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EURO ZONE ORDERS CYPRUS TO SEIZE 10% OF BANK ACCOUNTS...

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August 08, 2018, 02:38:10 am suzytr says: Hello, any good churches in the Sacto, CA area, also looking in Reno NV, thanks in advance and God Bless you Smiley
January 29, 2018, 01:21:57 am Christian40 says: It will be interesting to see what happens this year Israel being 70 years as a modern nation may 14 2018
October 17, 2017, 01:25:20 am Christian40 says: It is good to type Mark is here again!  Smiley
October 16, 2017, 03:28:18 am Christian40 says: anyone else thinking that time is accelerating now? it seems im doing days in shorter time now is time being affected in some way?
September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
September 20, 2017, 04:32:32 am Christian40 says: "The most popular Hepatitis B vaccine is nothing short of a witch’s brew including aluminum, formaldehyde, yeast, amino acids, and soy. Aluminum is a known neurotoxin that destroys cellular metabolism and function. Hundreds of studies link to the ravaging effects of aluminum. The other proteins and formaldehyde serve to activate the immune system and open up the blood-brain barrier. This is NOT a good thing."
http://www.naturalnews.com/2017-08-11-new-fda-approved-hepatitis-b-vaccine-found-to-increase-heart-attack-risk-by-700.html
September 19, 2017, 03:59:21 am Christian40 says: bbc international did a video about there street preaching they are good witnesses
September 14, 2017, 08:06:04 am Psalm 51:17 says: bro Mark Hunter on YT has some good, edifying stuff too.
September 14, 2017, 04:31:26 am Christian40 says: i have thought that i'm reaping from past sins then my life has been impacted in ways from having non believers in my ancestry.
September 11, 2017, 06:59:33 am Psalm 51:17 says: The law of reaping and sowing. It's amazing how God's mercy and longsuffering has hovered over America so long. (ie, the infrastructure is very bad here b/c for many years, they were grossly underspent on. 1st Tim 6:10, the god of materialism has its roots firmly in the West) And remember once upon a time ago when shacking up b/w straight couples drew shock awe?

Exodus 20:5  Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
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Author Topic: EURO ZONE ORDERS CYPRUS TO SEIZE 10% OF BANK ACCOUNTS...  (Read 2477 times)
Psalm 51:17
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« Reply #30 on: March 25, 2013, 03:27:47 pm »

If/when this comes to America, we'll see how the modern-day churches will react - wouldn't surprise me if they're the ones panicking the most b/c with those very big budgets they've stored up(and I've seen some medium-sized ones have as much as $100K set aside for a "rainy day"), and to boot those pastors/deacons aren't grounded in the word very well...

Matthew 6:19  Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
Mat 6:20  But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
Mat 6:21  For where your treasure is, there will your heart be also.
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« Reply #31 on: March 25, 2013, 04:05:33 pm »

And if they insist on laying treasures on earth by serving mammon in the world, then they must expect thieves to show up, just like scripture says.
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« Reply #32 on: March 25, 2013, 05:32:19 pm »

Cyprus central bank says all banks to remain closed until Thursday, reversing earlier decision for Tuesday opening - @Reuters

Why isnt there riots?  Huh seriously?
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« Reply #33 on: March 25, 2013, 05:38:23 pm »

Cyprus central bank says all banks to remain closed until Thursday, reversing earlier decision for Tuesday opening - @Reuters

Why isnt there riots?  Huh seriously?

Well, don't the Jesuits normally take control of both sides of the protests, riots, et al? Maybe for now, they've convinced them to lay low. I don't know.
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« Reply #34 on: March 26, 2013, 03:26:46 pm »

http://www.telegraph.co.uk/finance/financialcrisis/9952979/Cyprus-bail-out-savers-will-be-raided-to-save-euro-in-future-crises-says-eurozone-chief.html
Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief
Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.


The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, told the FT and Reuters that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

"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?'," he said.

"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."

Ditching a three-year-old policy of protecting senior bondholders and large depositors, over €100,000, in banks, Mr Dijsselbloem argued that the lack of market contagion surrounding Cyprus showed that private investors could now be hit to pay for bad banking debts.

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« Reply #35 on: March 26, 2013, 04:04:12 pm »

We know these people operate under the "problem, reaction, solution" method, so here we have a problem, and they are reacting big time, but what is their intended solution? Typically, it's to usher in new ways, and "improvements" that they claim will fix the current "problem".

Well, the current problem is with finances, they claim, so does that mean this is leading up to a change in the financial system, to "make it better and more secure"?

Another question is how does the Federal Reserve bank allow a bank to go bust? Don't they watch their own banks? Where are regulators to make sure our financial system is operating responsibly? Seems to me they watch very closely, and those banks are intentionally being trashed, for financial gain is some way. Bankers have been at this games for hundreds of years. They know the deal, so to me, the only way there can be such a "crisis" in Europe like they claim is that it is manufactured, intentional.

They can claim individual countries are at fault, but they can't cross borders like banks do, so that claim is invalid. The banking system has no borders, and all countries participate in it. It's the fault of bankers, and their handlers.
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« Reply #36 on: March 27, 2013, 11:31:35 am »

G4S Readies Guards as Cypriot Banks Prepare to Open

A British security firm that transports cash for Cypriot banks is working round the clock, sending teams out with police protection to stock bank machines and readying guards for when banks reopen on Thursday.

The world's largest security firm, G4S, moves cash and will provide guards for Cypriot lenders including Bank of Cyprus and Cyprus Popular Bank, the two biggest, which are to be combined and see large depositors' accounts frozen under a bailout agreed at the weekend.

Cypriot banks have been shut for more than a week while the government worked out the bailout and will stay closed until Thursday to prevent a run. Meanwhile, Cypriots have been queuing to withdraw cash from automatic teller machines, with limits at some shrinking down to 100 euros a day.

John Arghyrou, managing director of the Cyprus business for G4S, said its 750 employees have been working through the night, going out to replenish cash machines with police guard. Licensing rules prevented the firm from bringing in extra staff to handle the unprecedented workload.

"Demand is greater than we can provide... We haven't closed since the crisis started," he told Reuters. "I've never seen anything like it in terms of what is going on from a security perspective. I would say the workload has quadrupled because the whole system has changed."

Arghyrou would not comment on whether more cash has been flown in to replenish the vaults so that banks are ready to open on Thursday, but said he did not expect a bank run.

"People have had time to digest the agreement so maybe there won't be that scenario whereby people run to the banks to withdraw," he said.

"I don't see people panicking, I see people worrying about what the next day will hold for them, whether the next day they will have a job. I see people having a lot of questions and waiting for answers."

While the banks have been closed, businesses have been calling on the security company to find places to keep their cash and asking for guards and alarms to protect their assets.

They are also using G4S as an intermediary to bring money from overseas to pay wages and suppliers, and drawing on its systems for shipping cash to provide guarantees for payments abroad, effectively using it as a kind of bank.

The next big test will come on Thursday when 180 G4S guards will be deployed at bank branches to help handle an anticipated surge of customers demanding cash and answers.

Arghyrou said his unarmed teams had been ready to go into action late on Monday night, when a last-minute decision was made to delay the banks' opening until Thursday.

"The staff will be based outside branches and are there to control queues, if there are any queues," he said. "We will be in contact with the police. Basically it is to make the banking people feel safe and the customers as well."

G4S earns 18 percent of its 7.3 billion pound turnover from its cash transporting business, which is struggling for growth in developed markets. The rest comes from running services like prisons, manned guarding and port protection.

The firm achieved notoriety for admitting just weeks before the start of last year's London Olympics that it could not provide a promised 10,400 venue guards, hitting its profit and reputation.

http://www.cnbc.com/id/100594872
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« Reply #37 on: March 27, 2013, 11:32:43 am »

Cyprus to limit cash, credit-card use abroad

Cyprus is set to restrict the flow of cash from the island and may curb the use of Cypriot credit cards abroad as it tries to avert a run on its banks after agreeing a tough rescue package with international lenders.

A Greek newspaper published details of what officials told Reuters was as yet only a draft government decree to restrict outward payments to documented imports and limit how much people could take abroad in banknotes or spend on credit cards.

With banks due to reopen on Thursday after nearly two weeks, Finance Minister Michael Sarris said capital controls would be "within the realms of reason". But Cypriots, fearing for their savings and angered by the bailout deal struck on Monday in Brussels, are expected to besiege lenders in the morning.

Athens newspaper Kathimerini, citing the government decree, said measures would remain in force for seven days after the banks reopen. Cypriots wanting to send money overseas would have to prove that the transactions meet strict rules laid out by the authorities. The decree allows businesses to pay for imports if they provide officials with the necessary documentation.

The use of credit and debit cards overseas would be restricted to 5,000 euros per month, and individuals travelling abroad could take a maximum of 3,000 euros on each trip. Funds deposited with banks for a fixed term cannot be withdrawn early.

Officials at the Cypriot central bank and finance ministry told Reuters that the newspaper report was based on draft proposals and a final version had yet to be adopted.

Cypriots have taken to the streets of Nicosia in their thousands to protest against a bailout deal that will push their country into an economic slump and cost many their jobs.

Some 500 protesters marched from the EU offices in Nicosia towards the presidential palace on Wednesday. Waving banners and flags, they chanted: "I'll pay nothing; I owe nothing."

European leaders said the deal averted a chaotic national bankruptcy that might have forced Cyprus out of the euro.

"We will look at the best way to limit the possibility of large sums of money leaving, and not imposing punitive conditions on the economy, businesses and individuals," Finance Minister Sarris told local television.

The central bank governor said earlier that "loose" controls would apply temporarily to all banks, which have been shut since final bailout talks got under way in mid-March.

Speaking after meeting government officials, the head of the Cyprus chamber of commerce said: "We have been assured that limitations will not affect transactions within Cyprus at all."

"Where there will be limitations is on what we spend abroad and also on capital outflows," Phidias Pelides told reporters.

POPULAR ANGER

Russia, whose citizens have billions of euros in Cyprus and use Cypriot banks to move money around even among Russian firms, cautioned Nicosia against imposing onerous controls on healthy banks and noted that Moscow was reviewing loan terms to Cyprus.

"If there are such measures, this will not foster trust but only provoke additional problems for participants, depositors," Russian Finance Minister Anton Siluanov said on Tuesday.

He cautioned that Russian willingness to restructure and extend a 2.5-billion euro loan made to Cyprus in 2011 would depend on the island's decision on capital controls.

"We will discuss (restructuring of the loan) in the context of the decisions the parliament adopts," he said. "We are prepared to discuss within these parameters."

State-controlled Russian bank VTB has a subsidiary in Cyprus, Russian Commercial Bank, which has not been directly affected by a bailout deal which focuses on big local banks that lost badly in the restructuring of debts in neighboring Greece.

The terms of the 10-billion euro ($13-billion) rescue from the European Union, International Monetary Fund and European Central Bank have stirred popular anger within Cyprus at the country's partners in the EU, notably Germany, the bloc's main paymaster and fiercest advocate of austerity.

On Tuesday, many hundreds of high school students protested at parliament, in the first major expression of popular anger since the bailout was agreed in the early hours of Monday in Brussels. The deal largely side-stepped the Cypriot parliament, and has triggered opposition calls for a referendum.

"They've just got rid of all our dreams," said one student, named Thomas.

Outside the central bank on Tuesday, about 200 employees of the country's biggest commercial lender, the Bank of Cyprus, demanded the resignation of central bank governor Panicos Demetriades, chanting "Hands off Cyprus" and "Disgrace".

Dimos Dimosthenous, a veteran Bank of Cyprus employee, said: "The bank is being driven to closure. That will be the end."

A Bank of Cyprus official said its chief executive, Yiannis Kypri, had been removed on the orders of the central bank.

It follows the appointment of a special administrator to run the bank, which is being restructured as part of the bailout deal, and an offer to resign by its chairman, Andreas Artemis.

ACCOUNTS FROZEN

The second largest lender, Cyprus Popular Bank, also known as Laiki, is to be shut down, and accounts of under 100,000 euros and some loans will be moved to the Bank of Cyprus. Deposits at both banks over the 100,000-euro mark, which is an EU benchmark for state insurance, will be frozen.

Government officials have estimated that these larger depositors, many of them wealthy foreigners including Russians, could lose around 40 percent of their cash.

On Wednesday, the government was appointing special crisis teams of economic experts to advise ministers.

Many Cypriots say they do not feel reassured by the bailout deal, however, and are expected to besiege banks as soon as they reopen after a shutdown that began over a week ago.

A 42-year-old Romanian hotel maid, who gave her name as Maria, said she was worried she would not be able to cash her pay cheque due on Friday. The hotel, she said, was unable to pay staff in cash because most guests paid by credit card.

"What will I do?" she asked. "Hold up the cheque and look at it?"

http://www.reuters.com/article/2013/03/27/us-cyprus-parliament-idUSBRE92G03I20130327
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« Reply #38 on: March 28, 2013, 09:49:51 am »

http://www.bbc.co.uk/news/business-21963462
3/28/13
Cyprus banks reopen amid tight security and tough curbs

Banks in Cyprus have reopened after a two-week closure amid EU-IMF bailout talks, with orderly queues for cash and strict limits on daily withdrawals.

Branches were replenished with cash overnight and police were deployed amid fears of a run on the banks.

Some queues did form but the mood was calm, and the country's president thanked Cypriots for their "maturity".

The restrictions on the free movement of capital represent a profound breach of an EU principle, correspondents say.

However, the European Commission on Thursday justified the move, saying the "stability of financial markets and the banking system in Cyprus constitutes a matter of overriding public interest".

Information from the Central Bank of Cyprus released on Thursday showed that foreign depositors had already withdrawn 18% of their cash from the nation's banks during February, before the current crisis hit home.

Cyprus is the first eurozone member country to bring in capital controls.

Cyprus needs to raise 5.8bn euros ($7.4bn; £4.9bn) to qualify for a 10bn-euro bailout from the European Commission, European Central Bank and the International Monetary Fund, the so-called troika.

As part of the bailout plan, depositors with more than 100,000 euros will see some of their savings exchanged for bank shares.

An earlier plan to tax small depositors was vetoed by the Cypriot parliament last week.

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« Reply #39 on: March 29, 2013, 04:28:37 am »

   The Global Elite Are Very Clearly Telling Us That They Plan To Raid Our Bank Accounts

The Global Elite Are Very Clearly Telling Us That They Plan To Raid All Of Our Bank AccountsDon'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.
(Read More....) http://theeconomiccollapseblog.com/archives/the-global-elite-are-very-clearly-telling-us-that-they-plan-to-raid-our-bank-accounts


   Cyprus-Style “Bail-Ins” Are Proposed In The New 2013 Canadian Government Budget!

Cyprus-Style Bank Account Confiscation Is In The New Canadian Government BudgetThe politicians of the western world are coming after your bank accounts.  In fact, Cyprus-style "bail-ins" are actually proposed in the new Canadian government budget.  When I first heard about this I was quite skeptical, so I went and looked it up for myself.  And guess what?  It is right there in black and white on pages 144 and 145 of "Economic Action Plan 2013" which the Harper government has already submitted to the House of Commons.  This new budget actually proposes "to implement a 'bail-in' regime for systemically important banks" in Canada.  "Economic Action Plan 2013" was submitted on March 21st, which means that this "bail-in regime" was likely being planned long before the crisis in Cyprus ever erupted.  So exactly what in the world is going on here?  In addition, as you will see below, it is being reported that the European Parliament will soon be voting on a law which would require that large banks be "bailed in" when they fail.  In other words, that new law would make Cyprus-style bank account confiscation the law of the land for the entire EU.  I can't even begin to describe how serious all of this is.  From now on, when major banks fail they are going to bail them out by grabbing the money that is in your bank accounts.  This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the western world.
(Read More....) http://theeconomiccollapseblog.com/archives/cyprus-style-bank-account-confiscation-is-in-the-new-canadian-government-budget
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« Reply #40 on: March 30, 2013, 10:11:26 am »

http://www.reuters.com/assets/print?aid=USBRE92G03I20130330
Cyprus details heavy losses for major bank customers

10:52am EDT

By Karolina Tagaris

NICOSIA (Reuters) - Major depositors in Cyprus's biggest bank will lose around 60 percent of savings over 100,000 euros, its central bank confirmed on Saturday, sharpening the terms of a bailout that has shaken European banks and saved the island from bankruptcy.

Initial signs that big depositors in Bank of Cyprus would take a hit of 30 to 40 percent - the first time the euro zone has made bank customers contribute to a bailout - had already unnerved investors in European lenders this week.

But the official decree published on Saturday confirmed a Reuters report a day earlier that the bank would give depositors shares worth just 37.5 percent of savings over 100,000 euros. The rest of such holdings might never be paid back.

The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.

Banks reopened to relative calm on Thursday after an almost two-week shutdown and the imposition of capital controls. The streets of Nicosia were calm on Saturday, filled with crowds relaxing in its cafes and bars.

There is no sign for now that ordinary customers in other struggling euro zone countries like Greece, Italy or Spain are taking fright at the precedent set by the bailout.

"Cyprus is and will remain a special one-off case," German Finance Minister Wolfgang Schaeuble, one of the architects of the euro zone's response to a debt crisis now in its fourth year, told German mass-selling daily Bild.

"The savings accounts in Europe are safe."

European officials have worked hard this week to stress that the island's bailout was a unique case - after a suggestion by Eurogroup chairman Jeroen Dijsselbloem that the rescue would serve as a model for future crises rattled European financial markets.

"Together in the Eurogroup we decided to have the owners and creditors take part in the costs of the rescue - in other words those who helped cause the crisis," said Schaeuble.

"Cyprus's economy will now go through a long and painful period of adjustment. But then it will pay back the loan when it is on a solid economic foundation."

Cypriot President Nicos Anastasiades said on Friday that the 10-billion euro ($13 billion) bailout had contained the risk of national bankruptcy and would prevent it from leaving the euro.

Cypriots, however, are angry at the price attached to the rescue - the winding down of the island's second-largest bank, Cyprus Popular Bank, also known as Laiki, and an unprecedented raid on deposits over 100,000 euros.

Etyk, a bank worker's union, called a rally outside parliament for Thursday to protest against potential job cuts and a hit on their pension funds. ($1 = 0.7788 euros)

(Additional reporting by Erik Kirschbaum in Berlin; Writing by Patrick Graham; Editing by Jon Boyle)
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« Reply #41 on: March 30, 2013, 11:23:52 am »

This Is What It Feels Like To Have Your Life Savings Confiscated By The Global Elite

What would you do if you woke up one day and discovered that the banksters had "legally" stolen about 80 percent of your life savings?  Most people seem to assume that most of the depositors that are getting ripped off in Cyprus are "Russian oligarchs" or "wealthy European tycoons", but the truth is that they are only just part of the story.  As you will see below, there are small businesses and aging retirees that have been absolutely devastated by the wealth confiscation that has taken place in Cyprus.  Many businesses can no longer meet their payrolls or pay their bills because their funds have been frozen, and many retirees have seen retirement plans that they have been working toward for decades absolutely destroyed in a matter of days.  Sometimes it can be hard to identify with events that are happening on the other side of the globe, but I want you to try to put yourself into their shoes for a few minutes.  How would you feel if something like this happened to you?

For example, just consider the case of one 65-year-old retiree that has had his life savings totally wiped out by the "wealth tax" in Cyprus.  His very sad story was recently featured by the Sydney Morning Herald...

''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ''I lost all my money.''

John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery.

He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He retired to Cyprus in 2007 with about $1 million, his life savings.

He planned to spend it on his grandchildren - some of whom live in Cyprus - putting them through university and setting them up. There would be medical bills; he has a heart condition. The interest was paying for a comfortable retirement, and trips back to Australia. He also toyed with the idea of buying a boat.

He wanted to leave any big purchases a few years, to be sure this was where he would spend his retirement. There was no hurry. But now it is all gone.

''If I made the decision to stay, I was going to build a house,'' John says. ''Unfortunately I didn't make the decision yet.

''I went to sleep Friday as a rich man. I woke up a poor man.''
You can read the rest of the article right here.

How would you feel if you suddenly lost almost everything that you have been working for your entire life?

And many small and mid-size businesses have been ruined by the bank account confiscation that has taken place in Cyprus.

The following is a bank account statement that was originally posted on a Bitcoin forum that has gone absolutely viral all over the Internet.  One medium size IT business has lost a staggering amount of money because of the "bail-in" that is happening in Cyprus...

The following is what the poster of this screenshot had to say about what this is going to do to his business...

Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years.

I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.

The business is definitely ruined, all Cypriot workers to be fired.
We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.

Special thanks to:

- Jeroen Dijsselbloem
- Angela Merkel
- Manuel Barroso
- the rest of officials of "European Comission"
With each passing day, things just continue to get worse for those with deposits of over 100,000 euros in Cyprus.  A few hours ago, a Reuters story entitled "Big depositors in Cyprus to lose far more than feared" declared that the initial estimates of the losses by big depositors in Cyprus were much too low.

And of course the truth is that those that have had their deposits frozen will be very fortunate to ever see any of that money ever again.

But just a few weeks ago, the Central Bank of Cyprus was swearing that nothing like this could ever possibly happen.  Just check out the following memo from the Central Bank of Cyprus dated "11 February 2013" that was recently posted on Zero Hedge...

Sadly, the truth is that the politicians will lie to you all the way up until the very day that they confiscate your money.

You can believe our "leaders" when they swear that nothing like this will ever happen in the United States, in Canada or in other European nations if you want.

But I don't believe them.

In fact, as an outstanding article by Ellen Brown recently detailed, the concept of a "bail-in" for "systemically important financial institutions" has been in the works for a long time...

Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.
If you do not believe that what just happened in Cyprus could happen in the United States, you need to read the rest of her article.  The following is an extended excerpt from that article...

*****

Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. (See here and here.) But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.”  The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.

The 15-page FDIC-BOE document is called “Resolving Globally Active, Systemically Important, Financial Institutions.”  It begins by explaining that the 2008 banking crisis has made it clear that some other way besides taxpayer bailouts is needed to maintain “financial stability.” Evidently anticipating that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite, the authors state:

An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the depositors] into equity [or stock]. In the U.S., the new equity would become capital in one or more newly formed operating entities. In the U.K., the same approach could be used, or the equity could be used to recapitalize the failing financial company itself—thus, the highest layer of surviving bailed-in creditors would become the owners of the resolved firm. In either country, the new equity holders would take on the corresponding risk of being shareholders in a financial institution.
No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive. The FDIC is an insurance company funded by premiums paid by private banks.  The directive is called a “resolution process,” defined elsewhere as a plan that “would be triggered in the event of the failure of an insurer . . . .” The only  mention of “insured deposits” is in connection with existing UK legislation, which the FDIC-BOE directive goes on to say is inadequate, implying that it needs to be modified or overridden.

*****

You can find the rest of her excellent article right here.  I would encourage everyone to especially pay attention to what she has to say about derivatives.

Sadly, what is happening in Cyprus right now is just the continuation of a trend.  In recent years, governments all over the world have turned to the confiscation of private wealth in order to solve their financial problems.  The following examples are from a recent article posted on Deviant Investor...

October 2008 – Argentina’s leftist government, facing a gigantic revenue shortfall, proposes to nationalize all private pensions so as to meet national debt payments and avoid its second default in the decade.

November 2010 – Headline – Hungary Gives Its Citizens an Ultimatum: Move Your Private Pension Fund Assets to the State or Permanently Lose Your Pension – This is an effective nationalization of all pensions.

November 2010 – Ireland elects to appropriate ten billion euros from its National Pension Reserve Fund to help fund an eighty-five billion euro rescue package for its besieged banks. Ireland also moves to consider a regulatory move that compels some private Irish pension funds to hold more Irish government debt, thereby providing the state with a captive investor base but hugely raising the risk for savers.

December 2010 – France agrees to transfer twenty billion euros worth of assets belonging to its Fonds de Reserve pour les Retraites (FRR), the funded portion of its retirement system, to help pay off recurring social benefits costs. No pensioners are consulted.

April 2012 – Argentina announces that its Economy Ministry has taken an emergency loan from the national pension fund in the amount of $4.3 billion. No pensioners were consulted.

June 2012 – Treasury Secretary Timothy Geithner unilaterally appropriates $45 billion from US federal pension funds to help tide over US deficits for the remainder of fiscal year 2011.

January 2013 – Treasury Secretary Geithner again announces that the government has begun borrowing from the federal employees pension fund to keep operating without passing the approaching “fiscal cliff” debt limit. The move effectively creates $156 billion in borrowing authority from federal pension funds.

March 2013 – Open Bank Resolution finance minister, Bill English, is proposing a Cyprus style solution for potential New Zealand bank failures. The reserve bank is in the final stages of establishing a rescue scheme which will put all bank depositors on the hook for bailing out their banks. Depositors will overnight have their savings shaved by the amount needed to keep distressed banks afloat.
Can you see the pattern?

As I wrote about the other day, no bank account, no pension fund, no retirement account and no stock portfolio will be able to be considered 100% safe ever again.

And once the global derivatives casino melts down, there are going to be a lot of major banks that are going to need to be "bailed in".

When that day arrives, they are going to try to come after your money.

So don't leave your entire life savings sitting in a single bank - especially not one of the banks that has a tremendous amount of exposure to derivatives.

Hopefully we can get more people to wake up and realize what is happening.  We are moving into a time of great financial instability, and what worked in the past is not going to work in the future.

Be smart and get prepared while you still can.

Time is running out.

pics links: http://theeconomiccollapseblog.com/archives/this-is-what-it-feels-like-to-have-your-life-savings-confiscated-by-the-global-elite
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« Reply #42 on: March 30, 2013, 03:02:28 pm »

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So don't leave your entire life savings sitting in a single bank - especially not one of the banks that has a tremendous amount of exposure to derivatives.

Uh, don't leave your money in ANY bank. At least not any amount you cannot afford to lose.

As for the rich? What do they do? Lose a TON of cash, because they can't get their hands on that much cash since withdrawals have been limited. But then those with lots of money likely already moved around their funds, a luxury many don't have, and now it's too late.

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« Reply #43 on: April 11, 2013, 11:15:11 am »

Cyprus bailout swells to $30 billion
4/11/13
http://finance.yahoo.com/news/cyprus-bailout-swells-30-billion-100927964--finance.html

BRUSSELS (AP) — The cost of bailing out Cyprus has swollen to euro 23 billion ($30 billion), with the crisis-hit country having to take on the lion's share of the measures needed to avoid bankruptcy, according to a draft document by the country's international creditors.

The draft document, obtained by The Associated Press Thursday, says the country will have to find 13 billion euros ($17 billion) — an increase on the 7 billion euro contribution agreed during the country's chaotic bailout talks last month. The money will be raised by imposing heavy losses on large bank deposits, levying additional taxes, privatizations and a part-sale of the central bank's gold reserves.

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« Reply #44 on: April 29, 2013, 12:26:03 am »

Sinclair: Day Of Financial Infamy As Cyprus Depositors Flushed

Today legendary trader Jim Sinclair told King World News that today is a day of financial infamy as Cyprus depositors have now officially been flushed.  Sinclair also stated that history will show this day as being as serious as the flushing of Lehman Brothers.  Below is what Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, had to say in this remarkable interview.

Eric King:  “Jim, we now know the answer to the ‘Cyprus Solution.’”

Sinclair:  “Yes, Cyprus depositors have now been flushed.  The Bank of Cyprus, the island’s largest bank said it has converted 37.5% of deposits exceeding 100,000 euros into a Class A share, with an additional 22.5% held as a buffer for possible conversion in the future.

Another 30% will be temporarily frozen and held as a deposit.  So the amount of money that has been taken from the Cyprus depositors is in all practicality almost their entire accounts.  Major depositors funds have now been taken in grand style.

Depositors everywhere are now defined as lenders to the banks.  Today is a day of financial infamy.  History will see this event as serious as the flushing of Lehman Brothers....

“Lehman Brothers was flushed to create a flow of huge funds into the financial system.

The flushing of Cyprus was done to steal massive funds from depositors.  The major percentage of their funds taken were replaced by worthless stock in a bankrupt bank.  Up to now everything in Cyprus was speculation as no definitive action had taken place.  Now it has.

Are you a depositor in your bank?  Then know you are now lending your money to that bank with virtually no return.  So the bank earns big money and you get none of it, but assume all of the risk.  If the bank goes broke because of their criminal activities, you lose your money."


Full Story At:  http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/28_Sinclair__Day_Of_Financial_Infamy_As_Cyprus_Depositors_Flushed.html
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« Reply #45 on: April 29, 2013, 03:39:13 am »

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Are you a depositor in your bank?  Then know you are now lending your money to that bank with virtually no return.

It's always been that way with banks. It didn't just start. It's how they became so financially wealthy, using depositors money as collateral for loans without actually owning that collateral.  Roll Eyes
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« Reply #46 on: June 13, 2014, 05:47:23 am »

Georgia To Seize Dormant Bank Accounts: “Government is Going to Grab it”

You’re probably thinking that inflationary devaluation of your savings or paying negative interest rates on cash deposits is about as far as government is willing to go in its efforts to keep funding its debt-laden endeavors. They certainly wouldn’t consider touching the bank accounts of hard working Americans. Only the Europeans have the audacity to go after the savings of the average depositor.

Well, the Europeans and apparently now the Georgians, too. And we’re not talking about the western backed country that went to war with Russia in recent years.

We’re talking about the U.S. state that claims “Wisdom, Justice, Moderation” as its motto.

According to Simon Black at Sovereign Man, the State of Georgia has taken the unprecedented step of lowering the threshold on inactive or dormant bank accounts to just twelve months. What that means to average Georgians is that if you fail to utilize your account within one year your deposited funds will be confiscated by the state.

Though all 50 states have regulations pertaining to dormant bank accounts, Black says that Georgia takes the grand prize in how swiftly they’re prepared to go after your money.

    Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year.

    In other words, if you have a checking account in Georgia that you haven’t touched in twelve months, the state government is going to grab it.

    So much for setting aside money for a rainy day and having the discipline to never touch it.

    If you’ve locked away money for your children’s savings or unforeseen emergencies, your government might be sharpening its knives ready to dig in.

    And just like central bank policies punish savers with interest rates that don’t come close to keeping up with inflation, these policies provide disincentives for people to be responsible and save money.

    It’s just another example of how the entire system is rigged against the individual… and all the more reason to divorce oneself from it. Physical gold, anyone?

    Full report at Sovereign Man via Zero Hedge

In 2013 Australia passed similar legislation, but their threshold was set at three years.

“In the last 12-months since the legislation was passed,” says Simon Black, “the Australian government has seized a whopping 80,000 accounts totaling A$360 million.” The implications of the new law are staggering. In that single year Australia confiscated more money than in the previous five decades combined.

Governments on the local, state and federal level are getting desperate amid underfunded retirement plans and bloated budgets. Going forward they’ll have no choice but to get more and more creative at how they “generate” revenue.

We hope you’re keeping an eye on that IRA. You haven’t really touched that for twelve months either, have you? Congress has already held hearings on whether or not they should reappropriate retirement savings and pool them into a government run investment fund. You know, kind of like Obamacare.

Or how about that parcel of land you own out on the countryside for weekend camping trips and hunting? You haven’t been out there for a while, nor have you really built anything on it, which must mean you’re not using it anymore…

There is historical evidence that suggests that government, when left with no way to pay for their massive budgets and spending, will resort to extraordinary methods to ensure the money keeps coming in to State coffers.

As the Roman empire was collapsing because of unfunded pension liabilities for its military the government devalued its currency by removing 90% of the silver content from its coins. Roosevelt confiscated gold during the Great Depression and imposed stiff penalties for those who didn’t comply. Struggling to keep up with its massive budget deficits, last year France passed their “millionaire tax,” which authorized the government to levy a 75% tax on companies that pay out more than €1 million in salaries.

Devising innovative ways to separate the citizenry from its money is business as usual within legislative institutions.

Georgians who haven’t touched their accounts since last year should either withdraw their money or, as government officials and banks would prefer, go spend it on something and put that cash to work. Otherwise you face the real possibility of having those assets seized.

As for the residents of the other forty-nine states, keep an eye on what your respective state legislators are doing.

Chances are a lot of light bulbs in Capital cities around the country just popped on.

http://www.shtfplan.com/headline-news/georgia-to-seize-dormant-bank-accounts-government-is-going-to-grab-it_06122014
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« Reply #47 on: June 15, 2014, 11:23:44 am »

Australia Seizes 360M From Dormant Bank Accounts And All 50 U.S. States Are Doing This Too

Do you have a bank account that you don't actively use or a safe deposit box that you have not checked on for a while?  If so, you might want to see if the government has grabbed your money.  This sounds absolutely crazy, but it is true.  All over the world, governments are shortening the time periods required before they can seize "dormant bank accounts" and "unclaimed property".  For example, as you will read about below, just last year the government of Australia seized a whopping 360 million dollars from dormant bank accounts.  And this kind of thing is going on all over America as well.  In fact, all 50 states actually pay private contractors to locate bank accounts and unclaimed property that can be seized.  In some states, no effort will be made to contact you when your property is confiscated.  And in most states, the seized property permanently become the property of the state government after a certain waiting period has elapsed.  So please don't put money or property into a bank somewhere and just let it sit there.  If you do, the government may come along and grab it right out from under your nose.

In this day and age, broke governments all over the globe are searching for "creative ways" to raise revenues.  In Australia for example, the time period required before the federal government could seize a dormant bank account was reduced from seven to three years, and this resulted in an unprecedented windfall for the Australian government over the past 12 months...

    The federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits.

    Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor. The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years.

    The rule change has delivered the government a massive bonanza with the money collected in the year to May more than the total collected in the past five decades combined.

Most Americans are not going to be too concerned about this because it is happening on the other side of the planet.

But did you know that this is happening all over the U.S. as well?

For instance, the waiting period in the state of California used to be fifteen years.

Now it is just three years.

And when California grabs your money they don't just sit around waiting for you to come and claim it.  Instead, it gets dumped directly into the general fund and spent.

If you do not believe that California does this, just check out the following information that comes directly from the official website of the California State Controller's Office...

    The State acquires unclaimed property through California's Unclaimed Property Law, which requires "holders" such as corporations, business associations, financial institutions, and insurance companies to annually report and deliver property to the Controller's Office after there has been no customer contact for three years. Often the owner forgets that the account exists, or moves and does not leave a forwarding address or the forwarding order expires. In some cases, the owner dies and the heirs have no knowledge of the property.

And it is not just bank accounts and safe deposit boxes that are covered by California law.  The reality is that a vast array of different kinds of "unclaimed property" are covered...

    The most common types of Unclaimed Property are:

    Bank accounts and safe deposit box contents

    Stocks, mutual funds, bonds, and dividends

    Uncashed cashier's checks or money orders

    Certificates of deposit

    Matured or terminated insurance policies

    Estates

    Mineral interests and royalty payments, trust funds, and escrow accounts.

And when a state government grabs your property, the consequences can be absolutely devastating.  The following is an excerpt from an ABC news report from a few years ago...

    San Francisco resident Carla Ruff's safe-deposit box was drilled, seized, and turned over to the state of California, marked "owner unknown."

    "I was appalled," Ruff said. "I felt violated."

    Unknown? Carla's name was right on documents in the box at the Noe Valley Bank of America location. So was her address -- a house about six blocks from the bank. Carla had a checking account at the bank, too -- still does -- and receives regular statements. Plus, she has receipts showing she's the kind of person who paid her box rental fee. And yet, she says nobody ever notified her.

    "They are zealously uncovering accounts that are not unclaimed," Ruff said.

    To make matters worse, Ruff discovered the loss when she went to her box to retrieve important paperwork she needed because her husband was dying. Those papers had been shredded.

    And that's not all. Her great-grandmother's precious natural pearls and other jewelry had been auctioned off. They were sold for just $1,800, even though they were appraised for $82,500.

And some states are even more aggressive than the state of California in going after bank accounts.

In a recent article, Simon Black noted that the state of Georgia can go after "dormant bank accounts" after just one year of inactivity...

    In fact, each of the 50 states has its own regulations pertaining to the seizure of dormant accounts. And the grand prize goes to… the great state of Georgia!

    Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year.

    In other words, if you have a checking account in Georgia that you haven’t touched in twelve months, the state government is going to grab it.

    So much for setting aside money for a rainy day and having the discipline to never touch it.

As economic conditions get even worse, the temptation for governments all over the planet to grab private bank accounts is going to become even greater.

We all remember what happened in Cyprus.  When the global financial Ponzi scheme finally collapses, politicians all over the world are going to be looking for an easy way to raise cash.  And our bank accounts may be one of the first things that they decide to confiscate.

So please don't keep all of your eggs in one basket, and check on all of your accounts in regular intervals.

In this day and age, it pays to be diligent.

http://theeconomiccollapseblog.com/archives/australia-seizes-360m-from-dormant-bank-accounts-and-all-50-u-s-states-are-doing-this-too
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