Cyprus banks steal deposits from customers

Originally posted by normbenign
What do you think makes credit unions immune to whatever is infecting banks. From what I've heard, it is the government, not the banks that is ripping people off. Calling it a credit union is not going to stop a government.

This can herald a worldwide revolution. This is nuts.

Originally posted by sasquatch672
This can herald a worldwide revolution. This is nuts.

A tax on banking deposits is going to " herald a worldwide revolution"?

"Nuts" is an accurate term.

Originally posted by sasquatch672
This can herald a worldwide revolution. This is nuts.

If people in the United States realized how much of their savings the Fed steals by intentional inflation, and the subsequent loss of buying power, the revolution would be on now.

Originally posted by normbenign
If people in the United States realized how much of their savings the Fed steals by intentional inflation, and the subsequent loss of buying power, the revolution would be on now.

😴😴

Originally posted by no1marauder
😴😴

Yeh, facts always bore you.

Originally posted by normbenign
Good point. Why is it that if some group which we happen to see as less than desirable get shafted, it is time to celebrate? Once the shafting starts, everyone is a target.

I'm sorry, what made you think I had the slightest interest in whatever vomit happened to dribble from your lips?

Originally posted by rwingett
I'm sorry, what made you think I had the slightest interest in whatever vomit happened to dribble from your lips?

The post you answered wasn't addressed to you. You can always feel free to ignore and remain ignorant.

Originally posted by normbenign
What do you think makes credit unions immune to whatever is infecting banks. From what I've heard, it is the government, not the banks that is ripping people off. Calling it a credit union is not going to stop a government.

I'm sorry, what made you think I had the slightest interest in whatever vomit happened to dribble from your lips?

Better?

Originally posted by DeepThought
It's bad for Crete as they will find it hard to attract foreign capital and depositors for years, it does the Eurozone no good as it's yet another bail-out which the rules for the Euro don't allow. The spread between PIIGS Euro denominated bonds and the Bund has widened, and Eire and especially Portugal don't need that at the moment. That Putin is comp ...[text shortened]... menides isn't so great. It probably won't cause a run on any banks outside Crete though.

Of course Crete isn't Cyprus. A little confusion from me there.

Originally posted by no1marauder
A tax on banking deposits is going to " herald a worldwide revolution"?

"Nuts" is an accurate term.

A confiscation of assets as a result of government insolvency. Let's be precise. You think the citizens of Italy, Ireland, Portugal, Spain, and Greece aren't watching this very closely? You think if this passes, you won't see bank runs in those five countries, and watch the Eurozone economy lock up?

Originally posted by sasquatch672
A confiscation of assets as a result of government insolvency. Let's be precise. You think the citizens of Italy, Ireland, Portugal, Spain, and Greece aren't watching this very closely? You think if this passes, you won't see bank runs in those five countries, and watch the Eurozone economy lock up?

How is it any different from raising taxes to make up for a government deficit? That hasn't caused any revolutions that I know of.

Originally posted by no1marauder
How is it any different from raising taxes to make up for a government deficit? That hasn't caused any revolutions that I know of.

Well...I don't know about that...

Originally posted by no1marauder
How is it any different from raising taxes to make up for a government deficit? That hasn't caused any revolutions that I know of.

It smacks of 1929. And there's a direct tie between irresponsible government borrowing and confiscation of wealth.

Originally posted by sasquatch672
It smacks of 1929. And there's a direct tie between irresponsible government borrowing and confiscation of wealth.

🙄🙄

This problem is because of what private banks did, not what the Cyprus government did. Taking in a ton of Russian money and using it to buy Greek bonds isn't exactly the most prudent investment model.