It is an old joke now.
Q: What is the difference between the United States and Greece?For those who think a total collapse in the US isn't possible - for those who don't think they will see well-dressed men jumping into dumpsters for food here in the states - you may want to sit through Ann Barnhardt's 8-part video series, The Economy is Going to Implode.
A: About six years.
Comrade Mr. B posts news from Cyprus at his site today. TheJournal.ie reports:
People with less than €100,000 in their bank accounts will have to pay a one-off tax of 6.75 per cent while those with more will pay 9.9 per cent under a measure that will raise €5.8 billion in additional revenue.A 10% grab of wealth.
A 10% grab of personal savings that we always hear the
Anyone want to bet this is really "one-off" in
Apparently, the right-wing paranoia was right.
Those right-wingers like Alan Keyes were right to warn that
So, for those critical thinkers out there, a question: When the US collapse comes, how will our leaders suggest we pay for it?
The first to predict these things are always labeled as the kooks. Well, we know Ann and we know Mr. B. Both own our Commie Obama hats. Is that a coincidence? Do they just dislike our current leader and disagree with his ideology, and want to mock him with a furry political novelty?
Or do they have a solid understanding of history and economics?
We know the answer, and we stand proudly with Ann, Mr. B, and the others who use the means to warn while it is still available.
Interestingly, both Ann and Mr. B have suggested protecting your assets with precious metals. Specifically: gold, silver, brass and lead.
UPDATED and CORRECTED 3.17 Noon:
We said Greece in the post above. The redistribution is actually happening in Cyprus. Ya, we went to public school. We stand corrected.
ZeroHedge has posted on this story: For Everyone Shocked By What Just Happened... And Why This Is Just The Beginning
Today, lots of people woke up in shock and horror to what happened in Cyprus: a forced capital reallocation mandated by political elites under the guise of an "equity investment" in insolvent banks, which is really code for a "coercive, mandatory wealth tax."
Not "all" people were shocked, just "lots."
We'd suggest that some must have been paying attention.
MailOnline has the longest headline: Osborne vows to protect Britain's armed forces in Cyprus as cash machines are EMPTIED and 60,000 British savers face losing millions in 10% bank account tax
Up to 60,000 British savers are to lose thousands of pounds each as expats in Cyprus have their savings decimated in part of a painful bid to bail out the bankrupt island.Oh, they are 'paying their way,' just after the fact.
The Chancellor said the financial situation in Cyprus was ‘an example of what happens if you don't show the world that you can pay your way’...
Ann Barnhardt has posted on this story.
Yes, it is every bit as bad as it sounds, and worse. Word is that the initial plan was for a 40% (!!!!) levy confiscation of Cypriot bank accounts. They settled for a MERE 6.75% and 9.9% dual-layered compromise.Random thoughts (and fun with strikethrough):
I agree with various commentators that this is almost certainly a test-run by Brussels to see what the reaction of the Cypriots is. If no one is hanging from light poles by sunset on Tuesday, they will likely move on to Greece and the other Southern European economies, satisfied that the people have been sufficiently conditioned to roll over. Tiny Cyprus, an ISLAND mind you, makes the perfect test lab.
1) What is the possibility of Congress passing a law, or a Constitutional Amendment, stating savings are not to be touched?
2) Are corporate savings in danger? Corporations have been in 'savings mode' since the recession started and are now flush with cash. They have complained that the business and political climates are less predictable, and have such reduced their risks to exposure. Are there folks in DC who view corporate savings as a solution to our dear leader's
3) What is the consensus in the US? Is 10% OK, or will we accept the confiscation of 20% of post-taxed savings for the greater good? It is not like you were using that money anyway. Will we put it to a vote to the US electorate? How many votes will there be for the confiscation of wealth from those with over $100k in savings? Can some of the confiscated money be used to
4) Will retirement accounts be included? They already have a 10% penalty for early withdraw. So if Comrade Uncle Sam takes 5% of retirement accounts, will that be considered less painful than if some greedy right-winger decides to withdraw his retirement account to
5) What protections will the government take to protect
Like Ann, we doubt there will be push back in Cyprus or the European countries that follow.
But if there is, we hope it is filmed in HD.
UPDATED and BUMPED 3.17 1:30pm:
Prof. Jacobson's post and poll.
Doug Ross posts Mark Levin's predictions of what we might see in the US.
Western Rifle Shooter's Association has a post with more links.
The contrary view: RawDog says this Cyprus news is good for the US Dollar!
UPDATED and BUMPED AGAIN 6pm:
We've learned two things in the past few hours:
1) The confiscation is on hold. Apparently they are 'revising' the details.
2) A lot of the Cyprus deposits are Russian, and Cyprus has a reputation for money laundering.
So, let's put 2 and 2 together.
The decision-makers have realized it would not be wise to proceed. Perhaps losing one's hair and the rapid weight-loss can be avoided. Maybe there are alternatives.
Remember Alexander Litvinenko? Or Vikto Yushchenko? Or Anna Politkovskaya? We do, and apparently some folks in Brussels do to.
Here is another way of looking at this:
UPDATED 3.18 9:30am:
FB Comrade Huck posted this update:
UPDATED 3.18 4:45pm:
Captain Capitalism offers a Cyprus-induced rant. The Cyprus info comes in around the 8:30 mark, and you'll want to see the Captain's closing remarks. (Language Warning. But at this point isn't foul language warranted??)