When your money is not really yours - Cyprus

[gwb72tii]

So tell me what you'd do if the following transpired in the USA

1. The Fed closed all banks until Thursday - no transactions in or out

2. Our President announced that both dems and repubs had agreed to support immediate legislation that your savings would be taxed (confiscated by the government) at either 6.75% if you had under 100K in the bank, or 9.9% if you had more than 100k at the bank.

?

[slammin.e28]

I think we'd have a reasonable excuse to execute an armed revolution.

[E30 Wagen]

Just to make sure I clearly understand, they would basically just be taking 6.75% of my money just because they could?

I'm with slammin

[Farbin Kaiber]

I'd laugh at all the people with their money tied up in the banks, or in the intrinsic value of the greenback.

[gwb72tii]

Just to make sure I clearly understand, they would basically just be taking 6.75% of my money just because they could?

I'm with slammin

you would be correct, but they're not "taking it", they're taxing you /sarcasm

and think about this too, the banks have an FDIC type insurance that gurantees deposits under 100k euro (except when they tax you!)

who's next?

and from rwh's fave website

http://www.zerohedge.com/news/2013-03-16/europe-does-it-again-cyprus-depositor-haircut-bailout-turns-saver-panic-bank-runs-br

[herbivor]

Well my savings has already been taxed at about 23%, or do you mean an additional 6.5% on top of what I've already been taxed? The few extra days and the 6.5% wouldn't hurt me as much as it would the banks. Because the day after they opened I like most people would pull all my money out of them and put it into an online or offshore bank. That would essentially cripple the banks and the government. No guns required.

[iamsam]

ok, so what's the punchline?

[gwb72tii]

Well my savings has already been taxed at about 23%, or do you mean an additional 6.5% on top of what I've already been taxed? The few extra days and the 6.5% wouldn't hurt me as much as it would the banks. Because the day after they opened I like most people would pull all my money out of them and put it into an online or offshore bank. That would essentially cripple the banks and the government. No guns required.

perfect. and to extroplate it a little further
the tax is to solidify the banks in Cyprus. and a bank run will do the opposite, so the tax will not do as it is intended
now, if you're italian or spanish, what would you do?

[mrsleeve]

Well my savings has already been taxed at about 23%, or do you mean an additional 6.5% on top of what I've already been taxed? The few extra days and the 6.5% wouldn't hurt me as much as it would the banks. Because the day after they opened I like most people would pull all my money out of them and put it into an online or offshore bank. That would essentially cripple the banks and the government. No guns required.

thats 6.75% of what you have in your DEPOSIT Accounts. So if your smart and have 6-12 months of savings you would now be down another 6.75% of that not on your income.

Your right I already paid my 30+% to the govts on all that.

What would happen here, it would only hurt us that are solvent and are not up to our eyeballs in debt. So your right it wont hurt most people at all since it seems most live hand to mouth and only have a week or 2 of savings at any given time. I think there are those of us that would be pissed as all hell those of us that have some liquidity in our deposit accounts and old people. I dont think most people would not notice the <500 dollars missing form their accouant, and would be nothing more than a minor inconvenience. I mean sure they will be pissed but its a small amount of money compared to some that would stand to lose 10K +, Since most people have been convinced to lock up savings till they are 65 in a 401 or IRA and IIRC those are not considered a deposit accouant little would change for many.

This reminds me I should go buy some more shiny bits of metal with intrinsic value silver is still trading at 28/29 an OZ. which is 3 time what I was paying 4-5 years ago, but thats a decent compared to a little while ago. And gold is still hovering around 1600 an OZ

[InuFaye]

Ive read that most of this is aimed squarely at getting money from the Russians.

[tjts1]

[M-technik-3]

ok, so what's the punchline?

Buy gold and put it in your personal vault. Fuck the feds was the underlining tagline.

[Farbin Kaiber]

I think the only reason tjts1 is a member here is for trollin'-factor-10.

[decay]

I'd laugh at all the people with their money tied up in the banks, or in the intrinsic value of the greenback.

This.

Who could POSSIBLY have predicted that banks and gov't would conspire to fuck over the common citizen?

Oh, sorry, I left a big puddle of sarcasm on the floor. Let me just get a mop.

[gwb72tii]

I think the only reason tjts1 is a member here is for trollin'-factor-10.

ya think?