PsyOps
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Cyprus Surprise Savings Tax. Europe's Core Problems Back to the Front Burner. - Forbes
So the government has, for all intents and purposes, shut down any efforts by FREE PEOPLE to move their money into safer places to avoid this massive tax. The government of Cyprus has essentially seized control of all their banks.
I heard this will have a cascading effect on the banking market world-wide as well as lending and interest rates. There is also the worry that confiscation of peoples’ savings accounts wont end here.
Obama said we don't have a problem with our debt. Makes me wonder exactly what he might have up his sleeve to address our debt. Could this happen in this country; where our government takes complete control of banks, levies a massive tax on your savings, and strips all of your rights to move your money in order to keep it safe from government confiscation?
The European Central Bank, International Monetary Fund and Cyprus announced an immediate and surprise tax of 6.75% to 9.95% on savings accounts that will be withdrawn on Tuesday morning (Monday is a holiday in Cyprus). It should raise about 5.8 billion Euros or $7.5 billon. It seems the ECB and IMF have decided to take depositors money vs. restructuring debt so that Cyprus could qualify for a 10 billion Euro (about $13 billon) bailout...
The government has shut down electronic transfers and I would expect that the ATMs in Cyprus have had all their cash drained by now. It will not surprise me if people in Greece, Spain and other weak economic Euro Zone countries will start moving Euros to stronger countries such as Germany and the UK. If you see governments start to impose limits on capital movement I would expect those countries interest rates to rise.
So the government has, for all intents and purposes, shut down any efforts by FREE PEOPLE to move their money into safer places to avoid this massive tax. The government of Cyprus has essentially seized control of all their banks.
I heard this will have a cascading effect on the banking market world-wide as well as lending and interest rates. There is also the worry that confiscation of peoples’ savings accounts wont end here.
Obama said we don't have a problem with our debt. Makes me wonder exactly what he might have up his sleeve to address our debt. Could this happen in this country; where our government takes complete control of banks, levies a massive tax on your savings, and strips all of your rights to move your money in order to keep it safe from government confiscation?
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