Holy Shi-ite!!
The EU just decided to steal 6.75 to 9.9 percent of all bank deposits on the island of Cyprus.
"BRUSSELS—Depositors in Cypriot banks will be hit with a one-off tax on their savings, as part of a €10 billion ($12.96 billion) bailout for the Mediterranean island from the euro zone and the International Monetary Fund.
The deal, announced early Saturday, marks the first time in the euro zone's five-year-old financial crisis that depositors in bloc's banks will lose money. Accounts with more than €100,000 will be taxed at 9.9%, those with less at 6.75%, raising an expected €5.8 billion for the near-bankrupt nation."
If this doesn't illustrate the transformation of the EU and it's politicians and bankers into outright thieves, I don't know what will get through to the people there.
Bank runs in Spain and Greece and Italy are highly likely next week. Is this the black swan everyone has been afraid of?
What would we do here if the government decided to do something similar?
We will absolutely be feeling the effects of this over here. I expect to see a run on the cyprus banks tuesday morning. I expect to see a run on the euro banks in greece, italy and maybe france also.
ReplyDeleteWould not be surprised to see the same here.
I will be looking into what kind of hit I'll take by closing my 401k ish account.
I know somebody who did in fact cash out their 401k because they thought the government would sooner or later take it. They suffered a big hit up front, but they put it in gold, and rode that escalator right up. The plan sounded tin foil hat but it paid off big.
ReplyDelete0bama already did something like that over here.
ReplyDeleteRemember what happened to the stockholders of GM during their bailout to the UAW.
The genius of that was that the sheeple didn't recognize it for what it was - out and out theft.
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