From Ace of Spades:
Customs officials said border guards at the counrtry’s air and sea ports have been instructed to check baggage and monitor whether travelers are taking more than €10,000 (about $13,000) out of the country. Any amount above that €10,000 threshold can be confiscated.And it is coming to America. Have no doubt.
What I find most interesting about this story are the repeated assurances - often delivered with a sneer at doomsday prepper hysteria - that nothing of the sort could ever happen in the United States. But every article pooh-poohing the "hysterics" mentions something our government is doing, or has done, that echoes the crisis in Cyprus. They talked about raiding pension funds and stuffing them with government I.O.U.s; American liberals are salivating at the thought of doing the same to our 401k accounts....
It all boils down to governments making promises they can't keep... and insisting those promises are still valid, long past the point of no return, unto the point of systemic collapse.
Cyprus A Frightening Foreshadowing Of Thefts To Come?
It's Tuesday and the banks are closed. No one can get their to their money. "Their money".
Cypriot President Nicos Anastasiades has struck a deal with the European Union and International Monetary Fund that will seize up to 40% of uninsured funds from wealthier depositors with over 100,000 euros and will not siphon funds from those below that amount.
The 10 billion euros ($13 billion) bailout plan calls for the Cyprus Popular Bank to be dissolved and all its viable assets transferred to the country’s biggest bank, Bank of Cyprus.
Presently, Cypriot banks have imposed a 100 euros ATM withdraw limit, and Cyprus border officials at air and sea ports have been ordered to confiscate the funds of any traveler attempting to leave with over 10,000 euros.
Russian depositors stand to lose out big from the deal, as an estimated 20 billion euros of the 68 billion euros in Cypriot banks belong to Russians.
Russian Prime Minister Dmitry Medvedev blasted the Cyprus bailout and said, “In my view, the stealing of what has already been stolen continues.”
The newly announced terms of the Cyprus-EU bailout deal are far worse for wealthy investors than previously reported and far better for smaller investors. Initially, the deal would take a one-time “tax” of 9.9% for bank customers with more than 100,000 euros, not the up to 40% brokered in the deal. Investors under the 100,000 euros mark initially would have 6.75% of their holdings seized, but now they will have no funds taken.
8 comments:
The financial canary in the mine shaft.
Hi Pasto, a short while ago the US gov passed a law to check pre paid visa cards for amounts over $10,000, it's already here.
Wait this has been happening in Argentina for at least a year now. We can't take foreign currency out of the country and no foreign bank buys our crappy currency at any decent rate. If we keep our money in Pesos, we lose 100% of its value over 3 years (since inflation runs at over 30% a year).
I don't see what the big deal here is. You vote in a government that you wish would take care of all your problems and you don't want to work hard for your success and want the government to just tax those that have worked hard and give you the money.
The government does all that for you, you vote them in again. The government then screws everything up and your economy collapses. Do you think they're going to just be like, "Aw, shucks, well, see? we failed you. Just replace us and our policies!"?
When the people vote in a governing body by forcing them to steal money from the rich, it isn't too much of a stretch then for the government to think of ways to steal everyone they deem rich aka anyone with money.
Majority Cypriots got what they deserved and I'm afraid so will the Americans who voted for Obama and his cronies. Sad part is those who didn't vote for these thieves and didn't want to steal from others will get f***ed along the way too.
Should have read:
it isn't too much of a stretch then for the government to think of ways to steal from everyone they deem rich aka anyone with money.
Nico,
You say: I don't see what the big deal here is. You vote in a government that you wish would take care of all your problems and you don't want to work hard for your success and want the government to just tax those that have worked hard and give you the money.
The government does all that for you, you vote them in again. The government then screws everything up and your economy collapses. Do you think they're going to just be like, "Aw, shucks, well, see? we failed you. Just replace us and our policies!"?
I say: Yep.
nicoenarg thats too bad about argentina, I go to peru to visit family for a month about every other year, just got back two weeks ago and that economy is in great shape. I always wanted to get to argentina and do some tourist stuff but it never ended up on the agenda, other people in the family vetoed it becuase of family visits we had to do.
I beleive we will keep hitting lower plateaus as long as this crew is in charge of the white house and the senate. start getting prepared now this economy is going to fail and we will end up with worse than argentinas 30% yearly haircut to our buying power.
The plan to seize our savings is already in place both in the USA and the UK;
http://www.economicsfortherestofus1.blogspot.ca/2013/03/the-usa-uk-and-eu-are-planning-to-take.html
Read and weep.
Seneca III
@rumcrook,
I have heard the Peruvian economy is doing way better than Argentina. It is too bad about Argentina but like I said, people get what they vote for. Here everyone wants "futbol para todos" and "choripan y coca para todos". They are definitely getting that from the government while those who work hard are both being robbed in broad daylight and criticized when they protest against being robbed.
As bad as the shape of the US economy may seem, there is no way in hell in the foreseeable future that the US dollar will suffer the same fate as the Argentine Peso. There is still a whole lot of demand for it out there and with the Euro in the position that it is, the position of the dollar will strengthen even more over the years.
Also, as long as oil is denominated in US dollars, high inflation like that of Argentina and Venezuela is something the US does not need to worry about.
Americans have other things that they need to worry about like erosion of small and medium businesses and the expansion of the beggar-class that takes money from others to live. Inflation is not one of the worries but that doesn't mean Obama can't f*** up the economy some other way.
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