Author Topic: Cyprus may raid bank accounts, 10% of savings (Read 20481 times)

Scout26 · « **Reply #50 on:** March 20, 2013, 05:03:29 PM »

Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve. Safe Deposit Boxes were sealed by this order (to aid in the seizure of gold). In light of what Cyprus and New Zealand were considering, we need to revisit history. Having it shoved in a mattress or home safe may be the better idea.

AZRedhawk44 · « **Reply #51 on:** March 20, 2013, 05:09:46 PM »

Quote from: scout26 on March 20, 2013, 05:03:29 PM

Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve. Safe Deposit Boxes were sealed by this order (to aid in the seizure of gold). In light of what Cyprus and New Zealand were considering, we need to revisit history. Having it shoved in a mattress or home safe may be the better idea.

Got any recommended reading on FDR's gold seizure, Scout? Was it ever challenged in court, what was the outcome, what prosecutions were pursued for those who held out and kept their gold, whom was it intended to target, and so on?

I have a hard time believing the Rockefellers just waltzed up to the Fed Reserve with their umpteen hundreds of gold bars and gold certificates.

Scout26 · « **Reply #52 on:** March 20, 2013, 05:17:58 PM »

It's been a while since I read anything about Gold Confiscation. IIRC, there was only one case and the court upheld the order.

People with large quantities of gold moved it out of the country prior to the date. .

brimic · « **Reply #53 on:** March 20, 2013, 06:07:49 PM »

How about this? Al american accounts have been skimmed for the last 4 years or so. all of those QEs that the fed has been perpetrating has cost all 5%+ in inflation while our savings accounts have earned zilch. Oh that stock market has been booming you say? Thats because the american dollar has been becoming worth less than the stocks, not yhe other way around. Bernanke gave the thumbsup to more QE bliss today for anyone that is interested.

AZRedhawk44 · « **Reply #54 on:** March 20, 2013, 06:12:01 PM »

Quote from: brimic on March 20, 2013, 06:07:49 PM

How about this? Al american accounts have been skimmed for the last 4 years or so. all of those QEs that the fed has been perpetrating has cost all 5%+ in inflation while our savings accounts have earned zilch. Oh that stock market has been booming you say? Thats because the american dollar has been becoming worth less than the stocks, not yhe other way around. Bernanke gave the thumbsup to more QE bliss today for anyone that is interested.

Correct.

We won't raid depositor accounts because we control the print rate of our currency.

Cyprus cannot print more Euros... they need permission from the EU to have more Euros hit the market. The only way the EU will allow that is by theft from savings deposits as compensation. Most of that wealth in savings is from non-Euro fiscal denominations, so it's essentially taking Russian rubles (converted temporarily into Euros while in Cyprus banks) and sending that money to the EU central reserve, while the EU central reserve gives the Cyprus government some bailout funds. It's the closest thing that Cyprus could do to printing since they lack authority.

Scout26 · « **Reply #55 on:** March 20, 2013, 06:36:45 PM »

Not only that but the only place to invest is the stock market. Europe is a disaster, no one is going to put money there while the whole Greece/Spain/Italy/Ireland/Cyprus et al trainwreck plays out. Bonds pay nothing interest. Same with US Treasuries of all types. Japan's economy is still in the toilet, China is having huge structural problems, and South Korea could be nuked/invaded at any moment. As bad and as risky as everywhere else is/looks, the US stock market is the least suckiest option, so all the money is flowing in there. It's a bubble.

AJ Dual · « **Reply #56 on:** March 20, 2013, 11:48:04 PM »

AZRedhawk44 · « **Reply #57 on:** March 21, 2013, 02:02:58 AM »

Why the hell are they blaming Merkel and Germany because they can't get money out of the ATM?

Don't accept the bailout if you don't like the terms. Trim your bloated social services.

MicroBalrog · « **Reply #58 on:** March 21, 2013, 05:59:52 AM »

Well, the Cypriots have taken your advice, and still their banks are locked. EUrocrats do not understand democracy, they only understand 'vote again and again until we get the result we wanted'.

RevDisk · « **Reply #59 on:** March 21, 2013, 10:16:09 AM »

http://www.bbc.co.uk/news/world-europe-21854353

Heh.

“The problem with socialism is that you eventually run out of other people's money.”

― Margaret Thatcher

Scout26 · « **Reply #60 on:** March 21, 2013, 01:14:18 PM »

The longer the bank remain closed the worse the run will be when it starts.

I'm surprised a run hasn't started in Greece and Spain yet.

roo_ster · « **Reply #61 on:** March 21, 2013, 01:14:38 PM »

Quote from: brimic on March 20, 2013, 06:07:49 PM

How about this? Al american accounts have been skimmed for the last 4 years or so. all of those QEs that the fed has been perpetrating has cost all 5%+ in inflation while our savings accounts have earned zilch. Oh that stock market has been booming you say? Thats because the american dollar has been becoming worth less than the stocks, not yhe other way around. Bernanke gave the thumbsup to more QE bliss today for anyone that is interested.

This is also why gasoline & oil prices remain elevated despite increasing domestic production.

Ben · « **Reply #62 on:** March 24, 2013, 01:06:53 AM »

This is interesting. Looks like Bitcoin is surging, partially due to Cypress. A Bitcoin is now worth $73.75. Two weeks ago it was $40.

http://www.foxbusiness.com/investing/2013/03/22/bitcoin-interest-explodes-as-cyprus-nearly-implodes/

AZRedhawk44 · « **Reply #63 on:** March 24, 2013, 01:23:46 AM »

Quote from: Ben on March 24, 2013, 01:06:53 AM

This is interesting. Looks like Bitcoin is surging, partially due to Cypress. A Bitcoin is now worth $73.75. Two weeks ago it was $40.

http://www.foxbusiness.com/investing/2013/03/22/bitcoin-interest-explodes-as-cyprus-nearly-implodes/

Two months ago it was $11.

The FBI and IRS consider it a threat and source of potential vector to watch in regards to national instability.

CNYCacher · « **Reply #64 on:** March 24, 2013, 02:42:21 PM »

Quote from: Ben on March 24, 2013, 01:06:53 AM

This is interesting. Looks like Bitcoin is surging, partially due to Cypress. A Bitcoin is now worth $73.75.

Quote from: AZRedhawk44 on March 24, 2013, 01:23:46 AM

Two months ago it was $11.

That was about the time I deinvested myself of around $200 worth

MicroBalrog · « **Reply #65 on:** March 25, 2013, 08:07:09 AM »

Putin has ordered his cabinet to arrange for easing the conditions of Cypriot debt.

RoadKingLarry · « **Reply #66 on:** March 25, 2013, 07:55:11 PM »

Still churning in Cyprus.

http://www.bloomberg.com/news/2013-03-25/cyprus-to-chop-banking-system-to-win-aid-avoid-default.html

brimic · « **Reply #67 on:** March 26, 2013, 08:18:19 AM »

I haven't seen an internet link to it, but this morning on the radio talk/news station they were talking about how Cyprus is now considering confiscating 30-40% of all accounts over 100,000 euros.

birdman · « **Reply #68 on:** March 26, 2013, 08:51:10 AM »

Quote from: brimic on March 26, 2013, 08:18:19 AM

I haven't seen an internet link to it, but this morning on the radio talk/news station they were talking about how Cyprus is now considering confiscating 30-40% of all accounts over 100,000 euros.

At least this is a clear example of when "that awkward time" ends.

Scout26 · « **Reply #69 on:** March 26, 2013, 10:33:33 AM »

Yep, banks are still closed there. Once they open, it's Katy-Bar-The-Door.

AZRedhawk44 · « **Reply #70 on:** March 26, 2013, 10:38:26 AM »

Not only that... some Euro-egghead-financier has announced that savings accounts in Spain, Italy, Portugal and Ireland may be "taxed" to save the Euro currency.

Teh stoopidz. They hurt.

I've never liked the Euro as a currency. Looks like I get my wish to see it destroyed. Too bad it's going to take the life savings of half a billion people with it down the drain.

Ben · « **Reply #71 on:** March 26, 2013, 10:45:17 AM »

Quote from: AZRedhawk44 on March 26, 2013, 10:38:26 AM

I've never liked the Euro as a currency. Looks like I get my wish to see it destroyed. Too bad it's going to take the life savings of half a billion people with it down the drain.

Yeah, but they acquired wealth, so they deserve it. /sarcasm

makattak · « **Reply #72 on:** March 26, 2013, 11:06:05 AM »

Quote from: AZRedhawk44 on March 26, 2013, 10:38:26 AM

Not only that... some Euro-egghead-financier has announced that savings accounts in Spain, Italy, Portugal and Ireland may be "taxed" to save the Euro currency.

Teh stoopidz. They hurt.

I've never liked the Euro as a currency. Looks like I get my wish to see it destroyed. Too bad it's going to take the life savings of half a billion people with it down the drain.

I'm thinking it's more likely that Germany completes its dreams of a¹ European empire before Europe lets go of the Euro.

1:(an? how do you choose the article for a word like this?)

Strings · « **Reply #73 on:** March 27, 2013, 01:54:57 PM »

>(an? how do you choose the article for a word like this?) <

I always just go with which one sounds right, and to hell with the actual grammar rules.

Tallpine · « **Reply #74 on:** March 27, 2013, 01:59:35 PM »

Quote from: Strings on March 27, 2013, 01:54:57 PM

>(an? how do you choose the article for a word like this?) <

I always just go with which one sounds right, and to hell with the actual grammar rules.

I think you go with the sound rather than the actual spelling

European begins with a Y

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Author Topic: Cyprus may raid bank accounts, 10% of savings (Read 20481 times)