Likes Received:
    16,346
    Another reason to fight more gun control in this country.

    Desperate gubbernments will try stupid things.
     
    SKEPTIC likes this.
  10. Begbie

    Begbie Wackbag Generalissimo

    Joined:
    Jul 21, 2003
    Messages:
    17,666
    Likes Received:
    4,992
    Thanks sequester.
     
  11. SaltyDelights

    Joined:
    May 24, 2004
    Messages:
    3,231
    Likes Received:
    503
  12. Buster H

    Buster H Alt-F4
    Wackbag Staff

    Joined:
    Dec 6, 2004
    Messages:
    12,243
    Likes Received:
    2,726
    This shit does scare the hell out of me. I have well over a quarter million in my 401k and am on track to have over a million in assets by the time I retire.

    With my luck, the dollar will have the same worth as SatansCheerledr likes and ill be able to buy a loaf of bread with it if the govt doesn't seize it all.
     
  13. TreeFortRichard

    Joined:
    Jun 30, 2005
    Messages:
    10,739
    Likes Received:
    1,978
    NO shit...it amazing that we have to plan for a zero assistance retirement and still fear the fiscal reaper...I have 401k and a brokerage account and hope that in the next 25 years I can get it to the level that I can die with just enough money to bury myself without having to put my kid in debt....

    Fucking taxes...
     
  14. SatansCheerledr

    SatansCheerledr Ideologically Unsound

    Joined:
    Apr 6, 2005
    Messages:
    14,867
    Likes Received:
    7,429
    I would happily exchange my likes for a packet of roast ox tail flavoured crisps.
     
  15. BIV

    BIV I'm Biv Dick Black, the Over Poster.

    Joined:
    Apr 22, 2002
    Messages:
    77,746
    Likes Received:
    27,112
    Now I'm starvin'...
     
  16. Buster H

    Buster H Alt-F4
    Wackbag Staff

    Joined:
    Dec 6, 2004
    Messages:
    12,243
    Likes Received:
    2,726
    That's easy, just shove some in your pants and walk out the door
     
    Party Rooster and fletcher like this.
  17. Begbie

    Begbie Wackbag Generalissimo

    Joined:
    Jul 21, 2003
    Messages:
    17,666
    Likes Received:
    4,992
    Pay up, Buster.
    [​IMG]
    Kids be hungry.
     
  18. SatansCheerledr

    SatansCheerledr Ideologically Unsound

    Joined:
    Apr 6, 2005
    Messages:
    14,867
    Likes Received:
    7,429
    That's hurtful. I open up, I share, I make myself vulnerable and you use it against me. I hope you feel good about yourself.
     
  19. Buster H

    Buster H Alt-F4
    Wackbag Staff

    Joined:
    Dec 6, 2004
    Messages:
    12,243
    Likes Received:
    2,726
    ;) all in good fun sir
     
  20. SaltyDelights

    Joined:
    May 24, 2004
    Messages:
    3,231
    Likes Received:
    503
    UPDATE!!1!

    There are now rumors that deposits above 100,000 euros could be confiscated in their entirety (YIKES!). Eat your peas, rich people!
     
  21. Don the Radio Guy

    Donator

    Joined:
    Mar 30, 2006
    Messages:
    69,628
    Likes Received:
    5,082
    It'll happen here. And half the population will take it.
     
  22. SaltyDelights

    Joined:
    May 24, 2004
    Messages:
    3,231
    Likes Received:
    503
    UPDATE!!!!

    If you are a fan of old-fashion bank runs, tomorrow will be your day. Civil unrest and a heavy-handed police response are also in store. Should be a fun preview of what's to come for the rest of Europe.
     
  23. Norm Stansfield

    Norm Stansfield 私は亀が好きだ。

    Joined:
    Mar 17, 2009
    Messages:
    15,949
    Likes Received:
    4,077
    To everyone criticizing the ECB and EU on this: what would you suggest they do instead? Please, feel free to make any suggestion, from nothing all the way to nuking Cyprus. Just make sure to also mention what the result of your suggestion would be.

    P.S. The thread title is inaccurate. What really happened was that the EU offered to bail out failing Cypriot banks, and as a condition requested Cyprus to tax bank deposits 10%, so that it can put up 25% of the bailout money (with European taxpayers putting up the rest).

    And I agree, the EU is wrong to do this. What they should've done, instead, is request Cyprus to tax bank deposits by 40%, and bail out their banks by themselves (this is essentially the "nothing" alternative, since the EU wouldn't actually be doing anything, they would just be offering a piece of helpful advice - and, of course, giving the Cyprus politicians who caused all this the opportunity to do what they did now: blame the move on the EU).

    Had the EU refused to give them a handout, they would've had no choice but to follow this advice, because the alternative is the failure of those banks, and with it the total shutdown of Cyprus' economy (without the use of electronic money, any modern economy would be wiped out).
     
    #23 Norm Stansfield, Mar 28, 2013
    Last edited: Mar 28, 2013
  24. Norm Stansfield

    Norm Stansfield 私は亀が好きだ。

    Joined:
    Mar 17, 2009
    Messages:
    15,949
    Likes Received:
    4,077
    I don't think that's a good way to describe what's going on here: the EU is about to give Cyprus a bunch of money. The disagreement is about how much. The EU is offering to give them 75% of what they need, and Cyprus wants 100%.

    The reason why the EU can't afford to give them 100% is because that would encourage other countries to also spend all their money (actually, money they don't have) at a rate of 45% of GDP/year, and then bankrupt their financial industry by encouraging them to hand out bad loans. Eventually, the EU would just run out of bailout money. So they wanna make it hurt a little.

    Like I said, I would prefer that they instead make it hurt a lot, by letting Cyprus raise all the bailout money. But that's not gonna happen, because it would look bad on television.
     
  25. Norm Stansfield

    Norm Stansfield 私は亀が好きだ。

    Joined:
    Mar 17, 2009
    Messages:
    15,949
    Likes Received:
    4,077
    Wouldn't happen here. The US doesn't need to tax bank accounts directly, because it can (and DOES SO, ALL THE TIME) do so indirectly: increasing the supply of M0 currency ("printing" new money) is in fact a tax on people who own dollars.

    Cyprus needs to tax those bank deposits directly to raise money because it doesn't have the power to just create new Euros and hand them out to its failing banks.

    I would think that the fact that most countries can and do levy an indirect tax on bank deposits puts this move in a little perspective. This is no more crazy or unprecedented than the US bailout in '08, or any other bailout in the history of big government. It's just the same old central planning through theft that's been going on for a long time. It's not setting any dangerous precedents, it won't scare away capital, etc., etc. It's business as usual, and, aside from some temporary panic by people who aren't well informed, the market will treat it as such.
     

Share This Page