Cyprus Agrees 30% Tax On Bank Deposits

[myhoho]

Breaking news:
http://news.sky.com/story/1068912/cyprus-agrees-20-percent-tax-on-bank-deposits
Panic ultra-buy (on monday?)!!! Yeah

[1713908113]

1713908113

[1713908113]

1713908113

[zeroday]

Unluckily, Cypriots cannot buy bitcoins as all their bank accounts are frozen 

[Lethos]

Ouch, a lot of people's retirement fund / business money is about to take a large drop.

Feel really bad for the general public in Cyprus, they are being punish, for the fault of others for the most part.
This Legalised theft will make a dark shadow over the Euro and Banking industry for a long time.
It might never recover or regain the public's trust. Really stupid move.

[rpietila]

Ouch, a lot of people's retirement fund / business money is about to take a large drop.

Feel really bad for the general public in Cyprus, they are being punish, for the fault of others for the most part.
This Legalised theft will make a dark shadow over the Euro and Banking industry for a long time.
It might never recover or regain the public's trust. Really stupid move.

This is the right thing to do. The banks only hold about 8% of what the people have put in. The rest they invest. When the investments go sour, the depositors take a hit. The banking megasystem is responsible for the global malinvestment of the last 100 years, and the chickens are coming home to roost. The artificial depressing of interest rates is the main tool, whose use has gone terribly wrong.

If all the banks in the world will fold as a result, we are going to see quite unimaginable suffering, before the distribution channels of real goods adapt to the new monetary conditions. Something that for most of us, has never happened in our life, since most of us weren't around during WWII.

[zeroday]

This strategy is old as world - Steal everything, then lend them back a little part of stolen.
Financial slavery is just being established.

[Luno]

What will happen in the next few days: Businesses dealing cash only ( is happening already) Employers not paying wages by cheque or bank transfer. Employees demanding being payed in cash or goods. A bank run to some degree so they have to shut down ATM's and tellers. in a few days shipping of goods and supplies to Cyprus stops as there is no functional banking system and shippers worrying about getting payed.

At the end of the week, empty shelves in the supermarkets. The Euro on par with the Dollar. European American and Asian leaders scramble by short notice to the "shit happens summit" where the Chinese and Russians agree to to lend in return for the Eurozone opening it's borders completely for Chinese goods and businesses.

The 300 year era in which westen Europe was the hub of trade ends.

[zeroday]

And now governments are just punishing those savvy people who didn't jump into the abyss of mortgage (financial slavery), but carefully saved they money until they can afford something to buy and own it for real.

[rpietila]

What will happen in the next few days: Businesses dealing cash only ( is happening already) Employers not paying wages by cheque or bank transfer. Employees demanding being payed in cash or goods. A bank run to some degree so they have to shut down ATM's and tellers. in a few days shipping of goods and supplies to Cyprus stops as there is no functional banking system and shippers worrying about getting payed.

At the end of the week, empty shelves in the supermarkets. The Euro on par with the Dollar. European American and Asian leaders scramble by short notice to the "shit happens summit" where the Chinese and Russians agree to to lend in return for the Eurozone opening it's borders completely for Chinese goods and businesses.

The 300 year era in which westen Europe was the hub of trade ends.

Yeah, possible. I think I maybe should go to safe mode and cease all bank operations effective next week.

Not too long ago, in mid-Oct 2008, I remember lines of people withdrawing their accounts in a Finnish bank. I was actually depositing some EUR 15,000 for some of my metals sales, and it was getting heated because (as we all know) the bank did not have enough cash at hand. From the end of the line, I offered to deposit first, so that they could be paid. The people looked at me in disdain and did not give way. When it was my turn, the clerk was sweating and seemed grateful for my deposit. He forgot to fill the antimoneylaundering papers, poor guy had a helluva day.  

[rpietila]

And now governments are just punishing those savvy people who didn't jump into the abyss of mortgage (financial slavery), but carefully saved they money until they can afford something to buy and own it for real.

The mortgagetakers' end will be even worse 

[zeroday]

Savers lose their savings, mortgagers lose their homes... And at the end everyone goes working for food.

[Vladimir]

Savers lose their savings, mortgagers lose their homes...

0.01% maybe have all the money and all the property, but 99.99% still have guillotines.

[rpietila]

Savers lose their savings, mortgagers lose their homes...

0.01% maybe have all the money and all the property, but 99.99% still have guillotines.

Meh, they will be used against the messengers, such as you and me. Nothing new under the sun.

[veteranBtc]

The situation in Cyprus is crazy! 

[Vladimir]

It is like IMF is intentionally trying to break EU. I see no other sane explanation to their stance.

[cho]

It is like IMF is intentionally trying to break EU. I see no other sane explanation to their stance.

That and/or crash dive the Euro.

+1 to Vladimir and stan.

[myhoho]

Today they are seriously discussing 40% tax for some deposits... I'm just... Can't watch this requiem for private property in Europe...

[rpietila]

Today they are seriously discussing 40% tax for some deposits... I'm just... Can't watch this requiem for private property in Europe...

Hey, sorry - This is the beginning of the private property: from now on we don't pay the bankers any more, and sure some depositors will lose, but who said that the banks are to be trusted in the first place? This is a great and good revelation of what the banking business is all about.

[Dabs]

From the world cia factbook:

Cyprus
Narrow Money (Cash on hand)
$14.73 billion (31 December 2011 est.)

Broad Money (Money in banks, savings, etc.)
$56.25 billion (31 December 2011 est.)

hmmmmmm.. how much of that will want to turn into bitcoin?

[Mike Christ]

This is the story of your enslavement.

A fun little video to spread around if you ever get the chance

[World]

Next will be Japan
http://www.forbes.com/sites/jamesgruber/2013/03/23/japan-is-the-real-crisis/