Cyprus finance minister: Big depositors could lose 40% of their savings

posted at 10:01 am on March 26, 2013 by Ed Morrissey

If the EU wanted to end Cyprus’ status as a haven for oligarchs and other gray-market transactions, they couldn’t have done a better job.  Cyprus and the EU reached a deal yesterday on a bailout that will safeguard insured deposits up to €100,000 from any kind of seizure, but that means that larger depositors will get a bigger haircut than the 13% initially proposed in the deal rejected by the Cypriot legislature.  Foreign Minister Michael Sarris told the BBC that they could lose nearly half of their deposits:

Large depositors at Cypriot banks could lose as much as 40% of their funds as part of bailout for the crisis-hit euro-zone nation, its Finance Minister Michael Sarris said Tuesday.

He said capital controls aimed at preventing deposit flight should only be in place for a matter of weeks.

Regarding the loss likely to be suffered by people with deposits of more than 100,000 euros ($128,530) in Cyprus’ two biggest banks, he said: “The exact percentage is not yet decided but it is going to be [significant] I am afraid.”

“What I have seen suggests a number in that neighborhood” of 40%, he said.

That’s a tough neighborhood.  That’s not a haircut — it’s an amputation, and not just for the depositors.  No one in the EU or outside of it will have any confidence at all in Cyprus’ banks after either taking that kind of loss or watching others do so.  Big depositors, and investors as well, will look for other friendly banking environments, leaving Cyprus with mainly smaller depositors and little in the way of opportunities for large capital infusions.  Cyprus is essentially out of the international banking business for a very long time to come.

In fact, they’re still completely out of business, at least temporarily.  Despite a promise to reopen today, the reopening of the banks has been delayed until Thursday, and strict capital controls will be imposed to keep Cypriots from staging bank runs that could collapse the system entirely:

Many Cypriots say they felt anything but reassured by the bailout deal, however, and are expected to besiege banks as soon as they reopen after a shutdown that began over a week ago.

Reversing a previous decision to start reopening at least some banks on Tuesday, the central bank said late on Monday that they would all now stay shut until Thursday to ensure the “smooth functioning of the whole banking system”.

Little is known about the restrictions on transactions that Anastasiades said the central bank would impose, but he told Cypriots: “I want to assure you that this will be a very temporary measure that will gradually be relaxed.”

Capital controls, preventing people moving funds out of the country, are at odds with the European Union’s ideals of a common market but the government may fear an ebb tide of panic that would cause even more disruption to the local economy.

The precedent set by the EU in seizing bank deposits, especially to this extent, is still reverberating on the Continent. The European Central Bank is trying to reassure Europeans that Cyprus was a unique problem, and not a model for other bailouts, but that’s been a mixed message this week:

The banking crisis in Cyprus was a unique case and the rescue plan used should not be seen as a model for other European countries that fall into trouble, ECB Executive Board member Benoit Coeure said on Tuesday.

Coeure told Europe 1 radio that the bailout agreed for Cyprus underscored the need to improve bank regulation by having the European Central Bank act as an independent supervisor under plans for a European banking union.

He said he disagreed with Eurogroup head Jeroen Dijsselbloem’s assertion that the Cyprus bailout would serve as a model for crises elsewhere, remarks the Dutchman backtracked on after markets read them as meaning private sector bail-ins would play a greater role in future rescues.

This cannot have a salutary effect on investment in European banks, not even with all of the ECB’s assurances that it won’t seize capital again. The big seizure of accounts in Cyprus, no matter the relative context to the issues of its banking failures, has put that action on the table for every potential bailout still on the horizon in the EU. It’s simply impossible to unring that bell.


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Comment pages: 1 2

AZfederalist on March 26, 2013 at 10:13 AM

Bingo – You already hit exactly what I wanted to say.
After this, how many people are going to put their life savings into bank accounts?
As with all socialists/libtards/Dems (but I repeat myself), they see only a short term problem and have no concept of the ripple effects and long term consequences resulting from their actions.

Romney’s $10K says Cyprus (and others to follow) will become a cash and barter economy.

dentarthurdent on March 26, 2013 at 11:38 AM

has put that action on the table for every potential bailout still on the horizon in the EU

Not just in the EU. There is over 20 Exceptionally Large on deposit in IRAs and other retirement accounts in the US.

Who here thinks that the current regime doesn’t have something in mind for that plunder?

Sinner on March 26, 2013 at 11:40 AM

It won’t happen here though for one simple reason: the 2nd amendment. If the government ever tried a stunt like this, millions would descend on DC in anger and I don’t wanna imagine what would happen next.

Doughboy on March 26, 2013 at 10:10 AM

One step at a time, comrade, one step at a time.

Please wait quietly for another savage to shoot a few people at a mall or something, then we will have our casus belli and can move toward Utopia.

Bishop on March 26, 2013 at 11:41 AM

Weird. I guess the filters don’t like NBC links. I don’t blame them. Copy and paste into Google if you want to read the article:
 

Most workers in a survey by the Employee Benefit Research Institute say they
have virtually no savings or investments. And 37 percent of those surveyed in the 2012
Retirement Confidence Survey think they will have to wait until after age 65 to retire.

 
This is why it could happen here.

rogerb on March 26, 2013 at 11:42 AM

Think of it this way.

The Federal Reserve Board, none of them elected, none of them in the goverment.

They now print money and reduce your buying power by 1/2 aka 50% at the same time the CO2/Climate Change fraud caused all products to rise in price by 30% due to energy cost to truck and manufacture the products and food to live.

The elected ones spend the money that the Federal Reserve Prints.

Well hid ball they play with uh?

Who the fools?

Live your whole life never get to even see the ball.

APACHEWHOKNOWS on March 26, 2013 at 11:42 AM

The cutoff would not be so low, FDIC insures individual deposits up to $250K. Anything above that would be up for grabs.

Wanderlust on March 26, 2013 at 11:24 AM

I want your crack pipe, man. FDIC itself is likely in the red now. The cutoff will be where Obama says it will be.

Archivarix on March 26, 2013 at 11:42 AM

The precedent set by the EU in seizing bank deposits, especially to this extent, is still reverberating on the Continent. The European Central Bank is trying to reassure Europeans that Cyprus was a unique problem, and not a model for other bailouts

The only difference between Cyprus and other potential bailouts is that a large part of those losing billions are off-shore. Don’t for a minute think that Spanish and Greek officials are not looking just how they can take their depositors’ accounts to the barbershop for a good haircut. And don’t think the filthy criminals that run the US banking system are not looking for ways to fund Obamacare out of a similar theft.

Frankly, I’m shocked that Cyprus isn’t on fire today from all the riots.

Happy Nomad on March 26, 2013 at 11:44 AM

Now if they do the “amnesty” and bring in 20,000,000 new wage and INCOME TAX/SOCIAL SECURITY slaves they think they will have fooled US for sure.

TWO PARTY EVIL CRIME FOR MONEY CULT IN WASHINGTO D.C..

APACHEWHOKNOWS on March 26, 2013 at 11:45 AM

What would you get from your bank anyway, a nice IOU? Most banks don’t keep all that much cash on hand, they need to make regular “orders” of cash to keep themselves running. If there is a run, you will be lucky to get a handful of free pens and magnets much less the money you keep in your account.

Bishop on March 26, 2013 at 11:46 AM

Frankly, I’m shocked that Cyprus isn’t on fire today from all the riots.

Happy Nomad on March 26, 2013 at 11:44 AM

They already took all the guns.

Washington Nearsider on March 26, 2013 at 11:46 AM

Example:

The Royal Family of the Netherlands.

They gave up the being KING thing and allowed the people to run the country and own the land.

Well except for the oil, gas, mineral, “peat”, coal under ground.

Smooth uh?

The Intriube (sp) the Royal Family that ran Mexico as underling Royals of the Spanish kings. They got out of Mexico but now have $ all over and have fun in the sun in Ausie land down under.

The Austrian Royal’s not kings and queens any longer but they still have the coins of the relm.

Now Russia has new kings.

Now Iran and Iraq have new “god kings” of the islamic death cult.

Now we have “Banker”, “Wall Street” kings.

APACHEWHOKNOWS on March 26, 2013 at 11:52 AM

All the money (gold ect.) that the family of the Shaw of Iran and their supporters brought out with them.

APACHEWHOKNOWS on March 26, 2013 at 11:55 AM

wowowowow!

On ZeroHedge: now the EU is talking about taking from any account over 100k Euwros? Am I reading that right?

dogsoldier on March 26, 2013 at 11:58 AM

All that art in the big art museums in France?

Lots of high end stuff.

Exactly how was it that Napoleon I get his and Frances hands on that suff.

Some call it war some call it breaking and entering and grand theft.

APACHEWHOKNOWS on March 26, 2013 at 11:59 AM

They Euw lawmakers must want a banking / economic collapse. Or they are sooooo stupid they don’t know they just pulled the pin on that.

dogsoldier on March 26, 2013 at 12:01 PM

How is it that John F. Kerry is not in Levienworth Prison for treason.

Any thing to do with King $ of his family.

APACHEWHOKNOWS on March 26, 2013 at 12:10 PM

If anything in the financal world is catching you by surprise, or if you want a little more insight into what is happening, then this 8 part series on why the economy is going to implode.

Happy Tuesday!

tom daschle concerned on March 26, 2013 at 12:16 PM

What would you get from your bank anyway, a nice IOU? Most banks don’t keep all that much cash on hand, they need to make regular “orders” of cash to keep themselves running. If there is a run, you will be lucky to get a handful of free pens and magnets much less the money you keep in your account.

Bishop on March 26, 2013 at 11:46 AM

Since I just have massive debts, they can’t take anything from me – I already owe too much…
Big credit card bills for all the guns and ammo I’ve bought – uhhh, and uhhh lost in the lake on my last fishin trip…..
Turns out livin in debt is the way to go – they can’t take what I don’t have.
So who’s the smart one nowwww ehhhh?/

dentarthurdent on March 26, 2013 at 12:20 PM

They Euw lawmakers must want a banking / economic collapse. Or they are sooooo stupid they don’t know they just pulled the pin on that.

dogsoldier on March 26, 2013 at 12:01 PM

I’d second that one.

dentarthurdent on March 26, 2013 at 12:22 PM

What would you get from your bank anyway, a nice IOU? Most banks don’t keep all that much cash on hand…
 
Bishop on March 26, 2013 at 11:46 AM

 
+1.
 
I still laugh at the first time I went to buy a (cheap) used car with the money I’d been saving and had to stop at three different branches before I had it all in hand.

rogerb on March 26, 2013 at 12:38 PM

What would you get from your bank anyway, a nice IOU? Most banks don’t keep all that much cash on hand…

Well, if you are so fortunate as to have a bank that can and will give you the entire proceeds of your account, good. Besides, whatever you withdraw will produce a record the government can use to go directly to you demanding the percentage of your account for which you will still be held accountable. It probably isn’t wise to say no, unless you are ready for the revolution to begin at your doorstep.

hawkeye54 on March 26, 2013 at 12:43 PM

No, there won’t be any riots in the streets because the people who typically use violence to get their way have little to no money in the banks. You will get mild protests and disorderly conduct as we saw in Greece and Cyprus, and that will be all.

We will not see actual riots until the EBT cards stop working and/or people are unable to put food on the table (be it by their own purchasing power or gov’t welfare). There will not be any riots if gold, gun, or bank deposit confiscation happens. It has not happened in any other country where the productive classes were stripped of their rights and assets, and it won’t happen here, either. You can take that to the, ahem, bank.

Doomberg on March 26, 2013 at 10:31 AM

Both events will happen pretty much at the same time, for the same reason: The only reason why the US Dollar has ANY VALUE AT ALL right now is because people believe it does.

In actuality it has practically no value. Technically, it has NEGATIVE value, given our debt and unfunded obligations. Our annual 1+ trillion deficits aren’t being borrowed any more (ie: bonds), as of 2012, 61% of it was coming straight off Bernanke’s printing presses. The value of the dollar (and thus all dollar denominated assets) IS ALREADY ZERO, and as soon as enough attention is called to that, it collapses overnight.

An attempt to seize accounts and 401K’s would be a desperate attempt to save the dollar and would EXPOSE the fact that it’s been worthless for years.

At that point it won’t matter if the SNAP cards still have dollars attached to them the Looters won’t be able to buy anything with them because the currency will have no value. And, yes, they will riot and burn down the large cities. Good riddance.

As for us who have savings accounts and 401K’s, there is one BIG difference between us and the (few) Producers left in Europe: We have guns. Obama is trying to disarm us, sure, but he won’t be able to. And the states that ARE disarming their citizens are states that are doomed to burn anyway (New York, California, Illinois) because they are WAY past the critical mass point of Looters.

If you must bank, bank locally. Use only banks that don’t cross state lines. Get your money out of the “Too Big To Fail” giants while you still can. And, really, other than checking to pay bills, what benefit is there to keep anything in a bank anyway? Interest rates are pathetic and WAY below real inflation, not that fictitious number that excludes food and fuel (which have “necessarily” skyrocketed) the Regime puts out.

I honestly don’t believe our current Union can last a whole lot longer under these conditions. The total collapse of our currency and economy isn’t just a possibility, it’s an inevitability. There is nothing that can be done to stop it at this point.

Re-electing Obama was the crossing of the Rubicon for the United States, the Looters are the majority, the Producer is a shrinking minority and have no power to stop the disaster. So, it’s got to play out to it’s inevitable end: Collapse and dissolution. Since there ARE fiscally sound states out there that have viable economies that could survive and even flourish as a nation, I expect they will unite and do so. The Looter States will be left to burn until the fire burns itself out.

Again, nothing can prevent this from happening at this point.

wildcat72 on March 26, 2013 at 12:49 PM

Frankly, I’m shocked that Cyprus isn’t on fire today from all the riots.

Happy Nomad on March 26, 2013 at 11:44 AM

Here’s why it isn’t (on fire that is). Most of the ones hit by the Cypriot govt confiscatory move are Russians (translation: Russian mob folks), and no, they won’t be out in the streets of Nicossia demanding the Cyprus govt to return their money, coz they know they can launder more illegal money elsewhere, once Cyprus is out of the game. There are other safe heavens in Europe, not worthit for them to get their pantiess in a waddle over what’s baiscally small change for them. Besides these are the kind of money designed to keep thugs like Vladimir in power, don’t you think he would be worried if the confiscation was a real blow, obviously he does not seem to be worried in the least since he orderd his mob to keep calm and carry on :)

jimver on March 26, 2013 at 12:51 PM

So how did Putin and his butt boys get their money out?

BobMbx on March 26, 2013 at 12:54 PM

Well, if you are so fortunate as to have a bank that can and will give you the entire proceeds of your account, good. Besides, whatever you withdraw will produce a record the government can use to go directly to you demanding the percentage of your account for which you will still be held accountable. It probably isn’t wise to say no, unless you are ready for the revolution to begin at your doorstep.

hawkeye54 on March 26, 2013 at 12:43 PM

If it gets to that point where The Regime in DC is attempting a “Great American Bank Robbery” on us the revolution is already AT your doorstep.

Because at that point the only choice is rebellion or slavery.

wildcat72 on March 26, 2013 at 12:54 PM

We already lose money after it’s been taxed. We are taxed over and over again on the same money.

Earn a paycheck? Taxed.
Invest that check? Taxed.
Use that money to buy a house? Taxed.
Die, leaving that money to your son? Taxed.

That’s four different times the exact same dollar has been taxed, not counting sales taxes.

Where are the riots?

Washington Nearsider on March 26, 2013 at 10:49 AM

Beginning January 1, 2013, ObamaCare imposes a 3.8% Medicare tax on unearned income of “high-income” taxpayers which could apply to proceeds from the sale of single family homes, townhouses, co-ops, condominiums, and even rental income, depending on your individual circumstances and any capital gains tax exclusions.

http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

cptacek on March 26, 2013 at 1:00 PM

So how did Putin and his butt boys get their money out?

BobMbx on March 26, 2013 at 12:54 PM

Am sure he has a a deal in the making with dear ole Angela :)… Or will, once he starts flexing his gas muscles, his mob money will miraculously appear in banks in Monte Carlo or Lichtenstein or other European safe heavens :)…the funny part though is that soon there will be no safe heavens left in Europe…

jimver on March 26, 2013 at 1:08 PM

Am sure he has a a deal in the making with dear ole Angela :)… Or will, once he starts flexing his gas muscles, his mob money will miraculously appear in banks in Monte Carlo or Lichtenstein or other European safe heavens :)…the funny part though is that soon there will be no safe heavens left in Europe…

jimver on March 26, 2013 at 1:08 PM

I just read a story that said the Russian money is already out.

BobMbx on March 26, 2013 at 1:13 PM

Pass an “amnesty” when the shit hits the fan they will send draft notices to the new citizens.

“Join and fight for the U.S. Two Party Evil Money Cult Army of Washington D.C. or get out.”

Seems they would join rather than go home and starve.

So the cult in D.C. may be importing a new group to form a new army.

APACHEWHOKNOWS on March 26, 2013 at 1:14 PM

From what I understand, the Russians really didn’t take a bath, except for the dumb ones. Because the EU socialist bureaucrats do not understand people and capitalism, they really blew it badly. They announced the first tax on a Friday, which gave the Cypriots with smaller deposits time to get everything from the ATMs The big depositors transferred their money to Cypriot branch banks or other european banks willing to take the electronic transfers. The bureaucrats couldn’t stop the transfers because they would mark the Euro as a local currency, not international. Meanwhile, the banks are empty, except for the residual.

Two things will probably happen in my opinion: 1) Cyprus will vote to completely recognize Turkey’s jurisdiction, and 2)some Russians and Cypriot partisans will make Brussels unlivable for bureaucrats.

Old Country Boy on March 26, 2013 at 1:14 PM

On ZeroHedge: now the EU is talking about taking from any account over 100k Euwros? Am I reading that right?

dogsoldier on March 26, 2013 at 11:58 AM

Notice how quiet the Democrat economists are right now?

Only Krugman has had anything to say on the EU crisis.

He thinks they need inflation.

And lots more debt.

Germans will love the idea, I’m sure.

IlikedAUH2O on March 26, 2013 at 1:23 PM

There’s just over 1.1 million people in Cyprus, and they’re on an island.

What better place to roll out the next level of world-wide socialism?

BobMbx on March 26, 2013 at 1:44 PM

EU Financial Rep, as mentioned, just announced he LOVES the Cyprus plan of raiding bank accounts to acquire the money they need. AGAIN, the Chief Financial Guru for the EU just declared that he supports GOVERNMENT THEFT OF PRIVATE PROPERTY/MONEY as a viable option to get out of a financial crisis created by the same crooks who got us into this mess by covertly (up until now) stealing from us / $crewing us all along.

How long do you think it will take the Obama administration & Progressive Liberal Democrats to adopt this same attitude/decision if the EU follows Cyprus’ lead? Tjhey have already shown the Constitution, US Law, personal property, etc means little in comparison/competition to their agenda. Imagine if Obama could ‘raise taxes’; any time he wants and as much as he wants simply by raiding our banbk accounts?!

easyt65 on March 26, 2013 at 1:44 PM

I just read a story that said the Russian money is already out.

BobMbx on March 26, 2013 at 1:13 PM

Ha. Yep, that’s you answer right there :)…and people were wondering how come Vladimir was so cool about it all :)..now they know…which begs another question, which other mob had their money in the Cypriot banks and whose money exactly they confiscated? Obviously nit be locals’, or they’d be out in the streets much like their Greek relatives… Some of the Brits’ probably, but they are smart enough to buy property there but not keep their money in the Cypriot banks, at least that’s what I got from my chat with some Brits there…I was in Cyprus two summers ago, visiting my wife who was deployed to Akrotiri. The Brits I talked to were well aware that Cyprus would go the way of Greece, only not immediately so and for somewhat different reasons…

jimver on March 26, 2013 at 1:44 PM

….speaking of raiding our bank accounts:

o President Obama Vacations:
• The Obama’s Hawaiian vacation was estimated as at least $4 million
• Martha’s Vineyard vacation at over $1million
• Golfing vacation with Tiger Woods in excess of $1million
 THAT IS OVER $6 MILLION ON 3 VACATIONS
• Cost per year to sustain the Obama’s, their Whitehouse staff and travels – $1.4 billion PER YEAR

o Michelle Obama’s (& Daughters) Vacations / Trips:
• Ski trip to Aspen, Colorado on President’s Day: at least $83,182.99
• Spain (Staff/Security Included): $467,585
• South Africa and Botswana (2012): $424,142
 THAT IS NEARLY $3 TRILLION ON ONLY 3 TRIPS (IN ADDITION TO PRES OBAMA’S OWN TRIPS)

o Cost of Air Force One:
• The Boeing 747 costs $179,750 – $182,000 PER HOUR

 Fund Raising on Air Force 1? The above #s don’t include the cost of Obama’s Fund Raising Trips.

o ANOTHER VACATION – 1 PER MONTH (26 Mar)
• ‘Spring Break For the Obamas’: The Obamas are headed off on another vacation – it’s off to the Bahamas on another tax-payer-funded vacation. Sequestration? $16 Trillion in Debt? ‘Revenue’ Problem? While hundreds of Americans are being furloughed from their jobs and record numbers of Americans are on Food Stamps, the Obama family is spending at least $1 Million per month on vacations & Biden just spent $1 million for 1 night in Paris! “Let them eat cake!”

o Biden Trip to Europe:
• Hyatt Regency London: $459,338.65
• Hotel Intercontinental Paris Le Grand: $585,000.50
• Limo Cost: $321,665.00

o Congressional SALARIES & BENEFITS (AS OF 2011): Approx $6 Billion Per Year (2011)
• SALARIES(2011): $95.8 million dollars for all 541 members of Congress
• BENEFITS (2010): $4.66 Billion (Health Care, security, personal spending accounts…)

 These figures don’t count the retirement plans or salaries paid to former members of Congress. If a member of Congress serves for at least five years, be it in the Senate or the House of Representatives, they receive full pay and health benefits FOR LIFE. (The estimates for these benefits were between $500 million and $1.2 billion AS OF 2010)

 Widows/Widowers of Politicians/Retired Politicians: They can still access the health benefits, but receive between 50 and 75 percent of their late husbands salaries.
• As of March 27, 2013, federal employees received a half-percent to one percent pay increase (Example: VP’s salary increased from $225,521 to $231,900 a year)

 MERIT??? The 112th Congress (2012) ended its session as the most unproductive since the 1940s, with only 219 bills passed by the body becoming law, performing more as an agenda-driven ‘Obstructionist’ Congress than working in the best interest of the nation.

Obama & Biden is proving they believe they have a BLANK CHECK from the American people – they do what they want and put the cost on our tab…without considering the cost – THAT would require HAVING A BUDGET!

easyt65 on March 26, 2013 at 1:51 PM

Obama & Biden is proving they believe they have a BLANK CHECK from the American people – they do what they want and put the cost on our tab…without considering the cost – THAT would require HAVING A BUDGET!

easyt65 on March 26, 2013 at 1:51 PM

Don’t all socialsits believe that, it’s their bottom line. Think the European disaster, and spilling over here…they think there will always be people’s money to confiscate/seize…until there isn’t (insert Margaret Thatcher’s quote).

jimver on March 26, 2013 at 2:02 PM

Burying cash in the back yard and hiding it in mattresses may make a comeback. Unless Wiemar Republic style inflation kicks in. Then hording and hiding gold will be the best strategy.

Remember when people didn’t trust banks? If this becomes a trend they not only won’t trust banks, they won’t trust the government. However, worse case the mistrust will come too late to make much difference.

farsighted on March 26, 2013 at 2:12 PM

Folks here better think long and hard about liquidating their 401is etc. If nothing else, cash out enough to pay off the mortgage and other big ticket items. That alone will send a signal to the Marxist and big banks that they need to drive a stake thru such contemplations of haircutting or amputating or even letting the govt “manage” our savings.

AH_C on March 26, 2013 at 2:18 PM

easyt65 on March 26, 2013 at 1:51 PM

You might want to check your math. You seem to be having problems at the order of magnitude level – million vs billion vs trillion.

Other than that – I get what you’re saying and we all should be outraged.

dentarthurdent on March 26, 2013 at 2:50 PM

19.17 Eurogroup president Jeroen Dijsselbloem is at it again. He has now reportedly said that a levy on wealth is defendable in principle. He adds that the majority of Cyprus deposits aren’t savings.

Oh…why didn’t they say that in the first place?

BobMbx on March 26, 2013 at 3:53 PM

401 Ks are next.
You didn’t really earn that $$.
It is for the Federal Govt to redistribute to the poor.
Only then everyone will be equal.

Badger40 on March 27, 2013 at 10:15 AM

401 Ks are next.
You didn’t really earn that $$.
It is for the Federal Govt to redistribute to the poor.
Only then everyone will be equal.

Actually, we earned it, but we earned and saved TOO MUCH!

Our excessive horde of cash we’ve greedily accumulated is what needs to be equalized by redistributing to those with less and deemed worthy by our kind and caring government.

The same goes for anything the government wants of what we have.

I wouldn’t be surprised if the federal gov’t.considers coming after all of our personal possessions for redistribution for those of us who have too much.

We all belong to the state.

hawkeye54 on March 27, 2013 at 10:31 AM

Actually, we earned it, but we earned and saved TOO MUCH!

Our excessive horde of cash we’ve greedily accumulated is what needs to be equalized by redistributing to those with less and deemed worthy by our kind and caring government.

We all belong to the state.

hawkeye54 on March 27, 2013 at 10:31 AM

Exactly. You have no need to accumulate a large retirement account on your own – you should be happy with what Uncle Karl has planned for you through Social Insecurity. Self-reliance WILL be punished.

dentarthurdent on March 27, 2013 at 12:28 PM

Cyprus Popular Bank’s richest clients with uninsured deposits over €100,000 could get only 20% of their money, as the government eyes to wind down its operations, says Finance Minister Michalis Sarris.

And those clients should offer their most profuse thanks to Cyprus for even being allowed to get back that extremely generous percentage.

hawkeye54 on March 27, 2013 at 5:27 PM

This is why I don’t use banks for large money storage anymore.

If things get worse in this country expect something like this to happen, altho it will most likely be some kind of paycheck deduction increase thing on businesses to avoid bank runs.

Also remember that any temporary government program never seems to go away after its time has past. Funny how that works.

Neo on March 27, 2013 at 9:38 PM

Comment pages: 1 2