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Author Topic: Take note of what's happening in Cyprus Back to Topics
mudtoe

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Cincinnati

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Message Posted: Mar 19, 2013 5:24:52 PM

For all of you with bank deposits, and especially those of you with large 401K nest eggs that you have been adding to for decades and expect to fund your retirement, you should take note of what's happening in Cyprus. The EU this past weekend demanded that Cyprus confiscate between 6.75 and 9.9 percent of all the money in accounts in Cyprus banks as a precondition for a bailout. Initially the Cyprus government agreed, but after a run on the banks' ATMs over the weekend they backed out of the deal today, although that leaves them on the brink of economic collapse without a bailout except for a Russian natural gas company who has offered to bail them out in return for natural gas rights (this offer was initially rejected, but may end up being the only option for Cyprus).

Everyone who thinks our reckless spending won't have consequences directly for you and your family should take note of what's happening here. Even if it doesn't end up actually happening in this instance, it shows what lengths governments are willing to go to once the money runs out. Now think about all the money you have in 401Ks, bank accounts, investments, etc. With Obama's hatred of success and the wealthy, which he takes every opportunity to instill in his voters, coupled with our obvious inability to reign in spending, do you really believe it can't happen here? When the money eventually runs out and people quit loaning us more, do you think the takers who make up the lions share of the democrat party will hesitate to vote for politicians who promise to simply confiscate the wealth of the evil rich whom they have been taught to resent and hate? I'm not talking about raising taxes, I'm talking about direct confiscation of assets held in bank and investment accounts. It's there, it's available, and the people whose money it is could do nothing to stop it if it were announced one morning that 10% of all accounts worth more than say $500,000 were to be subject to an immediate personal property tax. They wouldn't be able to get their money out in time. You should think long and hard about where we are headed.

Here are two articles describing the initial deal and the rejection of it a few days later.


Cyprus Agrees to Confiscate Bank Savings for Bailout


Cyprus Rejects Previously Agreed to Bailout Deal


mudtoe

[Edited by: mudtoe at 3/19/2013 5:27:58 PM EST]
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teacher_tim
Champion Author Maryland

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Message Posted: Mar 27, 2013 9:20:11 AM

My gun safe also works well for safekeeping cash and gold.
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EZExit
Champion Author Phoenix

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Message Posted: Mar 26, 2013 4:33:37 PM

At least the United States doesn't do this directly, they take your money off the top as a "social security tax", supposedly a deposit into a fund that you can use at retirement, and then the government raids those funds. It seems that in Cyprus, this will be a program that they'll need to create.

This is PRECISELY why the democrats want control over individual retirement accounts.
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Tru2psu2
Champion Author Winston-Salem

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Message Posted: Mar 26, 2013 12:55:40 PM

I'm going to have to put it in between the mattress
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Hemond
Champion Author Providence

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Message Posted: Mar 26, 2013 12:49:38 PM

QUOTE ::::There are only two differences between us and these other countries:::


I would add a 3rd. We are able to print our own money. If the Cypriots (or Italy, Spain, Portugal, etc) were able to print their own money, there would be no crisis.
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mudtoe
Champion Author Cincinnati

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Message Posted: Mar 26, 2013 11:59:38 AM

I haven't seen a politician say something to start a run on a bank like this since Chuck Schumer said Indy Mac bank was insolvent and caused a run that made his prediction true. I wouldn't be having any money in a Spanish, Portuguese, or Italian bank after this little gem. Bet the run is already starting.


Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief


mudtoe
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mudtoe
Champion Author Cincinnati

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Message Posted: Mar 23, 2013 8:01:05 PM

nsb: "We keep hearing, that what is going on in cyprus, and other countries, can't happen here, but it seems that in many ways, we are headed down the same path they took, spending more then we have, and still promising even more spending. "


There are only two differences between us and these other countries. First, since we are so much bigger we have an enormous economic inertia to overcome. Right now that inertia is what's carrying us and is masking the true extent of the effects of our deficit spending. However, inertia is a two edge sword, and once things get bad enough that it's obvious to everyone that we've screwed up, it will be too late to do anything about it. The Titanic doesn't turn on a dime.

The second thing that is different about us is that there is nobody to bail us out.


mudtoe
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AFSNCO
Champion Author Montgomery

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Message Posted: Mar 23, 2013 5:24:37 PM

If you listen to some of these liberals on here they think that there are people in our society that have a right to the benefits of the labor of others.
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noseatbelt
Champion Author Indiana

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Message Posted: Mar 23, 2013 4:25:10 PM

We keep hearing, that what is going on in cyprus, and other countries, can't happen here, but it seems that in many ways, we are headed down the same path they took, spending more then we have, and still promising even more spending.
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AC-302
Champion Author Los Angeles

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Message Posted: Mar 23, 2013 2:04:30 PM

The British Channel Islands are a good place to put money away quietly. Switzerland isn't bad. Of course there's always the Caymen Islands. Belize is another good one for privacy. Then again, there's always bullion or some other commodity that's not subject to spoilage.

Oh, and way below, SemiSteve stated: "Our deficit has fallen. The recovery is in progress."

--Uhhh.. I dispute both points. The deficit hasn't fallen. How is it that in January 2013 alone we had over $230 Billion in unfunded new spending? Think about it - at that rate, that's over $2.5 Trillion in new national debt added.

And though we've had a few months of SLIGHT job turnaround, we also still have HUGE numbers of new unemployment claims being processed. I just googled "weekly jobless claims" and it came back with this as one of the entries:

"The number of first-time filers for unemployment benefits was 336,000 for the week ending March 16, 2013."

In a four week month, at that rate, the jobless numbers are still 1.344 MILLION jobs lost a month. Steve, how can you claim the economy is so much better when so many people are still losing their jobs? Are you following these numbers? This ain't cool, Steve. What Obama needs to do is to help create better, more streamlined conditions to help businesses comply with law, not continue regulating them even more. Make the US business climate a place where folks can create and pursue opportunities. Don't hamstring businesses with even more regulations and tax burdens.

[Edited by: AC-302 at 3/23/2013 2:14:13 PM EST]
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wbacon
Champion Author Philadelphia

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Message Posted: Mar 22, 2013 4:47:49 PM

Watch out for the government when they want to "manage" your retirement accounts
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randog
Champion Author Detroit

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Message Posted: Mar 22, 2013 4:26:05 PM

The thought of a government seizing wealth to continue to grow out of control and keep citizens on the public dole? That could never ever ever happen here in the good ole U S of A!

BHO's mouth must be watering over this.
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jdhelm
Champion Author Iowa

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Message Posted: Mar 22, 2013 11:06:18 AM

kool aid drinkers

-cnn commentary on bho and jim jones

-

youtube video on the kool aid boys

[Edited by: jdhelm at 3/22/2013 11:09:25 AM EST]
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mudtoe
Champion Author Cincinnati

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Message Posted: Mar 20, 2013 9:31:44 PM

SS: "Better choose very carefully... "


Agreed, and the US won't be on the list. If you have dual citizenship someplace like Switzerland will be perfect to have accounts, as they really don't want to share your information with the IRS; they are just being bullied into it. If you show up there with citizenship documents from another country to open an account, they won't share the information with the IRS. As they really don't want to do this, they won't be anymore inquisitive about whether or not you are also a US citizen than they have to, and if they ask you if you are a US citizen and you say "no", they would have to take you at your word, as you can't really prove a negative.


mudtoe

[Edited by: mudtoe at 3/20/2013 9:36:54 PM EST]
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SemiSteve
Champion Author Tampa

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Message Posted: Mar 20, 2013 9:12:36 PM

"People are going to go back to putting money into their mattress and off-shore accounts are going to become the norm. "

--Just make sure it is not an account in Cyprus.

Better choose very carefully...
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mudtoe
Champion Author Cincinnati

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Message Posted: Mar 20, 2013 2:10:21 PM

AF: "FYI...wait until they go after the retirement accounts on both ends. People are going to go back to putting money into their mattress and off-shore accounts are going to become the norm."


Dual citizenship is going to be the big thing in the coming decades. That way people will be able to open foreign bank accounts using their alternate citizenship documents so that the foreign bank won't be forced to report the existence of those accounts to the IRS. I also believe certain countries will make it easier to get citizenship provided you are willing to buy property or invest a sufficient sum in the local economy.


mudtoe.
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AFSNCO
Champion Author Montgomery

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Message Posted: Mar 20, 2013 1:37:13 PM

"aparently kool aid drinkers don't know from where the term originates?"

They just had a show on The History Channel about Jim Jones.

FYI...wait until they go after the retirement accounts on both ends. People are going to go back to putting money into their mattress and off-shore accounts are going to become the norm.
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mudtoe
Champion Author Cincinnati

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Message Posted: Mar 20, 2013 1:25:35 PM

Looks like the only choice for Cyprus is to make a deal with Russia collateralized with natural resource rights, otherwise the banks are insolvent and will go under the instant they reopen. Therefore it looks like the banks aren't going to open tomorrow as previously stated because they are afraid of a run, a fear which is probably well founded. If I had money in these banks I'd get it out if I could no matter what they say.


Cyprus Banks May Never Reopen


mudtoe



[Edited by: mudtoe at 3/20/2013 1:27:28 PM EST]
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flyboyUT
Champion Author Utah

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Message Posted: Mar 20, 2013 1:22:38 PM

can it happen here?
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johnnyg1200
Champion Author St. Louis

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Message Posted: Mar 19, 2013 10:01:26 PM

>>aparently kool aid drinkers don't know from where the term originates?<<

It has been about 35 years since that massacre so you are probably right.


For the younguns who don’t know.
-
Urban Dictionary.
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johnnyg1200
Champion Author St. Louis

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Message Posted: Mar 19, 2013 9:57:40 PM

“Uffda”.

I haven’t heard that term in years.
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Hemond
Champion Author Providence

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Message Posted: Mar 19, 2013 9:56:06 PM

The situation is Cypress is being watched by the likes of Pelosi, Reid, and Obama's handlers. If the Cypriot government gets away with this theft, then all bets are off.

Liberals are already eyeing our retirement accounts with lust. When backed against the wall like the Cypriot government, they will follow the leader.
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therder
Champion Author Lexington

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Message Posted: Mar 19, 2013 9:49:55 PM

>>aparently kool aid drinkers don't know from where the term originates?<<

It has been about 35 years since that massacre so you are probably right.
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jdhelm
Champion Author Iowa

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Message Posted: Mar 19, 2013 9:04:23 PM

aparently kool aid drinkers don't know from where the term originates?

uffda
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therder
Champion Author Lexington

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Message Posted: Mar 19, 2013 8:53:51 PM

Recent events in Greece,Ireland,Spain,and now Cyprus all fit the same pattern. It doesn't take an economic expert to figure out that it will eventually happen here. The only thing holding it back now is that the dollar is the world's defacto reserve currency. If you consider how bad the civil unrest in the 1960's was it will pale in comparison with society's reaction when our money is either worthless or the checks simply stop coming. Many people will even have the nerve to act surprised.
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flyboyUT
Champion Author Utah

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Message Posted: Mar 19, 2013 7:44:20 PM

Steve read the table - we are not getting much better at any time soon.
.
>>>Receipts 2,523,991 2,104,989 2,162,724 2,303,466 2,468,599 2,901,956
Outlays ... 2,982,544 3,517,677 3,456,213 3,603,061 3,795,547 3,803,364
Deficit –458,553 –1,412,688 –1,293,489 –1,299,595 –1,326,948 –901,408

Steve that is from 2008 through an estimated 2013. If you think that is good I have news for you - don't try to balance my checkbook please....

Regarding what is happening in Cyprus. I started a topic I believe some time back about the govt quietly wanting to take over management of our retirement accounts - for our own good of course.

Here is something else that you might wish to look at and wonder how we will deal with it --- from the same source --
Gross Federal debt 9,986,082 11,875,851 13,528,807 14,764,222 16,350,885 17,547,936



[Edited by: flyboyUT at 3/19/2013 7:46:53 PM EST]
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johnnyg1200
Champion Author St. Louis

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Message Posted: Mar 19, 2013 7:29:22 PM

The national deficit may be dropping but the national debt is climbing.

Although the federal deficit is the amount each year by which federal outlays in the federal budget exceed federal receipts, the gross federal debt increases each year by substantially more than the amount of the deficit each year. That is because a substantial amount of federal borrowing is not counted in the budget.

At some time that debt will come due.
FY 2013 $17.5 trillion
FY 2012 $16.4 trillion
FY 2011 $14.8 trillion
FY 2010 $13.5 trillion
FY 2009 $11.9 trillion
FY 2008 $10.0 trillion

The idea that we are getting the budget under control is an accounting trick.

[Edited by: johnnyg1200 at 3/19/2013 7:37:42 PM EST]
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mudtoe
Champion Author Cincinnati

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Message Posted: Mar 19, 2013 6:24:43 PM

SS: "There has been no reckless spending!!! "


I think we know who has been drinking the koolaid.


mudtoe
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noseatbelt
Champion Author Indiana

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Message Posted: Mar 19, 2013 5:50:23 PM

There has been no reckless spending. ROFLOL, your joking right?
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SemiSteve
Champion Author Tampa

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Message Posted: Mar 19, 2013 5:45:54 PM

Man, that is some wicked kool-aid the right is drunk on.

There has been no reckless spending!!!

What has occurred is a nation dealing with tough economic times by using it's resources to help it's people in their time of need. This coupled with reduced revenue has driven the debt up.

A government doing something for the people goes against the conservative myth that we are justified in hating government.

Our deficit has fallen. The recovery is in progress.

Don't rock the boat with blind hatred for all things government and Obama. The man has been successful in averting the disaster of economic collapse; and overseeing a come-back despite the self-proclaimed and rather obvious efforts by the right to thwart any recovery and then blame the bad times on the President who is actually helping the people.
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