View Poll Results: Is This Theft?

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  • YES!

    22 75.86%
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    1 3.45%
  • It is contemporary banking as in "too big to fail."

    3 10.34%
  • It is simply a mistake.

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Thread: The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

  1. #11
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    The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    Quote Originally Posted by jamesrage View Post
    Yes its theft.I would be surprised if anyone in Cyprus kept their money in banks after this.
    I'm surprised anyone would keep any more money than necessary in the banks after this...

    Then again, the mentality of "that could never happen here" will ensure that most lose out when it does happen here.

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    Re: The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    Quote Originally Posted by BmanMcfly View Post
    I'm surprised anyone would keep any more money than necessary in the banks after this...

    Then again, the mentality of "that could never happen here" will ensure that most lose out when it does happen here.
    I suspect that there will be a lot of stupid people in Cyprus who will think "Oh that couldn't happen here again".
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

  3. #13
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    Re: The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    This is extremely foolish in the long run and will harm every country in the EU.

    CONFIDENCE in banks is critical to the banking industry and the economy.

  4. #14
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    Re: The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    http://www.nytimes.com/2013/03/22/op...a.html?hp&_r=0

    "Why are Cypriot banks so big? Because the country is a tax haven where corporations and wealthy foreigners stash their money. Officially, 37 percent of the deposits in Cypriot banks come from nonresidents; the true number, once you take into account wealthy expatriates and people who are only nominally resident in Cyprus, is surely much higher. Basically, Cyprus is a place where people, especially but not only Russians, hide their wealth from both the taxmen and the regulators. Whatever gloss you put on it, itís basically about money-laundering. "

    This might clear up some of the machinations occuring in Cypress. I make note that Krugman is a co-author (Krugman-Wells) of my daughters Macro-Economics textbook. He may have some credibility.
    Is it a nest of thieves on Cypress?

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    The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    Quote Originally Posted by joko104 View Post
    This is extremely foolish in the long run and will harm every country in the EU.

    CONFIDENCE in banks is critical to the banking industry and the economy.
    Again, search for "IMF riots"... They just finished step 2, next is the riots to kill whatever confidence remained... Then the economy gets bought up at fire sale prices, then things will go back to normal just with a much lower standard of living then before the theft.

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    Re: The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    If it's a tax haven to stash money, I can't understand why Cheney and Haliburton are not registered there. A great home for no-bid contract profits and the ilk. Who do you trust?

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    Re: The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    The most recent reports have Cyprus changing its' mind and charging accounts over 100,000 Euros a little 25% tax. Somebody gonna get shot in Cyprus. Tomorrow is supposed to be teh showdown. Should be fun to watch. Unfortunately, we know what rolls downhill and the Natives gonna get the weinie.

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    Re: The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    "Destroyed"? No. We haven't seen an EU-wide bank run.


    "Damaged"? I can't imagine how one could argue anything but. The precedent is chilling.

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    The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    Quote Originally Posted by cpwill View Post
    "Destroyed"? No. We haven't seen an EU-wide bank run.


    "Damaged"? I can't imagine how one could argue anything but. The precedent is chilling.
    No no, banks would never take people's money... Not here at least. *sarcasm*

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    Re: The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    I've been reading about this again this a.m. and it reminds me of the defaults by Greek banks that weren't defaults, but writedowns where the owner of the note didn't get paid and couldn't collect on his Credit Default guarantees. The Eurobank and IMF talk about winding down the second largest bank in Cyprus and avoiding the word bankruptcy and I'm smelling some dead fish. Looks like another deal where CDSs owners get boned. Is it OK for the IMF and Eurobank to screw Russians out of Billions of dollars, or am I confused in this matter? Gonna be some nice fire sale buys on "Privatizations" and "who benefits?" Cypriots might pay attention here. Instant 900% tax on privatization buys.

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