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Over the last few years political and financial leaders in Europe and the United States have implemented policies, regulations and bailouts costing global taxpayers trillions of dollars with the promise that these measures would lead to economic growth and recovery.
What happened in Europe
today is yet further proof that nothing they’ve done has fixed the underlying
fundamental issues surrounding the events that led to the crash of 2008.
For those who don’t believe the government is
prepared to take extreme measures that may include the seizing of retirement
accounts, cash savings or even gold, look no further than Cyprus, the
latest recipient of bank bailouts.
As of right now, citizens of Cyprus are
scrambling to withdraw funds from their bank accounts after the EU, with
agreement from the Cypriot government, announced they will decimate funds held
in personal bank accounts to the tune of up to 10% of existing deposits.
You read that right
.
.
The European Union has made the determination
that the people of Cyprus
are now responsible for the hundreds of billions of dollars in bad bets made by
their government and bank financiers, and they are moving to confiscate money directly from the
bank accounts of every citizen in the country.
Restrictions have been imposed
to stop people emptying their accounts or moving their money out the country
after the Cypriot government announced that up to ten per cent of deposits will
be seized and used to bailout the island’s crisis-hit banking system.
The
deal with other eurozone finance ministers is the first time that ordinary
citizens’ deposits have been directly raided in this way.
…
One
furious expat said: ‘This is plain theft. I’d love to hear someone explain to
me why it isn’t.’
…
Under
the deal, all bank deposits over €100,000 will be hit with a levy of 9.9 per
cent. Those with smaller savings will pay 6.75 per cent.
The
move sparked panic and violent protests yesterday as crowds desperately tried
to withdraw their money at cash machines.
‘Why
would you risk putting your money in Greek, Spanish or Portuguese banks after
this?’
British
expats were stunned by the news, with many left high and dry by the
restrictions on accounts.
Cash
machines had been working, but many ran out of notes because of the panic
withdrawals.
But
financial experts said the raid – designed to stop Cyprus crashing out of the euro,
potentially destroying the currency – would send shock waves through the
eurozone.
If
savers in other troubled nations fear their accounts might be next, they could
withdraw their money and spark a catastrophic run on the banks.
They’re calling it a “tax.”
As Market Ticker’s Karl Denninger notes, “Like
hell that’s a tax. That’s direct
confiscation of the funds of people who did nothing wrong!”
It should now be obvious. There is no recovery.
There never was.
No matter where you live, your government is likely preparing
measures to deal with the coming financial and economic collapse.
This means they are going to be coming for anything of value that they can get
their hands on.
If you have the majority of your net worth
allocated in bank accounts, money market funds, retirement plans, stock markets
or the host of other ‘safe’ assets recommended by your financial adviser, then
you are playing Russian roulette.
And in this version there’s a bullet in every
chamber.
Sign up before Midnight to watch our video,
“Biggest Ponzi Scheme in U.S. History to Crash,”
and get our daily e-letter Investment Contrarians.
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