It Begins: Eurozone starts removing money from people's bank accounts

Actually I think the lack of emptied hands is the other half of it. These bureaucrats cater to the poor, but dine with the rich. And none of those cats are getting audited, ever.

 

Yeah, try not to forget the jurisdictional layer cake of law enforcement and military units armed to the teeth and all in a 20 mile radius. Nobody's storming jack ****.

I think the IRS can actually do this with serious violators in certain specific situations.

 

Yes, if we only let all the banking system fail and set-us back to 1932 that would really show all them bank!!!!

 

I don't know where this notion of bailouts being responsible for all bank folly comes from. Notwithstanding the fact that we have evidence of what happened before there were mass lenders of last resort, I think this notion credits people who were buying subprime mortgages in the expectation that housing prices would go up forever WAY too much credit.

 

More like Cyprus banks decided to put 160% of its GDP in failed ventures in Greece.

 

This is the time to buy Euros.

When everyone is scared.

I'm moving my retirement there.

 

Perhaps someone more knowledgeable can explain why hypothetically taking away 10% of assets is so different than taking actions which are likely to deflate the value of everyone's assets by 10%?

 

They should not take the money away from the little people, but why should other European countries bail them out? If their banks just go under what will these people have left?

 

When it is announced your money will be taken away, can't you transfer your cash out? You can buy something which does not fluctuate in value much.

Of course, this assumes you have perfect information before anything happens. Which, if you did, then you wouldn't get caught by the 10% take-away or the devaluation.

Currency exchange has a cost and new risks. In addition, you can exchange cash if you have it sitting around, but most people's assets are not that liquid. More importantly, over 90% of people do not have the sophistication to take positions.

 

Cypriot banks are closed til Thursday. You would have to pull out all your money by ATM which isn't possible.

 

Any chance Cayman island go down?

 

Not unless they rope themselves into the carribbean currency union and have a bunch of hard-money overlords mismanaging monetary policy like an austrian wet dream .

 

Or nobody was watching and regulating their banks as capitalists eviscerated oversight? Hey, that sounds familiar....