If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(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 68
    More: Scary, Frozen Assets, Cyprus, bank accounts, Jean-Claude Juncker, Spanish Banks, Europe, rescues, deposits  
•       •       •

10249 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»



Voting Results (Smartest)
View Voting Results: Smartest and Funniest


Archived thread
2013-03-17 06:41:58 AM  
5 votes:
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.
2013-03-17 11:10:52 AM  
4 votes:

My Bologna Has A Maiden Name: For all of you who voted for Obama, take a good look at socialism in action.


Hmm. What is it about phrases like "capitalism in crisis" or "banking crisis" or "bankers continue to receive massive bonuses while farking over the entire world economy" which leads you to believe this a result of socialism?
2013-03-17 10:57:38 AM  
4 votes:
Wow, the conservatards are out in full force this morning. Shouldn't you all be at church?
2013-03-17 10:50:50 AM  
4 votes:

LawrencePerson: The European welfare state is unsustainable.



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.
2013-03-17 10:36:24 AM  
4 votes:

Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.


Put in American terms, this plan represents the democrat party ideal of subjects that exist to serve the needs of the state, and opposition the republican party ideal of a state that exists to serve the needs of its citizens.  I am sure that somebody can draw some distinction between forcing people to buy health insurance and forcing them to suffer a "levy" for the good of the banks, but it would be quite the act of rhetorical gymnastics.
2013-03-17 12:20:40 PM  
3 votes:

Yeah_Right: One reason we didn't fall into a depression in late 2008/early 2009 is that - unlike the early 1930's - the general public didn't make a run on the banks. If that had happened.... it would not have been pretty.

Which is why this is a very bad idea. If you give people a reason not to trust the security of their money being held in banks ... they'll pull all it out. They'll demand their employers pay them - in cash - and keep the money with themselves ... and boom goes the economy.


Bingo.

For "the system" to work, people have to trust the banks with money.  People don't trust the banks, the whole system crumbles pretty fast.

Deposit insurance is the normal way to ensure people trust the banks enough.  When you start taking a sudden direct tax of savings, directly confiscating the money in bank accounts. . .you just shot that confidence.  That's why taxes are normally either on income received, or money paid out, never touching money that isn't moving at all.

Bad move, EU, bad move.  Consumer confidence in the banking system of every EU state with any financial trouble just took a substantial hit.
2013-03-17 12:07:01 PM  
3 votes:
One reason we didn't fall into a depression in late 2008/early 2009 is that - unlike the early 1930's - the general public didn't make a run on the banks. If that had happened.... it would not have been pretty.

Which is why this is a very bad idea. If you give people a reason not to trust the security of their money being held in banks ... they'll pull all it out. They'll demand their employers pay them - in cash - and keep the money with themselves ... and boom goes the economy.
2013-03-17 11:07:41 AM  
3 votes:
The BBC is reporting that apparently a reason the EU thought this was a good idea is that Cyprus banks are used by Russian money launderers for storage. http://www.bbc.co.uk/news/world-europe-21819990

I guess that means they have huge piles of money sitting in them for the taking, big piles held by Russians who don't vote in Cyprus or anywhere in the EU.

The flaw in that cunning plan was the reaction from the general public at saying that they are seizing money saved in the bank.
2013-03-17 10:46:34 AM  
3 votes:
For all of you who voted for Obama, take a good look at socialism in action.
2013-03-17 10:40:48 AM  
3 votes:
The banks are stealing out of their customer's accounts. Call it a tax. Call it a levy. Yeah, sure. Whatever.  Money is an idea backed by confidence and what really matters is how the bank's customers feel about all this. It's going to be an interesting Tuesday.
2013-03-17 10:34:15 AM  
3 votes:
Thanks Europe! For making our idiots in power look better by comparison
2013-03-17 10:32:26 AM  
3 votes:
It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.
2013-03-17 10:32:00 AM  
3 votes:
Let's just grab 6-10% of peoples savings from them without warning. I'm sure that won't create a single problem anywhere.

Seriously, the government agency that did this and the people that approved it should be charged with larceny.
2013-03-17 10:31:25 AM  
3 votes:
This amounts to robbery and extortion. To arbitrarily tax someones wealth for the sins of others to bailout a country you may not even be a citizen of is something everyone should be very worried about. Coming soon to Greece, Spain, Portugal, Italy, US, France .....
2013-03-17 10:04:29 AM  
3 votes:

EvilEgg: ArkAngel: EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?

It's ten percent on accounts above that

Is it? I got bored.


Yeah, it is.

And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.
2013-03-17 01:08:50 PM  
2 votes:

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

www.americanthinker.com


"In the 1990s, following a financial crisis and the worst recession in Sweden since the 1930s, Sweden faced a deficit of over 11 percent of GDP in 1993. Soon thereafter, the government enacted a large deficit reduction plan to restore confidence in its currency and enhance its budgetary flexibility. It reduced its subsidies for medical and dental care, indexed certain taxes, and increased contribution rates for the unemployment benefit system. Ultimately, Sweden reduced its debt by establishing a goal to make surpluses equal 2 percent of GDP. By 2004 Sweden was running budget surpluses, and in 2008 the country's debt was 38 percent of GDP."

Swedish government

" While most countries in Europe borrowed massively, Borg did not. Since becoming Sweden's finance minister, his mission has been to pare back government. His 'stimulus' was a permanent tax cut. To critics, this was fiscal lunacy. Borg, on the other hand, thought lunacy meant repeating the economics of the 1970s and expecting a different result.

Three years on, it's pretty clear who was right. "Look at Spain, Portugal or the UK, whose governments were arguing for large temporary stimulus," he says. "Well, we can see that very little of the stimulus went to the economy. But they are stuck with the debt." Tax-cutting Sweden, by contrast, had the fastest growth in Europe last year, when it also celebrated the abolition of its deficit. The recovery started just in time for the 2010 Swedish election, in which the Conservatives were re-elected for the first time in history."

Some Austerity is Good Austerity
2013-03-17 12:58:52 PM  
2 votes:

count_chimpula: Eh people need to calm down. The Federal Reserve will continue to confiscate your money in passive/aggressive fashion by promoting inflationary policies by printing money and encouraging financial speculation. You'll get screwed in the end just the same, if not worse, especially if you are on a fixed income..


Oh look, another Libertarian nutter who doesn't understand how inflation works.
2013-03-17 12:17:06 PM  
2 votes:

orbister: GAT_00: Which in no way justifies hitting the people of Cyprus with this tax.

Better just to let them lose everything?


If the problem is Russian money laundering, why are they not seizing those funds for payment instead of punishing the people who are apparently criminals for living in Cyprus?

And if they can't find those funds and seize them, then why are the people being punished for something that can't be proven?
2013-03-17 12:07:45 PM  
2 votes:
They would probably try to take or further restrict firearm ownership here in the US before they tried anything like what is going on in Cyprus........especially anything useful in killing large amounts of people quickly....they would probably leave handguns alone even though they kill more people than military style rifles. Handguns are useless against people equipped with body armor and trauma plates.
2013-03-17 12:02:31 PM  
2 votes:
 I am living in Cyprus and there were no queues at cash machines in Limassol yesterday morning, although admittedly that was before the news really broke. We stayed away from Carnival this afternoon, partly because we thought it might turn into a riot (and partly because we've been before and it's a bit crap).

Thanks to speculation about the condition of the banking system over the last year or two we have mostly got used to not keeping too much in the local bank, the majority of my savings is in the UK, however, I have probably lost a couple of hundred Euros, if this affects my chequing account, which I am not sure it does.
2013-03-17 11:25:38 AM  
2 votes:
As long as the US doesnt fark up and follow suit I dont really care what socialist policies Europeons are forced to endure. They have their ways and seem to enjoy them.
2013-03-17 11:19:15 AM  
2 votes:
One thing is for sure--the E.U. will look worse than ever in Britain, and the UK Independence Party's numbers will shoot higher. Nigel Farage will get that much closer to power. The Tories will start to panic, and someday, we'll be watching endless programs about this on the History Channel.
/Makes popcorn.
//Go, Nigel!
2013-03-17 11:00:19 AM  
2 votes:

Alone in the Snark: LawrencePerson: The European welfare state is unsustainable.


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.


I think there's a cultural bias.  Many of the people there (I'm told) are proud to be productive so they can pay higher taxes so they can support their country and keep it strong.

Derptards here, on the other hand, are way too I-me-mine to think like that.  "I love my country, except for the people in it, they can fark off."
2013-03-17 10:53:39 AM  
2 votes:
No wonder homeland security is buying billions of bullets. They are for us.
2013-03-17 10:53:06 AM  
2 votes:
"One time".... Sure.

Once again, governments proving that they view all assets as theirs.
2013-03-17 10:42:43 AM  
2 votes:
Not meaning to start a flame war but in the US, this is one of the few reasons to vote Republican - they wouldn't implement a wealth tax. In the past year I've read proposals by state-level Democrats to tax savings, both personal and corporate.

Coincidentally, another round of Reverse-Robin-Hood tax trick is probably coming up - a special superlow low tax rate that lets corporations holding large amounts of cash overseas to cheaply bring the cash back to the US. Congress did this about 10 years ago, passing a special 5% rate.

(The parties are so indistinguishable that it hardly matters - they both love war, debt, currency debasement, and partisan politics. Neither will fix Mexican immigration (the Dems had their chance when they had 60 votes in the Senate in 2009-2010) because both parties are racist as f*ck, though the Dems have better PR...)
2013-03-17 10:42:32 AM  
2 votes:

LawrencePerson: The European welfare state is unsustainable. Europe is broke, and this is just the most advanced example of the Eurocratic elite and the bankers ganging up on other citizens. The end result will be a bank run in Europe. And once bank runs start, they're very hard to stop.

Cyprus is where Greek will be next year, followed shortly by Spain, Italy, and then most of the rest of Europe. And then shortly thereafter, thanks to those trillion dollar deficits, us.

Banks runs. Hyperinflation. And maybe 25% economic contraction in one year. If we're lucky.Hope those free condoms and cell phones were worth destroying the economy for.

Have a nice day.


None of that is true and I put the odds at 1:1 that you either don't invest or, if you do, none of your money is behind such a ridiculously dreary assessment of the situation.

And why did you link your own blog as support for your comments anyway?
2013-03-17 10:41:35 AM  
2 votes:
I'm not surprised they managed to take a minor crisis and turned it into an unmitigated disaster.

Also, I thought this plan needed parliamentary approval, which means there's a brutal election season coming.
2013-03-17 10:40:14 AM  
2 votes:

Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.


Oh you're gonna get some bites on that one
2013-03-17 10:36:39 AM  
2 votes:
The European welfare state is unsustainable. Europe is broke, and this is just the most advanced example of the Eurocratic elite and the bankers ganging up on other citizens. The end result will be a bank run in Europe. And once bank runs start, they're very hard to stop.

Cyprus is where Greek will be next year, followed shortly by Spain, Italy, and then most of the rest of Europe. And then shortly thereafter, thanks to those trillion dollar deficits, us.

Banks runs. Hyperinflation. And maybe 25% economic contraction in one year. If we're lucky.Hope those free condoms and cell phones were worth destroying the economy for.

Have a nice day.
2013-03-17 09:43:57 AM  
2 votes:

EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?


It's ten percent on accounts above that
ZAZ [TotalFark]
2013-03-18 05:10:09 PM  
1 votes:
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.
2013-03-17 06:19:08 PM  
1 votes:

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 03:26:58 PM  
1 votes:
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 03:10:44 PM  
1 votes:

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 02:56:03 PM  
1 votes:

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.
2013-03-17 02:37:51 PM  
1 votes:

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.
2013-03-17 02:06:47 PM  
1 votes:

Inyego: You fail at reading comprehension. This was not a bank bailout, it was a bailout for a government that tried to spend themselves into prosperity.


It might be wise to read a little more about the situation before making potentially embarrassing comments. As the BBC puts it:

President Nicos Anastasiades said refusing the bailout would have led to the collapse of the country's banks.

and also

The banks are central to this story. They grew rapidly. By 2011, the IMF reported that their assets - which include all the loans they have made - were equivalent to 835% of annual national income, or GDP. A chunk of that is down to foreign-owned banks, but those that are Cypriot had made loans to Greek borrowers worth 160% of Cypriot GDP. There have been losses on the loans to private borrowers because of the depression that has hit the Greek economy. And the value of the debts owed by the Greek government was cut in a debt relief exercise undertaken last year. It might have helped Greece, but the Cypriot banks were hit.
2013-03-17 01:37:02 PM  
1 votes:

LawrencePerson: Hope those free condoms and cell phones were worth destroying the economy for.


media.tumblr.com
2013-03-17 01:23:25 PM  
1 votes:
At what point of success does the feeling that you aren't responsible for your own mistakes arise?
2013-03-17 01:21:14 PM  
1 votes:
More proof that "independent" (aka privately owned) central banks are scams, and have complete control over many countries and governments.  "The Central Bank of Cyprus was established in 1963, shortly after Cyprus gained its independence, as an autonomous institution in accordance with the  Central Bank of Cyprus Law 1963 and the relevant articles of the Constitution."  Is this any worse than when the Fed seized all privately held US gold in 1933?
2013-03-17 12:32:31 PM  
1 votes:
Eh people need to calm down. The Federal Reserve will continue to confiscate your money in passive/aggressive fashion by promoting inflationary policies by printing money and encouraging financial speculation. You'll get screwed in the end just the same, if not worse, especially if you are on a fixed income..

Of course, if at some point, the world stops believing that the US dollar should be a reserve currency because the Federal Reserve is printing too much money then well..you'll understand why the government bought all that ammunition...
2013-03-17 12:20:45 PM  
1 votes:

orbister: Inyego: This amounts to robbery and extortion. To arbitrarily tax someones wealth for the sins of others to bailout a country you may not even be a citizen of is something everyone should be very worried about. Coming soon to Greece, Spain, Portugal, Italy, US, France .....

Or they could just let the banks fail and then the savers would lose every last euro and cent.


You fail at reading comprehension. This was not a bank bailout, it was a bailout for a government that tried to spend themselves into prosperity.
2013-03-17 12:16:33 PM  
1 votes:

GentlemanJ: One thing is for sure--the E.U. will look worse than ever in Britain, and the UK Independence Party's numbers will shoot higher. Nigel Farage will get that much closer to power.


Not a chance. Farage and his party haven't a hope. the only issue on which they have cross-spectrum support is Europe, and while many people care about that, they don;t care about it enough to change their votes. Their other policies are cobbled together right-wing stuff designed to appeal to the Neanderthal wing of the Tories and offputting to anyone and everyone else. The absolute best Farage can hope for is to reduce the Tory vote a bit and let the staunchly pro-Europe Labour back in.
2013-03-17 11:56:41 AM  
1 votes:
This was a really really really bad idea.
2013-03-17 11:46:56 AM  
1 votes:
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)
2013-03-17 11:46:47 AM  
1 votes:

rumpelstiltskin: Yeah, well, it hasn't happened yet. I'll admit it's a crude thing to do, but since Cyprus joined the Euro, it doesn't have access to more sophisticated methods such as devaluing the currency. And the only thing really crude about it is how regressive this "wealth tax" is. I suppose that was to mollify those who actually own Cyprus, who would otherwise be aghast at the prospects of actually paying for what they own. Or even more aghast.
Anyway, Parliament hasn't voted on it yet.


It technically already has happened because they froze the money necessary to pay it without passing it.
2013-03-17 11:44:53 AM  
1 votes:
This is what can happen when you let all your money become 1's and 0's in someone elses' computer.

For those derping about 'OMG Soshalizm!!" ... fine. We'll just take back your medicaid, ebt, schools, police, and fire protection. Can't be letting YOU have any of OUR socialism now can we? You can go dumpster dive and live under a bridge as God intended because you are obviously a bad person that needs to be punished.

/give me back my tuppence!
2013-03-17 11:30:40 AM  
1 votes:

GAT_00: The Beatings Will Continue Until Morale Improves: GAT_00: EvilEgg: ArkAngel: EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?

It's ten percent on accounts above that

Is it? I got bored.

Yeah, it is.

And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.

I believe this is called the "They bought their tickets. They knew what they were getting into. I say let 'em crash" Doctrine.

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


Guilt by Association is a real thing in some parts of the world. But then so is the crime of witchcraft.
2013-03-17 11:27:50 AM  
1 votes:
You know, if I lived in Greece, Italy, Spain or Portugal, I'd pull every cent I had out of those countries banks.  The EU will probably do this again.
2013-03-17 11:12:35 AM  
1 votes:

orbister: GAT_00: And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.

As with Iceland, a very large amount of the money in and moving through Cyprus is Russian mafia money being laundered. German electors are not keen to protect the financial interests of the Russian mafia, hence this rather crude move.


Which in no way justifies hitting the people of Cyprus with this tax.
2013-03-17 11:08:57 AM  
1 votes:

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



I dont think there is even 1% true conservatroll on fark.com.  It is more like a neighborhood full of poorly adjusted kids who lights fires in garbage cans on the curb, & watch the carnage.
2013-03-17 11:07:40 AM  
1 votes:

ZAZ: If taxing savings is unfair, what would be a "fair" solution to the Cyprus problem?

I expect government-sanctioned retirement plans to go this way in America. Your plan gets nationalized and in return you get an IOU for benefits in 10-30 years.


Bullchit, the rich will steal it all. Period.
You and I are not "entitled" to our own money or country.
2013-03-17 11:05:21 AM  
1 votes:

GAT_00: And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.


As with Iceland, a very large amount of the money in and moving through Cyprus is Russian mafia money being laundered. German electors are not keen to protect the financial interests of the Russian mafia, hence this rather crude move.
2013-03-17 11:04:44 AM  
1 votes:
All your moneys are belong to us.
Move along, sheep.

This is the rich trying to find a way to shift the inevitable collapse to the already, soon to be, more poor.
The 2% is going to have to raid itself and this will be ugly.
W/o deflation and probably a reissue of currency, there is no salvation from this quagmire. And the Nannys are not going to go down alone.
2013-03-17 11:02:39 AM  
1 votes:
img543.imageshack.us
2013-03-17 11:01:38 AM  
1 votes:

Alone in the Snark: LawrencePerson: The European welfare state is unsustainable.


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.


Scandinavia is a country now?  Man I hope someone told Finland.
ZAZ [TotalFark]
2013-03-17 10:58:24 AM  
1 votes:
If taxing savings is unfair, what would be a "fair" solution to the Cyprus problem?

I expect government-sanctioned retirement plans to go this way in America. Your plan gets nationalized and in return you get an IOU for benefits in 10-30 years.
2013-03-17 10:51:46 AM  
1 votes:

Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.


I'm guessing that "not seeing how things work" happens to you a lot of the time.
2013-03-17 10:49:31 AM  
1 votes:

The Beatings Will Continue Until Morale Improves: GAT_00: EvilEgg: ArkAngel: EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?

It's ten percent on accounts above that

Is it? I got bored.

Yeah, it is.

And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.

I believe this is called the "They bought their tickets. They knew what they were getting into. I say let 'em crash" Doctrine.


Really?  You're equally responsible for every action taken by your bank for having deposits in it?
2013-03-17 10:46:44 AM  
1 votes:
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.
2013-03-17 10:40:21 AM  
1 votes:

Gunny Walker: Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.

Why would I buy shares of a bank in the middle of a panic?


Because you don't have a choice?
2013-03-17 10:38:49 AM  
1 votes:

Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.


Why would I buy shares of a bank in the middle of a panic?
2013-03-17 10:38:31 AM  
1 votes:

EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?


- and 9.9% above that.

so yeah
2013-03-17 10:31:14 AM  
1 votes:
Trial balloon. Coming soon to a country near you!
2013-03-17 09:55:12 AM  
1 votes:

ArkAngel: EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?

It's ten percent on accounts above that


Is it? I got bored.
2013-03-17 08:42:05 AM  
1 votes:

Flint Ironstag: first thing everyone will do is take all their money out of the bank


It's also what they are now doing there
2013-03-17 08:24:02 AM  
1 votes:
Only on accounts of less than 100,000 euros? Is that class warfare?
 
Displayed 68 of 68 comments

View Voting Results: Smartest and Funniest


This thread is archived, and closed to new comments.

Continue Farking
Submit a Link »






Report