OT Never in America?

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Government to take 10% of everyone's money. http://www.reuters.com/article/2013/03/17/us-cyprus-parliament-idUSBRE92G03I20130317
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harry wrote:

(Cyprus deposit confiscation)
Yea, I've been following that on zerohedge since sunday morning.
I reconfigured some forex positions before the pre-market open in Asia on Sunday afternoon, and by sunday evening had made a few thousand dollars.
You can be assured that 99% of Americans have no idea what happened in Syprus - let alone even knowing where it is on a map.
Lots of Russian mafia money tied up in Cyprus - along with civillian money from UK and Germany.
Yea - something like that is probably going to happen in the US about a year from now.
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In wrote:

Well, why not?
What's the real difference between the government seizing a chunk of your savings and seizing a chunk of your income?
The various governments have long claimed first dibs on your money and property, if not outright ownership.
[Followups set to something vaguely appropriate]
--
snipped-for-privacy@iphouse.com St. Paul, MN

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Bert wrote:

That's called a wealth tax. The last time the US gov't tried that was when they confiscated all public gold.

When you vote for the same monkey twice, the one who likes to start expensive wars that ends up destroying your economy, then yea- you have to pay for it one way or another.
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The Cypriot parliament is going to vote tomorrow on whether or not to make this money grab "legal". I hope they don't allow it, but if they do, then it shakes the foundation of banking to it's core.
That's because the only reason why we don't all get up early tomorrow morning and go to our banks to get our money out is because we've got confidence that they'll give it back any time we want it. That's because the whole idea behind a bank is that it's a safer place to keep your money than under your mattress or stuffed into a mouse hole in your wall.
But, banks don't keep your money in a safe. Most of the deposits a bank has are invested in long term investments like mortgages and loans. So, everyone wanting their money back at the same time would force any bank into immediate bankruptcy. It's really the trust that our banks will give us our money back if and when we want it that keeps the whole system afloat. Without that trust, the whole system collapses, and we can have a global collapse of the world's banking system tomorrow if everyone wanted their money back tomorrow. And, this Cypriot money grab is exactly the kind of thing that can destory that trust that keeps the banking system afloat.
IF, after tomorrow, anyone ever hears rumour of a similar "Tax on Savings" to be implemented in Greece or Italy or Ireland to finance another bail out for those governments, then every European outside of Germany will be lining up to get their money out of their bank. And, that will cause a run on the European banks, and the near economic collapse of 2008 will be repeated, only this time starting in Europe and spreading to North America instead. North American banks hold bonds issued by other banks, including large European banks like ING and the Royal Bank of Scotland. So if those European banks go bankrupt, their bonds become nearly worthless, and that causes the asset value of North American banks to collapse. That's the way the economic collapse spreads.
I think this Cypriot money grab goes way too far in that it shakes people's confidence in keeping their money "safe", by keeping it in the bank, and breaking that trust is playing with fire. I just hope the Cypriot parliament will realize that when they vote tomorrow.
--
nestork


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k

,

b

Heh Heh. That already happened here in the UK. http://en.wikipedia.org/wiki/Northern_Rock
The Cypriot Banks are all closed 'til Thursday to stop a run on them. Cash machines there were emptied in the first hour after people heard about it.
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harry used improper usenet message composition style by unnecessarily full-quoting:

If you can withdraw all (or a good portion) of your account savings from an ATM in a single transaction, then you don't have enough wealth in said account to worry about losing 5 or 10% of it.
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I'm sure that the ATM machines in Cyprus limit the amount you can withdraw from your account to a few hundred dollars per day. Otherwise a stolen ATM card could result in some people's entire life savings being lost to thieves.
Still, your point is well taken. Even if the ATM machines remained fully stocked with cash, the most someone here in Canada could take out each day is $400, or $2800 over the course of a week. That would save them $280 on this money grab if they had over $100,000 in the bank.
But, that's still small potatos compared to the $10,000+ the government would seize.
Cyprus is going to be an interesting place for economists to watch in future since people there will be reluctant to trust banks with their savings. I expect you're going to see a lot more people putting their money in glass jars and burying those jars in gardens and flower beds and such to prevent the same thing from happening again in future.
--
nestork


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On Tuesday 19 March 2013 15:48 nestork wrote in alt.home.repair:

And in gold, platnium, silver or palladium if they have sense...
--
Tim Watts Personal Blog: http://squiddy.blog.dionic.net/

http://www.sensorly.com/ Crowd mapping of 2G/3G/4G mobile signal coverage
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Oren wrote:

Again, it's no end of funny to see you Americans keep thinking that your guns will protect your wealth (what little of it you have).
Your guns can do nothing for you to protect your liberty, anonymity, mobility, financial security, or (in general) what you used to call the "American Way of Life".
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And folks, now you know why the Democrats are trying to grab guns.
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When the banks open,there will be a run on them, whatever the outcome of gov,deliberations. And prob elsewhere in the world. Everyone is very twitchy.
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harry full-quoted:

Americans don't have that problem.
Most of them don't have 2 cents to rub together - living paycheck to paycheck (or disability payment to disability payment).
It's estimated that 25% of american adults don't even have bank accounts. Those of them that actually have a job and get paid by check use pay-day check-cashing services to convert their checks to cash-money.
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America?):

Welcome to Amerika.
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nestork;3032037 Wrote: > Pebe:

> sweater is "pilling". This web page:

> berbers) and is the result of the breaking or tearing of the fibers at > the top of the loops caused by an abrasive acting on the carpet pile.

> carpet would be dirt embedded in the leather soles of your shoes, but > more probably an old vaccuum cleaner rotating brush. Dirt can get > embedded into plastic just the same way as it gets embedded into floor > "wax" on hardwood or vinyl composition tile floors. When the plastic > bristles of a vaccuum cleaner rotating brush get embedded with dirt, > they can be abrasive, and that's what could be causing the fibers at the > top of the carpet tufts to be breaking or getting torn.

> replace the brush inserts in the rotating brush, or sell you the parts > to do it yourself. I think the cause was just normal wear and tear. It occurred before we used a brush on the cleaner. The cleaner's original head was just a suction pad. We changed to a turbo-brush thinking it would cure the problem, but it didn't.
--
pebe


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Also indicates how far out of touch with reality the honchoes are becoming. I mean, who thought that the best way to help preserve a banking system was to cause a run on that banking system. And this is hardly the first time. (Prior to Lehman's collapse, we had muddled through by patching together good and bad banks and keeping the baseline of too big to fail unknown. When Lehman's was allowed to collapse, we knew and it wasn't all that high. Thus, literally overnight, nobody could trust anybody else and the rest is history. Not an economist so I don't know if this is anything other than fantasy, but it would have been interesting to see.
--
America is at that awkward stage. It's too late
to work within the system, but too early to shoot
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wrote:

If you don't know "why not", you're as dumb as HomoGay. Look at what's happening in Cyprus (and about to spread across Europe) if you're that far from reality.

Destruction of the entire monetary system. That's all.

Set back to where the discussion is taking place.
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On 3/18/2013 11:19 AM, Home Guy wrote:

They already have been doing that for decades every April.
--
Bill
In Hamptonburg, NY
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willshak wrote:

Nah, that's not it.
Every Friday is "Bank Closing Day" in the US.
That's when several black SUV's with tinted windows roll up to a bank on a friday afternoon, and a dozen men in black suits and sunglasses come out, carrying briefcases, and rush into the bank and kick all the customers out. The last guy locks the doors and puts out the "bank closed" sign. The bank may or may not open the following Monday - under a different name.
Accounts over $100k (or is it $250k?) are screwed.
And when the FDIC goes bankrupt, you will experience banking - Cyprus Style.
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On Monday, March 18, 2013 8:19:09 AM UTC-7, Home Guy wrote:

How did you do when Bernanke planned on driving US interest rates to zero? Prove it. Even PIMCO got that one wrong.

Syrup? Citrus? Old Spice? Sy-ops? Snaggle Puss? Cypress?

Cypress is just another example of why the Euro was a bad idea. Countries adopted the Euro mostly because they were fiscally irresponsible in the first place and didn't want to clamp down on wasteful spending and inflation because of the risks to incumbent politicians. So by switching their currencies to the Euro they essentially handed over their economies to Germany.
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