EU new low, theft, plain and simple.

[easy-lift guy]

Seems the whole deal fell thru. The citizens of Cyprus spoke and the vote was against any funds being deducted from any account. Guess the gas exploration offer by Russia fell through in lieu of paying off the debt.

easy-lift guy

[Tony Croft aka hamadryad]

'And coming out now we have Tony, modelling the latest in tin foil headwear.....'

 

Love you really Tony, but you are a bit bonkers....

 

Im not as bonkers as you think, I may play the part at times, its fun to play with it.

 

The Fall of the Dollar - The Death of a Fiat Currency part 1 - YouTube

[rovers90]

Whilst it does seem unfair that account holders are being hit with this levy, have they ever paid tax on their savings in the past? I don't know the answer to this but if they have not maybe it is time they started - UK account holders have had tax deducted from all credit interest regardless of their balance for many years.

 

The economic problem with a lot of Mediterranean countries has been their reluctance to pay taxes of any sort. When the slump happened I remember hearing a Greek businessman resident in London state for generations the Greeks have avoided paying taxes and now this was coming back to bite them.

[openspaceman]

Whilst it does seem unfair that account holders are being hit with this levy,

 

At least they were told, our government simply quantitatively eased the situation and effectively stole from savings by more than 10% with no complaints.

[White Noise]

In laymans terms if I have 100 pounds in the bank and my next direct debit is 100 pounds. Then 20% is taken for the cypriot cause this could then put me in debt and cost me ?

[Gnarlyoak]

In laymans terms if I have 100 pounds in the bank and my next direct debit is 100 pounds. Then 20% is taken for the cypriot cause this could then put me in debt and cost me ?

 

No Paul.

 

No one is going to take 20% of your bank balance here in the UK to pay for the debt crisis in Cyprus.

 

However if you have a secret hoard of more than €100,00 stashed away in the Bank of Cyprus, central branch in Nicosia then its going to cost ya.

[Andrew Barrett]

lol, what do you think the bank bail out was here? you paid dummies!

 

you havent seen nothing yet.

 

Tony is quite right - though he didn't bother to explain himself very well. So is the other guy who mentioned quantitative easing.

 

If Cyprus take, say, 10% from depositors' accounts is is clear what is going on.

 

On the other hand, we live in a country that spends significantly more than its income (about 9% each year in the UK at present) and they raise part of that money by literally creating new money. As a result interest rates are lower (definitely) and inflation higher (probably) than it would otherwise be because they don't actually have to give people (creditors) enough interest to actually persuade them to fund their borrowing.

 

So, if the interest rate on your savings is, say 1%, rather than the 5% if the government didn't create money, then the government is 'taking' 4% (for example) from the value of your deposit each year. But they are doing it quietly, in a way that most people don't understand. This has happened and is continuing to happen in the UK. So we're no better.

[High Scale]

Screw the banks.

 

'Challenging the dollar': Bitcoin total value tops $1 billion ? RT News

[easy-lift guy]

Tony is quite right - though he didn't bother to explain himself very well. So is the other guy who mentioned quantitative easing.

 

If Cyprus take, say, 10% from depositors' accounts is is clear what is going on.

 

On the other hand, we live in a country that spends significantly more than its income (about 9% each year in the UK at present) and they raise part of that money by literally creating new money. As a result interest rates are lower (definitely) and inflation higher (probably) than it would otherwise be because they don't actually have to give people (creditors) enough interest to actually persuade them to fund their borrowing.

 

So, if the interest rate on your savings is, say 1%, rather than the 5% if the government didn't create money, then the government is 'taking' 4% (for

example) from the value of your deposit each year. But they are doing it quietly, in a way that most people don't understand. This has happened and is continuing to happen in the UK. So we're no better.

 

This will continue to happen with the Euro as well as other currency's including the dollar:thumbdown:

easy-lift guy

[openspaceman]

This will continue to happen with the Euro as well as other currency's including the dollar:thumbdown:

easy-lift guy

 

Bitcoin anyone?