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(Zero Hedge)   You implement an over-the-weekend 6.75% levy on all bank accounts as part of your "bailout plan", we smash through your bank with an excavator. That's the Cyprus way   (zerohedge.com) divider line 135
    More: Scary, Frozen Assets, Cyprus, bank accounts, Jean-Claude Juncker, Spanish Banks, Europe, rescues, deposits  
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10246 clicks; posted to Main » on 17 Mar 2013 at 10:25 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-17 03:10:44 PM

Bad_Seed: hasty ambush: Swedish government

So, conservatives are now holding up Sweden as a model economy? I'm glad that liberals and conservatives can finally agree on something.

Now we just have to cut taxes down to Swedish levels, where people who earn $45000 a year can pay up to 70% of that in tax.

It's great that conservatives are finally willing to agree to sensible policies.


I'm sure a few would be ok with that if you got rid of all the non-white people, too.
 
2013-03-17 03:26:58 PM
Whoa whoa whoa... Let's not just throw in the Russian Mafia card and call it a day. That's just lazy journalism

Everyone knows Cyprus has the lowest corporate tax rates in the EU. What sets them apart from some of those other tax islands is they are on the Euro. Half of the money might be from Russians, but not all Russian money is mafia money. So a Russian guy makes some money, doesn't trust the local bank and wants to keep it in Euros. People and legitimate businesses all over Europe will be affected by this, and as the article rightfully points out, especially the Cypriots (thanks illannoyin)
 
2013-03-17 03:29:33 PM

Old Smokie: Bad_Seed: hasty ambush: Swedish government

So, conservatives are now holding up Sweden as a model economy? I'm glad that liberals and conservatives can finally agree on something.

Now we just have to cut taxes down to Swedish levels, where people who earn $45000 a year can pay up to 70% of that in tax.

It's great that conservatives are finally willing to agree to sensible policies.

I'm sure a few would be ok with that if you got rid of all the non-white people, too.


What does that have to do with Sweden?
 
2013-03-17 04:05:15 PM

Bad_Seed: Now we just have to cut taxes down to Swedish levels, where people who earn $45000 a year can pay up to 70% of that in tax.


Question: How the FARK does that work?

Because I'm at $72K right now (Bay Area, divide by 2.5 to get actual spending power).  Keeping 30% of that gives me $21,600.  Which is great except that my rent is $1670 a month.  So you're telling me that I have to make SEVENTY THOUSAND DOLLARS just to make rent.  Not rent and food and car and some computer stuff.  Just rent.   And I need to make ANOTHER $1300 every month just to make my car payment.  And another thousand just to pay for food.  And the new mouse I just bought has a de facto price of $350.  It's a nice mouse (The last one lasted me through 2 years and 4 states), but it's not worth $350.

/When your genius plan is that I have to make $4 to spend $1, you've farked up somewhere.
//I'm in CA, one of the highest tax states in the Union and I'm at about $1.75.
///$21K is poverty line in the Midwest.  Out here, I'd eat a bullet if I was living on $21K, except that I couldn't afford one.
 
2013-03-17 06:19:08 PM

meyerkev: Bad_Seed: Now we just have to cut taxes down to Swedish levels, where people who earn $45000 a year can pay up to 70% of that in tax.

Question: How the FARK does that work?

Because I'm at $72K right now (Bay Area, divide by 2.5 to get actual spending power).  Keeping 30% of that gives me $21,600.  Which is great except that my rent is $1670 a month.  So you're telling me that I have to make SEVENTY THOUSAND DOLLARS just to make rent.  Not rent and food and car and some computer stuff.  Just rent.   And I need to make ANOTHER $1300 every month just to make my car payment.  And another thousand just to pay for food.  And the new mouse I just bought has a de facto price of $350.  It's a nice mouse (The last one lasted me through 2 years and 4 states), but it's not worth $350.

/When your genius plan is that I have to make $4 to spend $1, you've farked up somewhere.
//I'm in CA, one of the highest tax states in the Union and I'm at about $1.75.
///$21K is poverty line in the Midwest.  Out here, I'd eat a bullet if I was living on $21K, except that I couldn't afford one.


You live in the wrong place. I earn more than that, live in a "high tax" state, but spend a fraction of that. Either earn and spend what you can afford, or get the heck out of a place where you spend $1670 on freaking rent.... Rent, I remind you, is money that you never ever get back. I spend less than that on my mortgage, and I have land that I grow vegetables on.
 
2013-03-17 06:31:47 PM

desertfool: meyerkev: Bad_Seed: Now we just have to cut taxes down to Swedish levels, where people who earn $45000 a year can pay up to 70% of that in tax.

Question: How the FARK does that work?

Because I'm at $72K right now (Bay Area, divide by 2.5 to get actual spending power).  Keeping 30% of that gives me $21,600.  Which is great except that my rent is $1670 a month.  So you're telling me that I have to make SEVENTY THOUSAND DOLLARS just to make rent.  Not rent and food and car and some computer stuff.  Just rent.   And I need to make ANOTHER $1300 every month just to make my car payment.  And another thousand just to pay for food.  And the new mouse I just bought has a de facto price of $350.  It's a nice mouse (The last one lasted me through 2 years and 4 states), but it's not worth $350.

/When your genius plan is that I have to make $4 to spend $1, you've farked up somewhere.
//I'm in CA, one of the highest tax states in the Union and I'm at about $1.75.
///$21K is poverty line in the Midwest.  Out here, I'd eat a bullet if I was living on $21K, except that I couldn't afford one.

You live in the wrong place. I earn more than that, live in a "high tax" state, but spend a fraction of that. Either earn and spend what you can afford, or get the heck out of a place where you spend $1670 on freaking rent.... Rent, I remind you, is money that you never ever get back. I spend less than that on my mortgage, and I have land that I grow vegetables on.


The other great thing about a mortgage is rent goes up over time while (generally) mortgage payments stay the same (it drop in real terms) and after twenty five years of so they stop. My monthly mortgage for my house is about $250. To rent now would be $1200. If you have to move for work renting can be more convenient but in the long term, if you can stay in the same area, buying will work out far cheaper and protect against inflation.
 
2013-03-17 06:57:35 PM

Flint Ironstag: desertfool: meyerkev: Bad_Seed: Now we just have to cut taxes down to Swedish levels, where people who earn $45000 a year can pay up to 70% of that in tax.

Question: How the FARK does that work?

Because I'm at $72K right now (Bay Area, divide by 2.5 to get actual spending power).  Keeping 30% of that gives me $21,600.  Which is great except that my rent is $1670 a month.  So you're telling me that I have to make SEVENTY THOUSAND DOLLARS just to make rent.  Not rent and food and car and some computer stuff.  Just rent.   And I need to make ANOTHER $1300 every month just to make my car payment.  And another thousand just to pay for food.  And the new mouse I just bought has a de facto price of $350.  It's a nice mouse (The last one lasted me through 2 years and 4 states), but it's not worth $350.

/When your genius plan is that I have to make $4 to spend $1, you've farked up somewhere.
//I'm in CA, one of the highest tax states in the Union and I'm at about $1.75.
///$21K is poverty line in the Midwest.  Out here, I'd eat a bullet if I was living on $21K, except that I couldn't afford one.

You live in the wrong place. I earn more than that, live in a "high tax" state, but spend a fraction of that. Either earn and spend what you can afford, or get the heck out of a place where you spend $1670 on freaking rent.... Rent, I remind you, is money that you never ever get back. I spend less than that on my mortgage, and I have land that I grow vegetables on.

The other great thing about a mortgage is rent goes up over time while (generally) mortgage payments stay the same (it drop in real terms) and after twenty five years of so they stop. My monthly mortgage for my house is about $250. To rent now would be $1200. If you have to move for work renting can be more convenient but in the long term, if you can stay in the same area, buying will work out far cheaper and protect against inflation.


This just in - San Francisco and the surrounding Bay Area is expensive. There's a number of reasons for that, which pretty much boil down to...

1. It's a nice place to live. Good climate (no snow, not hot), nice scenery, right by the beach, plenty of nice restaurants, etc. So, demand for housing is high.
2. If you're in the right field (tech is the most obvious, but not the only one by a long shot - lots of finance there, too), you can make a metric boatload of money. This means that the amount of money available to pay for housing is high.

Of course, SF/Bay Area's environmental and tax policies don't help costs at all, but even if they switched to some sort of Libertarian Paradise tax and regulatory scheme (which isn't happening), the geography effectively prohibits building any further out, and the constant earthquakes makes building up a rather expensive and complicated proposition. Of course, that doesn't even touch on how strained the existing infrastructure is out there, between NIMBYs shooting down any significant BART expansion and environmentalists shooting down any freeway improvements, with local politicians happy that both sides at least agree that infrastructure spending is "undesirable", thus freeing up municipal tax money for more "beneficial" (read: directly supportive of key voting constituencies) programs.

Back to the point, though, if  desertfool is at $72k in the Bay Area, there's no guarantee that their line of work even exists outside of the area, and if it does, there's absolutely no guarantee that it pays anywhere near that well. Taking a $35k/year hit in pay to live in North Dakota isn't exactly a "net gain". Or, worse yet, the  only place that particular job exists might be in similarly expensive metro areas (think Seattle, New York, Boston, and so on).
 
2013-03-17 07:10:47 PM
The problem with the EU is the euro combined with virtually no central budget.  In the U.S., we bail out poor states all the time (you're welcome Mississippi).  Europe has strong central control without strong central accountability.  In the U.S. we have strong central control, but with payments to the poor and subsidies to the states we keep 2nd world states from turning into third world states.

The best option in a world economy when your economy tanks and your manufacturing base crashes is usually to inflate your currency.  It reduces your debt (although it doesn't do much for your deficit, except for the free money you are printing).  It taxes people with lots of cash, which gets them to spend money, which creates further stimulus, and it makes it expensive to buy anything from abroad, which means it helps local manufacturing (as long as you have natural resources to build things out of.)  EU member states have signed away their right to inflate their currency without getting promises to be bailed out.  Their only bargaining chip is to threaten to leave the EU and inflate their currency.  If they did this as a block, they might be able to leverage that, but a bunch of democracies and see if the Germans and French want the EU to work enough to put up or shut up.
 
2013-03-17 07:45:06 PM

GAT_00: Really? You're equally responsible for every action taken by your bank for having deposits in it?


That seems like a bit of a stretch but to be fair everyone in the world should know any business with the word "bank" in it is run by scumbags and should not make deposits there. So while on principle I agree that it was theft and those banks deserve to get bulldozed and robbed back, I can't say I'm surprised or necessarily sympathetic to the people who voluntarily deal with banks.
 
2013-03-17 08:18:51 PM

Cajnik: Whoa whoa whoa... Let's not just throw in the Russian Mafia card and call it a day. That's just lazy journalism

Everyone knows Cyprus has the lowest corporate tax rates in the EU. What sets them apart from some of those other tax islands is they are on the Euro. Half of the money might be from Russians, but not all Russian money is mafia money. So a Russian guy makes some money, doesn't trust the local bank and wants to keep it in Euros. People and legitimate businesses all over Europe will be affected by this, and as the article rightfully points out, especially the Cypriots (thanks illannoyin)


Where would that honest Russian guy live where he thrusts a Cypriot bank more than the local?

I can't even sarcastically come up with an answer where placing your money in Cyprus seems like a safe choice. Especially since this honest guy is Russian, he ought to know who else is using those banks.

If you're a honest Cypriot of course, that's your country, but anyone else using those banks can't have been up to any good. That's not where you place your honest money.
 
2013-03-17 08:29:00 PM

dumbobruni: hasty ambush: Alone in the Snark: Greece and Ireland went down, Spain nearly went down, France, UK and Italy are struggling, Germany and farking goddamn Scandinavia are roaring on all cylinders.

So you are correct that there is a relationship between welfare state and recession. You just got the sign wrong. Strongest welfare states did <i>best</i> in the recession.

Nope it is just catching up with them later.

Germany may fall into recession in 2013

"The cyclical outlook for the German economy has dimmed," said the Bundesbank in a statement. "There are even indications that economic activity may fall in the final quarter of 2012 and the first quarter of 2013."


And if your argument is that they did better maybe because Sweden introduced austerity measures AND cut taxes-in effect reduced their welfare burden

[www.americanthinker.com image 601x363]

[www.americanthinker.com image 600x368]

what your charts show: in times of good economic performance, Sweden cut government spending. Spain & Ireland did the same.

during the 2008 downturn, government spending increased to offset the economic decline. once the economy returned to normal, the budget cutting renewed.

the solution for the economies of Europe that are contracting is stimulus, not austerity.


You totally ingnored that DURING the downturn Sweden cut taxes and spending didn't you?

and:

Krugman Can't Admit He Was Wrong on Austerity: Latvia PM
 
2013-03-17 08:54:57 PM

Bad_Seed: hasty ambush: Swedish government

So, conservatives are now holding up Sweden as a model economy? I'm glad that liberals and conservatives can finally agree on something.

Now we just have to cut taxes down to Swedish levels, where people who earn $45000 a year can pay up to 70% of that in tax.

It's great that conservatives are finally willing to agree to sensible policies.


Does that mean you agree to sensible policies?

Sweden will cut its corporate tax rate next year to 22 percent to attract business investment, create new jobs and prevent companies from leaving the the Nordic region's biggest economy.

The government will spend about 16 billion kronor ($2.4 billion) to reduce the tax companies pay on profits, four years after cutting the rate to 26.3 percent from 28 percent in 2009, it said today.

"Corporate taxes are probably the most damaging tax of all," Prime Minister Fredrik Reinfeldt said at a news conference in Stockholm.


US combined effective Corporate tax rate 39.21%
BTW there is no 70% income tax rate in Sweden

Sweden has a bracketed income tax system with three income tax brackets, ranging from a low of 0.00% for those earning under kr372,100 to a high of 25.00% for those earning more then kr532,700 a year.
Of course they also like us have to pay local taxes and they have high VAT that hits not ony the rich.

Sorry to bust your liberal myths bubble but even Bill Maher thinks taxes are too high at 50%

Bill Maher: Taxes Too High on Rich, Liberals 'Could Actually Lose Me'


"You know what?" Maher responded, "Rich people ... actually do pay the freight in this country."

"I just saw these statistics. I mean, something like 70 percent. And here in California, I just want to say liberals -- you could actually lose me. It's outrageous what we're paying -- over 50 percent. I'm willing to pay my share, but yeah, it's ridiculous"
 
2013-03-17 09:56:32 PM

Cajnik: Whoa whoa whoa... Let's not just throw in the Russian Mafia card and call it a day. That's just lazy journalism

Everyone knows Cyprus has the lowest corporate tax rates in the EU. What sets them apart from some of those other tax islands is they are on the Euro. Half of the money might be from Russians, but not all Russian money is mafia money. So a Russian guy makes some money, doesn't trust the local bank and wants to keep it in Euros. People and legitimate businesses all over Europe will be affected by this, and as the article rightfully points out, especially the Cypriots (thanks illannoyin)


Except that it goes a very long way towards explaining why there's no real support for the tax evasion there, much less in any easily-toppled tax domicile.
 
2013-03-17 10:33:04 PM
So how is this not just petty larceny?
 
2013-03-17 11:21:34 PM
I'm going to take a guess and suggest this will probably destroy the Cyprus banking industry for good.
 
2013-03-18 01:18:29 AM
I'm not sure what's more alarming -- that this is happening, or that the US media (other than financial-specific) isn't reporting on it.   This should be front-page on EVERY news outlet.  The idea of this happening is unfathomable to me.  The fact that it is indeed happening should be a warning to everyone that it can happen elsewhere.

NYTimes: Nothing.
LATimes: Nothing
Miami Herald: Nothing
Boston Herald: Nothing
St. Pete Times: Nothing
USA Today: Nothing
San Jose Mercury: Nothing
Chicago Tribune: Nothing
Washington Post: Nothing

Seriously, WTF?
 
2013-03-18 02:14:25 AM
I'm assuming this is a one time thing (which does not make it right).  But what if the government decides doing it yearly is the way to go?  Currently, banks are paying a paltry 0.84% on a typical savings account.  About 2% in a credit union.  The inflation rate is also about 2%.  So the best you can hope for is to merely break even.  Now slap that 6.75% tax on it every year.  You're losing about 4 or 5 percentage points a year.  You are better off hiding your money in your mattress.

Banks require deposits so they have money to lend.  That's how they make money.  If there are no deposits, they have no money to loan out to buy a home, a car, or start a business.  If private banks cease to exist, it will fall upon the government to provide loans.  Think about the last time you went to a government office to get something done.  Now are you filled with confidence about getting a house loan?  Keep in mind the governments involved are broke and are now using panic tactics to raise money.

As for those people who think governments have unlimited resources and can never go broke.  Please find a large brick.  Now hit yourself in the face as hard as you can until you collapse.  You are too stupid to live.
 
2013-03-18 02:56:47 AM
Angela Merkel arrives at Athens airport for a finance summit meeting.

Immigration officer: "name?"

AM: "Angela Merkel"

Officer: "occupation?"

AM: "No - just staying for a few days"
 
2013-03-18 03:25:01 AM

Sean M: I'm not sure what's more alarming -- that this is happening, or that the US media (other than financial-specific) isn't reporting on it.   This should be front-page on EVERY news outlet.  The idea of this happening is unfathomable to me.  The fact that it is indeed happening should be a warning to everyone that it can happen elsewhere.

NYTimes: Nothing.
LATimes: Nothing
Miami Herald: Nothing
Boston Herald: Nothing
St. Pete Times: Nothing
USA Today: Nothing
San Jose Mercury: Nothing
Chicago Tribune: Nothing
Washington Post: Nothing

Seriously, WTF?


It's on the front page of the online edition of the New York Times. Didn't check the other papers. But yeah, it seems like this isn't being given the attention it deserves. When the banks reopen on Wednesday, it'll be a full blown bank run over there. I am waiting to see if the panic spreads to others in the EU.
 
2013-03-18 03:32:42 AM

Flint Ironstag: Angela Merkel arrives at Athens airport for a finance summit meeting.

Immigration officer: "name?"

AM: "Angela Merkel"

Officer: "occupation?"

AM: "No - just staying for a few days"


It took me a moment, then I laughed out loud.
 
2013-03-18 08:15:04 AM

Jonnadiah: Wow, the conservatards are out in full force this morning. Shouldn't you all be at church?


Coming to a bank near you! We conservatives don't think like liberal sheep, bet you'd be pissy too if banks stole your money.
 
2013-03-18 08:18:15 AM

ThatGuyGreg: Can't wait to hear how Obama is planning to do this.


He already bought billions of bullets and armored cars for the DHS.

It's coming full circle.
 
2013-03-18 08:36:37 AM

Sean M: I'm not sure what's more alarming -- that this is happening, or that the US media (other than financial-specific) isn't reporting on it.   This should be front-page on EVERY news outlet.  The idea of this happening is unfathomable to me.  The fact that it is indeed happening should be a warning to everyone that it can happen elsewhere.

NYTimes: Nothing.
LATimes: Nothing
Miami Herald: Nothing
Boston Herald: Nothing
St. Pete Times: Nothing
USA Today: Nothing
San Jose Mercury: Nothing
Chicago Tribune: Nothing
Washington Post: Nothing

Seriously, WTF?


US media is covering it:

CNN is covering it: http://money.cnn.com/2013/03/18/news/economy/europe-cyprus-bailout/in d ex.html?hpt=hp_t2

FOX "News" is covering it: http://www.foxbusiness.com/markets/2013/03/17/cyprus-debacle-reignite s -euro-fears-us-stock-futures-tumble/?intcmp=trending

NPR is covering it: http://www.npr.org/2013/03/18/174598781/e-u-bailout-tax-causes-bank-r u n-in-cyprus

The Associated Press wire service is definitely covering it: http://hosted.ap.org/dynamic/stories/E/EU_CYPRUS_FINANCIAL_CRISIS?SIT E =KYLOU&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-03-18-07-44-12

The major news networks are carrying it:
NBC News: http://worldnews.nbcnews.com/_news/2013/03/17/17345457-cypriots-asked - to-surrender-up-to-10-percent-of-bank-balances-in-return-for-eu-bailou t?lite

ABC News: http://abcnews.go.com/International/wireStory/spokesman-putin-cyprus- p lan-unjust-18752880

CBS News: http://www.cbsnews.com/8301-505123_162-57574768/tiny-cyprus-threatens - euro-stability/

The newspapers are covering it:

New York Times: https://www.nytimes.com/2013/03/19/business/global/asian-markets-drop- on-latest-euro-concerns.html?_r=0

USA Today: http://www.usatoday.com/story/money/markets/2013/03/18/stocks-monday- 3 -18/1996069/

Los Angeles Times: http://www.latimes.com/news/world/worldnow/la-fg-wn-cyprus-lawmakers- h old-emergency-vote-on-bankdeposit-tax-20130318,0,5305756.story

Washington Post: http://www.washingtonpost.com/business/spokesman-putin-says-cyprus-pe r ilous-and-unjust/2013/03/18/33ad98ac-8fac-11e2-9173-7f87cda73b49_story .html
 
2013-03-18 10:08:13 AM

CujoQuarrel: Since you're only getting what %0.2 on your savings account it seems to me that the best thing to do is keep your money in cash. Get a safe deposit box and store it in the bank where it's safe (unless they plan on taking that too)



If you have more than $1000 of your money in "savings" accounts that typically earn 0.25%, you're doing it wrong.

If you honestly believe that the economy is going to truly crash and burn, your mattress money will have no value anyway. Might as well trade it in for things to barter when everything collapses.

If you don't believe that will happen, look into index funds. You're immediately diversified and have quite a bit of flexibility based on your risk-aversion. Even in the very worst of the last 10 years Vanguard's STAR earned over 5%. You can open an account with only $1000, and you can get a check or direct-deposit within 3 days if you have an emergency.
 
2013-03-18 10:34:28 AM

Dr. Goldshnoz: I can't say I'm surprised or necessarily sympathetic to the people who voluntarily deal with banks.


If you have any legitimate employment, or even if you're on an entitlement program, it is impossible to avoid dealing with banks. Your suggestion is patently absurd for about 99.95% of the population.

Even if I am adamant about it, my employer is NOT going to pay me in gold nuggets.
 
2013-03-18 11:25:13 AM
someone is too stupid to know what a credit union is.
 
2013-03-18 11:34:22 AM

Silverstaff: The major news networks are carrying it:


They're starting to cover it now, some two days after it happened.

The story still isn't getting the attention it deserves though.  I'm not that old, but I can't think of a time in my lifetime when a western government just flat-out seized assets of its citizens for its own benefit.

Hopefully someone with more knowledge of history can come up with a better example, but Germany's 3rd Reich is about the only example I can think of, and I hate to go there with this argument.
 
2013-03-18 12:29:10 PM

Flint Ironstag: I cannot believe they did this. In every other country with even a remote possibility of needing a bailout the first thing everyone will do is take all their money out of the bank so they won't lose a chunk of it if this happens to them. What do you get when millions of people start taking all their money out of the banks? A run on the banks. Which then guarantees they will need a bailout.

With interest rates so low there is nothing to lose by keeping all your money under your mattress, or transferring it to a bank account in a safe country.

It's going to be interesting to see what happens Tuesday morning there (Monday is a bank holiday) and in other vulnerable countries in Europe.


Done in one.
 
2013-03-18 12:56:48 PM

dalovindj: This is unsettling.  I think I'll move to the safe-bolted-to-the-floor approach to hold the lion's share of my savings.  Can't do too much about my 401k, but surplus cash over about $1,000 I'll no longer be keeping in a bank account.


Convert the 401K to a rollover IRA, then convert that to a self-directed IRA in the form of a Limited Liability Company (maybe the 401K could be converted directly to the self-directed IRA, I've never looked at that possibility). The LLC can invest in tangible things like real estate, businesses, etc. You wouldn't be 100% guaranteed that some money-hungry politician wouldn't come after it, but it would be much  less tempting a target than cash or liquid assets sitting in some account waiting to be confiscated or taxed, plus income property or businesses would generate income to add to your self-directed IRA.
 
2013-03-18 01:19:39 PM

Sean M: The story still isn't getting the attention it deserves though. I'm not that old, but I can't think of a time in my lifetime when a western government just flat-out seized assets of its citizens for its own benefit.


Every time a communist government took over it happened.  Sure, they said it was for the benefit of the people, but no one with a functional brain believes this.
 
2013-03-18 03:46:50 PM
Why doesn't Cyprus just print more money? It is what we do.
 
ZAZ [TotalFark]
2013-03-18 05:10:09 PM
Why doesn't Cyprus just print more money? It is what we do.

Same reason Greece didn't. That traditional approach doesn't work with a regional currency.
 
2013-03-18 07:21:50 PM
ok, so no one here knows how and who pays for the 800 or so US banks the FDIC is having to clean up.  We pre-pay FDIC insurance permiums through the government to the FDIC adding to the deficit.  Some day, when the FDIC is done with the 300 or so remaining bad banks (and assuming there isn't another banking crisis) the banks will then repay all the premiums through lower interest to depositors.  Taxpayers pay the interest until the depositors repay the premiums through lower interest received.
Yeah!!! A happy ending for the rich people!
 
2013-03-20 03:19:16 AM

TIKIMAN87: Jonnadiah: Wow, the conservatards are out in full force this morning. Shouldn't you all be at church?

Coming to a bank near you! We conservatives don't think like liberal sheep, bet you'd be pissy too if banks stole your money.


Hard to take conservatives seriously when one of their mouths is calling for dismantling the banking system and the other mouth is calling for deregulating it even further in order for them to steal and con even more money from people.
 
2013-03-20 06:57:13 PM

Oatworm: Taking a $35k/year hit in pay to live in North Dakota isn't exactly a "net gain"


uhm... in Western ND the rent might be well above some places in SF.
 
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