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Take a Hint From Cyprus, Empty Your Bank Account Before They Do
The Truth Behind The News
Susanne Posel
Occupy Corporatism
March 19, 2013
The European House of Representative has decided to discuss a drafted bill that would enforce the Eurogroup’s Cyprus bailout.
This bill concerns Cypriot’s savings accounts that would be redirected to the technocrats to assist in paying off the International Monetary Fund (IMF) and European Central Bank (ECB) for the 5.8 billion Euros that was given to the nation to save them from financial ruin.
This scheme has been furthered by the Cyprus President while the House of Representatives has requested amendments to the drafted bill.
The tax on deposits was devised by the IMF and ECB syphoned out money from private customer accounts.
The underlying message is that Cyprus would not have the chance to recover without the bailout and the subsequent theft of customer funds to replace the loan from the IMF.
Banks have closed their doors, refusing customers the chance to take their money out of their accounts. ATMs have begun to run dry, leaving many banking customers to fall victim to the theft of their hard-earned money by the technocrats.
Banks are serving the interests of the stakeholders and investors by denying customers the right to extract their deposited cash. Investors say that the bank run will not last long and hope that this “unprecedented move” will fizzle out after the initial panic spreads.
Technocrats are convincing themselves by making public statements assuring everyone that this example is not the norm – yet the reality is that this ‘experiment” will most likely set a new standard if successful.
Mohamed El-Erian, the chief executive of the investment firm Pimco, commented: “In Europe, [the Cyprus bailout] could well undermine the recent tranquil behavior of depositors and creditors in other vulnerable European economies – in particular Greece, Italy, Portugal and Spain.”
The destruction of Cyprus is considered a “unique” situation as investors watch as the bailout causes financial ruin for the citizens of the nation.
According to Joerg Kraemer, chief economist of the German Commerzbank: “A tax rate of 15 percent on financial assets would probably be enough to push the Italian government debt to below the critical level of 100 percent of gross domestic product.”
Kraemer has been able to extract his money out of his private savings accounts before the same situation occurs in Italy.
Disseminating the tax to citizens who make deposits to their banks to pay back the money’s loaned out for the bailout was altered slightly from every depositor with less than €100,000 at 6.75% and those over that amount at 9.9% to smaller depositors with up to €100,000 would be taxed at 3%; savers with €100,000 to €500,000 would be taxed at 10%; and those with more than €500,000 at 15%.
Mainstream media is claiming that this modification is meant to “ease the pain of [the] bailout agreement” which has been imposed on the people of Cyprus by the technocratic financial terrorists.
Anonymous sources suggest that “the country is mulling a tax-free threshold on the bank deposit levy for smaller deposits.”
Joerg Assmussen, board member of the ECB asserted that during a conference the government of Cyprus made the choice to structure of tax on depositors in order to pay the technocrats back for the 5.8 billion Euros bailout. Seems everyone is pointing fingers at each other while the citizens of Cyprus suffer.
Russian President Vladimir Putin denounced the deposit tax. Dimitry Peskov, spokesman for the Kremlin conveyed: “While assessing the proposed additional levy on bank accounts in Cyprus, Putin said that such a decision, should it be made, would be unfair, unprofessional and dangerous.”
It is clear to the Russian government that this tax is meant to punish the people of Cyprus for the dealings of the technocrats who incurred a fake debt to be passed down to sovereign citizens.
Russian banks deposited $12 billion into Cypriot banks in 2012 with another $19billion deposits made into corporate accounts. While this amount is twice the size of Cypriot bailout, it is clear that those monies would be syphoned out as well through the tax on deposits.
The facts still stand that the people of Cyprus have not defaulted while their cash is being stolen for simply making a deposit into a bank. Regardless of insurance coverage by the Cypriot version of the FDIC, because the government accepted a bailout by the IMF, the well-designed scheme redirects money into the coffers of the Eurozone finance ministers.
Beyond the concept of a wealth tax, this “levy” punished citizens for having a bank account. In the short term this means a bank run – in the long term this could have resounding consequences for both the current Cypriot government and the people.
Finance ministers in Greece are telling themselves that this is a “unique” situation and not to “worry” although signs point to the danger that could be imposed by not taking this warning seriously.
Governmental deposit insurance can become solvent just as corporations can. And in fact, the deposit insurance appears to be a simple scheme to allow for trust between the public and the government as a mediator between them and the banking institutions.
However, when the time comes to collect, the government simply shrugs their proverbial shoulders and decries inadequate funding to replace customer deposits. To mitigate damages, banks have imposed ATM withdrawal restrictions.
Without a doubt, the IMF and ECB have stolen the private money of Cypriot citizens with the blessing of the government of Cyprus and without the necessity of legislation to legitimize their actions.
In essence, the message to the people of Cyprus is that a bank account is subject to technocrats at any time. The funds in the bank account are private property of the bank regardless of the customer who supplied the money. And in the end, the government can hand it over to whoever claims rights to it without legal authorization.
2013-04-19 15:00:25
Source: http://www.occupycorporatism.com/take-a-hint-from-cyprus-empty-your-bank-account-before-they-do/
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