And for some, the future is now:

The surprise decision by euro zone leaders to part-fund a bailout of Cyprus by taxing bank deposits sent shockwaves through financial markets on Monday, with shares and the bonds of struggling euro zone governments tumbling.

The bloc struck a deal on Saturday to hand Cyprus rescue loans worth 10 billion euros ($13 billion), but defied warnings – including from the European Central Bank – and imposed a levy that would see those with cash in the island’s banks lose between 6.75 and 9.9 percent of their money.

Parliament in Cyprus put off a vote on the measure – which has shaken depositors’ confidence in banks across the continent – until Tuesday, however, and with public anger at the deal widespread the government said it was already looking to ease the pain for small savers.

It’s not a done deal yet, but even the idea is worthy of a third world dictator — and world governments are working hard to turn all nations into third world countries.

Gird your coins.

Comments

65 Responses to “The Future of Runaway Government Spending: Raiding Private Bank Accounts for Bailout Cash”

  1. SignPainterGuy on March 18th, 2013 12:38 pm

    On the one hand, it`s Cyprus being forced to bail itself out. But, no vote was taken on the action, just an order passed down from the Euro-Zone.

    On the other hand, it`s robbery, plain and simple ! Even British soldiers stationed there are losing money. And you can`t prevent it from being taken from your account(s), it`s secured, taken automatically !

    Watch for more riots !

  2. jeffythequick on March 18th, 2013 12:39 pm

    When you have the 16th Amendment in this country,

    1. Your money isn't yours. It belongs to the government, and they let you keep what they see fit.
    2. You have to institute an organization, like the IRS, to have direct access to your accounts. I'm sure they'll only go after the rich, thus increasing the rich/poor antipathy. The lies and distortions they'll use to justify taking the money will be predictable.
    3. The Congress will keep spending at a rate justifying the emergency at hand, whether real or not.

    I'm doing something different…
    I've lowered my deductions so I'll owe about $100 to the IRS next year.
    Buying food. Besides being a religious thing, it's a good idea. It's hard to drain a bag of flour over the Internet.
    Buying gold and precious metals.
    Not kooky stuff, just adjusting the direction. Nothing bad can come of doing these things, right?

  3. Marshall_Will on March 18th, 2013 1:10 pm

    When a Friday Doc. Dump just isn't good enough..!?

    Right, wth are you going to DO as a bank customer when they pull these stunts over the weekend when all the retail branches are CLOSED and your debit card is only ( by design ) authorized to withdraw $300?

    I've gone on record repeatedly saying all this "direct deposit" is a bunch of bunk. When it hits it will be too late. We've consistently implored Leftist trolls as to "What WOULD you find alarming!?" and as those issues make themselves more apparent, we don't get more answers, just fewer trolls?

  4. Marshall_Will on March 18th, 2013 1:14 pm

    Don't you READ Doug's columns!? "Sustainable for 10 years ( in the 11th we become GREECE! )"

    I'd run out and buy 'flour' the only problem being, neither Mrs. Will or I know what it's for or how it's used? Can you make beer from it?

    I'll bet Zero Hedge and Pasadena Phil are having a field day w/ this! Talking heads on CNBC are playing it down but why is the IMF involved?

  5. jeffythequick on March 18th, 2013 1:22 pm

    Doug? Who is Doug? ;)

    I know, I know, it sounds extreme, but how extreme is it to have 50 gallons of water (10 of it in the freezer, keeping the stuff cold for an extra 3-4 days when my 5 year old leaves the freezer cracked open… that's another story…) and food for a month when the Northwest version of Hurricane Sandy rolls in?

    After a week of no food, things break down in a hurry.

  6. SignPainterGuy on March 18th, 2013 1:25 pm

    The stock market has been going wild, setting records days in a row. Fascinating how the SM acts opposite the way main street does.

    No, I don`t understand what I`m seeing, just that it doesn`t make sense to me !

  7. jeffythequick on March 18th, 2013 1:29 pm

    I loved the 80's… things made sense.

    When a company did well, it's stock went up. When it did poorly, the stock went down.

    Now, when I invest, I pray for bad news on the company, so it will rocket up!

  8. SignPainterGuy on March 18th, 2013 1:34 pm

    But, But, grocery stores are better prepared to store all that food with their warehouses n stuff; banks have those vault thingies to keep money safe from robbers and the like and gun stores can hold the guns and ammo more securely than in my house, …….. right ?

    I`ll just run to the store when I need stuff ……. at the last minute. I`m sure no body else has thought of that. Oh, and I still have 3/4 tank of gas in my truck, so I should be good to go ! Ha ha !

  9. Marshall_Will on March 18th, 2013 1:41 pm

    Jeff,

    I wouldn't say 'extreme' at ALL? In the early days of the Housing Bust we had several [limited] bank runs at Indy Mac Bank, Huntington Bank and a few others.

    That was what The Bailout was all about. Stemming a tide of "cross defaults" and stampedes that I 'initially' backed. Having MY bank go belly up ( because YOURS lent to anyone that could fog a mirror ) didn't make a lot of sense.

    But as MM has pointed out, all we got in exchange was "The Era of Endless Bailouts". The truth is, the toxic DEBT hasn't been 'managed', only shifted around to make it less noticeable. Musical balance sheet magic.

  10. Marshall_Will on March 18th, 2013 1:44 pm

    I'd say it was The Last Era That Felt Any Obligation To MAKE Sense.

    When played against today's "return to the gilded age" where the elite call all the shots without fear of prosecution, 80's pop culture ( where jerks and bullies always got theirs in the end ) seem hopelessly idealistic.

  11. SignPainterGuy on March 18th, 2013 1:44 pm

    Yeah, I had a young child, a new job (career), things were chugging right along and looking up under Reagan; I thought most all was right with the world. Then I got that new cable TV w/ news 24/7 and the talking heads were telling me Reagan was old n stupid and dangerous and the world was going to S*** !

    It didn`t feel like it, but that`s all I was hearing ! I already didn`t trust them, but that`s when I first began to hate the Ds !

  12. backwoodsconsr on March 18th, 2013 1:49 pm

    A penny saved is a penny burned.

  13. SignPainterGuy on March 18th, 2013 2:01 pm

    I thought a penny saved was a copper-plated nickel disc taken out of circulation and not missed !?

    OR, it could just be a glass jug put to re-use !

  14. Truesoldier__ on March 18th, 2013 2:09 pm

    Of course the run on the banks started today as people are not about to leave their cash there to eventually have it all taken.

    In California they have already started a similiar kind of madness. This past year California not only eneded their deduction for starting up, selling or investing in a company, they made it retroactive to 2008 and hit many with a massive retroactive tax bill:

    This tax deduction allowed entrepreneurs and angels to exclude 50% of any gain on the sale of "Qualified Small Business" stock.

    But now the state has apparently decided that it no longer needs to encourage entrepreneurs to start and keep their companies in California.

    So it is eliminating the tax deduction.

    Far more startling, the state is eliminating the deduction retroactively–going all the back to 2008.

    In other words, anyone who sold their California company in the past 5 years and took advantage of the tax deduction is now going to have to pay the tax. With interest!

    http://www.businessinsider.com/california-entrepr

  15. Truesoldier__ on March 18th, 2013 2:12 pm

    I would take it further than just bank accounts. The latest rage is cloud computing, where basically your entire computer's hard drive is online (documents, programs, etc). With everything else going on it makes you wonder how long it will be till the government decides to start snooping your documents and what not for what they would deem "seditious intent".

  16. Truesoldier__ on March 18th, 2013 2:14 pm

    When you consider the Fed is keeping the presses working in overtime and helping to pump up the market it isn't really to surprising. Eventually, once the currency is devalued to the point of no return, it will all come crashing down.

  17. SignPainterGuy on March 18th, 2013 2:15 pm

    Hackers (in too many cases aka, the government) need only one open door.

  18. Truesoldier__ on March 18th, 2013 2:15 pm

    Well guess the bank runs wont be starting today….they have closed the banks till Thursday.
    http://www.guardian.co.uk/business/2013/mar/18/eu

  19. Truesoldier__ on March 18th, 2013 2:19 pm

    This is going to get really bad. It turns out that many Russians are going to get hit with this and Putin is none to happy:

    MOSCOW (Reuters) – Russian President Vladimir Putin criticized on Monday a levy imposed by the European Union on bank deposits in Cyprus as unfair and setting a dangerous precedent.

    "While assessing the proposed additional levy on bank accounts in Cyprus, Putin said that such a decision, should it be made, would be unfair, unprofessional and dangerous," Kremlin spokesman Dmitry Peskov told journalists.

    Russian citizens account for the majority of the billions of euros held in Cypriot banks by foreign depositors, and Russian banks are heavily exposed to the island as a favored offshore centre for big business.
    http://news.yahoo.com/putin-hits-dangerous-cyprus

  20. SignPainterGuy on March 18th, 2013 2:22 pm

    And come Wednesday afternoon, a new announcement, "Banks will remain closed until next mid-week" ! Ish !

  21. SignPainterGuy on March 18th, 2013 2:26 pm

    After computers took over the world, a new program was installed to stop trading if certain parameters were met; in the `90s sometime I think. It worked a few times since preventing several potential crashes that would have made the big one look like a misplaced wallet. Too bad there isn`t that program set up at the Treasury to stop the printers !

  22. Truesoldier__ on March 18th, 2013 2:38 pm

    Or remained closed permanently as the money is all gone.

  23. SignPainterGuy on March 18th, 2013 2:49 pm

    That`s a definite possibility ! After, of course a string of excuses, promises and put-offs !

  24. jeffythequick on March 18th, 2013 2:49 pm

    I use the cloud for a transmission media, not for storage.

    It can be snooped, for sure, but I don't want to sign my rights to have them store my data, contacts, etc.

    That's why jeffythequick.com mail isn't "out there". It's kept local. I don't know how secure my server is, but I do know where it is stored.

  25. jeffythequick on March 18th, 2013 2:51 pm

    Copper plated zinc… even less valuable.

  26. jeffythequick on March 18th, 2013 2:52 pm

    No clue what ex post facto means?

    Could you ask Chappy on MM's site if that only applies to criminal law, or if we're at the hands of tyrants for anything we do, will do, or have done…

    I was going to ask about bills of attainder, but "the rich" don't count as a person.

  27. Truesoldier__ on March 18th, 2013 2:52 pm

    But of course, they have to get all the paperwork in order to make it all legal like before they announce that the money is gone.

  28. Marshall_Will on March 18th, 2013 3:20 pm

    unfair, unprofessional and dangerous

    TELL us about it..! We've been laboring under that meme` for around 6 years now? When this is done unravelling NONE of us will walk away unscathed. Reminds me a lot of what happened with the Icelandic bank.

  29. SignPainterGuy on March 18th, 2013 3:20 pm

    Right you are ! I retrieved before my thinkomalizer-rememberator fully kajenkamolized ! Got-to-slow-down !

  30. Marshall_Will on March 18th, 2013 3:23 pm

    The Model, as is often the case, originated in Oregon. We ( retro-actively ) 'passed' Measures 66 & 67 placing small biz/self-employed directly in the cross hairs. But that was only for (1) year. It drove out 60+% of those intended.

    Unreal. I'd tell 'em to pound SAND. Lol, there's no WAY anyone is going to pony up for this. What scum…

  31. SignPainterGuy on March 18th, 2013 3:25 pm

    On one hand, you`re right, the "rich" don`t count as a person, because the left sees them as evil, as corporations and as evil corporations. Funny though, as I said for years after Bush`s tax cuts were hailed by the left as tax cuts for the rich, but were actually cuts for everyone who made enough to have to file a return, the left is NOW seeing that after Bush`s tax "cuts" were eliminated, EVERYONE is seeing a tax rate increase, even people like Pig Haher and the lady a few weeks ago who couldn`t understand the rise in her ins. rates ! Fascinating !

  32. SignPainterGuy on March 18th, 2013 3:26 pm

    Will the EU provide personal body guards for these evil banksters ?

  33. Truesoldier__ on March 18th, 2013 3:27 pm

    Probably, and equiped with evil assault weapons that should be banned to boot.

  34. Truesoldier__ on March 18th, 2013 3:30 pm

    I noticed in the article that Russia has extended loans to Cyprus in a pretty big way. Makes me wonder if Putin's comments were a warning to Cyprus that if they do this the loans will come do in full.

  35. SignPainterGuy on March 18th, 2013 3:31 pm

    Speaking of which; Nappy Jan called the thousands of fully automatic rifles bought for the DHS "personal protection devices" while the "semi-"automatic versions of the same guns we can buy are called "assault weapons"……

    Hypocrite much ?!

  36. Truesoldier__ on March 18th, 2013 3:32 pm

    O/T…Now that the election is over the RNC leadership figures this out:
    http://dailycaller.com/2013/03/18/rnc-wants-role-

  37. SignPainterGuy on March 18th, 2013 3:33 pm

    Bares watching !

  38. Marshall_Will on March 18th, 2013 3:46 pm

    Since when is it the jurisdiction of some PM or King Reverse Midas Touch to get involved so directly w/ private sector banking affairs? Unless the loans were directly from the gov. ( and they shouldn't ) what freaking business is it of Putin's?

    These, "world leaders" have gotten the public so accepting of gov. intervention w/ private financials most of us don't even bat an EYE?

  39. SignPainterGuy on March 18th, 2013 3:49 pm

    Is Google Glass available in Cyprus ? Some bizs are banning the wearing of the new computer headwear, like a particular bar that caters to reprobates. Well of course, people don`t want to be recorded live where they shouldn`t be ! Why else did one bar owner name his place, "He Ain`t Here !" ?

  40. Marshall_Will on March 18th, 2013 3:52 pm

    "In a separate interview, Fleischer said Republicans could even consider asking non-journalists like respected Republican strategist Ed Gillespie to moderate."

    Right, Kabuki Mission Completed..! Whatever you DO ( and I'll be disappointed if Reince isn't offering to clean my windshield at the 205 off ramp by 2014? ) don't get hard hitting *real* journalists ( with um.., an actual following! ) like MM, Frank Luntz and Tucker Carlson asking any actual questions?

    Reince, STHU….

  41. Truesoldier__ on March 18th, 2013 4:04 pm

    Exactly. I thought it was funny how they said they want to ensure that the debates are televised and to do that they are kinda stuck with whomever the network has.

    Newsflash to Fleishcer, Reince and the rest of the establishment….Foxnews is consistently topping the ratings. I could see some of the Foxnews anchors (Brit Hume wouldn't be too bad) as well as some of the contributers (like MM and Mark Levin) as moderators as well. This way the debate is being televised to quite a large audience by those who will ask real questions that Conservatives want to know the answers to. See really simple, problem solved.

  42. Truesoldier__ on March 18th, 2013 4:07 pm

    My guess is that a lot of Russia's "powerful and influential" stand to loose alot of this, hence Putin stepping in to keep his bankrollers happy.

  43. Truesoldier__ on March 18th, 2013 4:08 pm

    The scarry thing is how she (and her minions) can say things with such a straight face.

  44. Truesoldier__ on March 18th, 2013 4:17 pm

    O/T….Just chalk this up as just one more reason Boehner needs to go:

    House Speaker John Boehner says he "absolutely" trusts President Barack Obama – not that they don't have their differences.

    Boehner tells ABC's "This Week" that the two have a good relationship and that they're "open with each other … honest with each other." But the Ohio lawmaker says they're trying to bridge some big differences.

    One issue they agree on: The U.S. doesn't have an immediate crisis in terms of debt.
    http://hosted.ap.org/dynamic/stories/U/US_BUDGET_

  45. jeffythequick on March 18th, 2013 4:42 pm

    Oh, the perils of being an engineer… I have to make sure everyone, including me, is right.

    Makes me feel sorry for the rest of you, especially Mrs. thequick (who lets me know when I'm not… in a good way).

  46. Obama bin Biden on March 18th, 2013 4:46 pm

    Coming to a bank near you.

  47. Marshall_Will on March 18th, 2013 4:46 pm

    Problem is, as you well know; the GOP still thinks they can throw the control levers and tweak the process by either $'s or their OWN internal version of the LSM.

    As much as voters and viewers might like to see it, there's no WAY they're going to let loose cannons" like Mark or Michelle have a say in representing us in the process..! In fact, it's the LAST thing they'd want to see happen!?

    As MM noted going into 2012, they've once again made concessions they didn't HAVE to and agreed to ridiculous terms! "Moderators will do their best to portray the GOP candidate as greedy on financial issues and 'scary' on social issues, then run out the clock". ( para )

  48. Marshall_Will on March 18th, 2013 4:48 pm

    Great, tell Weepy Cyprus didn't think so either? Or uh… Iceland or Greece or Spain or..?

  49. Truesoldier__ on March 18th, 2013 5:03 pm

    And this is why they will continue to loose elections (I know not news to any of us). My guess is they are already preparing their excuses for the 2014 midterm loses instead of actually doing something to win.

  50. Truesoldier__ on March 18th, 2013 5:04 pm

    And that goes for both the debt crisis as well as trusting dear leader. ANd Boehner wonders why he keeps getting rolled by dear leader…./facepalm

  51. Marshall_Will on March 18th, 2013 5:07 pm

    SPG,

    Well that's a very honest, solid point. All Cali is doing is "betting on a horse race after it's OVER!" They're penalizing these venture capital guys based on the investment bets they took that PAID OFF.

    ( Lord only knows how many since '08 that didn't pan out? ) But hey, that's Mr. Evil's problem! What is to keep the CDOR from going after Signs Painted between 2008-2012 ( retro actively of course ) or revoking my first $6k in Guard pay tax exempt from… blank to blank?

  52. Marshall_Will on March 18th, 2013 5:26 pm

    TS,

    Over the weekend drill, palpable FEAR over the Sequestor was hands down the over riding topic of concern. Looks like if they don't reach a deal by 1 April, they'll be down to a 4-day work week!

    Now there's plenty of places around any base where you or I could say "Oh you mean they're not on that program NOW?" But in Maint., Ops. etc. that just ain't going to work.

    The dynamics are really different than anyone expected? Some bases that had poor retention and recruiting during the 'good times' are finding that it makes it tougher to make the case "you simply can't do without this money or THAT personnel!" when you didn't do a very good job of retaining or TRAINING the people or prospects you were GIVEN?

    Lots of managers were absolutely ej@gulating over letting people go or declining applicants for even the most minor of 'disqualifiers'. We only want the BEST damn it..! Well, now you must already HAVE "the best" huh?

  53. Truesoldier__ on March 18th, 2013 5:49 pm

    No kidding. We were just told today that the sequestration furlough exemptions have been nixed and everyone is going to take the hit (even our department which actually brings in money to pay our own salaries). So come the end of April if something isn't reached we will be down to 4 day a week work weeks. For me the loss of money will suck, but I have set aside enough to cover it as I saw this coming oh back in the summer of 2011 when they first came up with the debt reduction subercommittee that everyone knew would fail.

    The sad thing is this is a military hospital and from the sounds of it even the doc's will be facing furloughs as the clinics will be minimal staffed at least 1 day a week (1 nurse 1 doc on duty per clinic thats it). This means that appointmnet wait times will be longer (as well as waits at the ER). Way to stick it to our servicemembers once again.

  54. Marshall_Will on March 18th, 2013 6:48 pm

    "the debt reduction subercommittee that everyone knew would fail."

    Oh yeah, like WHAT? You're some kind of 'visionary' or something..? Lol Yeah it's a little, disturbing just how oblivious some of these people were? I get the dear in headlights look but not so much when they're bleeding out in the ditch? But… but.. bu..

    When I had audio appts. w/ the VA in Portland ( 80% loss in right ear, can't hear out of other ) I loved to kid the nice jewish audiologist they had there. He was forever hitting me up for stock tips, investment strategy etc.

    I said C'MON… You guys make out 'okay', right? He said "Meh, I'm lucky they don't make me sweep the clinic…"

  55. SignPainterGuy on March 18th, 2013 7:24 pm

    You have my sympathy there ! My work garners the harshest criticisms from nit-picky stuff while the big stuff that I worry about gets not a peep.

    I did a new church sign in Old English where my biggest competitor`s Wife was secretary. He just happened to be there when I installed it. I pointed out a minor error (OE is really tuff to execute properly and very easy to make mistakes in) that he hadn`t noticed. He allayed my fears with,"Old English is one letter style that so few people understand that no one will notice it."

  56. SignPainterGuy on March 18th, 2013 7:29 pm

    I honestly believe THEY honestly believe their crap and complete fail to see their hypocrisies !

  57. SignPainterGuy on March 18th, 2013 7:35 pm

    EVERY BODY FEARS THE KGB !!! It matters not that the KGB no longer exists, ….. (pause for snicker) ….. , Putin will be listened to !

  58. SignPainterGuy on March 18th, 2013 7:37 pm

    +1

  59. SignPainterGuy on March 18th, 2013 7:40 pm

    The LSM had Romney labeled as a rich elitist who let someone die, didn`t care, hates the poor and minorities months before the debates ! The damage was done and the MSM-limited, low-info left bought it all !

    The Rs did next to nothing to counter that message and what they did try was way too weak and late !

  60. Truesoldier__ on March 18th, 2013 7:46 pm

    Well compared to dear leader can you blame them?

  61. SignPainterGuy on March 18th, 2013 7:52 pm

    No, not at all ! I just object, as I`m sure all of us here do, that instead of anything offered as encouragement, sew-shall-ists offer fear of retribution and failed policies.

  62. Marshall_Will on March 18th, 2013 8:28 pm

    Forgot WoW ( War on Women ) …………

    Their 'response' was everything you'd expect from a person that had no real expectations of winning anyway? Kind of like the level of protest we put up when a co-worker has taken your lunch out of the fridge…

    When you know you have already turned in your NOTICE..! You've got (1) foot out the door, how bent out of shape are you supposed to get? TS nails it, they're already plotting out how to explain away another shut-out/white washing! Keep up the good work fellas….

  63. ChapBix on March 18th, 2013 8:51 pm

    "And for some, the future is now:"

    And for some here in the U.S., approval comes with great fanfare.

  64. SignPainterGuy on March 18th, 2013 9:25 pm

    We should have expected it; Russia offers an "out" for something in return : http://www.weeklystandard.com/blogs/report-russia

  65. Carlo on April 3rd, 2013 1:35 am

    Can I join a private server without using a credit card as soon as i buy WoW?

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