View Poll Results: Is This Theft?

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  • YES!

    22 75.86%
  • NO!

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

    3 10.34%
  • It is simply a mistake.

    3 10.34%
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Thread: The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

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

    The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence - Seeking Alpha

    "In Cyprus, the ECB had forced a tax upon the bank deposits. The plan was to force Cyprus banks to exact a 9.9 percent tax on accounts with more than 100 thousand Euros and a 6.5 percent tax on accounts with less than 100 thousand Euros. Those latter accounts are protected by deposit insurance."

    "But confidence is waning in the Eurozone, and if there could be a bank run in Cyprus, there could be one in Spain, Italy, etc. Contagion often starts with banks not trusting each other. The ECB had planned to use the 5 plus billion euros collected along with new loans to stabilized the nation's banks. Now it could be up to the Germans to bail out Cyprus, and if so, bigger demands could be forced upon the wealthy nations of Europe."

    Isn't this theft?

    Could it happen here?

    Is the EUBank the same as the Federal Reserve?

    Can Big Banking be trusted?

    Is this a scheme to steal money from Russia?

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

    It would most definitely be theft, and I have no doubt that it could happen under the right circumstances here in the United States. That's why I have little to no faith in the Government OR the Banks.

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

    This action, once the fallout is factored in by the end of this week, will be another boost to unencumbered dollars flooding into the US stock market and to a lesser extent the Canadian stock market, particularly those companies with large stashes of cash on their books waiting for a better climate for business expansion.

    US stocks could well reach into the upper teens and perhaps all the way to 20,000 - even with a drag in the White House, US markets and dollars will always be the safest haven in the world.

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

    I thought European bank confidence was already destroyed.

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

    This situation is just so ridiculously crappy for everybody, but particularly for residents of Cyprus that have done little, if anything, to warrant having their money taken.

    Apparently, there's a lot of Russian money in Cyprus banks (it's kind of like the Caymen Islands of Russia's wealthy, from what I read), and if that's the target here I really don't see any reason to put up a blanket confiscation of money. If you want to stop Russians from using Cyprus banks to avoid...whatever...then change the policy for foreign depositors. But using the money of those who didn't create the problem as a means of leveraging a bailout...that's just screwed up.
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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

    It is no different than what the US did at the start of this financial crash.. push the burden of repair onto the public... The only difference is that in Cyprus they went directly for the bank books, where as in the US and elsewhere they did it by loading on debt on debt and creating deficits in the public sector and then crying "oh we must cut because we are spending too much"...

    In the end it is the average Joe that pays and the ones who caused the problem are laughing all the way to the bank while living a life of luxury in tax haven some where.
    PeteEU

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

    Quote Originally Posted by DaveFagan View Post
    The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence - Seeking Alpha

    "In Cyprus, the ECB had forced a tax upon the bank deposits. The plan was to force Cyprus banks to exact a 9.9 percent tax on accounts with more than 100 thousand Euros and a 6.5 percent tax on accounts with less than 100 thousand Euros. Those latter accounts are protected by deposit insurance."

    "But confidence is waning in the Eurozone, and if there could be a bank run in Cyprus, there could be one in Spain, Italy, etc. Contagion often starts with banks not trusting each other. The ECB had planned to use the 5 plus billion euros collected along with new loans to stabilized the nation's banks. Now it could be up to the Germans to bail out Cyprus, and if so, bigger demands could be forced upon the wealthy nations of Europe."

    Isn't this theft?

    Could it happen here?

    Is the EUBank the same as the Federal Reserve?

    Can Big Banking be trusted?

    Is this a scheme to steal money from Russia?
    Yes, it's theft.

    Yes, it will happen here (think of Cyprus as a trial balloon for the rest o Europe and then America).

    I'm not certain about the eu bank, but I believe yes.

    Yes, they can be trusted to take your money if "it's needed to save the economy".

    Not sure about how Russia fits in.

    What we see in this is step 3 in the "IMF riots"... The next step is the actual riots, destroying whatever is left of confidence, then the big money steps in and buys up the economy for pennies on the dollar. Finally the riots are suppressed and the people come to accept a lower standard of living, but they are happy because there is a semblance of a return to normalcy.

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

    Quote Originally Posted by BmanMcfly View Post
    Yes, it's theft.

    Yes, it will happen here (think of Cyprus as a trial balloon for the rest o Europe and then America).

    I'm not certain about the eu bank, but I believe yes.

    Yes, they can be trusted to take your money if "it's needed to save the economy".

    Not sure about how Russia fits in.

    What we see in this is step 3 in the "IMF riots"... The next step is the actual riots, destroying whatever is left of confidence, then the big money steps in and buys up the economy for pennies on the dollar. Finally the riots are suppressed and the people come to accept a lower standard of living, but they are happy because there is a semblance of a return to normalcy.
    Russian gov't and businessmen have 5-10 billion Euros in Cypress Banks. A perfect target for a quick 10% theft. Gold is where you find it, eh?

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

    Quote Originally Posted by DaveFagan View Post
    The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence - Seeking Alpha

    "In Cyprus, the ECB had forced a tax upon the bank deposits. The plan was to force Cyprus banks to exact a 9.9 percent tax on accounts with more than 100 thousand Euros and a 6.5 percent tax on accounts with less than 100 thousand Euros. Those latter accounts are protected by deposit insurance."

    "But confidence is waning in the Eurozone, and if there could be a bank run in Cyprus, there could be one in Spain, Italy, etc. Contagion often starts with banks not trusting each other. The ECB had planned to use the 5 plus billion euros collected along with new loans to stabilized the nation's banks. Now it could be up to the Germans to bail out Cyprus, and if so, bigger demands could be forced upon the wealthy nations of Europe."

    Isn't this theft?

    Could it happen here?

    Is the EUBank the same as the Federal Reserve?

    Can Big Banking be trusted?

    Is this a scheme to steal money from Russia?

    Yes its theft.I would be surprised if anyone in Cyprus kept their money in banks after this.
    "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

  10. #10
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    Re: The Confiscatory Cyprus Bank Tax Idea Destroyed European Bank Confidence ???

    Quote Originally Posted by PeteEU View Post
    It is no different than what the US did at the start of this financial crash.. push the burden of repair onto the public... The only difference is that in Cyprus they went directly for the bank books, where as in the US and elsewhere they did it by loading on debt on debt and creating deficits in the public sector and then crying "oh we must cut because we are spending too much"...

    In the end it is the average Joe that pays and the ones who caused the problem are laughing all the way to the bank while living a life of luxury in tax haven some where.

    What you said is really true. We had our tax money confiscated and used to subsidize the "too big to fail" banksters. It was and is all very "hush hush." Nothing to see here; move on. We didn't even get a "thank you, mam." Just the ol' wham bam. Is OK. We'uns ignorant and ain't got no notion o' wha's happenin', eh?

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