Translation: “Cypriot bank robbery”
Imagine this: You wake up this morning to a note telling you you’re the victim of a bank robbery—but instead of the bank being robbed, the bank is robbing you.
Well, strictly speaking, the government is robbing you: every depositor in the country is having their bank account raided to help pay the government’s debt.
Nice, huh?
This is exactly what savers in Cyprus woke up to this morning—and it is exactly what can and undoubtedly will happen in every jurisdiction in the world.
Politics aside, the bottom line is that the Rubicon has been crossed, and deposits have now been forcefully confiscated in what Europe promises to be a standalone case. What is certain, is that nobody will wait to find out how long it takes before Europe's class of increasingly more desperate and ill-meaning despots is found to be have lied once more…
Let’s not laugh at the Europeans, because the same legislation allowing this theft exists here and everywhere else.
4 comments:
Indeed, nothing is safe. In Australia, the Labour Government is looking at ways to steal some or all of people's (compulsory) superannuation savings. In the USA, they (scumbag Joe Biden et al) are openly talking about converting people's 401(k) and IRA savings to some form of government-"guaranteed" retirement annuity - taking your money and replacing it with IOUs, a la Social Security.
This is just the beginning.
if Gov'ts are going to steal people's savings how long will it be before people panic and start withdrawing their savings on mass creating a run on the banks leading to a certain and final, financial collapse of the worlds banking system .
Wow, just wow!
And if you thought you would be better off saving money closer to home:
http://www.news.com.au/money/banking/cash-grab-inactive-bank-accounts-to-be-seized/story-e6frfmcr-1226585867131
"In Australia, the Labour Government is looking at ways to steal some or all of people's (compulsory) superannuation savings."
Tell more about this one.
Amit
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