Does anyone agree with me.....

[Obvious Li]

that this whole Cypress debacle is probably the point that people will look back on and say this is when the world tipped over the point of no return........i can think of no greater threat to civilization than the casual appropriation of citizens back accounts (personal property) by their duly elected government.....i mean i know the government steals your money via excessive taxes, but you budget for that and expect it......but to come along and take your savings to bail out a mismanaged private banking institution is to say the least, a criminal action. What say you...?????

[Obvious Li]

to me it speaks of a financial contagion that could infect the world financial community......lets try stealing from account holders in a small insignificant country, a offshore banking destination to boot, and see what happens......not too much blowback.....ok lets try greece, italy, protugal, ireland...USA, whichever.......what does this action tell account holders around the world about the security of their money in a bank...it speaks volumes about how insecure your deposits are.

[Obvious Li]

to me it speaks of a financial contagion that could infect the world financial community......lets try stealing from account holders in a small insignificant country, a offshore banking destination to boot, and see what happens......not too much blowback.....ok lets try greece, italy, protugal, ireland...USA, whichever.......what does this action tell account holders around the world about the security of their money in a bank...it speaks volumes about how insecure your deposits are.

I totally agree OL and it is what I meant by dangerous precedent. If you had told me a few years ago in an EU member nation I would have said you were crazy. As you said let's start with a little banking haven and see where it goes from there. Scary stuff really if you think how far it could go.

[/b]







it gives new meaning and clarity to Obamas hatred of the rich and successful and his desire to institute a program of wealth distribution.....ok next stop, let's just confiscate all bank accounts in excess of those guaranteed by the govt. ($100K) from all americans, tax their assets to zero,  and use that to pay down the debt......then we can start borrowing again and increase govt. programs .......sounds like a plan

[Anonymous]

I am appalled at the great Cyprus Bank robbery. I understand that electorates in Germany and northern Europe demand some sacrifice. However, when you accept a solution that basically expropriates 10 percent of deposits, you set a dangerous precedent. If they get into deeper trouble, will they take 50 percent?



The Cypriot bailout terms can't be viewed in isolation. The signals sent to troubled euro zone countries and to foreign depositors are unmistakable. While this isn't a Lehman moment, the same lack of systemic concerns is evident.



The representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere - not that it would have mattered much, as the trust is gone anyway.

[Obvious Li]

i suspect depositors in excess of 100k will be actively seeking ways to shelter and protect their assets...looks like a whole new opportunity for some wise young guy/gal.

[Frost]

that this whole Cypress debacle is probably the point that people will look back on and say this is when the world tipped over the point of no return........i can think of no greater threat to civilization than the casual appropriation of citizens back accounts (personal property) by their duly elected government.....i mean i know the government steals your money via excessive taxes, but you budget for that and expect it......but to come along and take your savings to bail out a mismanaged private banking institution is to say the least, a criminal action. What say you...?????

I think the whole drill is to see if they can get away with it on a larger scale .

All I can say is it would be a good time to start robbing banks in Cypress.

[Frost]

Whats the biggest shame of it is most of those people are trying to save, it's not like it's peoples money that waste all the time, and have nothing.

The useless people in sociaty once again gets a free ride off working peoples back.

[Frost]

I never thought so till like George Bushes second term, then it started rolling .

It's scary really, and little by little they take something, but people don't seem to notice.

[Frost]

I think it was Clinton dropping the Glass Stegal act that hurt everyone the most.

[Frost]

You also have the special interest groups, and individuals like Soros chipping away little by little, lawsuit after lawsuit.

One friendly judge will overturn 10 other judges, that's not right.

[Anonymous]

that this whole Cypress debacle is probably the point that people will look back on and say this is when the world tipped over the point of no return........i can think of no greater threat to civilization than the casual appropriation of citizens back accounts (personal property) by their duly elected government.....i mean i know the government steals your money via excessive taxes, but you budget for that and expect it......but to come along and take your savings to bail out a mismanaged private banking institution is to say the least, a criminal action. What say you...?????

I think the whole drill is to see if they can get away with it on a larger scale .

All I can say is it would be a good time to start robbing banks in Cypress.

instead of the banks robbing customers.

[Frost]

The banks have been robbing people saving for years now with the low interest they get.

.01% on interest, that's a scam.

[Anonymous]

The banks have been robbing people saving for years now with the low interest they get.

.01% on interest, that's a scam.

I have high interest accounts. The thing about bank accounts is there is no risk involved, so very little reward.

[Frost]

I think I make 1.5 % in my account, but in my investments 4.5% and 5% so I put most in investments.

I see the banks making about 10% or more, plus they are buying old bonds from desperate people that make as much or more.

[cc]

And it is not Cyprus. It is all of the EU in cahoots on this. Not one of the EU said "you will clean up your mess, but not that way" ... not one said a peep!!!. Before it's over Germany will have eaten all the rest. Prolly the countries will remain geographically, but will be Germany's bitches.