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Thread: The First Bite: Cyprus

  1. #21
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    Re: The First Bite: Cyprus

    Quote Originally Posted by Helix View Post
    1. austerity is failing all over the place. all aboard the failboat.
    How is it "failing", before ever having been tried, in Cyrpus?

    Anyway, I am all for austerity, as in: systematically reducing spending and perhaps raising more revenue by closing tax loopholes.
    But this is not "austerity" - this is robbery. Just grab, out of blue, a tenth of savings on every account?! And the EU had approved it, as a part of the package?!!

    Are they, like, NUTS?

    Who is going to trust European banks after this?

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    Re: The First Bite: Cyprus

    Quote Originally Posted by Cyrylek View Post
    How is it "failing", before ever having been tried, in Cyrpus?

    Anyway, I am all for austerity, as in: systematically reducing spending and perhaps raising more revenue by closing tax loopholes.
    i can support it if it's not one-sided, and if it's not done during a recession. if the problem is serious enough to reduce benefits on the demand side, it's also important enough to raise revenue from the supply side.


    Quote Originally Posted by Cyrylek View Post
    But this is not "austerity" - this is robbery. Just grab, out of blue, a tenth of savings on every account?! And the EU had approved it, as a part of the package?!!

    Are they, like, NUTS?

    Who is going to trust European banks after this?

    this particular plan was designed and implemented by fools, apparently.

  3. #23
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    Re: The First Bite: Cyprus

    Quote Originally Posted by PeteEU View Post
    And if you even remotely read up on the subject then you would know --
    Quote Originally Posted by PeteEU View Post
    Quote Originally Posted by Harry Guerrilla View Post
    -- What else is super ****ing lame is that the UK is having to make up the "theft" to British personal in Cyprus.
    Basically, the UK is sorta helping bailout Cyprus.
    - They are setting a dangerous precedent..... now every time a Brit gets in trouble because of a failed bank overseas, then the UK government is expected bail them out..

    Fact is, this tax, like it or not, is being applied evenly across the board regardless of nationality and no one is forcing British personal to put money in Cyprus banks. They did it out of greed, pure and simple, because Banks in Cyprus had higher interest than UK banks (UK banks near 0, Cyprus banks around 2-4%),.. and now that is coming back to byte them in the ass... tough ****. Cameron is playing popular politics for the mistakes of individuals.
    You know Pete, it's sad when your own phrase comes and bites you in the ass, British military personnel and civil servants based in Cyprus and working for the British Govt are being compensated for losses in Cyprus. Anyone with money in a Cypriot bank outside Cyprus is not liable to the 10% theft. People working for the British Govt in Cyprus are not there because they want a higher rate of interest, they are there working for Britain. They are based there because they have been sent or stationed there - and it's not always possible to keep or access your money in a UK Bank or building society when stationed overseas so you sometimes have to have a local account.

    You are in Spain because of private choice - I doubt you have ever worked for your Govt in an overseas location, I have and sometimes out of necessity you have to have a local account. It's nothing to do with greed.

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    Re: The First Bite: Cyprus

    There has already been trial balloons floated in the US about seizing 401k accounts.

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    Re: The First Bite: Cyprus

    It's beginning to look like there's no safe place to keep your money.

    Except maybe at home.

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    Re: The First Bite: Cyprus

    Quote Originally Posted by Harry Guerrilla View Post
    I agree.
    The story seems to indicate that it targets non Eurozone foreign nationals (Russians in this case).
    Kinda reminds me of Argentina doing their currency manipulation.

    To me, it certainly bolsters the idea of putting some money in Bitcoins or other forms of currency not controlled by states.
    I'm heavily invested in precious metals myself. Lead and brass mostly. Just listed a couple bricks of ammo for sale on Gunbroker on Friday, auction ends tomorrow. I should at least double my money. Gold and silver might be useful if everything goes to crap but not until recovery begins. But I'll make enough on ammo this week alone to buy that new chest freezer I've been looking at.

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    Re: The First Bite: Cyprus

    Quote Originally Posted by Cyrylek View Post
    How is it "failing", before ever having been tried, in Cyrpus?

    Anyway, I am all for austerity, as in: systematically reducing spending and perhaps raising more revenue by closing tax loopholes.
    But this is not "austerity" - this is robbery. Just grab, out of blue, a tenth of savings on every account?! And the EU had approved it, as a part of the package?!!

    Are they, like, NUTS?

    Who is going to trust European banks after this?
    I'm curious....how, in the grand scheme of things, is this any different than simply raising taxes by 10% on everybody?

    The problem in Cyprus is the same as what we are seeing here and in other places around the world...government has legislated spending well, well beyond it's ability to generate sufficient revenues through economic growth so they must tax more and more while at the same time borrowing more and more. It's an impossible scenario to maintain and MUST end in failure unless the people are willing to do without many of the things which they have charged government to provide.

    There are only two possible solutions to the problem. One is to reduce government services to a sustainable level and allow growth by function of the private sector and the other is absolute control of everything by government.

  8. #28
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    Re: The First Bite: Cyprus

    Quote Originally Posted by Lutherf View Post
    I'm curious....how, in the grand scheme of things, is this any different than simply raising taxes by 10% on everybody?

    The problem in Cyprus is the same as what we are seeing here and in other places around the world...government has legislated spending well, well beyond it's ability to generate sufficient revenues through economic growth so they must tax more and more while at the same time borrowing more and more. It's an impossible scenario to maintain and MUST end in failure unless the people are willing to do without many of the things which they have charged government to provide.

    There are only two possible solutions to the problem. One is to reduce government services to a sustainable level and allow growth by function of the private sector and the other is absolute control of everything by government.
    Lets, say you saved 1 million bucks over your lifetime and then 10% is suddenly taken away.
    Now let's say they impose an additional 10% tax on your income.

    Big difference.
    Not only does it punish retirees but it also punishes people who don't spend as much.
    Not to mention foreign residents who bring money to their economy.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: The First Bite: Cyprus

    Quote Originally Posted by Harry Guerrilla View Post
    Lets, say you saved 1 million bucks over your lifetime and then 10% is suddenly taken away.
    Now let's say they impose an additional 10% tax on your income.

    Big difference.
    Not only does it punish retirees but it also punishes people who don't spend as much.
    Not to mention foreign residents who bring money to their economy.
    I understand that.

    Like I said, it's just another tax to cover the failings of the government to control spending. The only difference is that in this case it's more overt than filling out a return and mailing in a check....and more efficient. It's just a sign of things to come if we keep on going the way we are going. If people can't seem to wean themselves from massive government then this is pretty much what we all can expect in the not too distant future.

    I haven't bothered to get into it but right now these governments (including ours) are doing things like this "for our benefit" but the next step will inevitably be for them to start doing it for their benefit because the mentality of such massive "nanny states" is that they must first preserve themselves so that they can "save" the citizens.

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    Re: The First Bite: Cyprus

    Banks again huh, evil rich guys, shame on them for continuing to try and prop up the socialist that will never have enough to provide for all the votes they need to buy.


    Quote Originally Posted by PeteEU View Post
    And if you knew anything about Cyprus, you would know that the deficit is mostly due to the state having to bail out the banks... And you would know that before the crisis Cyprus had a surplus but that went south when banks had to be bailed out..

    So yet again, the US right has no clue on reality and blame the "left" and overspending when in fact the reason for the problems is.... the private sector and in this case the banking sector..... /clap!

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