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(Sky.com)   Don't worry about national debt folks, its not like a democratic country would start seizing its citizen's savings accounts after it got itself into a debt hole it couldn't get out of. Oh, wait   (news.sky.com) divider line 210
    More: Followup, national debt, savings accounts, Cyprus, G4S, Cypriot  
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12678 clicks; posted to Main » on 28 Mar 2013 at 10:23 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-28 10:25:58 AM
Serves them right, I was there in 1989 and my omelette was runny, never forgiven them. Shifty bunch of clowns the Cypriots.
 
2013-03-28 10:26:39 AM
Debt is racist.
 
2013-03-28 10:28:01 AM
It cant happen here - because the amount of debt the US carries dwarfs whats in the banks.   We're too big to fail !
 
2013-03-28 10:28:03 AM
America wouldn't do that. We aren't some pissant island country with no economic power.

We would print more dollars and foreign investors would buy it up like a kid in a Pokemon store.

Krugman's already discussed this in his NYT blog. The national debt is nothing to worry about because we can simply print more money to cover the payments.
 
2013-03-28 10:28:10 AM
To be fair, Cyprus was doomed from the start. The European Union overvalues countries with very limited economic value. These countries would've been much better off in the long run if they had never become a part of the EU - I'm guessing Greece will follow Cyprus soon.
 
2013-03-28 10:28:14 AM
Yes of course that can happen, but not when the entire world trades in your currency and despite your debt is still giving you borrowing rates at historic lows.

Nice troll headline there subs
 
2013-03-28 10:28:50 AM
farm4.staticflickr.com
They elected the government, they knew what they were getting into. I say, let 'em crash
 
2013-03-28 10:29:11 AM
Eh, Cyprus raided its largest savings accounts, which were mostly held by foreign tax-evaders.  Can't get too upset over that.
 
2013-03-28 10:30:14 AM
The crisis in Europe is caused by one thing and one thing only: The Euro.

If we ever get into monetary trouble, we can just run the printing presses. The European countries can't do that thanks to their participation in one of the stupidest schemes in economic history. So they have to cut spending and levy bank accounts instead.
 
2013-03-28 10:31:30 AM

AverageAmericanGuy: America wouldn't do that. We aren't some pissant island country with no economic power.

We would print more dollars and foreign investors would buy it up like a kid in a Pokemon store.


Thinking a country that has less population than one American city and 68 billion Euros in its banks isn't exactly all domestic investors or a country with poor economic power.
 
2013-03-28 10:31:34 AM
Agreed. Time to raise taxes.
 
2013-03-28 10:31:39 AM
What else are they gonna do?

The US has a grim choice: default and make the currency worthless, or go Stalinist and seize the cash from The Rich who we've all been taught to hate.

Which would you do?
 
2013-03-28 10:32:19 AM

AverageAmericanGuy: America wouldn't do that. We aren't some pissant island country with no economic power.

We would print more dollars and foreign investors would buy it up like a kid in a Pokemon store.

Krugman's already discussed this in his NYT blog. The national debt is nothing to worry about because we can simply print more money to cover the payments.


Yes because people will never catch on to our plan....
 
2013-03-28 10:32:53 AM
Murica would never do something so amateurish and vulgar like seizing bank accounts.   Instead we have the shining example of sophisticated Wall St........they know how to siphon the equity out of your house and 401K.

Murica! Fark, yeah!
 
2013-03-28 10:32:57 AM
Hey don't give Illinois any ideas, guys.
 
2013-03-28 10:33:22 AM

sodomizer: What else are they gonna do?

The US has a grim choice: default and make the currency worthless, or go Stalinist and seize the cash from The Rich who we've all been taught to hate.

Which would you do?
Eat the rich!

 
2013-03-28 10:33:47 AM
If it were me, I'd close every saving and money market account in the country and put the money under my pillow.

What would I lose by doing that?  0.01% apr return? hahahahahahaha
 
2013-03-28 10:33:57 AM

LewDux: They elected the government, they knew what they were getting into. I say, let 'em crash


Sort of like electing Obama? Thanks low-information voters.
 
2013-03-28 10:34:21 AM
States already raid savings accounts when you don't move the money fast enough for them to be satisfied. Sometimes they give a year of no activity sometimes 2 years.

Having to spend your savings in order to prevent it from being seized betrays the entire thought of savings.....
 
2013-03-28 10:35:24 AM
Note: In the U.S. money in banks up to 250,000 dollars is federally insured, so seizing citizen's saving accounts would be completely counterproductive. You can put your tin foil down now.
 
2013-03-28 10:36:10 AM

youmightberight: Yes because people will never catch on to our plan....


Actually they have and still don't give a shiat. We're practically borrowing money for free and we can do this because every nation out there is fastly realizing that we are still the most stable thing on the planet.

Scythed: If we ever get into monetary trouble, we can just run the printing presses. The European countries can't do that thanks to their participation in one of the stupidest schemes in economic history. So they have to cut spending and levy bank accounts instead.


The Euro COULD have worked had they setup a central authority with power over each nation state to some degree.

Imagine that though, a slightly limited central authority over several autonomous entities with their own governance. That's just crazy talk and could never work in the real world right?
 
2013-03-28 10:36:11 AM
With the silly interest rate banks offer, why keep savings in the bank at all?
Even the CD's don't pay anything, so why the bother?
 
2013-03-28 10:36:45 AM

sodomizer: What else are they gonna do?

The US has a grim choice: default and make the currency worthless, or go Stalinist and seize the cash from The Rich who we've all been taught to hate.

Which would you do?


Or print more money and let the currency be worth less over time, but not worthless all at once.  See the difference?
 
2013-03-28 10:36:45 AM

AverageAmericanGuy: The national debt is nothing to worry about because we can simply print more money to cover the payments.


It's not so much that we're printing money to "cover the payments", but the Fed is financing debt purchases by private investors to stabilize the financial system; meanwhile because of the depressed economy is keeping interest rates low in spite of the rising debt levels.  The European Central Bank isn't doing the same because it's really the German Central Bank, and as long as German rates are low they don't care about everyone else in the Eurozone.
 
2013-03-28 10:37:39 AM

cig-mkr: With the silly interest rate banks offer, why keep savings in the bank at all?
Even the CD's don't pay anything, so why the bother?


Exactly.  Which is why the fed puts large deposits in the bank for us.
 
2013-03-28 10:38:10 AM

cig-mkr: With the silly interest rate banks offer, why keep savings in the bank at all?
Even the CD's don't pay anything, so why the bother?


preparednessadvice.com
 
2013-03-28 10:38:28 AM
Nah- we have the benefit of having a currency that serves as the world's reserve currency. If we find ourselves in a position where we need to suddenly come up with more to pay our debts, we'll just print it and hope that everyone will still buy our treasuries (and that we don't have to pay too much interest on that debt). So you'll have the same amount of money in your account, it just won't be worth as much as it was before.
 
2013-03-28 10:40:04 AM

Arkanaut: It's not so much that we're printing money to "cover the payments", but the Fed is financing debt purchases by private investors to stabilize the financial system; meanwhile because of the depressed economy is keeping interest rates low in spite of the rising debt levels. The European Central Bank isn't doing the same because it's really the German Central Bank, and as long as German rates are low they don't care about everyone else in the Eurozone.


I find it funny that people in Europe didn't see this coming. The Germans purposely had currency manipulation with their mark before the Euro and when they had the Euro they insisted on including countries like Greece and Cyprus into the Euro so to devalue it and keep their economy valued strong and higher.
 
2013-03-28 10:40:19 AM
Cyprus is seizing foreign accounts - its mostly Russians who hide their money there.
 
2013-03-28 10:40:35 AM

MemeSlave: It cant happen here - because the amount of debt the US carries dwarfs whats in the banks.   We're too big to fail !


This. The USA is the biggest economy in the world. By a lot. As long as this remains true we're fine. And even when it stops being true(not any time soon) the US will still be so intertwined in the world economy and such a huge percentage of world GDP that we're still too valuable.

/not saying that the US shouldn't try to balance it's spending but this is FAR from the doomsday scenario that a certain conservative political party has been trying to paint it as.
 
2013-03-28 10:41:04 AM
Hey look - economic ignorance!
 
2013-03-28 10:42:57 AM
Eat the rich?

Fark that. The rich eat a lot of animal product because it's delicious and they can afford it. A bunch of animal product in the diet makes for a poor food animal.

Eat the poor!

They can't afford animal products as much and the liberals are all a bunch of wanna-be-righteous vegetarians and vegans anyway. The poor / liberals would make for a great food source and the younger ones look so tasty...
 
2013-03-28 10:43:11 AM
"Don't worry about the national debt folks, its not like a small coastal university in Florida would ever make it into the Sweet 16. Oh, wait"

Makes as much logical sense as that headline.

What does the national debt of the U.S. (I assume that was the implication) have to do with a small country banking (literally) virtually its entire economy on its ability to operate as a haven for foreign tax dodgers? Because they're both high they must be related? The underlying causal factors must be alike? The outcomes must be inevitably similar?

No wonder people are so afraid of having to manage their own retirements. You people have no idea how even the most fundamental aspects of the economy and markets work...
 
2013-03-28 10:43:27 AM
Meanwhile Bitcoin is now trading at USD$94.2 for 1BTC (twice the rate of 2 weeks ago). I wonder why that might be.
 
2013-03-28 10:44:24 AM
Here in America we just let the cops take all your cash whenever they pull you over.  It's more profitable that way.
 
2013-03-28 10:44:25 AM

Giltric: States already raid savings accounts when you don't move the money fast enough for them to be satisfied. Sometimes they give a year of no activity sometimes 2 years.

Having to spend your savings in order to prevent it from being seized betrays the entire thought of savings.....


Or you could you know, ADD to the savings.  It just has to be activity, which can be deposits as well.

And I don't know what State you are in, but in the forward thinking and progressive bayou State, that seized money does not go to the States' general funds.  it instead goes to the Treasure's officer where you can claim old bank account, insurance payouts, missed tax refunds and other obligations that you may have missed.  So instead of the private institution keeping the money forever, they are forced to turn it over to the State.  The State in turn has a program where you, or the heir or rightful owner, can claim said money.   So yeah, I can see where you may bet that confused with Cypress seizing foreign accounts because its really just the same thing.
 
2013-03-28 10:44:41 AM

AverageAmericanGuy: America wouldn't do that. We aren't some pissant island country with no economic power.

We would print more dollars and foreign investors would buy it up like a kid in a Pokemon store.

Krugman's already discussed this in his NYT blog. The national debt is nothing to worry about because we can simply print more money to cover the payments.


Scythed: ...If we ever get into monetary trouble, we can just run the printing presses. The European countries can't do that thanks to their participation in one of the stupidest schemes in economic history. So they have to cut spending and levy bank accounts instead.

It would seem to me that running the printing presses, which creates hyper inflation, has the exact same effect as the government taking away your savings.  Why would "running the printing presses"  be considered a better solution to solving a debt crisis? Discuss.

Even better, show me a scenario when this was tried and the country who tried it ended up better than they were prior to the hyper inflation.  Weimar Republic Germany, Allende's Chile, or Argentina, anyone?
 
2013-03-28 10:44:49 AM

CrashRhinoceros: Eat the rich?

Fark that. The rich eat a lot of animal product because it's delicious and they can afford it. A bunch of animal product in the diet makes for a poor food animal.

Eat the poor!

They can't afford animal products as much and the liberals are all a bunch of wanna-be-righteous vegetarians and vegans anyway. The poor / liberals would make for a great food source and the younger ones look so tasty...


The 47% who don't work and who live sendentary lives would probably be tender like veal.
 
2013-03-28 10:46:45 AM

Scythed: If we ever get into monetary trouble, we can just run the printing presses.


What an excellent scheme with no drawbacks whatsoever.

2.bp.blogspot.com
1.bp.blogspot.com

www.goldonomic.com
www.hoax-slayer.com
lenpenzo.com
 
2013-03-28 10:46:56 AM
There is nothing wrong with Fannie or Freddie.....

Liberals just don't understand math. In another decade or two, when just the interest payments we owe are over 1 trillion a year, do you really think we will magically start paying down the debt?

Just a matter of time until the US collapses, all because liberals don't want to work.
 
2013-03-28 10:47:19 AM

Scythed: The crisis in Europe is caused by one thing and one thing only: The Euro.

If we ever get into monetary trouble, we can just run the printing presses. The European countries can't do that thanks to their participation in one of the stupidest schemes in economic history. So they have to cut spending and levy bank accounts instead.


Yes you're right, if only Cyprus hadn't been on the Euro they could just have printer, whatever currency Cyprus used.

Because Cyprus could totally just print their economic problems away.


Either you really believe that, or you're trolling. Both is bad.
 
2013-03-28 10:47:49 AM

sodomizer: What else are they gonna do?

The US has a grim choice: default and make the currency worthless, or go Stalinist and seize the cash from The Rich who we've all been taught to hate.

Which would you do?



Well the rich do not have enough money to cover the US government spending so that leave us with the worthless currency option
 
2013-03-28 10:48:10 AM
"Don't worry about national debt folks, its not like a democratic country would start seizing its citizen's savings accounts after it got itself into a debt hole it couldn't get out of. Oh, wait"

I am not worried about the debts of a country that seems to have only one citizen.
 
2013-03-28 10:48:43 AM

MyKingdomForYourHorse: Arkanaut: It's not so much that we're printing money to "cover the payments", but the Fed is financing debt purchases by private investors to stabilize the financial system; meanwhile because of the depressed economy is keeping interest rates low in spite of the rising debt levels. The European Central Bank isn't doing the same because it's really the German Central Bank, and as long as German rates are low they don't care about everyone else in the Eurozone.

I find it funny that people in Europe didn't see this coming. The Germans purposely had currency manipulation with their mark before the Euro and when they had the Euro they insisted on including countries like Greece and Cyprus into the Euro so to devalue it and keep their economy valued strong and higher.


Are you talking about when Soros bet on the Deutsche mark to split from its peg to the pound sterling? Yeah, the Germans completely learned the wrong lesson from that.  Odd though that the British did learn the right lesson, as demonstrated by them keeping the pound, but they're still pursuing the same austerity policy as the rest of the Eurozone (although I do remember hearing that they're backing off from that now).
 
2013-03-28 10:48:50 AM

mikemil828: Note: In the U.S. money in banks up to 250,000 dollars is federally insured, so seizing citizen's saving accounts would be completely counterproductive. You can put your tin foil down now.


They're also insured in Cyprus, OP is full of shiat.
 
2013-03-28 10:49:03 AM

Gordon Bennett: Scythed: If we ever get into monetary trouble, we can just run the printing presses.

What an excellent scheme with no drawbacks whatsoever.


Can you explain why Germany suffered hyperinflation, and how you think this is an equivalent scenario?
 
2013-03-28 10:50:23 AM

mikemil828: Note: In the U.S. money in banks up to 250,000 dollars is federally insured, so seizing citizen's saving accounts would be completely counterproductive. You can put your tin foil down now.


Um.
 
2013-03-28 10:50:46 AM

Fissile: Murica would never do something so amateurish and vulgar like seizing bank accounts.   Instead we have the shining example of sophisticated Wall St........they know how to siphon the equity out of your house and 401K.

Murica! Fark, yeah!


That's probably the best thing anyone can do, take the money from the morons whose fanatical belief that everything they own would go up in value simply because of their own golden touch, and thus ended up accidentally causing their own economic crisis in the first place.

/it would have been better to educate them instead
//but fools screaming "SHUT UP AND TAKE MY MONEY!" can't be taught and are hard to ignore
///they would just be robbed by someone else anyway, and blame their own civilization for their stupidity just as much
 
2013-03-28 10:51:11 AM

The Ice Cream Man: It would seem to me that running the printing presses, which creates hyper inflation, has the exact same effect as the government taking away your savings.  Why would "running the printing presses"  be considered a better solution to solving a debt crisis? Discuss.


It might if it created hyperinflation.  Did we have hyperinflation?
 
2013-03-28 10:51:42 AM

wingnut396: Giltric: States already raid savings accounts when you don't move the money fast enough for them to be satisfied. Sometimes they give a year of no activity sometimes 2 years.

Having to spend your savings in order to prevent it from being seized betrays the entire thought of savings.....

Or you could you know, ADD to the savings.  It just has to be activity, which can be deposits as well.

And I don't know what State you are in, but in the forward thinking and progressive bayou State, that seized money does not go to the States' general funds.  it instead goes to the Treasure's officer where you can claim old bank account, insurance payouts, missed tax refunds and other obligations that you may have missed.  So instead of the private institution keeping the money forever, they are forced to turn it over to the State.  The State in turn has a program where you, or the heir or rightful owner, can claim said money.   So yeah, I can see where you may bet that confused with Cypress seizing foreign accounts because its really just the same thing.


We set up savings accounts for our grandchildren seperate from the accounts their parents set up. We would add funds every christmas. We would also get letters from the bank informing us that there has been no activity and we were in danger of losing that money to the state. Within 5 years they changed the rules from being never in jeopardy of being taken by the state for inactivity, to a 3 year rule to a one year rule. If the state could get away with a one month of inactivity they would.

It shouldn't matter if there is no activity in the account over the span of 50 years. That money should never be in jeopardy of being taken by the state for inactivity. Unless there is a death certificate involved and no challenges to the contents of the account after 3 years.

Sorry forward thinking progressive statist person, that money is someone elses, not yours.
 
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