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EU Direct Withdrawal Soon to be Seen Here?

2K views 17 replies 9 participants last post by  tanvil 
#1 ·
CONFISCATION: Panicked Europeans Rush ATMs as Leaders Move To Seize Funds Directly From Bank Account Holders
CONFISCATION: Panicked Europeans Rush ATMs as Leaders Move To Seize Funds Directly From Bank Account Holders
Mac Slavo
March 16th, 2013
SHTFplan.com


Over the last few years political and financial leaders in Europe and the United States have implemented policies, regulations and bailouts costing global taxpayers trillions of dollars with the promise that these measures would lead to economic growth and recovery.

What happened in Europe today is yet further proof that nothing they’ve done has fixed the underlying fundamental issues surrounding the events that led to the crash of 2008.

For those who don’t believe the government is prepared to take extreme measures that may include the seizing of retirement accounts, cash savings or even gold, look no further than Cyprus, the latest recipient of bank bailouts.

As of right now, citizens of Cyprus are scrambling to withdraw funds from their bank accounts after the EU, with agreement from the Cypriot government, announced they will decimate funds held in personal bank accounts to the tune of up to 10% of existing deposits.

You read that right.

The European Union has made the determination that the people of Cyprus are now responsible for the hundreds of billions of dollars in bad bets made by their government and bank financiers, and they are moving to confiscate money directly from the bank accounts of every citizen in the country.

Restrictions have been imposed to stop people emptying their accounts or moving their money out the country after the Cypriot government announced that up to ten per cent of deposits will be seized and used to bailout the island’s crisis-hit banking system.

The deal with other eurozone finance ministers is the first time that ordinary citizens’ deposits have been directly raided in this way.



One furious expat said: ‘This is plain theft. I’d love to hear someone explain to me why it isn’t.’



Under the deal, all bank deposits over €100,000 will be hit with a levy of 9.9 per cent. Those with smaller savings will pay 6.75 per cent.



The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.



‘Why would you risk putting your money in Greek, Spanish or Portuguese banks after this?’

British expats were stunned by the news, with many left high and dry by the restrictions on accounts.

Cash machines had been working, but many ran out of notes because of the panic withdrawals.



But financial experts said the raid – designed to stop Cyprus crashing out of the euro, potentially destroying the currency – would send shock waves through the eurozone.

If savers in other troubled nations fear their accounts might be next, they could withdraw their money and spark a catastrophic run on the banks.

Source: Daily Mail

They’re calling it a “tax.”

As Market Ticker’s Karl Denninger notes, “Like hell that’s a tax. That’s direct confiscation of the funds of people who did nothing wrong!”

It should now be obvious. There is no recovery. There never was.

No matter where you live, your government is likely preparing measures to deal with the coming financial and economic collapse. This means they are going to be coming for anything of value that they can get their hands on.

If you have the majority of your net worth allocated in bank accounts, money market funds, retirement plans, stock markets or the host of other ‘safe’ assets recommended by your financial adviser, then you are playing Russian roulette.

And in this version there’s a bullet in every chamber.

When they come, they will take everything they can.
 
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#3 ·
Another unknown,

I spoke to my cousin in Ireland yesterday ( ST Patricks day), the Irish gov't has insituted property taxes for the first time, while the amount was not much it is a first time tax, with sever fines ( irish are noted for not paying tax) my cousin was less upset about it, when i told him what I pay in the different states for real estate alone. I only found out my best friend and hunting buddy over there was forced retirement last week with the phone company, I won't be getting anymore calls off the pole!!
 
#4 ·
Saw that yesterday. WTF Now Italy is talking about taking 15% of savings accounts.
I think this is coming to a country near you soon...........I think they'll be raiding savings accts as well as retirement accts.

This chicken shit little town I live in is squeezing everything they can out of us. Raised property taxes, sales taxes, now the water and electricity rates. Meanwhile they have a police force of 55 for a city of 12,000 people, got 4 or maybe its 5 ex-police chiefs drawing big retirement checks. One of them just retired, drawing his money and he's got another job with the city for more than he was making before. Its almost funny, but its not, looks like the keystone cops when there is a fender bender. 5-6 cop cars about running over each other to get to the wreck!
 
#8 ·
Here's one that not too many of the modern generation seems to remember.

Executive order 6102.

Section 2.
All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:

Section 9.
Whoever willfully violates any provision of this Executive Order or these regulation or of any rule, regulation or license issued there under may be fined not more than $10,000, or,if a natural person may be imprisoned for not more than ten years or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both.
 
#10 ·
after watching the Speical report with Bret Bair last night i am seriously considering cleaning out my euro bank account, not alot of money but enough to not want those greedy( socialist) politicans from getting it. last fall I left a hefty amount. the nice thing I can do a withdrawal to a us bank by internet.

for the record; many years ago i almost married a Irish woman, I opened a bank account for money transfers and to have then Irish pounds on hand, when i traveled. then came the euro and the exchange rate made me a few pounds, now I keep a small amount so when i get off the plane I just use my euro debt card. so there is no vast fortune there just enough. oh it is now illegal for americans to open accounts in euro banks without residency.

our money here in the US is covered by the US FDIC, moneys overseas are not, I often wondered what would happen if we all lost our money were would the insurance companies make up the difference guess it would not matter once we are all in FEMA camps
 
#11 ·
Our US administration (Obama and folks) are already talking about putting 401K's under "gummit" control. That means it gets invested in govt debt. The IRA's can't be far behind.

I'm considering taking it all now and taking a tax hit. Better to have some than none at all.

I don't trust "gummit" guys. They make up/change the rules as they go along.
 
#12 ·
i don't think many americans realize the true Obama agenda.

it is to BREAK the USA.

i can see this going two ways --very likely at the same time.

hyper inflation --and deflation of the dollar.

i don't know about metals, they still be worth something --but i don't even expect them to hold.

food and water are going to be #1 --

obama wants to crash out currency so he can pave the way for a "global dollar", to do that he has got to deflate the US dollar and other currencys around the world.
the crashing euro is really helping that 'brother" out--
 
#13 ·
California businesses fuming over retroactive $120M tax grab

California businesses fuming over retroactive $120M tax grab | Fox News

By Lee Ross

Published March 19, 2013


California's top-end taxpayers -- already steamed over a recent hike in the nation's highest state income tax -- are now fuming over a new $120 million retroactive tax grab on small business owners.

In December, the state's tax authority determined that a tax break claimed over the past few years by 2,500 entrepreneurs and stockholders of California-based small businesses is no longer valid and sent out notices of payment.

"How would you feel if you made a decision, which was made four years ago, (and) you absolutely knew was legally correct and four years later a governing body came in and said, 'no, it's not correct, now you owe us a bunch more money. And we're going to charge you interest on money you didn't even know you owed'," Brian Overstreet told Fox News from his office north of San Francisco.

Last year, Overstreet and his fellow investors sold Sagient Research Systems and immediately reported the sale to the California Franchise Tax Board, the state's version of the IRS. "It was good for the shareholders, it was good for the employees and good for those of us who founded it," Overstreet said about the sale of the data mining company. "We paid the tax based on the law at the time."

But the FTB changed its interpretation of the law after a state appeals court ruled unconstitutional a qualifying provision of the break requiring companies to maintain 80 percent of their workforce in California. Instead of asking the legislature for guidance on what to do, the FTB suspended the break in its entirety and ordered anyone who's claimed it in the last five years to pay up.

"What that translates into is tens of thousands, if not literally hundreds of thousands, of potential jobs," Overstreet contends.

Overstreet said he's learned more about the workings of state government in the last two months than he ever knew before and he's become the point person for others like him who were surprised by the FTB's decision. "It's going to cause not only significant financial hardship but real personal stress on a lot of people who shouldn't be worried about this," he said. "They did what is right. They paid their taxes. They should be off working away at their next business -- instead they're having to spend their time fighting this stuff."

Overstreet wouldn't disclose the exact amount the FTB says he owes but said it was "well into the six figures," and calls it a sucker punch from the state.

The taxpayers fighting the FTB won an early victory in their fight when the tax board announced a temporary delay in issuing actual bills, technically called Notices of Proposed Assessments. It's believed the additional time is to allow the state's political leaders time to figure out a solution.

"Once the revenue is identified, those folks up in Sacramento will figure out how to spend it already," warns former state Sen. George Runner. "And that's what makes this so difficult. Even though it has this great bipartisan support as being wrong."

Earlier this month, lawmakers from both parties introduced legislation that would force the FTB to scrap the retroactive tax bills. "Californians planned and based their actions on the language of the law as it existed," Democratic Sen. Ted Lieu said in a statement. "Going backward in time and changing the rules innocent taxpayers relied upon violates the very essence of the rule of law."

Republican Assemblyman Jeff Gorell's companion bill would prohibit the state from charging interest and penalties in similar situations in the future.

"We want to unwind this poor decision and bring relief to small business owners throughout the state, while also setting prohibitions against this kind of surprise tax increase again for the future."

What's not as clear is what Gov. Jerry Brown thinks of the issue. "Quite frankly, we haven't heard from the governor on this and the governor could solve this," Runner, a Republican, said. "Ultimately, the legislature can try to fix it, but ultimately the bill still has to end up on the governor's desk."

Brook Taylor, a spokesman with the governor's business development office, told Fox News in an email that the tax credit "provided a real boost to entrepreneurs" and that the court's ruling was unfortunate. Taylor added that, "we are reviewing the situation to determine how best to help these business owners given the court's decision."

California's high tax rates, strong environmental regulations and a Democratic lock on many public offices have led some to conclude the state is anti-business. Texas Gov. Rick Perry, among other state executives, has made repeated overtures to the state's business leaders to relocate. Those criticisms have been regularly rebuffed by Brown and his staff.

During a recent dust-up over a radio ad promoting Texas, Brown reportedly said, "you go where the gold is" and that Perry is "not going to Lubbock, or whatever those places are that make up that state."

What's not addressed by the pending legislation is what to do about the future of the tax credit. It's been around for 20 years to promote job-growth and investment -- especially in the computer technology and bio-research industries. "California has always prided itself in the ability to be that incubator for high-tech, for entrepreneurial investment," Runner said. "And this just goes to the core of that. Undermines our credibility, if you will, on that particular issue."

Overstreet's main focus has been on retroactive part of the FTB's action but he also said if lawmakers allow for the tax break to go away entirely it will have consequences for the state. "As a going-forward problem if entrepreneurs are no longer allowed this kind of incentive, there's no longer any reason for us to intentionally grow our companies here in California. We are going to take our business to where it is the cheapest and most effective place to hire people."

===================================
jrs -- and you thought it was only Europe.
 
#14 ·
Sorry for you guys out there JRS. I'd send you some rope but it's probably already banned.

Remember how the Indians handled it?

There is a heavy hammer in the process of dropping.

Chase bank customers got quite a scare today. I read many of them saw a $0 balance, temporarily.

Testing the waters perhaps.
 
#15 ·
tanvil..



Chase may?? have been part of the "hack" that hit banks down here in Florida.
Lot of people here got hit, withdrawals from hackers. Banks sealed accounts till they straightened things out.
 
#16 ·
Bank Run... Here we go..

Darling: Cyprus savings raid could trigger bank runs across Europe
The country is currently deciding whether to make richer savers pay a bigger proportion of the bill but Mr Darling said the whole idea of taking money from ordinary savers is dangerous.
Darling: Cyprus savings raid could trigger bank runs across Europe - Telegraph

Russia, a major lender to Cyprus stepped in and said "STOP" now.. You friggen idiots, what the hell are you thinking? :nono:
The Euro is not working.. Nice try, mission failure..
Since 1913, with that meeting on Jekyll Island, this has been coming to a head.
Nappies fault? Nah not on this one.. He is just a stooge from Kenya put in a mansion to look good. If that..
This one is the FED, NWO, international banking= pure friggen greed..
How much money did the bastards need?
A storm is brewing, keep yer powder dry.. Dig your bunkers deep world bankers, you mother friggers, your gonna need them..
Any questions on their desperation to get our guns gone? Unarmed sheep do not shoot..
 
#18 ·
March 28, 2013
So, What's It Like To Have a Business in Cyprus Right Now?
Posted by Travis Holte on March 28, 2013 06:39 PM

Here's an account (literally):

Writes the owner:

The most of circulating assets on our business Current Account are blocked.
Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years.

I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.

The business is definitely ruined, all Cypriot workers to be fired.
We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.

So, What's It Like To Have a Business in Cyprus Right Now? LewRockwell.com Blog
 
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