My bank account's got robbed by European Commission. Over 700k is lost.

[infested999]

sorry for that.

i would love to leave the EU. i never thought that it would become a monster like this....

What did you expect?

[Inedible]

sorry for that.

i would love to leave the EU. i never thought that it would become a monster like this....

What did you expect?

I sometimes do wonder what would happen if they just let the banks/countries default. There would definitely be a domino effect but what would be the outcome? Would it be better or worse than people getting massive haircuts?

[freedomno1]

sorry for that.

i would love to leave the EU. i never thought that it would become a monster like this....

What did you expect?

I sometimes do wonder what would happen if they just let the banks/countries default. There would definitely be a domino effect but what would be the outcome? Would it be better or worse than people getting massive haircuts?

It does pose an interesting question I think we would be better off as it would force governments to really live within their means and banks to not issue more debt than a country is capable of handling. Revaluing a currency scares the pants off economists as they don't think anything will happen or the effects are so uncertain it would create pure pandemonium.
I disagree and think that it would effect only the revenue and loan totals while strengthening the foundation if used properly.
A country going into steady decline with surmounting debt is much worse off for a longer duration
On the other hand we might end up with WWIII since history showed that banking crisis-es were part of the reason WWII was started but not before the German currency was revalued
Poverty in one country spreads to another unfortunately prosperity takes a longer route
http://www.historylearningsite.co.uk/hyperinflation_weimar_germany.htm

[suprabitz]

The way the IRS discusses taxation on barter is very legalistic. Note the examples use professionals exchanging professional services (plumbing vs dentist) in the course of business. That is taxable. A furniture dealer trading a sofa for a new set of tires from the auto repair shop is taxable. You casually trading your ipod for a graphics card on craigslist is NOT taxable.

Non-commerical bartering is NOT taxable. Also note that the IRS exempts small barter exchanges because they are not in the 'business' of bartering.

http://www.investopedia.com/financial-edge/0312/the-tax-implications-of-bartering.aspx

And when you can figure out a way to legally short the taxman it becomes something really sexy...!  (And no, I'm not an accountant or a tax lawyer, LOL!)

Clearly.

Not paying taxes on barter is still illegal.  It might be easier to get away with though.
http://www.irs.gov/taxtopics/tc420.html

I know that not paying taxes on barter is not legal.  I'm sorry.  My post should have been clearer on that.  However, valuations can fluctuate with barter.  Is the chicken you are trading for a goat worth $1.50 or $3.75?  Or only 50 cents?

To see what I mean, Google "Eduardo Saverin defriends USA".

He moved to Singapore and then renounced US citizenship in the year prior to Facebook's IPO.  Because he could not yet sell his stocks on the open market, he got to choose a lower valuation than the IPO price of $38/share.  People went nuts because they couldn't see beyond his supposedly saving so many millions of dollars by giving the US the kiss-off.

Truth is, depending on his valuation back when he renounced he may have OVERPAID on his taxes even though everybody thought he was saving money.  And I haven't seen Facebook (NASDAQ:  FB) at $38/share since the day of the IPO, it tanked like a rock the first few days and weeks.  And when you renounce, you file one LAST tax return.  If you goof in your valuation you probably don't get to file a do-over in the form of an amendment. 

But that's Eddie Saverin.

Average Joe can choose his valuation in a barter, and as long as it's a reasonable one and he can justify it in case of an audit Joe will likely be fine.  Barter makes it a not-so-exact science.

Another interesting thing is, one can shop with junk silver and buy things for "way cheaper" because someone might prefer the pre-1965 silver quarters you have in your bag to paper bills or coins of today's US Mint and Federal Reserve.

If you buy a car and offer junk silver to the dealer, (s)he may just let you pay at a discount . . . based on the value of the silver content instead of the face value of the coins.  While it does not appear to be savings, when you go to register the car if the sales price is the face value of the coins it's a LOT lower than the silver value.  How does this help you?  If your vehicle registration fees are based on face value coin price, you pay less upon first registration and less every year thereafter.  Meanwhile the dealer who sold you the car can turn around and cash the junk silver in for the full value if (s)he desires . . . or keep it if (s)he thinks the value of silver will go up.

[suprabitz]

I think the greatest unfairness is that the ogliarchs and uber-wealthy flew their little corporate jets to Paris and London, where private branches of the Greek banks were still open during the 'bank holiday' and transferred billions upon billions out of the country.
http://www.infowars.com/mega-rich-withdrew-money-from-cyprus-before-looting/

The commoners and the businessmen and the job-providers with several hundred thousand dollars got soaked while the rich paid nothing.

There was one story of a couple who just closed on their house the day before the holiday and they had a lot of their money over 100k seized. They were going to upsize to a new house but now couldn't buy it, because their equity was stolen. They couldn't even afford to repurchase their old house. Home ownership equity was stolen from them, unfairly, just because of the day they closed on their house.

This member had 700k in their business - how many employees did he have. They all have to meet payroll. When you bid out a large job you have to pay for materials, labor etc up front before you get paid on the invoice so you need working capital. Also as a small business owner I put everything back into my business to help it grow and have more capital so its most likely his lifes earnings. How many partners owned the business - 700k split several ways isn't as much as you think.

http://www.dailymail.co.uk/news/article-2294971/Cyprus-bailout-British-taxpayers-bail-victims-outrageous-raid.html
‘I have a London Cypriot friend who just sold his house and after paying off all his debts put the remaining 350,000 euro into a bank here while he decided what to do with it.
‘In the meantime he treated himself to a holiday in Thailand and is still there. He’ll have the shock of his life when he hears the bad news.’


Wake up - anytime the govt uses "fairness" to justify taxes they really mean they want the poor and middle class to pay more. Warren Buffet, George Soros, Bill Gates, Google founders, Apple (and the list goes on...) all these 'champions' of the-rich-need-to-pay-more all legally evade taxes. Microsoft physically produces all of their products in either Puerto Rico or Ireland solely to avoid taxes. PR has a flat 10% tax and goods produced there are exempt from further US taxation. Ireland is a tax haven, same story. Same with the rest of the hypocrites.

The "income tax" was passed in the pro-war fever of WWI - "support the troops by paying your taxes". Sound familiar? And for 40 something years "income" only applied to capital gains and "the rich". Wages are NOT income. The Supreme Court still holds that wages are not income. So Congress redefined the tax code and made up a new word called "gross income" which is NOT the same as "income" but it includes wages. Hence, opening up taxation to the masses.

Taxes are a necessary evil in my opinion... and should be fair and balanced across the whole spectrum of citizens.
I like paying for roads to drive on, and for petrol subsidies. I don't drive a car, but I know those things give me cheaper food.

But there is a difference between taxation and economic murder.
For the OP I'm sorry for the loss of your company, good luck on better shores.

[duquevalentino]

I feel really sorry, man.

God bless your future projects.

[zeroday]

A little update.

"Blocked Funds" amount has finally disappeared from our Laiki account. Bank told me it's "waived" (their interpretation of word "stolen"). We won't receive any bank shares as compensation for confiscated amount since the bank is liquidated.
The rest of the money (100k EUR) are still subject to Capital Control and we can only transfer 5K monthly.

Today I had a conversation with a manager from Laiki Bank.
He has been honest and confirmed that we may forget about anything over 100K as it's already spent to pay country's debts. Also, I was warned that the financial situation in the country is getting worse and worse and we should be ready to lose even part of insured (under 100K) money during this year (this is why they keep capital control enforced).

By the way, this style of "bank restructuring" is going to be adopted in the whole European Union.
Soon, everyone's uninsured money (over 100K EUR) in EU banks will be at risk of seizure.


P.S. Now I'm looking forward to get more profit from my bitcoins when European economy start collapsing. Without regret I'll celebrate the day when EURO finally die.

[cr1776]

I wish there were words to say how we feel about how terrible this all must have been for you (and thousands and thousands of other people in Cyprus).  When the thieves are in charge and their is no rule of law or property rights, no one is safe.  I fear for other countries too although I think the US is going to have it done more subtly via inflation and taxes instead of outright theft.

[infested999]

A little update.

"Blocked Funds" amount has finally disappeared from our Laiki account. Bank told me it's "waived" (their interpretation of word "stolen"). We won't receive any bank shares as compensation for confiscated amount since the bank is liquidated.
The rest of the money (100k EUR) are still subject to Capital Control and we can only transfer 5K monthly.

Today I had a conversation with a manager from Laiki Bank.
He has been honest and confirmed that we may forget about anything over 100K as it's already spent to pay country's debts. Also, I was warned that the financial situation in the country is getting worse and worse and we should be ready to lose even part of insured (under 100K) money during this year (this is why they keep capital control enforced).

By the way, this style of "bank restructuring" is going to be adopted in the whole European Union.
Soon, everyone's uninsured money (over 100K EUR) in EU banks will be at risk of seizure.


P.S. Now I'm looking forward to get more profit from my bitcoins when European economy start collapsing. Without regret I'll celebrate the day when EURO finally die.

Looks like that's the socialist EU's plan to make everybody poor.

Make sure you invest into just-dice and double you Bitcoins each year.

[Inedible]

A little update.

"Blocked Funds" amount has finally disappeared from our Laiki account. Bank told me it's "waived" (their interpretation of word "stolen"). We won't receive any bank shares as compensation for confiscated amount since the bank is liquidated.
The rest of the money (100k EUR) are still subject to Capital Control and we can only transfer 5K monthly.

Today I had a conversation with a manager from Laiki Bank.
He has been honest and confirmed that we may forget about anything over 100K as it's already spent to pay country's debts. Also, I was warned that the financial situation in the country is getting worse and worse and we should be ready to lose even part of insured (under 100K) money during this year (this is why they keep capital control enforced).

By the way, this style of "bank restructuring" is going to be adopted in the whole European Union.
Soon, everyone's uninsured money (over 100K EUR) in EU banks will be at risk of seizure.


P.S. Now I'm looking forward to get more profit from my bitcoins when European economy start collapsing. Without regret I'll celebrate the day when EURO finally die.

I hope you've been withdrawing your maximum allowance every month. Should improve your chances of not getting another hair cut.

[Inedible]

A little update.

"Blocked Funds" amount has finally disappeared from our Laiki account. Bank told me it's "waived" (their interpretation of word "stolen"). We won't receive any bank shares as compensation for confiscated amount since the bank is liquidated.
The rest of the money (100k EUR) are still subject to Capital Control and we can only transfer 5K monthly.

Today I had a conversation with a manager from Laiki Bank.
He has been honest and confirmed that we may forget about anything over 100K as it's already spent to pay country's debts. Also, I was warned that the financial situation in the country is getting worse and worse and we should be ready to lose even part of insured (under 100K) money during this year (this is why they keep capital control enforced).

By the way, this style of "bank restructuring" is going to be adopted in the whole European Union.
Soon, everyone's uninsured money (over 100K EUR) in EU banks will be at risk of seizure.


P.S. Now I'm looking forward to get more profit from my bitcoins when European economy start collapsing. Without regret I'll celebrate the day when EURO finally die.

Looks like that's the socialist EU's plan to make everybody poor.

Make sure you invest into just-dice and double you Bitcoins each year.

Not sure you can say this is a 'socialist' policy.

It's definitely a capitalist policy where the people who currently have the most capital are making the rules.

Also, if you want to call it a socialist policy, it would seem capitalists are happy with capitalism until they're made to pay for their mistakes, then it's socialism all the way...

[malevolent]

Not sure you can say this is a 'socialist' policy.
It's definitely a capitalist policy where the people who currently have the most capital are making the rules.
Also, if you want to call it a socialist policy, it would seem capitalists are happy with capitalism until they're made to pay for their mistakes, then it's socialism all the way...

http://en.wikipedia.org/wiki/Crony_capitalism

[Elmore ASIC]

A little update.

"Blocked Funds" amount has finally disappeared from our Laiki account. Bank told me it's "waived" (their interpretation of word "stolen"). We won't receive any bank shares as compensation for confiscated amount since the bank is liquidated.
The rest of the money (100k EUR) are still subject to Capital Control and we can only transfer 5K monthly.

Today I had a conversation with a manager from Laiki Bank.
He has been honest and confirmed that we may forget about anything over 100K as it's already spent to pay country's debts. Also, I was warned that the financial situation in the country is getting worse and worse and we should be ready to lose even part of insured (under 100K) money during this year (this is why they keep capital control enforced).

By the way, this style of "bank restructuring" is going to be adopted in the whole European Union.
Soon, everyone's uninsured money (over 100K EUR) in EU banks will be at risk of seizure.


P.S. Now I'm looking forward to get more profit from my bitcoins when European economy start collapsing. Without regret I'll celebrate the day when EURO finally die.

Looks like that's the socialist EU's plan to make everybody poor.

Make sure you invest into just-dice and double you Bitcoins each year.

Not sure you can say this is a 'socialist' policy.

It's definitely a capitalist policy where the people who currently have the most capital are making the rules.

Also, if you want to call it a socialist policy, it would seem capitalists are happy with capitalism until they're made to pay for their mistakes, then it's socialism all the way...

capitalism works if you actually own the thing you claim you are capitalizing on !

[Inedible]

capitalism works if you actually own the thing you claim you are capitalizing on !

Oh, he does own his own money. It's just that the capitalists have agreed that rather than make them pay for their wrong doings, it's better to make everyone else pay instead.

Think of it as the application of the Golden Rule. He who has the gold, makes the rules and in this case, the new rule was that his money was to be 'borrowed on a permanent basis'.

[cr1776]

That is not capitalism, it is fascism or socialism or, as someone said above, crony capitalism:
Capitalism is a social system based on the principle of individual rights. Politically, it is the system of laissez-faire (freedom). Legally it is a system of objective laws (rule of law as opposed to rule of man). Economically, when such freedom is applied to the sphere of production its’ result is the free-market.
 -- http://capitalism.org

capitalism works if you actually own the thing you claim you are capitalizing on !

Oh, he does own his own money. It's just that the capitalists have agreed that rather than make them pay for their wrong doings, it's better to make everyone else pay instead.

Think of it as the application of the Golden Rule. He who has the gold, makes the rules and in this case, the new rule was that his money was to be 'borrowed on a permanent basis'.

[Elmore ASIC]

That is not capitalism, it is fascism or socialism or, as someone said above, crony capitalism:
Capitalism is a social system based on the principle of individual rights. Politically, it is the system of laissez-faire (freedom). Legally it is a system of objective laws (rule of law as opposed to rule of man). Economically, when such freedom is applied to the sphere of production its’ result is the free-market.
 -- http://capitalism.org

capitalism works if you actually own the thing you claim you are capitalizing on !

Oh, he does own his own money. It's just that the capitalists have agreed that rather than make them pay for their wrong doings, it's better to make everyone else pay instead.

Think of it as the application of the Golden Rule. He who has the gold, makes the rules and in this case, the new rule was that his money was to be 'borrowed on a permanent basis'.

these psudo capitalist only borrow, spend and steal acting in the colour of real capitalism ! 

[cr1776]

 

these psudo capitalist only borrow, spend and steal acting in the colour of real capitalism ! 

[Elmore ASIC]

capitalism works if you actually own the thing you claim you are capitalizing on !

Oh, he does own his own money. It's just that the capitalists have agreed that rather than make them pay for their wrong doings, it's better to make everyone else pay instead.

Think of it as the application of the Golden Rule. He who has the gold, makes the rules and in this case, the new rule was that his money was to be 'borrowed on a permanent basis'.

well any of this chatter is just that you kan talk about it on the internet or you can bee about it in practical application. That's the problem nowadays everyone likes to talk about how other peoples conduct business yet what are they actually produce just alot of worthless paper ! 

[Inedible]

well any of this chatter is just that you kan talk about it on the internet or you can bee about it in practical application. That's the problem nowadays everyone likes to talk about how other peoples conduct business yet what are they actually produce just alot of worthless paper ! 

What do you mean?

[Elmore ASIC]

well any of this chatter is just that you kan talk about it on the internet or you can bee about it in practical application. That's the problem nowadays everyone likes to talk about how other peoples conduct business yet what are they actually produce just alot of worthless paper ! 

What do you mean?

pencil paper pushers love to point fingers while we dig holes and clear bodies!