Cyprus government instigating a run on the banks and a collapse of their banking system

[rbeau30]

Our government has been looking at taking our 401k accts. and replacing them with an IOU. Is anyone that pays attention (i.e. works for a living) surprised?

For the reason of this thread subject, and the above, I do not have 401Ks/IRAs. I have completely lost faith in Fiat currency. Since the invention of the dollar in 1774, in 2011 ONE dollar has the same purchasing power as $0.034. http://en.wikipedia.org/wiki/United_States_dollar#Value

[hollohas]

Cyprus just closed ALL their banks because their was a bank run panic. What did they expect?

[JohnTRourke]

no, not quite correct. The banks were closed and today (monday) was a normal holiday and they announced this after the banks had closed.

However.............

Now, the banks are closed thru at least Thursday (and hopefully the government falls long before then to pitchforks and rope).

the more interesting thing is why aren't there runs on the banks in Spain, Italy, Greece, etc??????? Are they as stupid as american's???

[Ronin13]

This has been brought up- taxing deposits in US banks... Problem with it is, and of course our Gov doesn't care about this, what's deposited in your bank acct is already taxed income, so it would be double taxation. If this really did happen here (not some company, I mean en masse, every bank, every account) we would see the collapse of our economy and banking system as we know it.

[MrPrena]

Past 2 years has been Ireland, Spain, Italy, Greece.
I wonder how many countries in eurozone will have trouble.

[losttrail]

When Jay Carney, White House lap dog, was asked about this today, his answer was like spilling oil on a hockey rink then trying to run the length of it barefoot. VERY SLIPPERY.

[roberth]

When Jay Carney, White House lap dog, was asked about this today, his answer was like spilling oil on a hockey rink then trying to run the length of it barefoot. VERY SLIPPERY.

Yup, they are already thinking about it and are probably working on the 'spin' that most sheeple will swallow.

[Ronin13]

When Jay Carney, White House lap dog, was asked about this today, his answer was like spilling oil on a hockey rink then trying to run the length of it barefoot. VERY SLIPPERY.

So pretty much just like every time before when Jay Carney speaks. He doesn't answer any questions, and of course, "journalists" never call him out on this and say "Hey Jay, answer the damn question, we all know you can dance you moron!"

[Dave]

Yup, they are already thinking about it and are probably working on the 'spin' that most sheeple will swallow.

Because socialists know how to spend your money better than you do.

[Aloha_Shooter]

Yup, they are already thinking about it and are probably working on the 'spin' that most sheeple will swallow.

Hell, they floated the trial balloon last year of imposing a 1% "financial transaction" tax -- 1% on every financial transaction you make, every sale, every deposit, every withdrawal. They don't want to stop at double taxation.