Cyprus Citizen's Bank Accounts Looted By Government

[pkuser2k12]

THIS WILL HAPPEN IN YOUR COUNTRY TOO.BANKERS GREED KNOWS NO BOUNDS

Last night we received word that the global sovereign debt crisis has opened an incredible new chapter.

1. OLD WAY OF HANDLING DEBT CRISIS BY GOVERNMENT AND BANKS:

Up until about 24 hours ago the bankrupt governments and banks (which are now government backed) of the developed western world (Japan, United States, Europe, U.K.) have dealt with the problem using one simple tool: bailouts paid for with printed money.

There have been an endless array of fancy names used for this simple process such as Quantitative Easing, LTRO, OMT, etc. It comes down to additional debt being raised (or sometimes moved around with sleight of hand as seen in Europe) and the global central banks "easing" this process by flooding with world with printed money.

Looking at it from the government's perspective, this strategy seemed to me as the more intelligent way to go because it was far less likely that the average citizen could figure out what was actually going on. Only those that have taken the time to study history can see what is actually happening: their hard earned wealth was being removed in the form of their purchasing power. This process is no secret and even has a name in the world of finance: "financial repression."

For an simple walk through see What Is Financial Repression

Not only do people not understand what is taking place, they actually cheer for it because it comes with additional social programs, government transfer programs, or "stimulus.". They see it as a way to earn something for nothing, or a "free lunch" as it is called in the world of economics. This was seen most vividly during the recent election in the United States when Obama ran away with the votes promising more of the same.

Over time this process continues on until you reach the point of a complete currency collapse when very suddenly the remaining wealth transfer is moved from paper assets to things.This will occur first in Japan then move to the rest of the developed world, but it could just as easily begin in the United States, U.K. or Europe.

2. NEW WAY OF HANDLING FINANCIAL CRISIS - CYPRUS LOOTED(SETTING TREND FOR OTHER COUNTRIES AS YOU KNOW SMALL TIME LOOTING THEN TO BIG TIME LOOTING:

something very different occurred in the small nation of Cyprus last night which became the fifth country in Europe to receive a bail out. As part of receiving their money from the "authorities" to keep their reckless government spending and bankrupt banks in business the nation has decided to remove 6.75% of the money in every bank account of its citizens which hold less than 100,000 euros and to remove 9.9% of the money in accounts with more than 100,000 euros.

IMPORTANT:

That's right. They closed the banks for the weekend and will re-open them on Tuesday. When the people open their accounts on Tuesday their money will be gone.Stolen.

Anyone who still has their money in one of these accounts will hopefully take this opportunity to remove it as quickly as possible.

This extrapolation can move out much further beyond the Eurozone. If you are living in a country with a bankrupt government and insolvent banks (remember the banks are now government backed), why would you keep a large amount of money in a bank account?

This conversation goes back to a topic referd to time and time again which is raising "safe cash." People often assume holding money in the bank because that is the most widely regarded standard of safety in the United States due to the FDIC (which currently guarantees up to $250,000 in deposits). However, looking through the lens of last night's Cyprus confiscation shows that it could be one of the most unsafe options for your "cash."

REACTION TO BANK MOVE:

1. Cyprus closes banks to stop run amid fury over bailout
read full story below:
Cyprus closes banks to stop run amid fury over bailout | Business | The Guardian

2. PUTIN: Cyprus Bank Levy Is 'Unjust, Unprofessional, And Dangerous'
read full story below:
PUTIN: Cyprus Bank Levy Is 'Unjust, Unprofessional, And Dangerous' - Business Insider

3. Resistance in Cyprus Grows to Europe’s Bailout Plan
read full story below:
http://www.nytimes.com/2013/03/19/b...arkets-drop-on-latest-euro-concerns.html?_r=0

4. Economy of Cyprus is going to be killed
read full story below:
Economy of Cyprus is going to be killed - English pravda.ru

 

[AZADPAKISTAN2009]

I think its unfair that people who saved their money in Banks , legally their money is stolen some may have been old and needy
You can't STEAL money from Bank , for Taxes imposed out of blue

 

[Argus Panoptes]

The Cypriot Parliament has rejected the law with zero votes in favour of taking money from savings accounts. What happens next will be interesting.