Savings seized for Cyprus bailout

[HI54UNI]

The euro dived and shares suffered sharp losses after a controversial bailout package for Cyprus threatened to trigger fresh turmoil in the eurozone.

Eurozone finance ministers demanded on Sunday that Cypriots pay up to 10% of their bank deposits in exchange for a €10bn (£8.5bn) bailout, prompting panic across the island as people rushed to cash machines to withdraw their savings.

http://www.guardian.co.uk/business/2013 ... ut-markets


The surprise decision by euro zone leaders to part-fund a bailout of Cyprus by taxing bank deposits sent shockwaves through financial markets on Monday, with shares and the bonds of struggling euro zone governments tumbling.
The bloc struck a deal on Saturday to hand Cyprus rescue loans worth 10 billion euros ($13 billion), but defied warnings - including from the European Central Bank - and imposed a levy that would see those with cash in the island's banks lose between 6.75 and 9.9 percent of their money.

http://finance.yahoo.com/news/yen-firms ... 26588.html



Scary stuff. I wonder how many Dem politicians in America are now thinking about how to do this here?

[houndawg]

The euro dived and shares suffered sharp losses after a controversial bailout package for Cyprus threatened to trigger fresh turmoil in the eurozone.

Eurozone finance ministers demanded on Sunday that Cypriots pay up to 10% of their bank deposits in exchange for a €10bn (£8.5bn) bailout, prompting panic across the island as people rushed to cash machines to withdraw their savings.

http://www.guardian.co.uk/business/2013 ... ut-markets


The surprise decision by euro zone leaders to part-fund a bailout of Cyprus by taxing bank deposits sent shockwaves through financial markets on Monday, with shares and the bonds of struggling euro zone governments tumbling.
The bloc struck a deal on Saturday to hand Cyprus rescue loans worth 10 billion euros ($13 billion), but defied warnings - including from the European Central Bank - and imposed a levy that would see those with cash in the island's banks lose between 6.75 and 9.9 percent of their money.

http://finance.yahoo.com/news/yen-firms ... 26588.html



Scary stuff. I wonder how many Dem politicians in America are now thinking about how to do this here?

In a rare example of team work the Democrats are focusing on how to do it here while the Republicans focus on how big the banker's bonuses should be when it is done.

[kalm]

Vladimir Putin has lashed out at a proposed levy on bank deposits in Cyprus in his first comments on a bailout crisis that could affect tens of billions of dollars in Russian money.

His comments, made through a spokesman, indicated the high degree of nervousness inside Russia over Cyprus, a favoured offshore centre among Russian big business and the elite. Russian markets plunged to a four-month low on Monday as concerns over Cyprus grew.

The levy is believed to be a means of addressing EU, and particularly German, concerns over using taxpayers' money to rescue a banking system heavily reliant on questionable Russian deposits.

Putin has devoted much rhetoric to calling for the "de-offshorisation" of the Russian economy and to encouraging Russian officials and businessmen to keep their money at home. Yet he has so far failed to directly address Cyprus's role as Russia's favourite offshore.

I hope something like this never happens to the Caymans.

[Baldy]

Vladimir Putin has lashed out at a proposed levy on bank deposits in Cyprus in his first comments on a bailout crisis that could affect tens of billions of dollars in Russian money.

His comments, made through a spokesman, indicated the high degree of nervousness inside Russia over Cyprus, a favoured offshore centre among Russian big business and the elite. Russian markets plunged to a four-month low on Monday as concerns over Cyprus grew.

The levy is believed to be a means of addressing EU, and particularly German, concerns over using taxpayers' money to rescue a banking system heavily reliant on questionable Russian deposits.

Putin has devoted much rhetoric to calling for the "de-offshorisation" of the Russian economy and to encouraging Russian officials and businessmen to keep their money at home. Yet he has so far failed to directly address Cyprus's role as Russia's favourite offshore.

I hope something like this never happens to the Caymans.

Sarcasm noted.

BUT, since the Caymans enjoys budget surpluses every year without directly taxing it's citizens and businesses, I don't think we have to worry about that too much.

[LeadBolt]

Makes gold & silver look attractive...

[CitadelGrad]

Coming soon to a United States near you.

[LeadBolt]

I understand that there has already been testimony in hearings about confiscating private retirement accounts and giving us all government pensions.

[CitadelGrad]

I understand that there has already been testimony in hearings about confiscating private retirement accounts and giving us all government pensions.

There is no depth to which this government will not sink. It no longer has any legitimacy. Any means of opposition and resistance to it are entirely justified.

[grizzaholic]

I understand that there has already been testimony in hearings about confiscating private retirement accounts and giving us all government pensions.

There is no depth to which this government will not sink. It no longer has any legitimacy. Any means of opposition and resistance to it are entirely justified.

Will the good ol' USA become Communist in the next 5 years?

[Bronco]

-
There is over 19 Trillion in retirement accounts in this country

Dems took the Social Security money to buy votes

This must be a a tempting target

[dbackjon]

If you think the same thing could happen here, then you are in spanos territory

[CitadelGrad]

If you think the same thing could happen here, then you are in spanos territory

That's what people said right before Roosevelt confiscated all privately owned gold and paid lower than market rates for it.

[HI54UNI]

I don't think they will ever try and steal savings like they are in Cyprus but Senator Dung Heap Harkin had hearings a few years ago about taking people's 401ks and turning them into a govt run program.

The next thing that will come is limits on 401k contributions and their tax exemption from income tax because they benefit the "rich". The other thing is Roth IRAs. WIth a Roth your earnings are tax free. That is a huge pot of money that is constantly growing. With that huge pot of money do you think the govt isn't going to look at some kind of means testing for your Roth withdrawals in the future? Or there will be a national sales/VAT tax so you may not pay income tax on your earnings but you are going to pay a tax in other ways.

[HI54UNI]

This is going to hit the Russkies hard because of a lot of Russian wealth is held in Cyprus. Maybe they will invade. Do they have Wolverines on Cyprus?

[LeadBolt]

http://www.americanthinker.com/2013/02/ ... ounts.html" onclick="window.open(this.href);return false;

Last January 18th, in a little noticed interview of Richard Cordray, acting head of the Consumer Financial Protection Bureau, Bloomberg reported "[t]he U.S. Consumer Financial Protection Bureau [CFPB] is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency's first foray into consumer investments.

http://www.topix.com/forum/city/jackson ... FA17PRM7PO" onclick="window.open(this.href);return false;

A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."

Such "reforms" would effectively end private retirement accounts in America, Crone warns. "These people want the government to require that ultimately all Americans buy these government annuities instead of saving or investing on their own. The Government could then take these trillions of dollars and redistribute it through this new national retirement system.

Deputy Treasury Secretary J. Mark Iwry, who presided over the hearing, is a long-time critic of 401k plans because he believes they benefit the rich. He also appears to be one of the Administration’s point man on this issue."

There are those who would do so, who are quietly building a case, both within the government and without.

[Bronco]

If you think the same thing could happen here, then you are in spanos territory

Wall Street January 30, 2013, 6:16 pm 11 Comments
Jesse Jackson Proposes Creation of a New Lender
By WILLIAM ALDEN


There’s been no shortage of ideas for how to jump-start economic growth in the aftermath of the financial crisis. But a new one comes with a high-profile backer: the Rev. Jesse L. Jackson.

At a three-day conference in New York that began on Wednesday, Mr. Jackson discussed a proposal for increasing the availability of capital by using pension money to make loans in low-income communities. The idea is getting a prominent debut at the 16th annual Wall Street Project Economic Summit, hosted by Mr. Jackson’s Rainbow PUSH Coalition and the Citizenship Education Fund.

“We’ve got to think outside the present fiscal-cliff-debt-ceiling box,” Mr. Jackson said in an interview on Wednesday. “We must have some plan for reconstruction.”

The conference features some big names, with a keynote speech from former President Bill Clinton. The comptroller of New York, John C. Liu, who oversees the city’s pension funds, is speaking on Thursday.

http://dealbook.nytimes.com/2013/01/30/ ... m_20130131" onclick="window.open(this.href);return false;

[dbackjon]

broncospanos.

[GannonFan]

This is going to hit the Russkies hard because of a lot of Russian wealth is held in Cyprus. Maybe they will invade. Do they have Wolverines on Cyprus?

They're already catering to the Russkies - the whole reason why they're even going after the small depositers is that they didn't want the rate on the large depositers (most of which is above the insured limits and most of which is foreign investment, and most of that from Russia since Cyprus has such a dodgy record when it comes to policing money laundering) to be any larger than the 9.9%. The only way then to get more capitilization was to go after the small depositers. In a normal bailout, they would never go as low as those smaller accounts, but that's what happens when you want to keep the "open for business" sign for illegal money laundering.

[LeadBolt]

Teresa Ghilarducci Presents Plan for Mandatory Universal Pension System

http://www.youtube.com/watch?v=aivQdKasK" onclick="window.open(this.href);return false;

Plan to fund universal pension system from private pensions and redistribute tax deductions from those contributing to all tax filers, as well as the benefits.

[houndawg]

I understand that there has already been testimony in hearings about confiscating private retirement accounts and giving us all government pensions.

There is no depth to which this government will not sink. It no longer has any legitimacy. Any means of opposition and resistance to it are entirely justified.

they're going to take you're retirement and buy back your guns with it. Starting monday.

[DSUrocks07]

http://www.forbes.com/sites/helaineolen ... your-401k/

[kalm]

http://www.forbes.com/sites/helaineolen ... your-401k/

At conks on this thread.

Considering the administration's ties to Wall Street....

[CitadelGrad]

http://www.forbes.com/sites/helaineolen ... your-401k/

If you read this article closely, you'd see that it pretty much confirms those crazy internet rumors.

[LeadBolt]

http://www.forbes.com/sites/helaineolen ... your-401k/

If you read this article closely, you'd see that it pretty much confirms those crazy internet rumors.

It's not fair to ask liberals to read and comprehend more than the headline. Such arts of the article as the following:

the details of the supposed plan to confiscate our 401(k)s originate, not in secret covens, but in the papers a number of academics have published over the years, seeking ways to better or reform our nation’s individual retirement savings efforts. The authors of these efforts include J. Mark Iwry, who is now a senior adviser to Secretary of the Treasury Tim Geithner and and a deputy assistant secretary for retirement and health policy

is buried too far down for them to read...

[kalm]

If you read this article closely, you'd see that it pretty much confirms those crazy internet rumors.

It's not fair to ask liberals to read and comprehend more than the headline. Such arts of the article as the following:

the details of the supposed plan to confiscate our 401(k)s originate, not in secret covens, but in the papers a number of academics have published over the years, seeking ways to better or reform our nation’s individual retirement savings efforts. The authors of these efforts include J. Mark Iwry, who is now a senior adviser to Secretary of the Treasury Tim Geithner and and a deputy assistant secretary for retirement and health policy

is buried too far down for them to read...

Nice out of context quote! Did YOU read the entire article? It ain't too sympathetic to your irrational fears of the Socialist and Chief scooping up all our savings. Obama is cozy with Wall Street. It's pretty much a requirement for any president. I'm sorry the right wing hacks got to you first and planted that seed. Unless you think Wall Street is in on it too (which isn't a bad conspiracy theory I suppose).