Sat Mar 23, 2024 11:33 pm by globalturbo
Wednesday, March 27, 2013
The Global Elite Are Very Clearly Telling Us That They Plan To Raid Our Bank Accounts
Michael Snyder
Activist Post
Don't be surprised when the global elite confiscate money from your bank
account one day. They are already very clearly telling you that they
are going to do it. Dutch Finance Minister Jeroen Dijsselbloem is the
president of the Eurogroup - an organization of eurozone finance
ministers that was instrumental in putting together the Cyprus "deal" -
and he has said publicly that what has just happened in Cyprus will
serve as a blueprint for future bank bailouts.
What that means is that when the chips are down, they are going to come
after YOUR money. So why should anyone put a large amount of money in
the bank at this point? Perhaps you can make one or two percent on your
money if you shop around for a really good deal, but there is also a
chance that 40 percent (or more) of your money will be confiscated if
the bank fails. And considering the fact that there are vast numbers of
banks all over the United States and Europe that are teetering on the
verge of insolvency, why would anyone want to take such a risk?
What the global elite have done is that they have messed around with the
fundamental trust that people have in the banking system. In order for
any financial system to work, people must have faith in the safety and
security of that financial system. People put their money in the bank
because they think that it will be safe there. If you take away that
feeling of safety, you jeopardize the entire system.
So exactly how did the big banks in Cyprus get into so much trouble?
Well, they have been doing exactly what hundreds of other large banks
all over the U.S. and Europe have been doing. They have been gambling
with our money. In particular, the big banks in Cyprus made huge bets
on Greek sovereign debt which ended up failing.
But what happened in Cyprus is just the tip of the iceberg. All over
the planet major financial institutions are being incredibly reckless
with client money. They are leveraged to the hilt and they have
transformed the global financial system into a gigantic casino.
If they win on their bets, they become fabulously wealthy.
If they lose on their bets, they know that the politicians won't let the
banks fail. They know that they will get bailed out one way or
another.
And who pays?
We do.
Either our tax dollars are used to fund a government-sponsored bailout,
or as we have just witnessed in Cyprus, money is directly confiscated
from our bank accounts.
And then the game begins again.
People need to understand that the precedent that has just been set in Cyprus is a game changer.
The next time that a major bank fails in Greece or Italy or Spain (or in
the United States for that matter), the precedent that has been set in
Cyprus will be looked to as a "template" for how to handle the
situation.
Eurogroup president Jeroen Djisselbloem has even publicly admitted that
what just happened in Cyprus will serve as a model for future bank
bailouts. Just check out what he said a few days ago...
could lose 40 percent (and that is the best case scenario) of your money
if you put it in the bank.
Why would anyone want to take that risk - especially in a nation that is
already experiencing very serious financial troubles such as Greece,
Italy or Spain?
As if that was not enough, Dijsselbloem later went in front of the Dutch
parliament and publicly defended a wealth tax like the one that was
just imposed in Cyprus.
Dijsselbloem is being widely criticized, and rightfully so. But at
least he is being more honest that many other politicians. His
predecessor as the head of the Eurogroup, Jean-Claude Juncker, once said
that "you have to lie" to the people in order to keep the financial markets calm...
that is admitting what is coming next. Just check out what Joerg
Kraemer, the chief economist at Commerzbank, recently told Handelsblatt about what he believes should be done in Italy...
And as I wrote about the other day, the Finance Minister of New Zealand is proposing that bank account holders in his nation should be required to "take a haircut" if any banks in his nation fail.
They are telling us what they plan to do.
They are telling us that they plan to raid all of our bank accounts when the global financial system fails.
And calling it a "haircut" does not change the fact of what it really
is. The truth is that when they confiscate money from our bank accounts
it is outright theft. Just check out what the Daily Mail had to say about the situation in Cyprus...
economy can freeze up almost overnight. The following is an excerpt
from a report from someone that is actually living over in Cyprus...
That is something to think about.
In any event, the problems in the rest of Europe continue to get even worse...
-The stock market in Greece is crashing. It is down by more than 10 percent over the past two days.
-The stock markets in Italy and Spain are experiencing huge declines as well. Banking stocks are being hit particularly hard.
-The Bank of Spain says that the Spanish economy will sink even deeper into recession this year.
-The latest numbers from the Spanish government show that Spain's debt problem is rapidly getting worse...
For a very long time I have been warning that the next major wave of the economic collapse is going to originate in Europe.
Hopefully people are starting to see what I am talking about.
As this point, the major banks in Europe are leveraged about 26 to 1,
and that is close to the kind of leverage that Lehman Brothers had when
it finally collapsed. As a whole, European banks are drowning in debt,
they are taking risks that are almost incomprehensible and now faith in
those banks has been greatly undermined by what has happened in Cyprus.
Anyone that cannot see a crisis coming in Europe simply does not
understand the financial world. A moment of reckoning is rapidly
approaching for Europe. The following is from a recent article by Graham Summers...
of all money that is on deposit at banks in Europe is uninsured. As
people move that uninsured money out of the banks, the amount of money
that will be required to "fix the banks" will go up even higher.
It would be wise to try to avoid the big banks at this point - especially those with very large exposure to derivatives. Any financial institution that uses customer money to make reckless bets is not to be trusted.
If you can find a small local bank or credit union to do business with you will probably be better off.
And don't think that this kind of thing can never happen in the United States.
One of the key players that was pushing the idea of a "wealth tax" in
Cyprus was the IMF. And everyone knows that the IMF is heavily
dominated by the United States. In fact, the headquarters of the IMF is
located right in the heart of Washington D.C. not too far from the
White House. When I worked in D.C. I would walk by the IMF headquarters
quite a bit.
So if the United States thought that confiscating money from bank
accounts was a great idea in Cyprus, why wouldn't they implement such a
thing here under similar circumstances?
The global elite are telling us what they plan to do, and the game has dramatically changed.
Move your money while you still can.
Unfortunately, it is already too late for the people of Cyprus.
This article first appeared here at the Economic Collapse Blog. Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here.
Thanks to: http://www.activistpost.com
The Global Elite Are Very Clearly Telling Us That They Plan To Raid Our Bank Accounts
 |
| Jeroen Dijsselbloem |
Activist Post
Don't be surprised when the global elite confiscate money from your bank
account one day. They are already very clearly telling you that they
are going to do it. Dutch Finance Minister Jeroen Dijsselbloem is the
president of the Eurogroup - an organization of eurozone finance
ministers that was instrumental in putting together the Cyprus "deal" -
and he has said publicly that what has just happened in Cyprus will
serve as a blueprint for future bank bailouts.
What that means is that when the chips are down, they are going to come
after YOUR money. So why should anyone put a large amount of money in
the bank at this point? Perhaps you can make one or two percent on your
money if you shop around for a really good deal, but there is also a
chance that 40 percent (or more) of your money will be confiscated if
the bank fails. And considering the fact that there are vast numbers of
banks all over the United States and Europe that are teetering on the
verge of insolvency, why would anyone want to take such a risk?
What the global elite have done is that they have messed around with the
fundamental trust that people have in the banking system. In order for
any financial system to work, people must have faith in the safety and
security of that financial system. People put their money in the bank
because they think that it will be safe there. If you take away that
feeling of safety, you jeopardize the entire system.
So exactly how did the big banks in Cyprus get into so much trouble?
Well, they have been doing exactly what hundreds of other large banks
all over the U.S. and Europe have been doing. They have been gambling
with our money. In particular, the big banks in Cyprus made huge bets
on Greek sovereign debt which ended up failing.
But what happened in Cyprus is just the tip of the iceberg. All over
the planet major financial institutions are being incredibly reckless
with client money. They are leveraged to the hilt and they have
transformed the global financial system into a gigantic casino.
If they win on their bets, they become fabulously wealthy.
If they lose on their bets, they know that the politicians won't let the
banks fail. They know that they will get bailed out one way or
another.
And who pays?
We do.
Either our tax dollars are used to fund a government-sponsored bailout,
or as we have just witnessed in Cyprus, money is directly confiscated
from our bank accounts.
And then the game begins again.
People need to understand that the precedent that has just been set in Cyprus is a game changer.The next time that a major bank fails in Greece or Italy or Spain (or in
the United States for that matter), the precedent that has been set in
Cyprus will be looked to as a "template" for how to handle the
situation.
Eurogroup president Jeroen Djisselbloem has even publicly admitted that
what just happened in Cyprus will serve as a model for future bank
bailouts. Just check out what he said a few days ago...
Dijsselbloem insists that this will cause people "to think about the risks" before they put their money somewhere...
If there is a risk in a bank, our first question should be 'Okay, what
are you in the bank going to do about that? What can you do to
recapitalise yourself? If the bank can't do it, then we'll talk to the
shareholders and the bondholders, we'll ask them to contribute in
recapitalising the bank, and if necessary the uninsured deposit holders.
Well, as depositors in Cyprus just found out, there is a risk that you
It will force all financial institutions, as well as investors, to think
about the risks they are taking on because they will now have to
realise that it may also hurt them. The risks might come towards them.
could lose 40 percent (and that is the best case scenario) of your money
if you put it in the bank.
Why would anyone want to take that risk - especially in a nation that is
already experiencing very serious financial troubles such as Greece,
Italy or Spain?
As if that was not enough, Dijsselbloem later went in front of the Dutch
parliament and publicly defended a wealth tax like the one that was
just imposed in Cyprus.
Dijsselbloem is being widely criticized, and rightfully so. But at
least he is being more honest that many other politicians. His
predecessor as the head of the Eurogroup, Jean-Claude Juncker, once said
that "you have to lie" to the people in order to keep the financial markets calm...
Mr. Dijsselbloem's style contrasts with that of his predecessor,
Jean-Claude Juncker, Luxembourg's prime minister, who spoke in a low
mumble at news conferences and was expert at sidestepping questions. Mr.
Juncker once even advocated lying as a way to prevent financial markets
from panicking—as they did Monday after Mr. Dijsselbloem's comments.
But Dijsselbloem is certainly not the only one among the global elite
"When it becomes serious, you have to lie," Mr. Juncker said in April
2011. "If you have pre-indicated possible decisions, you are feeding
speculation in the financial markets."
that is admitting what is coming next. Just check out what Joerg
Kraemer, the chief economist at Commerzbank, recently told Handelsblatt about what he believes should be done in Italy...
Yikes!
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
And as I wrote about the other day, the Finance Minister of New Zealand is proposing that bank account holders in his nation should be required to "take a haircut" if any banks in his nation fail.They are telling us what they plan to do.
They are telling us that they plan to raid all of our bank accounts when the global financial system fails.
And calling it a "haircut" does not change the fact of what it really
is. The truth is that when they confiscate money from our bank accounts
it is outright theft. Just check out what the Daily Mail had to say about the situation in Cyprus...
People who rob old ladies in the street, or hold up security vans, are
branded as thieves. Yet when Germany presides over a heist of billions
of pounds from private savers’ Cyprus bank accounts, to ‘save the euro’
for the hundredth time, this is claimed as high statesmanship.
It is nothing of the sort. The deal to secure a €10 billion German
bailout of the bankrupt Mediterranean island is one of the nastiest and
most immoral political acts of modern times.
And when you cause paralysis in the banking system, a once thriving
It has struck fear into the hearts of hundreds of millions of European citizens, because it establishes a dire precedent.
economy can freeze up almost overnight. The following is an excerpt
from a report from someone that is actually living over in Cyprus...
As it stands now, nowhere in Cyprus accepts credit or debit cards
anymore for fear of not being paid, it is CASH ONLY. Businesses have
stopped functioning because they cannot pay employees OR pay for the
stock they receive because the banks are closed. If the banks remain
closed, the economy will be destroyed and STOP COMPLETELY. Looting,
robberies and theft are already on the rise. If the banks open now,
there will be a massive run on the bank, and the banks will FAIL loosing
all of its deposits, also causing an economic crash. TONIGHT there are
demonstrations at most street corners and especially at the parliament
building (just 2 miles from me).
Many are thinking that the ECB and EU are allowing Cyprus to fail as a test ground for new financial standards.
Would similar things happen in the United States if there was a major banking crisis someday?
Just wanted all you guys to know the real story of whats going on here.
Prayers are appreciated (although this is very interesting to watch)
many of my local friends have lots of money in the banks.
That is something to think about.
In any event, the problems in the rest of Europe continue to get even worse...
-The stock market in Greece is crashing. It is down by more than 10 percent over the past two days.-The stock markets in Italy and Spain are experiencing huge declines as well. Banking stocks are being hit particularly hard.
-The Bank of Spain says that the Spanish economy will sink even deeper into recession this year.
-The latest numbers from the Spanish government show that Spain's debt problem is rapidly getting worse...
-The euro took quite a tumble on Thursday and the euro will likely continue to decline steadily in the weeks and months to come.
The central government’s interest bill surged 15 percent last year to 26
billion euros, while tax receipts slumped 21 percent. The cost of
servicing debt represented 30 percent of the taxes collected at the end
of December, up from 20 percent a year earlier.
For a very long time I have been warning that the next major wave of the economic collapse is going to originate in Europe.
Hopefully people are starting to see what I am talking about.
As this point, the major banks in Europe are leveraged about 26 to 1,
and that is close to the kind of leverage that Lehman Brothers had when
it finally collapsed. As a whole, European banks are drowning in debt,
they are taking risks that are almost incomprehensible and now faith in
those banks has been greatly undermined by what has happened in Cyprus.
Anyone that cannot see a crisis coming in Europe simply does not
understand the financial world. A moment of reckoning is rapidly
approaching for Europe. The following is from a recent article by Graham Summers...
At the end of the day, the reason Europe hasn’t been fixed is because
CAPITAL SIMPLY ISN’T THERE. Europe and its alleged backstops are out of
money. This includes Germany, the ECB and the mega-bailout funds such as
the ESM.
Germany has already committed to bailouts that equal 5% of its GDP. The
single largest transfer payment ever made by one country to another was
the Marshall Plan in which the US transferred an amount equal to 5% of
its GDP. Germany WILL NOT exceed this. So don’t count on more money from
Germany.
The ECB is chock full of garbage debts which have been pledged as
collateral for loans. If anyone of significance defaults in Europe, the
ECB is insolvent. Sure it can print more money, but once the BIG
collateral call hits, money printing is useless because the amount of
money the ECB would have to print would implode the system.
And then of course there are the mega bailout funds such as the ESM. The
only problem here is that Spain and Italy make up 30% of the ESM's
supposed “funding.” That’s right, nearly one third of the mega-bailout
fund’s capital will come from countries that are bankrupt themselves.
Right now, close to half
What could go wrong?
of all money that is on deposit at banks in Europe is uninsured. As
people move that uninsured money out of the banks, the amount of money
that will be required to "fix the banks" will go up even higher.
It would be wise to try to avoid the big banks at this point - especially those with very large exposure to derivatives. Any financial institution that uses customer money to make reckless bets is not to be trusted.
If you can find a small local bank or credit union to do business with you will probably be better off.
And don't think that this kind of thing can never happen in the United States.
One of the key players that was pushing the idea of a "wealth tax" in
Cyprus was the IMF. And everyone knows that the IMF is heavily
dominated by the United States. In fact, the headquarters of the IMF is
located right in the heart of Washington D.C. not too far from the
White House. When I worked in D.C. I would walk by the IMF headquarters
quite a bit.
So if the United States thought that confiscating money from bank
accounts was a great idea in Cyprus, why wouldn't they implement such a
thing here under similar circumstances?
The global elite are telling us what they plan to do, and the game has dramatically changed.
Move your money while you still can.
Unfortunately, it is already too late for the people of Cyprus.
This article first appeared here at the Economic Collapse Blog. Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here.
Thanks to: http://www.activistpost.com
