"Sure, they didn’t call it confiscation, but that’s essentially what it is. Pure unadulterated theft.
There’s two things that are concerning here. First, this was done primarily by the European Central Bank. No, they can’t legally do it, but the pressure to sieze the cash came from them. Rumor has it they wanted 40%, not 10%.
They flat out said over the weekend that Italy is next on their radar. It’s reasonable to think that Greece won’t be that far behind.
That’s a worrying thing for sure. But a side comment by one of the guys involved in Cyprus caught my eye a little more. He said (paraphrased) that if they get away with this, then everyone’s going to do it."
Couple with the Obama Administration eyeing our 401k's and IRA's, I wonder just how long before some dim Dem in Congress suggest we follow the EU's example.
And just what is that going to do to our economy.
FINANCE: THE CYPRIOT CONFISCATION IS TERRIFYING
POSTED BY ANN BARNHARDT – MARCH 16, AD 2013 9:27 PM MST
Yes, it is every bit as bad as it sounds, and worse. Word is that the initial plan was for a 40% (!!!!) levy confiscation of Cypriot bank accounts. They settled for a MERE 6.75% and 9.9% dual-layered compromise.
And Peter has more for you to ponder: This isn't a 'tax' - it's theft, pure and simple