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Is USA Secretly Planning to Tax Bank Accounts Euro Style?
Cyprus Confiscates Bank Account Money in Guise of Tax. Is USA next?
by Johnny Punish
As you may have heard by now, Cyprus just decided to tax bank accounts. Right now, there are riots in the streets. People are freaking out. The government has closed the banks until Wednesday; a bank “holiday” and the Euro zone is about to catch fire. Is the USA next?
Look, this is nutzo!
When I started to read about the special tax Cyprus was planning to impose on bank deposits as a condition for a European Union bailout of its financial system, I went straight to a dictionary:
“Tax: A fee levied by a government on income, a product or an activity….The purpose of taxation is to finance government expenditure.”
In this situation, depositors aren’t being asked to cough up additional money to meet a tax liability. To the contrary, a portion of Cypriot deposits will be confiscated — electronically, no less — by the government because that’s what euro zone finance ministers, the European Central Bank and International Monetary Fund demanded as a precondition for a 10 billion euro bailout.
The alternative? Allow Cyprus’ two biggest banks to collapse, which could cause an implosion of the entire financial chaos and a swift exit from the euro zone.
The proposed plan, which must be approved by the Cyprus Parliament, would impose a tax of 6.75 percent on deposits of less than 100,000 euros and 9.9 percent above that level.
This amounts to a seizure of private property. No wonder the Cypriots are outraged. Euro-zone depositors are supposed to be insured for up to 100,000 euros. Message: Deposit insurance isn’t worth the paper it’s printed on.
And that’s just one reason this not-really-a-tax sets a bad precedent. The decision to seize private property means that all assets in the euro zone are at risk, subject to the whims of politicians as they try to prevent their dream of a united Europe from shattering.
- What does this all mean?
- Will the USA ever follow this new paradigm business model?
- When did the banks stop serving its depositors?
- Should we all move to gold and run from these banksters?
So many questions….
ABOUT THE AUTHOR: Johnny Punish is a musician, artist, entertainer, businessman, investor, life coach, and syndicated columnist. Educated at University of Nevada Las Vegas, his articles appear in Veterans Today, Money News Now and his Johnny Punish Blog. His art music is promoted by Peapolz Media Records and played on net radio at Last.fm and more.
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2013 copyright – Johnny Punish
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Short URL: http://www.veteranstoday.com/?p=243941
Posted by Johnny Punish on Mar 18 2013, With 0 Reads, Filed under Economics & Markets, Economy, Editor. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.
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The Euro-technocrat thieves are already talking 15% heist in Italy and same in New Zealand.
So is the rest of Europe next? Probably so and then it will be our turn and they won’t stop at your savings or other deposits, oh no, they’ve discussed it before and they will bring it up again: confiscating everyone’s 401K and IRA. Time is now: get all your money out of the banks and likewise with your 401K and IRA before it’s too late and that time is coming soon. If the Euro goes down, and it’s a pretty good bet it’s going to, the dollar will be next…within two weeks.
Financial collapse is coming. There is no way of avoiding it. There is no way of heading it off. J.P. Morgan Chase’s derivatives is now more than the entire world’s GDP. How’s that for a comforting thought?
Collapse is coming and you might as well get prepared for it. If you don’t you will get what you deserve.
They should do what Iceland did.
Do you think the crime oligarchs are going to worry that their deposits aren’t safe ? They’ll just have a quiet word:
“Here’s a gun to your head Mr Bankster (my fellow criminal)….press a button and transfer those 20 million laundered euros out of there to the Cayman Islands for a bit or else.”
Does the decent, honest family man have that kind of power or option ? I don’t think so, so you will get protest (and worse) on the streets.
What about BofA,HSBC,Standard Chartered.All money launderers.
ALL the banks are legalized crime syndicates,Too Big to Jail.
Lets deal with the criminal US banks BEFORE other countrys banks.
The Euro is now dead,all trust in that system died with the money grab.
We are just awaiting the official pronouncement.
NO SECRETS: Everything has been looted everywhere:
@Min: 1.30: the Fed does not own gold since 1934!!!
Where Is America’s Gold?
***********************http://www.youtube.com/watch?v=tdLcPqaZj6k
This is undoubtedly a “trial balloon” to see how much resistance the people of Cyprus will muster, so the banksters know what to expect when they try the same trick on larger countries.
I suspect, also, there may be a bigger reason why BHO chose to be out of the country, in Israel of all places, this week.
THEFT.
When the banks and their corporate government whores legalize their thieving, the shitstem is a dead dog. Holder, our AG who was supposedly clueless about his people’s efforts to arm Mexican Drug cartels and blame the American public, has already stated that there will be no prosecution of high level financial crimes. In other words, he too is legitimizing THEFT.
However, this is not simply stealing something people could live without, the bankers, and their government whores have designed a shitstem where if you don’t have money, you have no place to live, and no food to eat, so in reality this is not simply theft, it is in fact the annihilation of the people’s link to sustenance and life.
Can it happen here? Asks Mr. Punish.
It already has.
The fuse is lit by the pond scum who party every night and laugh at the disaster they have created. Let ‘em laugh. The Hunting time draws nearer.
This article is a great argument for why every family with a bank account should have a stash of AR-15′s.
“The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered. ” – Thomas Jefferson.
the law of unintended consequences, the greedy banksters have just destroyed the last remaining pillar of confidence in the banking system – the safety and guarantees of depositors savings
the cyprus bank holiday extended until thursday, if not indefinitely (now they are saying friday)
by closing the bank doors no one can access their money, that is akin to 100% confiscation
if the banks open their doors why would anyone keep their money in a bank?
once the confidence is gone, the game is up and the genie can never be put back in the bottle
so we’ll see if the banks reopen and we’ll see if the rest of the world withdraws money pre-emptively
and what about the stock market, if you can’t get you r money out of the closed bank, can you transfer it to an equity account? and if the suspend stock trading once the run starts what value does a stock certificate have if you can’t trade it?
There are no stock certificates, at least not in the U.S. All equities are held by the DTC and custodian banks like State Street, and are in the name of “cede” and company. So when push comes to shove the FED has control of even this aspect of our wealth. They have covered most of the bases. The idea they sold to the public when stock certificates were discontinued and went digital was that it was safer, faster, and allowed faster settlement, but those were not the only reasons, obviously.
There won’t be any implosion. Isn’t it funny that there is not a single new party in any European country calling for the abolition of the Euro? I would say any new party promoting the abolition of the Euro would be a save bet to catapult such a new party to the top.
Great article. Is this a turning point for world banking? Will the continuing Qualitative Easings of the American private central bank keep this from happening here at the cost of rapid future inflation and continuing serious recession/depression? Or will this kind of “correction” spread to other European countries first and then to America?
Quantitative Easing is another con, they are manufacturing a deliberate takedown of world economies. For a commentary on what is happening in the USA and UK on that front:
(Google) ****www.ukcolumn.org/article/rise-kleptocrats****
I saw this on the news today Johnny. Unbelievable or what ?!
The principle has already been applied in the States and all over the world, by the development of derivitives, the flawed sub-prime mortgage market, keeping people on an impossible debt treadmill (Money As Debt) leading to what is nothing less than absolute theft of personal assets (their homes and other chattels) while leaving them in that original debt. All good Fabian Marxist / Frankfurt School stuff.
Now the Satanists have become so emboldened that they have moved into ‘pickpocketing’ real cash from peoples’ accounts and the same excuse is chucked at the populace ie. ‘We can’t let those filthy corrupt international banksters, who have got us into this mess in the first place fail, because that would be a ‘disaster’. So all you stupid serfs can just bail out these elite multi-millionaire a***holes for generations to come, so that they can continue to rob you and take the shirt off your back….’
Have the people woken up yet ?……comparatively few and most of them read VT. I started off in life believing in good, clean, honest capitalism but I think I am turning into a raging lefty in my State induced senility !
This isn’t capitalism, if it were then the banks involved in 2008 mortgage scandal would have gone down, assets sold off, criminals in jail. This system and the Euro Zone don’t even come close/
So, now when the banks reopen how much do you think they will allow them to withdraw, that part is coming. They will be captive’s of the system, and by the time they get the last of their money they’ll most likely be dead and gone. There’s only one way to go and that is to start anew with a system that doesn’t incorporate these hidden traps. Like we had when the U.S. was originally founded.
Sovereignty doesn’t mean anything when a country is forced into an offer they can’t refuse.