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

[infested999]

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...

This totally nails the point.

It would be happy with capitalism if it was available anywhere on earth. Sadly it isn't

Singapore and Hong Kong are the closest examples to a true capitalist economy. No surprise that they do well all the time.

Isn't Hong Kong basically the most corrupt country politically?

[worldinacoin]

This is "legal" robbery, they even coined a nice name, calling it "Austerity Measures!"

[Inedible]

Isn't Hong Kong basically the most corrupt country politically?

Hell no. It's doing rather well politically.

It's not perfect but it's still pretty good.

[wachtwoord]

Isn't Hong Kong basically the most corrupt country politically?

Hell no. It's doing rather well politically.

It's not perfect but it's still pretty good.

And at least Hong Kong doesn't have the extreme laws Singapore has.

[molecular]

This is "legal" robbery, they even coined a nice name, calling it "Austerity Measures!"

This is debatable. One can also argue that he lent 900K to the bank (investment into the bank). The bank failed, so his investment is worthless. Of course he was purposefully lead to believe the bank would merely "safekeep" his money and that it was insured in some way. This is what makes the whole thing fraudulent: the lying and misleading.

It's a sham, not a robbery. They didn't take his money, he gave it to them.

Money in a bank account is not money, just IOUs. The bank owes you. When the bank (the borrower) defaults, your (the investors) IOUs are worthless.

[Lohoris]

This is debatable. One can also argue that he lent 900K to the bank (investment into the bank). The bank failed, so his investment is worthless. Of course he was purposefully lead to believe the bank would merely "safekeep" his money and that it was insured in some way. This is what makes the whole thing fraudulent: the lying and misleading.

It's a sham, not a robbery. They didn't take his money, he gave it to them.

Money in a bank account is not money, just IOUs. The bank owes you. When the bank (the borrower) defaults, your (the investors) IOUs are worthless.

To this, we may add that he most likely used a cypriot bank because rewards were better (less taxes, I guess?).
More reward = more risk.

Not implying that this is fine and good: they did an horrible horrible thing. But not entirely unexpected.

[randomguy7]

This is debatable. One can also argue that he lent 900K to the bank (investment into the bank). The bank failed, so his investment is worthless. Of course he was purposefully lead to believe the bank would merely "safekeep" his money and that it was insured in some way. This is what makes the whole thing fraudulent: the lying and misleading.

It's a sham, not a robbery. They didn't take his money, he gave it to them.

Money in a bank account is not money, just IOUs. The bank owes you. When the bank (the borrower) defaults, your (the investors) IOUs are worthless.

To this, we may add that he most likely used a cypriot bank because rewards were better (less taxes, I guess?).
More reward = more risk.

Not implying that this is fine and good: they did an horrible horrible thing. But not entirely unexpected.

No, his business is/was there.

[infested999]

This week in Cyprus

• Oil spill in the coast of Karpasi/Karpaz, in northern Cyprus. Northern Cyprus authorities asked for help from the RoC (granted immediately), then kinda changed their mind and decided to wait for Turkey to send a clean-up ship. CD But we did send them anyway [Ph].
• This was the first week of this years' military conscripts in the bootcamps. As it always happens, a dozen of them got into car accidents while returning to their homes during their first day of leave, one got killed [P]. Another one had a grave accident in the military camp. A truck crushed him against the wall [CD]. (Pardon my detached description. I am quite unfazed by accidents in the Cypriot army. That's what happens every summer).
• The Government and the whole Parliament are trying to bring back as many anti-draft-dodging laws they can. Many of them were suspended because the EU didn't think that it's legal to disallow people who didn't serve the army for whatever reason from getting a drivers' license, or that employers should be banned from hiring those people. On TV and newspaper, the usual shaming against consciousness objectors: cowards, mummy's boys and traitors.
• Another unfazing incident: Two police officers beat up a detainee. It only made it to the news because the victim was few weeks pregnant, and she had a miscarriage as a result of the beating. [Ph]. That's where we draw the line apparently.
• Minister of Education agrees to revert the few language-educational reforms that were implemented by the previous government, and revert to the 'militant' 1980s curriculum because modern linguistics is 'too marxist' for him and the main teachers' union. [PN]. This means that the Educational Reform team is disbanded, books that were created will be thrown away, and any chance to make Cypriots competent in Standard Modern Greek and erase the stigma against Cypriot Greek will be buried for ever. Fuckers. Not surprising though, as linguists (and historians) are seen by Greeks and Greek Cypriots as "anti-greeks", "traitors" or "agents of foreign powers". Which leads as up to...
• The parliament voting a series of budget cuts to the public universities... that stop them for using money donated to the universities by people (among others) or from bringing guest lecturers (which is probably something a small, young university reeeeaallly needs), all while smearing them of being paid too much (though they present the number of their total earnings, not just their salary) and that all they do is do "fancy researches" and go to "meetings abroad and talk about stuff" in the expense of the Cypriot people (same people who would really like to get some higher education without having to sell any immovable property that their grandparents may have to pay for a private school).
• Apparently we still have ammunition lying around all over the island without proper storage conditions being met, or even proper documentation [Ph]
• A man, while blindly angry, walked into a minefield, but he was guided back to safety [Ph]
• Minister of Interior proclaims that he did the right thing violating the law and disregarding the decision of the Highest Court.
• Same Minister (and wealthy publisher of a populist right-wing newspaper and lots of buildings that are rented by the State) also honoured the commandos that took part in the 1974 coup d'etat against the then President of the Republic, under his title as a Minister. Opposition and the junior coaltion partner of the Government condemned him but he responded back saying they were just soldiers following orders. Opposition pointed out that it's one thing mourning the dead, and honouring them as a Minister is another, and that back in 1974, there were soldiers who refused to participate in the coup. [Ph]
• Forest fires every other day.
• Casinos are now legal. First permit to be auctioned soon.
• Lots of constructions in areas preserved under the NATURA programme and other conventions, noone talks about it.
• The rich are getting more tax-breaks [CD] Makes me wonder how the government thinks they'll raise the money to pay back the debt they had to take to save the rich from not becoming poor. Because you can still tax the poor, but they have no money to pay said taxes, and jailing them it's only going to cost you more. Radical as it might be, I say we try taxing the rich too. Maybe it will work, who knows.

[zeroday]

This is debatable. One can also argue that he lent 900K to the bank (investment into the bank). The bank failed, so his investment is worthless. Of course he was purposefully lead to believe the bank would merely "safekeep" his money and that it was insured in some way. This is what makes the whole thing fraudulent: the lying and misleading.

It's a sham, not a robbery. They didn't take his money, he gave it to them.

Money in a bank account is not money, just IOUs. The bank owes you. When the bank (the borrower) defaults, your (the investors) IOUs are worthless.

Every business in Western world is forced to "invest" in banks, even with zero interest. Failure to do so is punishable as crime. If you run small business and receive cash without depositing it to a bank, you are criminal.

Entire western legal system is developed in favor of fucking your wallet.

This is why I gave up "civilized" life and moved to Caribbean "banana republic". Now I can legally run my IT business offshore using any means of payments in any amounts without any stupid restrictions and taxes. I truly respect my new home country for their loyal financial system. They attracted billions of investments in their economy by being tax haven and giving foreigners ability to run lawful businesses without hassles. They managed to keep their infrastructure in shape without imposing taxes on income from abroad. Local population has free education and medicine, their roads are in perfect conditions. I'm really happy that I left Europe which is now becomes close to fascist state.

[infested999]

This is debatable. One can also argue that he lent 900K to the bank (investment into the bank). The bank failed, so his investment is worthless. Of course he was purposefully lead to believe the bank would merely "safekeep" his money and that it was insured in some way. This is what makes the whole thing fraudulent: the lying and misleading.

It's a sham, not a robbery. They didn't take his money, he gave it to them.

Money in a bank account is not money, just IOUs. The bank owes you. When the bank (the borrower) defaults, your (the investors) IOUs are worthless.

Every business in Western world is forced to "invest" in banks, even with zero interest. Failure to do so is punishable as crime. If you run small business and receive cash without depositing it to a bank, you are criminal.

Entire western legal system is developed in favor of fucking your wallet.

This is why I gave up "civilized" life and moved to Caribbean "banana republic". Now I can legally run my IT business offshore using any means of payments in any amounts without any stupid restrictions and taxes. I truly respect my new home country for their loyal financial system. They attracted billions of investments in their economy by being tax haven and giving foreigners ability to run lawful businesses without hassles. They managed to keep their infrastructure in shape without imposing taxes on income from abroad. Local population has free education and medicine, their roads are in perfect conditions. I'm really happy that I left Europe which is now becomes close to fascist state.

What island? I've been to a lot of them.

[Lohoris]

What island? I've been to a lot of them.

+1
I'd like to know more details too.
A lot more details.
I see no reason not to give them.

[infested999]

What island? I've been to a lot of them.

+1
I'd like to know more details too.
A lot more details.
I see no reason not to give them.

Because that would be illegal. Also that's his secret.

[zeroday]

Nothing is illegal, however, I'm not eager to disclose my location on public resources in internet.

If you seek place to live and have full freedom of running international business without taxes and regulations, I may suggest BELIZE and PANAMA.
If you desire to give up your current enslaving citizenship and become a tax-free men traveling around the world, I recommend DOMINICA.

[infested999]

Nothing is illegal, however, I'm not eager to disclose my location on public resources in internet.

If you seek place to live and have full freedom of running international business without taxes and regulations, I may suggest BELIZE and PANAMA.
If you desire to give up your current enslaving citizenship and become a tax-free men traveling around the world, I recommend DOMINICA.

Belize, endorsed by John McAfee

[tinus42]

Belize, endorsed by John McAfee

I guess if you don't go about shooting people life could be good there.

[J603]

Sucks for OP, but why would you put 700,000+ into one account? Amounts that high should be in assets. Like many people have said, as soon as you put that money in there it is gone forever. You should never exceed the amount that is going to be insured.

Tax evasion has its flaws.

[infested999]

Sucks for OP, but why would you put 700,000+ into one account? Amounts that high should be in assets. Like many people have said, as soon as you put that money in there it is gone forever. You should never exceed the amount that is going to be insured.

Tax evasion has its flaws.

Like you would have handled it any better...

[J603]

Sucks for OP, but why would you put 700,000+ into one account? Amounts that high should be in assets. Like many people have said, as soon as you put that money in there it is gone forever. You should never exceed the amount that is going to be insured.

Tax evasion has its flaws.

Like you would have handled it any better...

While I don't have 700,000 dollars to lose, I haven't lost money due to a bank closing down yet.

And what do you expect me to say? Should I feel sympathy for someone far richer than me who lost money because they tried to evade taxes that I pay willingly with no problems?

[Behemot]

Sucks for OP, but why would you put 700,000+ into one account? Amounts that high should be in assets. Like many people have said, as soon as you put that money in there it is gone forever. You should never exceed the amount that is going to be insured.

Tax evasion has its flaws.

Man you are „clever as radio“ as we say here. Ever heard about immediatelly usable reserve which every business should have for cases of dealing with some sudden problems? Like your office gets robbed. OK, you have assurace, but that's gonna take weeks at least to get moeny from that. You have to buy new equipment yesterday and keep going… There is not many other possibilities than cash you can have for that.

And what do you expect me to say? Should I feel sympathy for someone far richer than me who lost money because they tried to evade taxes that I pay willingly with no problems?

Be my guest. But don't force me to do that, ai?

Most people running business want nothing from the regime but t be left alone. Why the hell they should care about some theft taxes? What for, so that the regime is making obstacles for the business? Come on, running business is more about going through fascistic regulations, burreaucracy and other regime things which only complicate it, than about actually trying to offer better stuff than competition lately.

[J603]

Man you are „clever as radio“ as we say here. Ever heard about immediatelly usable reserve which every business should have for cases of dealing with some sudden problems? Like your office gets robbed. OK, you have assurace, but that's gonna take weeks at least to get moeny from that. You have to buy new equipment yesterday and keep going… There is not many other possibilities than cash you can have for that.

You do realize that you can't use all of the money in your bank account right? A lot of it does not exist, hence transaction limits. If you put all of your money in cash you are essentially throwing a lot of it away. This is why Gates, Slim, Ortega, etc all invest. And also, why would getting the money from your insurance company take longer than actually paying it?

Be my guest. But don't force me to do that, ai?

Most people running business want nothing from the regime but t be left alone. Why the hell they should care about some theft taxes? What for, so that the regime is making obstacles for the business? Come on, running business is more about going through fascistic regulations, burreaucracy and other regime things which only complicate it, than about actually trying to offer better stuff than competition lately.

So you claim taxes are a "theft', but I bet all the money in the world that you use the utilities provided for by taxes. How is that fair, and why should I feel sympathy for someone that avoids taxes? True, OP did choose the more "competitive" business option, but that does not make it any less immoral. And obviously, his business did not end up on top as he lost all of the money.