A look at the eurozone's 5 bailouts
From left, Managing Director of the International Monetary Fund Christine Lagarde, Dutch Finance Minister and chief of the eurogroup Jeroen Dijsselbloem and EU Commissioner for Monetary Affairs Olli Rehn participate in a media conference after an emergency eurogroup meeting in Brussels on Monday, March 25, 2013.
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#1 Mar 26, 2013
Cyprus is going ahead with plans to seize some money in accounts over 100,000 Euros. Saw a blip to day where the same policy could be used in places like Italy. This already caused a run on the banks.
This is pure class envy/class warfare. Best summed up as wealt redistribution.
They are trying to sell the seizures as a self bailout meaning the account holders of the banks will pay for their own bailout and not the taxpayers-for now. What a crock. A bailout should be helping the account holders and not hurting them.
It's not just the richER people that have bank accounts it's anything from businesses, organizations and/or even entire countries use accounts like this. What if a US pension fund had accounts in there because they do or did give much highe interest rates. Should a union in California lets say wind up paying for mismanagement or be penalized.
There ARE many problems with banking systems like this including no insurance or back up plans. Or possible penalties or hazards listed upfront. But no matter how it's spinned it's wealth redistribution. At least have the guts or gaul to call the seizures a tax, a penalty or maintenance fee. But to take your money because you want to or can?-that's pandora's box wide open.
And if you don't think it can happen here you are fooling yourself. This is how it will be sold here-the account holders must pay for their own banks problems. The problem is that banks work off a national system. And benefit local economies simply by being open.
I estimate the 100,000 Euros to be between 100,000 and 150,000 dollars. I know PEOPLE who have that much in their account especially if they get an early buyout/retirement. What if someone was in transition deciding what to do with their money.
But class warfare in combination with class envy make wealth redistribution possible
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