UPDATE: The Cypriot parliament turned down the agreement. See our next post for information!
Any American who slept through the plunder of Cypriot bank accounts over the weekend by the European Union should have their accounts plundered. Does anyone really think that Bernanke, Obama and their compatriots have not looked at the events in Cyprus and not started to drool?
If the European Union can arbitrarily take up to 13% out of everyone's bank account in Cyprus, why could the US government not do the same here with savings accounts, CDs, and your 401K plan? In fact, we think every dollar that you hold could have an amount withdrawn at any time for any reason.
Governments around the world are looking for money anywhere they can find it and now they have seen that the world economy did not collapse after the events in Cyprus, this could be a start of other countries taking the same actions with their citizen's accounts. If they do, American leaders will jump on the trend like a robin after its first worm of the year.
Prepare yourselves this could be the start of a very bumpy ride!
Conservative Tom
Elites Step Up Their Plunder
March 19, 2013 by Bob Livingston
PHOTOS.COM
When is a guarantee no guarantee? When you are doing business with liars and thieves — i.e., the government and banksters. Cypriots learned this the hard way over the weekend when the EU elites froze their bank accounts and announced plans to plunder savers’ accounts by up to 13 percent.
The money being stolen from Cypriot savers will be transferred to the banksters to bail them out to the tune of 10 billion euros ($13 billion). The elites hoped to pull off the crime over the weekend, but the Cyprus Parliament put off a vote on the measure. This caused a run on the banks and a bank “holiday” that will last until at least Thursday. This means Cypriots will not have access to their own money for days.
The plunder shocked Europeans and set up the potential for bank runs across the continent. It just proves what I have been telling you for a long time: There is great risk in holding paper money. The money creators, not you, own your paper money. They can (and do) take it at their will, either through overt theft or more subtly through inflation.
In fact, the EU plunder of Cyprus is really no different from the plunder of Americans’ savings accounts during the 2008 bailout and the subsequent QEs 1, 2 and 3 to infinity. It doesn’t matter if your savings are in a bank account, beneath your mattress or buried 40 miles deep, banksters can and do steal it.
The Eurozone is collapsing economically. The shock waves will spread around the world.
Remember that the government always favors the banks over the people. I have long advised not to keep money in banks beyond what is needed to pay the bills. Keep cash on hand to defend against any banking holidays. Buy gold and silver — the only real store of value — and keep it in your possession.
Many say a banking holidays can’t happen here. They are ignoring history. It happened in 1933, when banks were closed for four days and gold was revalued and looted from safe deposit boxes. It can happen again at any time.
Here's is an update…
ReplyDeletehttp://www.nytimes.com/2013/03/20/business/global/cyprus-set-to-reject-tax-on-bank-deposits.html?_r=0
The terms of the deal were changed to exempt small depositors, but it will be rejected by parliament anyway, because it will cause a run on the banks as rich Russians pull their money out of the banks.
This is a good example of what happens when banks grow "too big to bail" by their own government, as is the case here. As I wrote to you earlier, Switzerland would have the same problem if UBS and Credit Suisse ever became insolvent. Could it happen in the U.S., if our largest Wall Street banks go belly-up again as they did in 2008? I think so. But even before we got there, it is clear that they have no morality and will illegally use depositors' money to save their butts when their derivative scams blow up in their faces. We just saw it happen again with JP Morgan.
I agree with your guy about not keeping much money in cash. He puts his money into gold buried under his house. I put mine in big multi-national corporate stocks. They will move their assets to protect themselves in any kind of economic condition, and in the long run, pays better returns than gold. Besides, Wall Street can, and does, manipulate commodity values, including gold. Goldman Sachs specializes in creating "bubbles" (mortgage-backed securities, oil, gold, you-name-it) and then pulling the rug out from unwary investors. Never invest in anything that can be manipulated by derivative traders!!
--David (OWS)