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Eurozone Country: Surprise! We’re Putting at Least a 6.75% Tax on Your Bank Deposits

Mar. 16, 2013 10:12pm Erica Ritz

Cyprus to Tax Bank Deposits at Up to 9.9% for Cypriots and Foreigners

An elderly man passes by a cooperative bank in Limassol, Cyprus, Saturday, March 16, 2013. (Photo: AP)

People with bank accounts in Cyprus were shocked Saturday to learn that as part of an agreement reached with international creditors, the government has imposed a tax on all deposits to help bail out the nation and its banks.

While the island nation may be small, it’s an international favorite for offshore banking– particularly for wealthy Russians. The tax will range from 6.75% to 9.9%, depending on how much is in the account.

“This is a clear-cut robbery,” Andreas Moyseos, a former electrician who is now a pensioner in Nicosia, told the New York Times. Iliana Andreadakis, a book critic, further added: “This issue doesn’t only affect the people’s deposits, but also the prospect of the Cyprus economy. The E.U. has diminished its credibility.”

And indeed, following the massive run on banks in Cyprus, many are concerned that a minor panic could spread to the rest of the Eurozone. After all, it has just set a precedent for taxing private bank accounts at exorbitant rates without warning.

People queue to use an ATM machine outside of a Laiki Bank branch in Cyprus. Many rushed to cooperative banks after learning that the terms of a bailout deal includes a one-time levy on bank deposits. (Photo: AP)

But first, here’s a little more background on the plan via the Associated Press:

As one of 17 nations that use the euro currency, Cyprus can to raise or lower taxes whenever it wants. Early Saturday, it secured a (EURO)10 billion ($13 billion) bailout from its European partners and the International Monetary Fund to save the banking sector and avoid bankruptcy. In return, the island nation has imposed the new tax, among other moves.

Banks have already acted to seal off the amount of the levy – a 6.75 percent tax on deposits under 100,000 euro and 9.9 percent on those above – so depositors can’t access it. Bank customers still can draw on the rest of their funds via ATM machines this weekend, although banks that usually open on Saturdays had limited hours and many said they were out of cash by the end of the day. No international transfers will be able to go through until Tuesday, since Monday is a holiday. Cyprus’ parliament is expected to meet Sunday to pass the required legislation. The deal also needs the approval of several eurozone parliaments; it’s unclear how fast they can act and what will happen to bank deposits in the meantime. [Emphasis added]

The really shocking aspect of the policy is that it targets “ordinary savers,” in the words of the New York Times. In the past, banks and shareholders have been forced to take losses, but the average person’s bank account was left relatively untouched. Italy once imposed a .06 percent tax on every bank account, but the rate was miniscule compared to what those in Cyprus are being asked to contribute.

Dutch Finance Minister Jeroen Dijsselbloem speaks with Managing Director of the International Monetary Fund Christine Lagarde at the EU headquarters in Brussels on Friday, March 15, 2013. European finance ministers are trying to complete a long-delayed bailout deal for Cyprus in a bid to keep the island nation from a bankruptcy that could rekindle the region’s debt crisis. (Photo: AP)

European officials are promising that Cyprus is a unique case and that the same tactic won’t be used elsewhere, but not everyone is convinced.

“…this is a unique situation. Just like the Greek bailout was unique; just like the Irish and Portuguese bailouts were unique; just like the bailout of Spanish banks was unique…” ZeroHedge wrote, noting that the problem never seems to get fixed.

ZeroHedge concludes its article with pointed criticism for the policy and a warning for the rest of Europe:

Congratulations Cyprus savers – you were just betrayed by both your politicians, and by Europe – sorry, but you are the “creeping impairments” in the game known as European bankruptcy. And so is anywhere between 6.75% and 9.9% of your money, which you were foolish enough to keep with your banks (where at least you were compensated with a savings yield of… 0%).

More importantly, as of this morning Europe has finally grasped that there is a 6.75% to 9.9% premium to holding physical cash in your mattress rather than having it stored with your local friendly insolvent bank.

Luckily Cyrpus is so “small” what just happened there will never happen anywhere else: after all in Europe nobody has ever heard of “setting an example“. Or so the thinking among Europe’s unthinking political elite goes… [Emphasis modified]

The Associated Press contributed to this report.

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Comments (308)

Conservative2
Posted on March 16, 2013 at 11:21pm
Coming soon to a Bank near you!

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- TSUNAMI_22
  Posted on March 16, 2013 at 11:45pm
  Wrong. It came a few months ago. A financial organization here in the fundamentally changed America started charging interest to account holders for the privilege of having the bank hold their money for them. I can’t recall the name of the place, but it’s already happening.
  
  Report this comment
- Secret Squirrel
  Posted on March 17, 2013 at 12:42am
  Try that here and there will be riots.
  The moochers, the grannys, the people clinging to their guns and bibles
  will all be joining against both parties.
  It’s one thing for a bank to charge a fee, it’s totally different for the government to steal deposits.
  The banks couldn’t be that stupid, everyone would pull all their money out. Then what?
  
  Report this comment
- DarkJello
  Posted on March 17, 2013 at 12:54am
  One tiny little percentage at a time, the “leaders” of the world will rob, force, imprison, and whatever else is needed to “save our children, the planet, and other stuff” because they have IQs of 101. That is really, really, really smart in case you did not know. Most citizens of the world, and especially Americans, will literally not believe or understand what is happening until years AFTER it is all trashed. Forget understanind as it happens. The ignorance is astounding!! And the parasites, aka politicians and educrats, take advantage without shame.
  
  God help us!
  
  Report this comment
- 22AUTOMATIC
  Posted on March 17, 2013 at 12:57am
  Yep, there’s a lot of strange things happening here in the U.S now. My bank, for example, is demanding all current account holders bring in their current identification for scanning. The woman working the window said they just need to “update their systems.” The other gal in the window next to her was discussing massive lay offs at their bank chains also. She told the customer in front of her, ” I may not be here next week….they are letting people go.” Secondly, my bud who sells things on E-bay said Pay-pal & E-bay are going to start locking accounts that don’t provide tax i.d numbers of the account holders (even if you only occasionally sell an old boot or something). This is a precursor to Obama’s upcoming “second sale” tax that you’ll see once the mid term 2014 elections are over. Lastly, our precious leaders have ordered that when you purchase gift credit cards you will not longer be able to use them unless you provide your identification and #’s when activating them. So if, or I guess when, we go cashless nobody will be able to buy anything (outside of barter) without Dear Precious Leader knowing. In other words, “no one will be able to buy or sell without the mark of the beast or the number of his name.” —creepy stuff. In the words of the great Tony Horton…..”get ready cause it’s comin’!”
  
  Report this comment
- KevINtampa
  Posted on March 17, 2013 at 1:09am
  @SecretSqrl
  
  My check from my employer has roughly 30% of it removed every pay period when it’s electronically deposited. And if I ask for a paper check, it’s written out 30% less than my wage. And if I ask for cash, I’m laughed at for 30 minutes.
  
  Report this comment
- DadRocked
  Posted on March 17, 2013 at 1:34am
  Conservative2 – Search for and join a credit union and get away from the banks. These days it’s easy to join. A credit union is a member-owned financial cooperative.
  
  22AUTOMATIC – re: E-Bay/Pay Pal – Owned by the same entity and when they said only paypal (not the pal I would want) was the only means to make payment, I quit selling/buying on ebay. Being a numismatist, I had bought and sold hundreds of times, but stopped completely when the mandate came down a few years back.
  
  Secondly, your comment on; “This is a precursor to Obama’s upcoming “second sale” tax that you’ll see once the mid term 2014 elections are over.”
  
  This is but another important election as to why one should make it a priority to research the candidates now and upcoming so as to get only fiscal conservatives elected. Volunteer, spread the word, donate a couple of bucks to their campaign (in or out of your district/state).
  
  But however one decides to be a part of it, just do not sit this upcoming election out. BHO has nothing to gain now but his progressive pundits will continue if we do not stand tall and take action against their way of governing.
  
  If it continues, BHO goes down as a martyr.
  
  Report this comment
- desertspeaks
  Posted on March 17, 2013 at 2:07am
  eat the bankers, they are making these people pay for the bankers investment mistakes and these people are just going to take it.
  
  Report this comment
- christianUSA
  Posted on March 17, 2013 at 2:56am
  Opinion: many people are thick and slow; a skunk by any other name is still a skunk; what do you think are property taxes, intangable tax, some bank Fees, estate taxes, (some as great as 50% taking away generations of hard work from farmer families! but not the undying corperates farms) etc; Assest taxes! what do some mean “not here”? only difference is timing of when and how and what asset and rate change. Why when person borrows from banks they set the fees and rates but when they barrows from your deposits banks set the rates and charge the person fees? Wake up and reason think; think about consequences coming not what is just now greed, but how things work, learn something about banking, fed,and govnm. Ask Why Who , how do they get paid with what, and for doing what, how much, why them and not US? Why does all money in modern times flow from non-govnm-fed by govnm? Why are not people funds independent from fed? Why just because a govnm over taxes over spends does it bankrupt everybody else? If they really hold by backing all funds and funds are digital electronic numbers that the treasury has on all of US but they are broke then what?
  
  Report this comment
- milez5
  Posted on March 17, 2013 at 3:04am
  Well, the problem squirrel is that so many times in the past Americans have said that if they tried this or that here there would be riots. try telling us who we must hire, who we must rent to, the number of bullets that we can have in a clip and the kind of gun they can be used in. The government steps up, does indeed try it and no riots ever seem to break out.
  
  Report this comment
- 1TrueOne55
  Posted on March 17, 2013 at 3:27am
  And Brought to your by the Progressive Wing of the Democrat party and Barrack Obama’s return to the 1930′s Financial Policies of FDR.
  
  Report this comment
- SpeakSoftlyAndCarry
  Posted on March 17, 2013 at 4:05am
  “Coming soon to a Bank near you!”
  That was exactly what I was thinking when I was reading the article and scrolled down to post the a same comment but you beat me to it.
  Cyprus is the first domino to fall. Without DRASTIC cuts in social entitlement spending (which no one is cutting), this governmental thievery will soon spread across Europe and then to the U.S.!
  
  Report this comment
- nzkiwi
  Posted on March 17, 2013 at 4:18am
  @ Conservative
  
  I believe that you’re absolutely correct.
  
  I’m a fiscal novice but I’m becoming competent in the law of unintended consequences.
  
  “…it’s unclear how fast they can act and what will happen to bank deposits in the meantime.”
  
  It doesn’t really matter how fast they can act. They are at clear risk of creating a run on the banks. These banks, like all banks, don’t hold sufficient cash to cover deposits.
  
  When anxious small depositors try to withdraw their money, they will be restricted to a percentage, or be refused outright – or the banks may even shut their doors. Larger investors will move their funds out of harm’s way, and, for small depositors, anxiety will turn to panic.
  
  Demonstrations and riots may follow. Citizens and small businesses will turn to cash trading and new deposits will be held “in the mattress”. Defaults on loans will increase. Crime will go up. The flow of money, the blood supply of any economy, will be strangled, and an already bad situation will be made many times worse.
  
  Outside approval means that common sense will hopefully prevail.
  
  Conservative is right. Already the US government has been eyeing the 19 trillion dollars held in your 401(k)s. The administration has said that it would like to “help” you manage those funds.
  
  On reading this stoy, I immediately started to consider my options…
  
  Report this comment
- kadster01
  Posted on March 17, 2013 at 7:26am
  ” Italy once imposed a .06 percent tax on every bank account, but the rate was miniscule compared to what those in Cyprus are being asked to contribute.”
  
  “Asked to contribute?” They’re not being ASKED anything. They are being robbed! I’m sure the Obama administration is salivating over this idea.
  
  Report this comment
- cloudsofwar
  Posted on March 17, 2013 at 7:30am
  when it comes to your money trust no-one. we have a system in our country called fdic. how long will it stand in this new america? obama can sign an ex order and that will be that. now pay your fair share on all that you have. i’ve always said that obama will go after your savings.
  
  Report this comment
- poorrichard09
  Posted on March 17, 2013 at 8:30am
  Yeah, it’s not enough that we in the US and elsewhere are being robbed by inflation devaluing our money.
  
  Report this comment
- WarMunger_Al
  Posted on March 17, 2013 at 9:00am
  Milez5-
  You are exactly right. Americans like to talk about resisting tyranny, but when it comes down to it, they never do. How do you think they were able to force the worthless green paper on the populace? The confiscated everyones real money (their gold) and nobody did squat about it. I still don’t understand how a presidential executive order could be allowed to take property from people. No riots, no revolution. We have yet to see a single shot fired as they strip us of all rights guaranteed by the constitution. No more 4th amendment, no more 5th amendment, the 2nd is on it’s last legs and Obama signed a law outlawing the 1st amendment wherever the secret service happens to be operating. Still, no shots fired. just lots of angry talk.
  
  Report this comment
- Bum thrower
  Posted on March 17, 2013 at 9:09am
  You got that right; if the Dems get the house back, it’s over!! No 2nd Amendment rights; theft of your back acounts; and ‘redistribution’ EBT cards for all “obama’s people”……….it’s pay back time!!
  
  Report this comment
- barbie5
  Posted on March 17, 2013 at 9:13am
  Tax on money in bank accounts will happen After the collapse of the economy……Health care is only one tentacle reaching into your life…giving them access to knowing your financial information. This administration is counting on riots and it is coming …..with the next step being martial law.
  
  Report this comment
- TROONORTH
  Posted on March 17, 2013 at 9:45am
  Can anyone here say ‘CASH’?
  
  Can anyone here say ‘BARTER’?
  
  Paperless, traceless transactions will flourish and the government’s tax income will shrink even further. Everybody (with the exception of liberals it seems) knows that increasing taxes, in what ever form, reduces tax income and retards the growth of the economy.
  
  Apparently that stupid man in the White House; ‘The Big O’ hasn’t learned that lesson yet. He will.
  
  Report this comment
- IndyGuy
  Posted on March 17, 2013 at 9:46am
  Keep your money with us and you Government won’t be able to tax it….Trust us…
  
  Report this comment
- Independent4233
  Posted on March 17, 2013 at 9:51am
  The confiscation is needed, because Cyprus has bought bad debt from the Greece government and other countries that have negotiated partial pay-backs of their liabilities as part of overall packages of financing required to keep them from going belly up as Cyprus is doing right now. It’s a consequence of the bailouts that have been negotiated.
  
  The only difference between this move and the “stimulus” Obama enacted is that only the taxpayers who paid taxes are seeing their earnings used to give to the banks to keep them solvent. In Cyprus ALL depositors are being robbed.
  
  Here the feds are monetizing the debt in order to flood the banking system with money to also prop up the banks and it is causing a devaluation of our currency, which means purchasing power is reduced and acts as a kind of tax on the people, which, in effect, has the same result as tapping bank accounts. But the American way means everybody pays not just the depositors.
  
  The entire global economy is on the skids. There IS NO RECOVERY. Stimulus funds of one kind or another are the only thing keeping the stock markets high by flooding the system with cheap money.
  
  If you hear the warnings by economists that the feds will eventually loot pension accounts here, the recent outrage in Cyprus will give you somewhat of an example of what they are talking about.
  
  Government is a self-sustaining beast and will kill everything around it in order to survive.
  
  Report this comment
- edcoil
  Posted on March 17, 2013 at 9:53am
  The power to tax is the power to destroy.
  
  Report this comment
- crackerone
  Posted on March 17, 2013 at 10:08am
  Never let a crisis go to waste. Obama is waiting for a couple more violent acts of mother nature and you know the Dems and some Rino’s will push through a carbon tax. Everything is all set up to implement, how and where these carbon credits will be traded and taxed, and of course the big one…….. who will reap the billions when it is implemented.
  
  This charade will play out for a few years before they raid our bank accounts.
  
  Report this comment
- IndyGuy
  Posted on March 17, 2013 at 10:08am
  Trying to keep up with it all is just so TAXING…
  
  Report this comment
- chevronb191972
  Posted on March 17, 2013 at 10:19am
  It’s theft by another name to hide the perfidy, scheming and downright lies of a long discredited organisation based upon marxist doctrine. The UK spends 53 million pounds a day to be told how to spend, make laws and perform tasks for the benefit of the British people. The day is coming when we too, will have OUR Boston tea party. No Taxation without representation? We haven’t had that for longer than America had and it takes a lot to stir a Briton. But even Queen Elizabeth the First knew never to stand against an Englishman who stood upon a right.
  
  Report this comment
- michael48
  Posted on March 17, 2013 at 10:25am
  with the clueless, “hoax and chains” thingy crowd…this is a destinct posibility…
  
  Report this comment
- mensa141
  Posted on March 17, 2013 at 11:02am
  Is this perhaps why DHS has ordered so many armored vehicles, automatic rifles and hollow nose bullets?
  
  Report this comment
- ChildOfTheKing
  Posted on March 17, 2013 at 11:24am
  I do NOT have my money in a FEDERAL BANK, like Chase, etc. THAT WOULD BE FOOLISH because IT IS REGULATED BY OUR GOVERNMENT.
  
  For now, I have my money in 2 credit unions, but I also keep a minimal amount in there, pulling out small amts of cash every now and then and putting it in my safe. I also have gold and silver.
  
  HERE IS WHAT YOU SHOULD DO:
  1. ANY CASH YOU HAVE THAT YOU CAN DO WITHOUT, BUY GOLD.
  2. Put a minimal amount of cash (cash that you need to shop with for groceries, etc.) in a MEMBER-OWNED credit union or something along those lines.
  3. STOCK UP ON FREEZE-DRIED FOODS or at least canned goods that will last at least, 5 years.
  4. PAY OFF ANY MORTGAGE YOU HAVE – DOUBLE OR TRIPLE YOUR PAYMENTS IF YOU CAN. GET IT PAID OFF BECAUSE the govt will use it as leverage against you.
  5. PAY CASH FOR EVERYTHING. Never use a credit card unless you pay it off at the end of the month.
  6. DO NOT SPREAD ANY LOANs OUT OVER 6 MONTHS OR MORE. THERE ARE HIDDEN FEES YOU WON’T KNOW ABOUT.
  7. EDUCATE YOURSELF ON YOUR LOCAL AND STATE POLITICIANS. FORGET THE GOVT. EDUCATE YOURSELF ON PEOPLE WHO CAN REPRESENT YOU CONSERVATIVELY AND WISELY.
  
  LAST, but most importantly, GET INVOLVED IN YOUR LOCAL COMMUNITY:
  1. Go to school board meetings. LISTEN AND RECORD.
  2. Get to know your local Police and Sheriff. KNOW THEM BY NAME. GET THEM TO KNOW YOU.
  
  NEVER TELL ANYONE – NOT EVEN YOUR COUSIN, THAT YOU HAVE STORED FOOD OR GUNS…….
  
  YOUR 401ks ARE NEXT to be robbe
  
  Report this comment
- AxelPhantom
  Posted on March 17, 2013 at 11:30am
  I don’t think the banks will go after savings accounts here, but I CAN see the government coming after our 401K’s (you have to be “rich” to have one of those -sarc) in the vein of shoring up banks, Social Security, Medicare, Medicaid, Obama care….
  
  Report this comment
- Proverbs17-12NLT
  Posted on March 17, 2013 at 11:34am
  Go to your bank (if you have any savings in this Obama economy) and try and pull out $10,000 or $20,000. The bank will make you wait a couple of days to get that out. Their excuse is they don’t have that much money on hand to give back to you at a given time or some other lame excuse. Buy a liberty safe, get your money out of the bank, buy as much silver as you can, and a few guns with as much ammo as you can find. Get the AR for the zombies at the curb, the pistol will get them at the door, and the shotgun for the hallway. When the government runs out of other peoples money, the system milking democrats will start prowling and the cops will not be able to stop em.
  
  Report this comment
- Walkabout
  Posted on March 17, 2013 at 3:02pm
  I saw this yesterday on Zerohedge.
  
  There are a lot of smart alecky trolls on Zerohedge. The smart alecks are they to mess with people but I think some are smart alecks just because everything is so effed Upped it is the only way they stay somewhat sane. Some of it is funnier then HeII. Look the “bullish” comments.
  
  You get your socialists and others. It is not to bad. They cannot dominate the forum.
  
  My point is is scroll a little bit once or twice in the comment section & you will get your answer. I found some sage advice there.
  
  Report this comment
- thunderclap
  Posted on March 17, 2013 at 3:33pm
  which I knew how to set up a bank online. I’d be rich!
  
  Report this comment
- KidCharlemagne
  Posted on March 17, 2013 at 3:35pm
  TSUNAMI_22
  Posted on March 16, 2013 at 11:45pm
  
  Wrong. It came a few months ago. A financial organization here in the fundamentally changed America started charging interest to account holders for the privilege of having the bank hold their money for them.
  ==============================
  
  Very similar to a proposal by Mitt Romney’s rumored pick for Federal Reserve Chairman last year:
  
  ——————–
  “And Mankiw has expressed an interest in those less-traditional policies as well. In another piece, he cheekily suggested implementing a 10 percent negative interest rate on cash by invalidating all paper currency whose serial numbers have a certain final digit. The effect would be that 10 percent of all money would be wiped out, spurring people to spend it or keep it in banks that offer higher, but still negative, returns. In a follow-up post, he argued that a negative interest rate of about 1 percent is appropriate.”
  Business Insider (Aug. 28, 2012): “Greg Mankiw”
  
  Report this comment
- turkey13
  Posted on March 17, 2013 at 3:47pm
  I bet there is a run on shovels in Cyprus. We learned in the great depresssion that the safest place for your money was buried under a rose bush.
  
  Report this comment
- Walkabout
  Posted on March 17, 2013 at 3:58pm
  KidCharlemagne
  
  Zerohedge covered negative interest rates, NIRP, the evil cousin of ZIRP
  
  Having NIRP while chained CPI tells you that inflation is higher than the government lie tells you that the ruling class does not know how to rule. They do not know how to rule but they know how to feather their nests. As the ruling class is divided with the Democrats holding the upper hand, I would suggest kicking them out first. I am not to keen on many Republicans either. McCain should retire. The freaking Republican election consultants need to be run out of town on a rail.
  
  Report this comment
- GunSlingerTexas
  Posted on March 17, 2013 at 3:59pm
  This is not a tax, this is stealing from the people. And in America this is why they want our guns, so they can steal our money and not face any resistance.
  
  Report this comment
- Mil-Dot
  Posted on March 17, 2013 at 4:02pm
  The verminous politicians know that the end is near and so is the the proximity of the rope to their necks. They will do ANYTHING to postpone the swinging. And if they have to send goons to people’s houses to ransack them for valuables, they will do that to. That is why they want the guns so bad. Because if we don’t have any, they can live for a few more days. Their time is coming to an end. They will not escape the carnage.
  
  Report this comment
- P.Tfamily
  Posted on March 17, 2013 at 4:25pm
  Mike Danneskjold is a good friend to have in these times… You can find him on facebook or google
  
  Report this comment
- upeopleneedtogetalife
  Posted on March 17, 2013 at 4:44pm
  I’m pulling my money out next week. Maybe even Monday. .This may spread to the US because everyone knows this is Obama’s play book.
  
  Don’t be the last one!
  
  Yikes. this is very scary.
  
  Report this comment
- Walkabout
  Posted on March 17, 2013 at 5:02pm
  upeopleneedtogetalife
  
  the key may be to watch Spain Italy & then France. If France is teetering or French banks start needing bailouts that is the time to really worry. With Spain not so much
  
  I think the sequence is Spain, Italy & France. If Germany is teetering, you have waited too long for sure.
  
  Check the comments in the linked Zerohedge article (linked int the story). Some of them are good.
  
  I don’t see the comment anymore. Maybe it is buried. I copied the web page yesterday so I still have it.
  
  Report this comment
- theglockguy007
  Posted on March 17, 2013 at 5:29pm
  You’ve got that right!
  
  Report this comment
- starman70
  Posted on March 17, 2013 at 5:40pm
  Cyprus is a limited case – - – that is till the USA’s Democrat Party ROBBING HOODS find out that it works.
  
  Report this comment
- Former_Road_Finisher
  Posted on March 17, 2013 at 5:59pm
  And, when it happens, there will be such a run on the banks to take the money out to stash under the mattress that it will make the crash of 1929 look like a minor event. Then, the direct deposits will get rerouted to a debit card to be spent on durable goods as quickly as possible..
  
  In short, taxing savings will spell the end of the banking industry as we know it.
  
  Report this comment
- CJRobber
  Posted on March 18, 2013 at 12:36pm
  Right On CSV: According to Zero Hedge the USSA could match Cyprus with only a $8,243t (euro) haircut. That is $1.07 Quadrillion USD in the short counties like the USSA. Maybe Ben could just rip us off a few more of those $20’s.
  I’m thinking we just BK and then sell all our carrier groups to China, we give them Mexifornia, Washingtonastan, and Oregonastan as a deal closer!
  We retain the FEMA liability just in case there is any unpleasantness. (you know, like “Super storm Gonzales” or whatnot}.
  What say! Could work! We could get Trump and Christie to broker the deal, close. and deed within a week! Hey, it’s a plan!
  Course, we’d have to extract big Chris’s tongue from the Bamster’s ear first. Is this the Ides of march or something? [:)
  
  Report this comment
- RNM
  Posted on March 18, 2013 at 1:03pm
  Good grief… it’s not surprising I guess, but the paranoia by you people who have listened to Beck’s relentless “predictions” of doom over the past 5 years has reached insanity levels. It’s especially disheartening to see those who consider themselves Christians behave in such a manner. God is still in control people… and regardless of whether we agree with the politics of who resides at the White House, Romans 13:1 and Matthew 6:25-27 are still true, real and relevant today.
  
  I leave you with a quote by T.D. Jakes: “I’ll give you some symptoms of a sign that your faith is deteriorating–whenever you face all of your problems and you trust only your plans to get you out–it is a sign that your faith is deteriorating.”
  
  Report this comment
- Walkabout
  Posted on March 18, 2013 at 3:17pm
  Money quote of the Cyprus Story
  
  “Politicians and bankers mess up, you pay. Private property? Ha, ha, ha”
  
  http://pjmedia.com/rogerkimball/2013/03/17/more-rot-from-the-eu-cyprus-edition/?singlepage=true
  
  “Politicians and bankers mess up, you pay. “
  
  Report this comment
- Female
  Posted on March 18, 2013 at 5:32pm
  RNM,
  
  “the prudent see trouble ahead, which enables them avoid it BUT, the fool rushes forward as though nothing is happening or coming, and the proud are just simply set-up for the fall; believing so much in themselves and nobody can touch me attitude, until destruction is upon them.” I know this isn’t properly quoted and kind of spliced together but at the same time, I didn’t want to take the credit for the wisdom Found in Proverbs. We are to be watchful and knowing of the times. Even if we save and store to only be raptured before the MARK, those goods/supplies/weapons etc.. will be left for those GOD guides to them.
  
  I am a Christian in firm belief of the 7ps being scriptural. I believe there are opportunities now to prepare especially for those of you with money and 401Ks. I don’t believe in gold and silver as a means….but if I had money, I would store what people need. Unfortunately, bullets have already become a shortage item. As a family, we watch end time type movies, “Revolution” and “Walking Dead”, just to get an idea of the trouble ahead. It also motivates us to get that garden in, purchase some extra canned food (even stuff they don’t necessarily like today…if hunger they will eat it).
  
  A thief in the night has definitely struck the Cyprus people! I feel so bad for the people who are at the bottom of the cut off =$13,000 or a full year of ss payments.
  
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TheBurningTruth
Posted on March 16, 2013 at 11:20pm
This is what happens when you get so in debt that you have to take the orders of others. This is a big part of why Barry sees our debt as a tool to enact asset taxes (confiscation). Income redistribution doesn’t work because if it gets too high people stop working. However, seizing their assets doesn’t require their complicity through working.

It’s coming here in a matter of years under the name “Asset Tax”. It has already been talked about last year and President Marxist loves it.

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- chucksue351
  Posted on March 17, 2013 at 8:27am
  a lot of the states do that now it is called a tangable tax (florida) there are caps on it but the statists can change that at will
  
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- barbie5
  Posted on March 17, 2013 at 9:05am
  Tax on accounts….not until the collapse of the economy. This administration is preparing for riots and martial law.
  
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- Walkabout
  Posted on March 17, 2013 at 3:48pm
  Confiscating honestly obtained wealth does 2 things. On one hand people consume instead of saving. On the other hand everyone will try to get hooked into the political system so that may enjoy the spoils of government taxation.
  
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- TEXASGRANNY73
  Posted on March 18, 2013 at 10:47am
  I read this story first, then the hangings in Libya, then flipped to Fox and read the UN and Global Arms Trade Control, then John Kerry announces 250 million in US aid to Egypt, then researched and found Obama had notified Congress announced in Sept. 2012 it (IT?) would provide an emergency infusion of 450 million and on and forward read the story on Fox that Obama is still pushing a “partnership” with Mexico to raise awareness about food stamps. Put all these stories together and what we are experiencing in the USA this is one of the worst days one can wake up to. Bible Ecclesiastes 3:16 And I saw something else under the sun: in the place of judgment-wickedness was there, in the place of justice, wickedness was there.
  Thank you Glenn for warning us when you were at Fox.
  
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- Walkabout
  Posted on March 18, 2013 at 3:20pm
  “Politicians and bankers mess up, you pay.” – Roger Kimball of PJMedia.com
  
  Report this comment
grumpyt
Posted on March 16, 2013 at 11:20pm
It begins! All of Southern Europe will have this done to them and only fools will believe that it won’t happen here. We are broke and the BANKSTERS want YOUR money!

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- Beachmastermax
  Posted on March 16, 2013 at 11:45pm
  The Banksters don’t get the tax, the government does. Why would a bank want to tee off people who voluntarily deposit their money with them?
  
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- Ruckus_Tom
  Posted on March 17, 2013 at 2:37pm
  Yes. Cyprus is a test run.
  
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termyt
Posted on March 16, 2013 at 11:20pm
So, what is Cyprus saying here? They don’t want foreign capitol in their banks? I think those wealthy Russians will be looking for someplace else to hide their money now.

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- TEXASGRANNY73
  Posted on March 18, 2013 at 10:51am
  Cyprus is saying “we, your government, can do any damn thing we want.”
  We are in so much trouble. All these stories on Fox and the Blaze are all tied together. International. Worst news day yet.
  
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old construction worker
Posted on March 16, 2013 at 11:19pm
Obama will be coming after your 401k’s and IRA’s. Watch for it in some 3000 page grand bargain bill or a series of small bills. After all, no one in Congress reads any of the bill they vote on.

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- who8thecat
  Posted on March 17, 2013 at 1:10am
  The sad part about it this is indeed reality. They already raped pillaged and plunder our social security and now that it is or will be depleted they have come up with a new plan 401`s and Ira`a here we come. You work your ass off all your life pay the taxes to take care of the degenerat`s and try to be responsible but they still want more. Sad state of what America has become. Like the “death tax” tax you when you are alive and tax you when you die.
  
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- Xanderson
  Posted on March 17, 2013 at 1:57am
  Old– yep! There is an irresistible amount of wealth in 401k’s and retirement accounts here in the USA! Watch out folks! They’re coming for your savings!!
  
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- geeman
  Posted on March 17, 2013 at 9:36am
  Yup,but it will be sold as the only way to avert the (crisis) Global warming,childrens health care,or some other B.S.I f there is a real disaster coming it will be caused by the commie in charge.
  
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- Mil-Dot
  Posted on March 17, 2013 at 4:57pm
  No monies, under the largest of rock will not be sought by the politicians and their goons. For they know that the ropes are being knotted, tied and gathered. Pitchforks are being sharpened (figuratively). They know we are coming for them. If they can use the goons to grab people’s money and buy a few more years of life, that is what they will do . They must not be allowed to get away with it.
  
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UNALIEN
Posted on March 16, 2013 at 11:17pm
The IMF wanted 40% initially..

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Margyt
Posted on March 16, 2013 at 11:16pm
The house of cards only takes one card to tumble.

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MrKnowItAll
Posted on March 16, 2013 at 11:16pm
Hey! Let’s make EVERYTHING FREE. It’s not like people will Stop working or anything.
If everything is not FREE by the time I die. It will Kill Me.

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OUT THE REGRESSIVES
Posted on March 16, 2013 at 11:16pm
Coming to a government near you.
Kalifornia
Illinois
New York
Detroit
Need I go on????

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- Shasta.Red.Banks
  Posted on March 16, 2013 at 11:41pm
  If you are saying that those states will eventually be bailed out with federal tax payer dollars, you are correct. In the new order, fiscally responsible people will have to take care of the rest. Its called fairness, or justice, or redistribution. Its the Obama way.
  
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- mlimberg
  Posted on March 16, 2013 at 11:56pm
  All Liberal strongholds…… what a surprise….
  
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- SadWingsRaging
  Posted on March 17, 2013 at 10:12am
  If stealing MY labor to prop us someone elses bad decisions is not SLAVERY WTH is?
  
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- AUsername
  Posted on March 17, 2013 at 11:14am
  if that comes to America its banker smashing time.
  
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- sta
  Posted on March 17, 2013 at 4:27pm
  AUsername – It’s the Government that put this tax in, not the bankers.
  
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maggiepie
Posted on March 16, 2013 at 11:14pm
It could happen here. Obama wants more taxes. He just might try to do this to spread the wealth
around. Don’t for one minute the Middle Class is safe from more taxes. His minions need their free
stuff and somebody has to pay for it. Need to get as many progressives out of the Senate & House
in 2014. If we don’t, we will all be in trouble.

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- piiguissa
  Posted on March 17, 2013 at 2:01pm
  It’s here… it is called inflation. Your money is worth less therefore you were robbed.
  Obamacare will be another illegal money confiscation. But money confiscation/theft is happening here too and no one is doing anything about it. I’m bullish KY jelly! That’s all that’s going on around here… folks are getting used to bending over and taking it!
  Invest wisely: Lubricant!!!!!!!!
  Kiss me! I like to be kissed while screwed!
  
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- Ruckus_Tom
  Posted on March 17, 2013 at 2:42pm
  To some degree it’s already happened here. Remember the Chrysler and GM bond holders the unions were given preference over during the auto bailout?
  
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neverending
Posted on March 16, 2013 at 11:14pm
So how long before that happens here – probably way too soon!

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rickc34
Posted on March 16, 2013 at 11:14pm
Coming soon to your local bank courtesy of Obama and the dems. Everyone pays their fair share.

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demsrtraitors
Posted on March 16, 2013 at 11:12pm
wait , just wait it will be introduced by democrats and RINO’s right here in the USA. Then they will pass a law to stop you from removing YOUR money from American banks and soil. You may leave -but your money stays here sheep. Liberals, Socialists and Democrats just can’t stand the idea of you in charge of YOUR MONEY.

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- grumpyt
  Posted on March 16, 2013 at 11:18pm
  Our own gububmint is already looking at taking 401k’s, but anyone with the ability to look at Real News already knows that. Maybe some will see this and realize that it is the BANKSTERS that are running things and all they care about is getting their hands on YOUR money.
  
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- shorthorn
  Posted on March 17, 2013 at 9:48am
  Exactly what the National Socialists did to the Jews trying to leave the country before the war. You had to pay your next years taxes in advance before you could leave.
  
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rsanchez1
Posted on March 16, 2013 at 11:12pm
What a stupid, stupid tax. If you’re gonna introduce, or even talk about the possibility of introducing a tax, on bank deposits, you’re gonna cause a run on the banks and dry up your source of tax revenue overnight. And that will be the least of your problems, because hey, guess what, YOU JUST HAD A DAMN RUN ON THE BANKS.

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- Bangstick
  Posted on March 16, 2013 at 11:22pm
  That why they wait for the weekend to pull this crap. Pass the law in the middle of the night, rob everybody then pass the blame….”oh, they made us do it.”
  
  Come Tuesday, you are screwed.
  
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Southernsoul
Posted on March 16, 2013 at 11:11pm
Do you smell a run on banks coming? Who would keep money in a bank if they are going to loose money on the deal? Of course banks here often charge to keep your money in their bank. At least its not going to obama.

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Rob_M
Posted on March 16, 2013 at 11:03pm
Good thing to know we are in no way modeling Europe so there is nothing to worry about. Oh wait…

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JohnofOregon
Posted on March 16, 2013 at 11:00pm
This is the same deal the democrats have in their party platform.

The people who head this up are pelosi, defazio, and others. The bill they always write is “cross jurisdictional transactions”. This in turn targets retirement funds. Liberal democrats love stealing from the old as well as selling future generations out.

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RationalMan
Posted on March 16, 2013 at 10:57pm
Don’t you people “LOVE” to sacrifice to your Kings and Queens?
After all, it’s all for the “POOR”….. Right? (Enjoy Losers!)

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TJexcite
Posted on March 16, 2013 at 10:41pm
If they did not have the Euro they would have printed more money and just devalued the Lira by 7% overnight. Same thing.

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- hi
  Posted on March 16, 2013 at 11:05pm
  So true. B of America was just bailed out with printed dollars and no one is covering it.
  
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SilentReader
Posted on March 16, 2013 at 10:39pm
Don’t think it won’t happen here. Eventually! The globalists are determined to collapse the Middle Classes everywhere so that they will be the only ones holding all the wealth! The answer is to dismantle these globalist and unaccountable institutions like the EU and the UN and the IMF and put their globalist handlers out of business.

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- DAS_MOOCH
  Posted on March 16, 2013 at 11:22pm
  SILENTREAD…amen sista! if people don’t thnk these scheisters will not try this here, they’re fools. we/ve got to beat back these UN globalist control freaks along with the traitors in the WH.
  
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- environmentalandawake
  Posted on March 16, 2013 at 11:23pm
  You are absolutely correct. Our real challenge is getting out of the pockets of the same folk you have described.
  This is the problem with having everything leveraged to the hilt….Consider all the folk involved in your business the day you sign the bottom line; Bank, Insurance, credit reporting, Government, even law enforcement in some cases.
  I for one am relieving myself of those ties, but it’s hard to get folk to understand the ramifications of being overly credit bound. Any suggestions as to how to explain it to them without offending thier sensibilities?
  
  Report this comment
- Snowleopard {gallery of cat folks}
  Posted on March 16, 2013 at 11:40pm
  @Silent:
  
  I can easily see Obama bringing such a tax, and many more into existence via regulations and have them listed as banking fees and other such indirect taxation.
  
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Budrow
Posted on March 16, 2013 at 10:38pm
Glen Beck is the only one around here that may be affected by this.

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- saliwalido
  Posted on March 16, 2013 at 10:57pm
  Soon you and I will be as well.
  
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- BlueStrat
  Posted on March 17, 2013 at 6:56am
  @ Budrow
  
  “Glen Beck is the only one around here that may be affected by this.”
  —
  
  Yeah, just Glenn Beck. Won’t affect anyone else, right?
  
  Well, maybe one or two others. Like both large & small US businesses that do business outside the US. And anyone that in turn does business with them, or work for them or the businesses they transact with…
  
  Yeah, practically no effect at all. /sarc
  
  I’ve got four words for you.
  
  Mutually
  
  Assured
  
  Economic
  
  Destruction
  
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13th Imam
Posted on March 16, 2013 at 10:27pm
Obamanomics of the Eurozone.

Failure is the only option.

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- Walkabout
  Posted on March 18, 2013 at 3:18pm
  “Politicians and bankers mess up, you pay.” – Roger Kimball of PJ Media
  
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DAYOFTRINITY
Posted on March 16, 2013 at 10:24pm
Next!

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Smokey_Bojangles
Posted on March 16, 2013 at 10:21pm
Don’t give Obummer any ideas. When you go to close your account he will attack you with a drone for not being patriotic by wanting to pay more taxes.

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skippy6
Posted on March 16, 2013 at 10:17pm
Fools!!!

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- gyro
  Posted on March 17, 2013 at 8:58am
  bingo
  
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