The Black Vault

The EU has given the country of Cyprus an ultimatum: Confiscate 6.75% of wealth from all bank accounts under $100K and 9.9% of wealth from bank accounts over $100K or leave the Eurozone.

http://finance.yahoo.com/news/yen-firms ... 26588.html

This is the genius bailout plan from the EU. And while Cyprus is a small country with a small economy, this paints a clearer picture for the rest of Europe.. and possibly the rest of the world. Which is to steal money from countries citizens in order to hold up an economy that is on the brink of certain collapse. Even more shocking was that the plan initially considered robbing individuals 40% of their life savings!

The gov't is expected to vote today.

How would you like it if you went into your bank account tomorrow and realized that you were charged a 40% wealth tax? So if you had $20,000 of savings, the gov't would just take $8,000 of it...

I heard a rumor that Obama was considering the confiscation of american pension and retirement plans. When I heard that I thought that it was ridiculous... now im not so sure how ridiculous it sounds.

UPDATE:

Vote delayed until Tuesday.

Also, it is obviously not getting good reception so (if they actually go ahead with the vote) it would probably be voted down. However, they are currently refining the plan prior to the vote. Changes may see the confiscation of more wealth from larger bank accounts (~15% from 500K+) and less from smaller accounts.

All Cyprus banks are closed until Thursday to prevent bank runs.. aka, private banks accounts are being held hostage.

The vote may not happen today and may be delayed until Wednesday.

Also, it was the IMF that drew up this plan. The IMF is a 188 member org based in Washington DC and with a large US influence.

nytimes.com wrote:The Cyprus Parliament on Tuesday overwhelmingly repudiated a €10 billion international bailout package that would have set an extraordinary precedent by taxing ordinary depositors to pay part of the bill.

Some in the opposition party even suggested abandoning a European Union bailout altogether and appealing to Russia or China to lend Cyprus the funds it needs to keep the economy and its banks afloat. One member of Parliament who was out of the country did not vote.

Get ready for a Bank Run on Thursday

capricorn wrote:
Get ready for a Bank Run on Thursday

Hasn't that already started?

Well, they closed all the banks until Thursday because they didn't want people bank running. They wanted to confiscate money first.. either way this whole ordeal is just the beginning.

The fear now is that just the mear suggestion they have thought of this concept at all, may trigger a worldwide run on the banks. If they can do that, everyone will think what about us. It is one of the those "yelling fire" in a building you just never do it, because it could spark panic.

Banks have been closed until next week. They have 4 days to approve a bailout plan or be kicked out of the Eurozone.. yikes

Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

By Bernice Napach | Daily Ticker – 3/21/2013
“Nobody is stealing more money from bank depositors than Ben Bernanke,” Rickards tells The Daily Ticker. Bernanke's doing that, Rickards says, by maintaining interest rates near zero.

Related: There are No Bubbles, QE is Working

“At this stage of a recovery normalized interest rates should be around 2-3%,” says Rickards. “Apply that 2-3%…to the entire multi-trillion-dollar deposit base of the United States of America and that’s a $400-billion per year wealth transfer from savers to bankers so they can pay themselves bigger bonuses or make crazy bets.” Over time, Rickards says, that wealth transfer could reach $1 trillion.

Rickards says zero interest rates are just one way the Fed is fleecing depositors. Others include increasing inflation, which Bernanke is trying to do, and taxing deposits like Cyprus is pushing for. “Bernanke is stealing more money from depositors than Cyprus is... looting everyday Americans—teachers, firemen and retirees,” says Rickards.

http://finance.yahoo.com/blogs/daily-ti ... 51783.html

katsung47 wrote:Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

I couldn't agree more; the only difference is that Bernanke is stealing our money behind closed doors. This theft of the Cypriots is like a big old slap across the face. Wait until this happens in the good ol US of A. Man, it's gonna strait up knock most people out.