Under the supposed excuse, that since the government of Cyprus is not able to pay its bills, the European Union is "demanding" that Cyprus banks confiscate a percentage of bank depositer's money in their accounts in order to satisfy that debt.
Josephine Moulds of "The Guardian reports:
"... The euro dived and shares suffered sharp losses after a controversial bailout package for Cyprus threatened to trigger fresh turmoil in the eurozone...Eurozone finance ministers demanded on Sunday that Cypriots pay up to 10% of their bank deposits in exchange for a €10bn (£8.5bn) bailout, prompting panic across the island as people rushed to cash machines to withdraw their savings...That caused traders to dump shares across Europe, on fears it sets a dangerous precedent that could trigger bank runs in other eurozone countries..."Wouldn't you rush to the bank to withdraw your money, if you got word that some or all of it was going to be confiscated?
The "panic" is reminiscent of the "panic" that ushered in the "Great Depression," here in the United States, which politicos then used to usher in massive a massive socialist take over, which the U.S. has never emerged from.
It is also eerily similar to the unbridaled spending by the Socialist administrations of the U.S., both by Democrat and Republican administrations, which continue massive spending and persist in running up massive debt.
Mould contines with her report:
"...Despite assurances from European officials that Cyprus is "exceptional" and the measures are "unique", El-Erian said the Cyprus bailout has driven investors to demand higher returns to hold risky assets..."Even if you are not financially savvy, it is not rocket science that a mere hint or suspicion of instability is enough to influence stock market trading, so even to hint about bank account confiscations can be categorized as extreme measures in the finance world.
For example: What if you were suddenly to merely suspect that China and other U.S. creditors were going to demand that the U.S. "tax" (i.e., "steal") a portion or all of your money in your savings or other bank accounts? What would you do? Unless you were in a coma, you would rush to get your money, exchange it into something valuable and put that "valuable" some where else.
Which begs the question then: "What's the Eurozone manipulating over there?"
And since the economies of the world are these days all tied together, what exactly are "they" trying to manipulate "over here."
If that doesn't make you stand up and take notice, then put it in the context of Iranian and North Korean sabre rattling, increasing tensions in the Middle East, with the price of gasoline at the pump holding steady at unprecedented levels, and the Federal Reserve cranking their presses almost continually, printing green-backs to artificially prop up the economy, lowering the value of the dollar and causing prices of food, goods and services to sky-rocket.
Cyprus already has an income tax, but apparently they have not raised the tax rates enough to cover their debt, so now their alternative is to seize money in bank accounts? When Obama says, he needs more of your money and that the recent tax hikes are not enough to finance more of his spending, is this what is looming in the future?
What does this tell YOU?