Cyprus parliament to vote on savings levy

So much for trusting banks … anywhere.

The EU could do this to all EU depositors on an EU-wide basis to “socialize” losses from one country or another. Whether in the EMU or outside the EMU but in the EU (e.g., UK, Poland, Sweden) – the EU could potentially confiscate the wealth of anyone in the EU to bailout other EU countries.

If I had money in an EU bank or brokerage, I would only keep a minimal amount in for short-term needs and wire the remainder to a few banks and brokerages in the US, Canada, and Australia outside the grasping hands of the cabal of EU masters.

The point here is that the EU is taking the position that private citizens should have to sacrifice their life savings to bail out irresponsible banks. This is an incredibly stupid move on the EU’s part, since anyone in the EU with the sense G-d gave a toad will run to their bank to withdraw all their cash. The economy is dependent on the circulation of cash; encouraging people to stuff their savings under their mattresses is simply beyond stupid; it defies definition.

You borrow money to bailout your banks and then screw the depositors? Unbelievable what is happening in the world when the banks have control.

The EU seemingly wants a currency crisis. Why else would the central authorities come up with such a ludicrous idea.

I’m just waiting for the UK to announce they would never touch a depositors money and just watch the capital flight out of the EZ.

“We’ve had such terrible loss of investment, maybe the smartest thing to do is pull it” – from the people.

Have to say I like it, the decisive and indiscriminate way of administrators determined to instigate revolt.

Cheers,