Avoiding The Cyprus Bank Account Hoovering: Some More Equal Than Other$
From ZeroHedge:
List Released With 132 Names Who Pulled Cyprus Deposits Ahead Of "Confiscation Day"
More:
First it was disclosed that Russians had been pulling their money, then it was suggested the president himself had made sure some €21 million of his family's money was parked safely in London, then we showed a massive surge in Cyprus deposit outflows in February, and now the latest news is that a list of 132 companies and individuals has emerged who withdrew their €-denominated deposits in the two weeks from March 1 to March 15, among which the previously noted company Loutsios & Sons which is alleged to have ties with the current Cypriot president Anastasiadis.
Screenshots of the list at the link.
A similar seizure won't happen in the U.S.
The Treasury doesn't need to. They'll just digitize more than the $85B a month that they are digitizing now.
Jim P. at April 3, 2013 5:24 AM
Jim brings up a good point... in times past, the rate at which the government could inflate the currency was at least limited by how fast the printing presses could crank out bills. Now, a brand-new trillion dollars is only a few mouse clicks away.
Cousin Dave at April 3, 2013 6:29 AM
A similar seizure won't happen in the U.S.
Of course not. They've already done it. Look at the interest rates being paid on your deposits, even the longer-term certificates of deposit. Well under 1%, when 5 years ago it was about 4%. Responsible people have been taking a haircut over the last several years, with no end in sight.
Then there is the loss due to the Treasury running printing presses and "deeming" money to exist. The only reason the US dollar hasn't been ditched for international trade is that all the other currencies suck even worse.
In related news: what could possibly go wrong?
I R A Darth Aggie at April 3, 2013 6:35 AM
Well not exactly will the US government do a Cyprus grab, but there are some ways the government or banks can do cash grabs on American citizens.
Look into FATCA people. For example let's say bank decides to not comply with FATCA regulations. Yet like any other bank in the world, money moves from place to place. So if non compliant bank moves money to an American financial entity. It could be legit transfer and nothing to do with American citizens. Yet the IRS/US government then decides to seize up to 30 percent of said money in a fine.
Now banks could accept the loss. More likely they will start to avoid the US and its banks and markets making some sort of no man's land or dead zone. Or banks could retaliate against customers from simple refusing account or even passing on the fine to American account holders.
http://americansabroad.org/issues/fatca/fatca-is-bad-for-america-why-it-should-be-repealed/
John Paulson at April 3, 2013 7:31 AM
Obama administration pushes banks to make home loans to people with weaker credit
Is he even thinking?
Didn't he come into his first term just as the housing bubble finished bursting?
Didn't he hear about people who could fog a mirror getting loans?
What drugs is he taking and where can I get some of them?
Jim P. at April 3, 2013 3:42 PM
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