The Cyprus “deposit haircut”

posted at 12:31 pm on March 17, 2013 by Jazz Shaw

In the ongoing debate over how to deal with our national debt there have been plenty of idea put forward, but not much action. Many plans focus on the idea of everybody pitching in together to combat the problem, but here’s one idea which likely never occurred to you. How about if the government just went around and confiscated up to 10% of everyone’s life savings to help cover the gap? What could possibly go wrong? We might be about to find out by studying the situation in Cyprus.

Cyprus’ savers bear brunt of unprecedented bailout

The eastern Mediterranean island becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help during the region’s debt crisis.

In a radical departure from previous aid packages – and one that gave rise to incredulity and anger across the country – euro zone finance ministers forced Cyprus’ savers to pay up to 10 percent of their deposits to raise almost 6 billion euros.

Parliament was due to meet on Sunday to vote on the measure, and approval was far from assured.

People’s savings would be garnished at a rate of 9.9% for those having more than 100,000 Euros in the bank under the plan, with 6.7% being pilfered from those having less than that. Now, I’m no economist or anything, but if you suggest that the government might come around and start siphoning off a significant chunk of the life savings of workers, that sounds like a perfect formula for a bank run, doesn’t it?

The decision prompted a run on cashpoints, most of which were depleted by mid afternoon, and co-operative credit societies closed to prevent angry savers withdrawing deposits.

Almost half Cyprus’s bank depositors are believed to be non-resident Russians, but most queuing on Saturday at automatic teller machines appeared to be Cypriots.

But don’t you worry. It could never happen here, at least if you listen to Paul Krugman and company. Just keep on running up the debt and I’m sure everything will work out just fine.

When I was a child, one of the earliest stories I remember reading was The Ant and the Grasshopper. The ant works hard all summer to save up food for the winter while the lazy grasshopper sings and plays in the fields. When winter comes, the grasshopper is freezing and starving, so he goes to the ant to ask for shelter and food. The ant tells him he should have thought of that back when food was plentiful and turns him away, presumably to die of exposure and starvation in the fields.

Today the grasshopper can simply have the government take the ant’s food. So… progress.

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This is how wars begin.

Rightfully so.

tom daschle concerned on March 17, 2013 at 12:33 PM

Holy crap. I would riot.

John the Libertarian on March 17, 2013 at 12:37 PM

But don’t you worry. It could never happen here, at least if you listen to Paul Krugman and company. Just keep on running up the debt and I’m sure everything will work out just fine.

And the morons like Feinstein are never coming for our guns either. When Zero runs out of money to feed the OPM addicted where will he turn?

dogsoldier on March 17, 2013 at 12:37 PM

This is how wars begin.

Rightfully so.

tom daschle concerned on March 17, 2013 at 12:33 PM

Rightfully is the word for it. Anything from a military coup to civilian revolt is now completely justified. When your government starts outright stealing from bank accounts like this, you either take it down or prepare for slavery. There is no going back at this point.

MelonCollie on March 17, 2013 at 12:38 PM

Guess what?
This is exactly the effect of all the money printing that the fed is doing right now. All of our savings accounts are earning much less interest than inflation. Chances are, we’ve lost 10% of our deposits (and cash, for that mater) since the housing market crash.

Count to 10 on March 17, 2013 at 12:39 PM

G-D it Hot Air. Turn off the G-D autoplay advertisements – particularly on your own ads. They will not shut off, and they go on if you get within two inches of the ad.

Old Country Boy on March 17, 2013 at 12:39 PM

People’s savings would be garnished at a rate of 9.9% for those having more than 100,000 Euros in the bank under the plan, with 6.7% being pilfered from those having less than that

…coming to America!

KOOLAID2 on March 17, 2013 at 12:39 PM

Holy crap. I would riot.

John the Libertarian on March 17, 2013 at 12:37 PM

It’s just a more honest way of doing what our government has been doing for years.

Count to 10 on March 17, 2013 at 12:40 PM

In the ongoing debate over how to deal with our national debt there have been plenty of idea put forward, but not much action.

Okay, put a tick next to my nom in the anti-JS category.

tom daschle concerned on March 17, 2013 at 12:40 PM

People’s savings would be garnished at a rate of 9.9% for those having more than 100,000 Euros in the bank under the plan, with 6.7% being pilfered from those having less than that

…coming to America!

KOOLAID2 on March 17, 2013 at 12:39 PM

Already here. What did you think “Quantitative Easing” was?

Count to 10 on March 17, 2013 at 12:41 PM

Guess what?
This is exactly the effect of all the money printing that the fed is doing right now. All of our savings accounts are earning much less interest than inflation. Chances are, we’ve lost 10% of our deposits (and cash, for that mater) since the housing market crash.

Count to 10 on March 17, 2013 at 12:39 PM

This is correct. monetizing the debt is outright theft. Zero interest rate policy is equivalent to theft. The productive and the thrifty are being exploited. How much longer are we going to put up with it?

tom daschle concerned on March 17, 2013 at 12:43 PM

One day they’ll go after our 401k’s here.
jhffmn on March 17, 2013 at 10:13 AM

Of course they will, if the choice is limit their power and end their policies or inflict pain on the general population the central planners, political elites and progressives will steal as much as possible, and call it patriotism.

rob verdi on March 17, 2013 at 11:05 AM

They floated this a few years ago. Not that we have that much in our 401, but I’m beginning to really wish that we’d paid the penalties and just withdrawn money from it for the house downpayment rather than taken out a loan against it.

All the lovely sweet lefties in my family keep assuring me that this sort of thing would never happen, but isn’t it funny how these things which those on the left assure us “will never happen” are only ever suggested by the left?

LibraryGryffon on March 17, 2013 at 11:20 AM

says it all

rob verdi on March 17, 2013 at 12:43 PM

Old Country Boy on March 17, 2013 at 12:39 PM

I suggest you install Google Chrome and get the AdBlock add-in.

No banner ads, no pop-ups, nothing. Just the website content.

BobMbx on March 17, 2013 at 12:44 PM

Today the grasshopper can simply have the government take the ant’s food. So… progress Democrats and their aiding and abetting, GOP brethren.

I put nothing beyond the reach of the political pigs in perpetuity. In fact, I think that America is ripe for dictatorship, and all that goes with it.

OhEssYouCowboys on March 17, 2013 at 12:44 PM

A test run to see how it goes, which will then happen to larger countries/economies.

sentinelrules on March 17, 2013 at 12:45 PM

Well, what about a Wealth Tax?
Not a one time 10% confiscation, but 1% of your total assets, including cash and real estate, every year?
The libs are going to propose it, don’t worry. And it won’t just be 1%. Maybe at first, but it will move to 5% or higher, a high rate designed for true leveling socialist redistribution. Can’t afford it? Sell off your real estate to the state. That would happen to much real estate, and the state could rent out its properties for the public good, or as patronage favors to the priveleged and favored supporters of The State.

anotherJoe on March 17, 2013 at 12:46 PM

First they took the guns. You can not own a firearm unless you are a member of the National Guard.

Now they’re taking the money.

But don’t worry, it couldn’t happen here.

Washington Nearsider on March 17, 2013 at 12:47 PM

FDR closed the banks in the 30′s. With the current “crew” we have in DC, the next time around I doubt if they would think twice about demanding a “taste” from every depositor before re-opening. After all, it would be “for the children”.

RADIOONE on March 17, 2013 at 12:47 PM

How about if the government just went around and confiscated up to 10% of everyone’s life savings to help cover the gap?

Lenin, Stalin, and Mao would all approve. And why stop at 10%?

Just another stepping stone along the socialism trail. And a data point. And a warning of what is to come.

It’s not like this should be a surprise if you know the game, the playbook, and the “rules”. What do you think will happen in the US if the deficit starts ballooning to two or three trillion and everyone thinks it is completely out of control? Print more money? Or start confiscating assets, AKA “personal property”, to stem the financial crisis and “emergency”?

Once the “revenue stream” from income taxes, VATs, government fees, real estate taxes, etc. dries up or is tapped out, the next step is outright confiscation of property and assets, so it can be “invested” for the good of “the people”.

The Bolsheviks and Mao jumped right to 100% confiscation without going through any intervening steps. Modern “democratic” socialism must do such things incrementally, and rationalize them to the sheep. It would take baby steps, like confiscating 10%. And that would be “only” an “emergency measure”.

Somewhere along the line some of the useful idiots will start sobering up and get wise to what is going on. Then things will start to get real messy.

Of course, Lenin and Mao considered 100% confiscation an “emergency” measure. One required to advance the glorious cause of socialism as fast as possible. And anything short of full socialism was by definition and “emergency” situation requiring “emergency measures” to rectify.

farsighted on March 17, 2013 at 12:47 PM

Cyprus took the 6.75% to 10% in one shot. Our government gives us the “payment plan” of degraded currency and excessive debt through the multi trillion dollar U.S. bank bailouts. Both were done without the consent of the governed. Both foist the bank losses on the citizens. Both are disgusting.

voiceofreason on March 17, 2013 at 12:49 PM

anotherJoe on March 17, 2013 at 12:46 PM

They already do, it is called property taxes…

astonerii on March 17, 2013 at 12:49 PM

I’d be worried if I had a savings account….

sandee on March 17, 2013 at 12:50 PM

…wait until JugEars and his jerks force you… to ‘let’ the government manage your IRA’s!

KOOLAID2 on March 17, 2013 at 12:52 PM

This is what happens when they can’t “just print more money”. If they could they would just devalue their dollar 10% by print more money. The exchange rate for German Marc would be now 10% less over night to the Cyprus Lira but they would not call that a tax.

Once this is precedent is set in Greece or France the Euro is done. One can see US dollars being used or UK pound as the currency in the streets of Europe as no one will trust the banks before they dissolve the currency and get several with different exchange rates.

tjexcite on March 17, 2013 at 12:53 PM

Already here. What did you think “Quantitative Easing” was?

Count to 10 on March 17, 2013 at 12:41 PM

Pretty much. But hardly noticeable, as planned.

However, if in a couple of years the 100,000 you have in the bank now can only buy what 90,000 does now and it is because the government printed more money the end result is the same.

farsighted on March 17, 2013 at 12:53 PM

Coming soon to a U.S. bank near you.

Of course they’ll get the banks to say it’s the cost of doing business or somethingoranother, and the anarcho-Capitalists and Libertarians will be on board and tell the rest of us to shut up and quit acting like Commies and that you always have a choice…

After that they’ll set a limit on how much money you can have (in all accounts total) and any overages will be “redistributed to the poor”. Don’t even think about gold or silver…the price per ounce will be prohibitive due to demand, and besides they’ll send their friendly IRS agents to your home with computer printouts in hand interrogating you as to where X number of dollars went.

Surely this would all be much easier after the shift to a cashless society.

This all may happen after most here are in a Better Place, but I’m convinced that it will happen.

Dr. ZhivBlago on March 17, 2013 at 12:53 PM

G-D it Hot Air. Turn off the G-D autoplay advertisements – particularly on your own ads. They will not shut off, and they go on if you get within two inches of the ad.

Old Country Boy on March 17, 2013 at 12:39 PM

Beyond the unwelcome noise sometimes in a public spot, this is real troublesome for a growing number that have a limited data plan, and these auto-play videos suck up data. So does page auto-reload.

Why not just let people reload a page when they want?

For me, I’ve got to make sure I close my hotair tabs out so I don’t end up using up a ton a data when I’m using my phone as my modem.

But I don’t think hotair can do anything about. Don’t blame the management. They are surely locked into an automated blogging system that they have no control over. That I must assume, because it doesn’t make any sense to diss their website visitors that way otherwise.

anotherJoe on March 17, 2013 at 12:54 PM

If you have savings, you can afford to pay a little more. You know, your fair share.

/sarc off/

Zoltan on March 17, 2013 at 12:55 PM

The degenerates always prey on the virtuous. Usually though, the virtuous have the power to defend themselves. Now the degenerates are back in the position of power.

astonerii on March 17, 2013 at 12:55 PM

Usually though, the virtuous have the power to defend themselves. Now the degenerates are back in the position of power.

astonerii on March 17, 2013 at 12:55 PM

The virtuous WOULD have the power to defend themselves if Cyprus hadn’t disarmed them first.

Washington Nearsider on March 17, 2013 at 12:57 PM

They already do, it is called property taxes…

astonerii on March 17, 2013 at 12:49 PM

Property taxes are a tax on assets, a concept scary in itself, but not outright confiscation. That is, until you don’t pay them.

farsighted on March 17, 2013 at 12:57 PM

You do know that there are Democrat pols with their eyes on taxing our 401Ks, not too dissimilar to taxing bank deposits. Bad enough that today’s geezers get near 0 interest from savings accounts. The transfer of wealth from the workers and savers to the entitled has been progressing well.

philw1776 on March 17, 2013 at 12:59 PM

How about if the government just went around and confiscated up to 10% of everyone’s life savings to help cover the gap?

Ah, but this confiscation didn’t hit “everyone” in Cyprus, did it? The rich, people who tend to have most of their wealth invested in real estate, stocks, art, etc. (and who also, conveniently, often have off-shore bank accounts), don’t have to “contribute” 10%. It’s mainly lower-income people (i.e., the middle class) who take the hit. They are the people who typically have most of their wealth in domestic bank savings accounts and CD’s.

As always in these Marxist schemes, the rich and well-connected (and government workers) get exempted, while everybody else gets screwed.

AZCoyote on March 17, 2013 at 1:01 PM

But don’t you worry. It could never happen here,

Without government you couldn’t have earned those deposits. So pay up and quit your whining.

CW on March 17, 2013 at 1:01 PM

High time to put the “riot” in “Cypriot.”

Christien on March 17, 2013 at 1:02 PM

Always remember, you are “selfish,” and you are to be mocked, ridiculed and laughed at [you will be made a class enemy] and the State will then deal with you and with what is yours:

You and your “selfishness.”<a href=”http://www.youtube.com/watch?v=GaGJfzWEJtQ”>

OhEssYouCowboys on March 17, 2013 at 1:04 PM

I think taxing our way to prosperity is a good idea.

Rovin on March 17, 2013 at 1:05 PM

Didn’t I read the un is wanting the US to do something like this with our banking accounts, for the ‘good’ of others to give to ‘poor’ countries?

I wouldn’t put it past bho/team to give the go ahead with this? But bho/team might get greedy and want to keep the money for themselves?
L

letget on March 17, 2013 at 1:05 PM

You do know that there are Democrat pols with their eyes on taxing our 401Ks, not too dissimilar to taxing bank deposits. Bad enough that today’s geezers get near 0 interest from savings accounts. The transfer of wealth from the workers and savers to the entitled has been progressing well.

philw1776 on March 17, 2013 at 12:59 PM

I think I heard Urban Elitist just faint and hit the floor …and I live in Ohio. Dumb phuck.

CW on March 17, 2013 at 1:05 PM

Property taxes are a tax on assets, a concept scary in itself, but not outright confiscation. That is, until you don’t pay them.

farsighted on March 17, 2013 at 12:57 PM

Which is criminal and not far removed from extortion…pay what we tell you, or we’ll take your stuff-even if you didn’t buy it from us. It’s different if you can’t pay what you owe to the seller, whether the seller is private or government.

Sales and utilities taxes should be the norm instead. For one thing, it would eliminate the bureaucracy needed to keep track of property taxes, and problems with people not being able to pay.

If you live where there are no roads or utilities, then why should you be paying for services you’re not enjoying anyway? Extreme example, but such folks do exist.

Dr. ZhivBlago on March 17, 2013 at 1:05 PM

G-D it Hot Air. Turn off the G-D autoplay advertisements – particularly on your own ads. They will not shut off, and they go on if you get within two inches of the ad.

Old Country Boy on March 17, 2013 at 12:39 PM

WORD.

alwaysfiredup on March 17, 2013 at 1:06 PM

Always remember, you are “selfish,” …

OhEssYouCowboys on March 17, 2013 at 1:04 PM

Funny how someone is greedy for wanting people to keep their own money but those that want to confiscate said money are not? Up is down and down is up.

CW on March 17, 2013 at 1:06 PM

I’m sure the Obama regime is taking notes.

simkeith on March 17, 2013 at 1:08 PM

Funny how someone is greedy for wanting people to keep their own money but those that want to confiscate said money are not? Up is down and down is up.

CW on March 17, 2013 at 1:06 PM

The real life examples of Orwellian doublespeak by “democratic” governments in our own time keep piling up, don’t they?

It is getting to be …. Another day, another Orwellian doublespeak lie. And the MSM is all on board with the program.

farsighted on March 17, 2013 at 1:12 PM

From the Reuters coverage:

The Greek units of Cypriot banks were excluded from the deposit levy, Greek finance minister Yiannis Stournaras said.

Some are “more equal” than others.

Pay no attention to those federal govt. ammo purchases behind the curtain.

wolfsDad on March 17, 2013 at 1:13 PM

Guess what?
This is exactly the effect of all the money printing that the fed is doing right now. All of our savings accounts are earning much less interest than inflation. Chances are, we’ve lost 10% of our deposits (and cash, for that mater) since the housing market crash.

Count to 10 on March 17, 2013 at 12:39 PM

Here is a commentator who is fully awake!

Bulletchaser on March 17, 2013 at 1:13 PM

auto-play videos

I hate having someone start a video on me without me having affirmatively stated I want to receive it. It’s sort of like all those animated GIFs that used to be the rage 20 years ago, or the sites which are all gussied up in Flash nowadays.

Since I have flash disabled by default, a site based on flash will never load — and I don’t think I’m missing anything by giving said site a pass. Ditto for the videos.

Don’t waste my time, and I’ll visit you. Offend my eyes or my ears and I’m out’a there, never to return.

unclesmrgol on March 17, 2013 at 1:14 PM

Coming soon to a U.S. bank near you.

Of course they’ll get the banks to say it’s the cost of doing business or somethingoranother, and the anarcho-Capitalists and Libertarians will be on board and tell the rest of us to shut up and quit acting like Commies and that you always have a choice…

After that they’ll set a limit on how much money you can have (in all accounts total) and any overages will be “redistributed to the poor”. Don’t even think about gold or silver…the price per ounce will be prohibitive due to demand, and besides they’ll send their friendly IRS agents to your home with computer printouts in hand interrogating you as to where X number of dollars went.

Surely this would all be much easier after the shift to a cashless society.

This all may happen after most here are in a Better Place, but I’m convinced that it will happen.

Dr. ZhivBlago on March 17, 2013 at 12:53 PM

As I said earlier, it’s already here. Since 2009, interest rates on savings accounts have been under the rate of inflation. You’ve already lost 10% of your savings — it was just done more subtly than “we are reducing your account by 10%”.

Count to 10 on March 17, 2013 at 1:14 PM

Funny how someone is greedy for wanting people to keep their own money but those that want to confiscate said money are not? Up is down and down is up.

CW on March 17, 2013 at 1:06 PM

Yes, it’s selfish for you to want to keep what you worked hard to earn; but it’s virtuous for others to vote for a Socialist who will confiscate what you have, and redistribute it to them.

And this is why America will fall:

Putting pen to paper, there are simply more ticks, fleas, flies and leeches, than there are worker bees. And that’s why Democrats win elections.

OhEssYouCowboys on March 17, 2013 at 1:16 PM

They already do, it is called property taxes…

astonerii on March 17, 2013 at 12:49 PM

Well, in theory with property taxes you can opt in or out by selling your property wherever that may be. A federal annual Wealth Tax would be unavoidable, and again, its purpose could quickly morph from paying down the deficit to effectively redistributing wealth to the have nots and the new low-income immigrant class as well as to the leftist political class & supporters.

anotherJoe on March 17, 2013 at 1:17 PM

High time to put the “riot” in “Cypriot.”

Christien on March 17, 2013 at 1:02 PM

https://www.youtube.com/watch?v=XazOmi4yIbU

unclesmrgol on March 17, 2013 at 1:17 PM

Property taxes are a tax on assets, a concept scary in itself, but not outright confiscation. That is, until you don’t pay them.

farsighted on March 17, 2013 at 12:57 PM

I bought some land down in Texas, undeveloped, no roads or any services. The taxes were high enough to repay for the price of the land in about 20 years. The next year I got a bill that was fully half the original price of the land. Now every two years I repurchase the land.

astonerii on March 17, 2013 at 1:18 PM

This is only fair that those that have benefited from the system should be made to pay.

In fact, could we just rid the whole world of this “private property” thing?

What stands in the way of governments really being able to do to us what they know is right besides our ability to own stuff?

Community, Commonality, Equal education outcomes, and a new world order.

Hail!!!

https://www.youtube.com/watch?v=byxeOG_pZ1o

PappyD61 on March 17, 2013 at 1:18 PM

The Obama Presidency………….the rise of MASON JAR ECONOMICS.

If you have it, bury it.

PappyD61 on March 17, 2013 at 1:19 PM

anotherJoe on March 17, 2013 at 1:17 PM

With a wealth tax you move to another place and sell off property in the high tax places.
Property taxes already are a wealth transfer. From the childless to those with children that send them to school. Of course the real wealth transfer is from the people, to the unions, to the politicians who take more money to give to the unions who will give more to the politicians.

astonerii on March 17, 2013 at 1:20 PM

I bought some land down in Texas, undeveloped, no roads or any services. The taxes were high enough to repay for the price of the land in about 20 years. The next year I got a bill that was fully half the original price of the land. Now every two years I repurchase the land.

astonerii on March 17, 2013 at 1:18 PM

This is why we should be contracting the types of taxes. Scrap property taxes, scrap business profits taxes, scrap sales taxes (including “sin” taxes), consolidate the capital gains and dividends taxes into something that is taxed as income only when the money is removed from investment accounts into spending accounts.

Count to 10 on March 17, 2013 at 1:25 PM

The virtuous WOULD have the power to defend themselves if Cyprus hadn’t disarmed them first.

Washington Nearsider on March 17, 2013 at 12:57 PM

I got guns, I cannot defend myself. I am robbed by degenerates to the tune of 25% of my income to pay for their lives every single paycheck. That is on top of the money I pay the government to do its real jobs such as courts, defense, executive branch and legislative branch expenses. Guns do not defend you against government thuggery.

astonerii on March 17, 2013 at 1:27 PM

Flee to gold and silver while you can. That, or other assets that can be hidden and have intrinsic value.

I’d be careful about buying bullion from any of these guys that advertise on TV. In a crunch, I’d expect the government to seize their records and come after their customers holdings.

Pay cash at your local coin shop. If they want a name, make one up.

trigon on March 17, 2013 at 1:27 PM

but here’s one idea which likely never occurred to you.

It occurred. Many have spoken about this before. Argentina ransacked people’s retirement accounts and we all know how much Barky and the left salivate at the prospect of taking anything that isn’t theirs.

BTW, make no mistake, this already happened here. It happened in the criminal and Constitutionally offensive GM bailout when the secured creditors had their money taken from them and told to go pound sand. In that, money was just taken from citizens and given to the union scum and the government, all while the feral government was busy buying up a private company that it had no business or power to do … and doing it with TARP funds, claiming GM was a toxic asset, to add insult to injury. The same with Chrysler, which was then prettied up with more taxpayer money and given to a foreign company, Fiat.

Yes, it’s happened here … and far worse is yet to come.

ThePrimordialOrderedPair on March 17, 2013 at 1:29 PM

Holy crap. I would riot.

John the Libertarian on March 17, 2013 at 12:37 PM

Now you know why the proppressives want to take our guns.

Oh, and don’t forget that they want to do the same thing with our 401k’s.

Galt2009 on March 17, 2013 at 1:31 PM

I’d be careful about buying bullion from any of these guys that advertise on TV. In a crunch, I’d expect the government to seize their records and come after their customers holdings.

Pay cash at your local coin shop. If they want a name, make one up.

trigon on March 17, 2013 at 1:27 PM

This. They stole everything from the Liberty Dollar project. Visit a pawn shop, pay in cash, and wear at least some attempt at a disguise.

MelonCollie on March 17, 2013 at 1:34 PM

First they took the guns. You can not own a firearm unless you are a member of the National Guard.

Now they’re taking the money.

But don’t worry, it couldn’t happen here.

Washington Nearsider on March 17, 2013 at 12:47 PM

Yeah, it’s not like they aren’t using every opportunity to try and incrementally destroy the second amendment.

Is anyone foolish enough to think they will just stop at Registration or arbitrarily defined ‘assault weapons’?

Galt2009 on March 17, 2013 at 1:36 PM

Is anyone foolish enough to think they will just stop at Registration or arbitrarily defined ‘assault weapons’?

Galt2009 on March 17, 2013 at 1:36 PM

I totally do! Just like I am positive that the gays will leave private people and businesses alone who do not cater to their every whim once their lifestyles are forced upon us and we are forced to teach our children that gay is a celebratory lifestyle.

astonerii on March 17, 2013 at 1:40 PM

Just a matter of time. When the jackwagon’s plans fall apart even worse than they have so far they WILL have to look for new sources of revenue. The ongoing pyramid scheme has pretty much played itself out, now it’s time to pay the fiddler and the fiddler wants his money.

Bishop on March 17, 2013 at 1:42 PM

A smart gold collector would “lose” their stash the same way they “lost” their guns.

Feel free to search the place, G-Man, like I said everything is at the bottom of Lake Superior, probably near the wreck of the Edmund Fitzgerald.

Bishop on March 17, 2013 at 1:44 PM

What happened in Greece with its default on its debt – which was then declared not to actually be a “default”, as it was “voluntary (LOL), thereby not requiring sellers of CDSs to pay up as they were required to by all logic and reason – was about the same as this ransacking of bank deposits. People were forced to take “voluntary” 60%+ haircuts on Greece’s sovereign debt instruments and then told to say “Thank you” for the experience.

The modern world was built on contracts but there is no integrity left in contracts, anymore. Here, in the American Socialist Superstate, contracts mean nothing and our Supreme Law – the fundamental contract that created our nation – is treated like nothing more than scribbles on paper. Barky violates it with impunity and Benedict Roberts interprets it like an illiterate lunatic – a treasonous one, at that.

ThePrimordialOrderedPair on March 17, 2013 at 1:44 PM

Now the word is getting around the “bank holiday” may be extended through Wednesday:

Now, the banks have a problem on their hands. “The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed,” reports Greek newspaper Kathimerini .

Business insider piece:
http://finance.yahoo.com/news/analyst-cyprus-deal-could-trigger-144118333.html

And they are worried the bank run may extend throughout the EU. (no foolin’? really? )

Deposit flight started LAST YEAR when Greece looked like it was getting out.

dogsoldier on March 17, 2013 at 1:55 PM

In Cyprus, bank robs you!

– Yakov Smirnoff

Socratease on March 17, 2013 at 1:55 PM

http://www.nytimes.com/2013/03/17/business/global/facing-bailout-tax-cypriots-try-to-get-cash-out-of-banks.html?hpw

You don’t think such a thing can happen.

The Cypriot government declared early Saturday morning that it is imposing an one time tax of 6.75% on bank deposits, and 9.9% on all deposits of over 100000 Euros next Tuesday in order to avoid austerity measures. There is an withdrawal limit of 400 Euros. And no one can withdraw more than 93.25% of the balance in the account.

galtani on March 17, 2013 at 1:13 AM

I posted this in QOTD. People there continued to chit chat all night long. I regret posting in HotAir had significantly diminished in seriousness and relevance since the November election, I am posting this in way of saying goodbye.

galtani on March 17, 2013 at 1:57 PM

In Cyprus, bank robs you!

– Yakov Smirnoff

Socratease on March 17, 2013 at 1:55 PM

Now that there is funny, I don’t care who you are.

astonerii on March 17, 2013 at 1:58 PM

This is a model for our future. The idea is already kicking around to have the government assume ‘management’ of all private IRA accounts in the country, to the tune of $19 billion. Washington will then decide the recipient’s monthly allotment when time comes to draw on the accounts.

Amazing, and a little scarey, that governments believe they have claim to any part of what a private person puts away for savings.

Liam on March 17, 2013 at 1:59 PM

galtani on March 17, 2013 at 1:57 PM

Email it in to the tips address. Better still, create a blog and write about it. Then invite us all over to comment.

Don’t whine.

dogsoldier on March 17, 2013 at 2:00 PM

Make that $19 trillion

Liam on March 17, 2013 at 2:01 PM

Does anybody here know what happened to the 1% bank transaction tax?Is Queen Pelosi and King Obama hiding this in the Obamacare shadows?

jeffinsjvca on March 17, 2013 at 2:02 PM

Make that $19 trillion…

Liam on March 17, 2013 at 2:01 PM

You think I am going to feel sorry for people who voted for $16 trillion and rapidly growing debt to be put on the children’s backs if they get taken to the bank? I won’t. Funny how it is OK to take the innocent kids money.

astonerii on March 17, 2013 at 2:04 PM

I’m sure the Obama regime is taking notes.

simkeith on March 17, 2013 at 1:08 PM

I’m sure that The One, plus the rest of the economic illiterates in his dog-and-pony show, are watching this with a predatory gleam in their eyes.

Instead, they should turn to Book Three of Atlas Shrugged to find out where they’ll end up if they go for this sort of “economic readjustment”.

BTW, Rand apparently based that part of the book on the Roman Empire during the reigns of Galba, Otho, and Vespasian. The last of the three named inflated the currency and taxed anything that moved to try to repair the damage to the treasury done by… the profligate spending and excessive taxation of the first two.

Sound familiar?

clear ether

eon

eon on March 17, 2013 at 2:04 PM

Come on, who didn’t see THIS coming?

More to the point, who doesn’t see it coming here?

It’s just a matter of time.

Note how almost everyone gets to help the govt out of it’s own irresponsibility, not just the “rich”. The only exemptions will be those least likely to hang a politician from a lamp post. The poorest and the richest, those who have no savings or those who can afford to buy “protection” from the politicians.

Same as it will be here.

runawayyyy on March 17, 2013 at 2:04 PM

The repercussions of this act, hell even the contemplation of it, will be “unexpected.”

What will happen when the banks open throughout the EU tomorrow? Anyone with a lick of sense with their cash in a EU bank will seriously think about moving their funds out.

Especially in places already in trouble.

dogsoldier on March 17, 2013 at 2:06 PM

You think I am going to feel sorry for people who voted for $16 trillion and rapidly growing debt to be put on the children’s backs if they get taken to the bank? I won’t. Funny how it is OK to take the innocent kids money.

astonerii on March 17, 2013 at 2:04 PM

In that one sense, I agree with you. Problem is, if government runs it, a retiree who dies can’t leave whatever balance remains to his family. The money will de facto become the government’s.

Liam on March 17, 2013 at 2:07 PM

In that one sense, I agree with you. Problem is, if government runs it, a retiree who dies can’t leave whatever balance remains to his family. The money will de facto become the government’s.

Liam on March 17, 2013 at 2:07 PM

I never have a problem having the beneficiaries pay for the government they voted for. It is one reason I opposed Romney so strongly. His whole goal as president was to figure out how to fund the lifestyles of the elderly for decades to come.

astonerii on March 17, 2013 at 2:19 PM

This is exactly the effect of all the money printing that the fed is doing right now. All of our savings accounts are earning much less interest than inflation. Chances are, we’ve lost 10% of our deposits (and cash, for that mater) since the housing market crash.

Count to 10 on March 17, 2013 at 12:39 PM

Of course the biggest invest most Americans have is in their own home, and we already know what a good job Democrats have done in screwing that up.

Socratease on March 17, 2013 at 2:20 PM

In that one sense, I agree with you. Problem is, if government runs it, a retiree who dies can’t leave whatever balance remains to his family. The money will de facto become the government’s.

This is becoming the New Socialist way of seizing property. Like the bans on transferring “assault weapons”, they say they aren’t taking them, but they are for all practical purposes declaring them to be government property but allowing you to act as the government’s trustee until you die, at which time it reverts to its “rightful owner”, i.e. the government.

Socratease on March 17, 2013 at 2:24 PM

Of course the biggest invest most Americans have is in their own home, and we already know what a good job Democrats have done in screwing that up.

Socratease on March 17, 2013 at 2:20 PM

Bush did that. You can blame the out of power democrats if you are too weak to admit fault on your own side, but it does not change the fact that Bush was in power, Republicans had the house and senate and were to weak to stand up and be counted in preventing the housing bubble and eventual bust. Those who are all too willing to allow blame to be misplaced, just because it is your supposed ally that did the wrong thing are enablers of the bad activity and as we all know, that bad activity is the enabling of the Democrats.

astonerii on March 17, 2013 at 2:25 PM

A smart gold collector would “lose” their stash the same way they “lost” their guns.

Feel free to search the place, G-Man, like I said everything is at the bottom of Lake Superior, probably near the wreck of the Edmund Fitzgerald.

Bishop on March 17, 2013 at 1:44 PM

Before the drones start showing up.

PappyD61 on March 17, 2013 at 2:38 PM

As I said earlier, it’s already here. Since 2009, interest rates on savings accounts have been under the rate of inflation. You’ve already lost 10% of your savings — it was just done more subtly than “we are reducing your account by 10%”.

Count to 10 on March 17, 2013 at 1:14 PM

Ah yes of course…the hidden tax.

Excellent point-but I don’t think it’s enough for them. I have seen few indicators from either party that they believe anything other than our money actually belongs to them.

I think the GOP really isn’t taking this economic situation all that seriously.

We’ve certainly had depressions and recessions before in our history, but somehow I don’t think we’re going to dig our way out of this one. We’re increasingly losing our ability to create wealth, and I don’t think the trickle down model is going to work as it has in the past….too much capital is tied up in foreign banks, businesses and governments.

Workers are becoming more expendable and are being shed in order to preserve bottom lines (temporary fix to appease stock holders and stock traders I believe-they can’t shrink indefinitely and stay solvent), small businesses are boarding up at an alarming rate, and the cheap money that many companies have large amounts of is a potential bubble waiting to explode.

Dr. ZhivBlago on March 17, 2013 at 3:04 PM

This is all going to come to violence very soon…..

I just wish it would start so that we could see where it goes….

Do you think The Media will be tageted first, or politicians?

Perhaps Republicans will – maybe Democrats…..

There could possibly be an “event” of violence at Fox News – or a rampage at MSNBC……..

What’s your prediction?

williamg on March 17, 2013 at 3:06 PM

Bush did that.
astonerii on March 17, 2013 at 2:25 PM

You’re a LIAR!!

Congress was CONTROLLED by Democrats.

williamg on March 17, 2013 at 3:09 PM

What’s your prediction?

williamg on March 17, 2013 at 3:06 PM

2022 is as long as we can live on other people’s money in this nation. Unless there is a miraculous breakthrough technology between now and then. It could come sooner if there is another 2008 market crash. Many people are arguing it might happen soon. But I am certain 2022 is the latest.

astonerii on March 17, 2013 at 3:09 PM

You’re a LIAR!!

Congress was CONTROLLED by Democrats.

williamg on March 17, 2013 at 3:09 PM

Yeah? Want to bet? The bubble did not happen in one month moron. It was run up over many years.

Senate control
104th Congress (1995-1997)

Majority Party: Republican (52 seats)

105th Congress (1997-1999)

Majority Party: Republican (55 seats)

106th Congress (1999-2001)

Majority Party: Republican (55 seats)

107th Congress (2001-2003)

Majority Party (Jan 3-20, 2001): Democrat (50 seats)

________

Majority Party (Jan 20-June 6, 2001): Republican (50 seats)

______

Majority Party (June 6, 2001-November 12, 2002 –): Democrat (50 seats)

_____

Majority Party (November 12, 2002 – January 3, 2003): Republican (50 seats)

—————————————————————————————————-

108th Congress (2003-2005)

Majority Party: Republican (51 seats)

109th Congress (2005-2007)

Majority Party: Republican (55 seats)

House control was Republicans from 1994 through 2007.

astonerii on March 17, 2013 at 3:15 PM

Wile I understand the perceived problem, the fact is being tied to the Euro prevent the natural devaluation of the currency in Cyprus and creates the problem. This is really just an artificial way of correcting the artificial imbalance that the Euro created in the first place and making those who ‘gained’ from it pay rather than foisting the costs on the other members.

It is quite unfair that only those who saved in cash, as opposed to stocks, houses or other capital items, are made to pay.

OBQuiet on March 17, 2013 at 3:17 PM

Holy crap. I would riot.

John the Libertarian on March 17, 2013 at 12:37 PM

Put the “riot” back in Cypriot!

disa on March 17, 2013 at 3:24 PM

astonerii on March 17, 2013 at 3:15 PM

Just a point about how you’re writing the time limits – you are using an inclusive start and an exclusive end. i.e. when you write (2005-2007) you really mean [2005-2007), where the GOP had control for the year of 2005 but did not have control for the year of 2007. The way you are writing it, it would be more accurate to either do it the way I have or to write (2005-2006), as those are the only years of that Congress, not 2007.

As to the credit crisis and the housing bubble burst, that was the fault of leftist policies. Yes, the GOP had control of Congress and the White House for much of the run-up but they only get a minor part of the blame as it was PC, screams of “raaaacist” and existing leftist policies that caused the crisis. The GOP is guilty of not fighting like crazy to kill those policies but you cannot say that they didn’t somewhat try. The dems in the Senate refused to let any legislation out that would have altered their insane (and enacted) policies and the GOP were too cowardly, as usual, to push it.

However, while the GOP were accessories, the main responsibility for the crash lies with the left. The crash was the outcome of leftist ideology and rightist cowardice. That distinction has to be understood, though it doesn’t alleviate GOPers for their part in the whole disaster.

ThePrimordialOrderedPair on March 17, 2013 at 3:27 PM

Bush did that.

astonerii on March 17, 2013 at 2:25 PM

Bush was in power at the end of that, but the enabling legislation was signed by Carter, and Clinton put the big push on to lend money to unqualified borrowers. Bush made a feeble attempt at slowing down the flow of red ink which was blocked by Democrats in congress. Bush didn’t try very hard, so he has a share of the blame.

Socratease on March 17, 2013 at 3:28 PM

Bush did that.

Bush went to congress several times to do something about teh impending bubble burst.

But it is much more fun to blame him for everything, like a liberal.

tom daschle concerned on March 17, 2013 at 3:33 PM

I never have a problem having the beneficiaries pay for the government they voted for. It is one reason I opposed Romney so strongly. His whole goal as president was to figure out how to fund the lifestyles of the elderly for decades to come.

astonerii on March 17, 2013 at 2:19 PM

I can relate to your misgivings, because my personal Conservatism is based on Original Intent. That sometimes gets me in Dutch with other Conservatives, but I point to the Constitution as my basis. I was no fan of Romney but voted for him anyway. Basically, I had no choice. I did have some measure of hope, as opposed to Obama in whom I hold nothing but contempt–not only of him but also his entire corrupt Party.

I won’t go into a rant about Mitt; what’s done is done. I find him to be a likeable man as a person, with many good things to say about his character. To be frank, though, we need a real hardass to be President of the United States. The world is an ugly place, and our international enemies aren’t going to respect a negotiator who will come to them hat-in-hand. Carter is the example of that lack of respect; most notably how Iran released our people two minutes after Reagan was sworn in for his first term. I think that was less a fear of Reagan than it was an intentional slap in the face to Carter.

I’m a Constructionist thoroughly immersed in the idea of Original Intent. Until we get such a President and Congresspeople of such similar mind, we’re stuck on a road to ruin.

Liam on March 17, 2013 at 3:40 PM

The stated goal of this confiscation is to save the local government and their banking system.

The reality is that after this action, even if they were to rescind it tomorrow, is going to be a dramatic drop in local banking on Cyprus.

The first thing that a bank runs on is TRUST. The banking system on Cyprus no longer has the trust of the people and it will fail.

Freddy on March 17, 2013 at 3:44 PM

They floated this a few years ago. Not that we have that much in our 401, but I’m beginning to really wish that we’d paid the penalties and just withdrawn money from it for the house downpayment rather than taken out a loan against it.

LibraryGryffon on March 17, 2013 at 11:20 AM

Ha! The joke’s on them – my hubby cashed out his 401K last year to make mortgage payments after he lost his job last spring. So all we have left is an underwater mortgage. Come ‘n’ get it!

disa on March 17, 2013 at 3:45 PM

astonerii on March 17, 2013 at 3:15 PM

I take it back – You’re not “just” a LIAR!!!

You’re an OBNOXIOUS, Contempt-Filled, Profane LIAR and a Liberal who has come here to Grind Your “HAAAATE mmmBOOOOOOOOOOOOOOOSH!!” axe.

You LIE!!

I wouldn’t BOTHER arguing with an Apparatchik like you. You’re simply not worth it. Desposit the money George Soros is paying you and see the following pose:

Bush did that.

Bush went to congress several times to do something about teh impending bubble burst.

But it is much more fun to blame him for everything, like a liberal.

tom daschle concerned on March 17, 2013 at 3:33 PM

williamg on March 17, 2013 at 3:46 PM

I never have a problem having the beneficiaries pay for the government they voted for. It is one reason I opposed Romney so strongly.

astonerii on March 17, 2013 at 2:19 PM

So you threw away the last chance to possibly restore America and helped give the election to the Ineligible Indonesian Imbecile who was 10000000 times worse than Mittens could ever have even hoped to be. You’re an idiot.

Romney would have been easy to impeach and toss out for trying to do anything untoward (and it would have been good for America to finally hold someone accountable in office) but you chose, instead, to put back in a guy who hasw routinely violated the Constitution, broken any law he wanted, and generally sh!tted over anything American in nature and over any Americans, in general. Good for you, Einstein. At least, now, you can rest assured in the knowledge that none of your votes going forward will possibly mean anything so you can help tons of other ineligible Indonesian retards slime into the White House. America’s coffin was sealed in 2012.

And now you are arguing that it wasn’t leftist policies and the whole leftist push that caused the credit crisis. You really are something.

ThePrimordialOrderedPair on March 17, 2013 at 3:48 PM

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