Thread: CONFISCATION: Panicked Europeans Rush ATMs as Leaders Move To Seize Funds Directly Fr

CONFISCATION: Panicked Europeans Rush ATMs as Leaders Move To Seize Funds Directly From Bank Account Holders

Mac Slavo
March 16th, 2013
SHTFplan.com
Comments (316)
Read by 21,142 people

Over the last few years political and financial leaders in Europe and the United States have implemented policies, regulations and bailouts costing global taxpayers trillions of dollars with the promise that these measures would lead to economic growth and recovery.

What happened in Europe today is yet further proof that nothing they’ve done has fixed the underlying fundamental issues surrounding the events that led to the crash of 2008.

For those who don’t believe the government is prepared to take extreme measures that may include the seizing of retirement accounts, cash savings or even gold, look no further than Cyprus, the latest recipient of bank bailouts.

As of right now, citizens of Cyprus are scrambling to withdraw funds from their bank accounts after the EU, with agreement from the Cypriot government, announced they will decimate funds held in personal bank accounts to the tune of up to 10% of existing deposits.

You read that right.

The European Union has made the determination that the people of Cyprus are now responsible for the hundreds of billions of dollars in bad bets made by their government and bank financiers, and they are moving to confiscate money directly from the bank accounts of every citizen in the country.

Restrictions have been imposed to stop people emptying their accounts or moving their money out the country after the Cypriot government announced that up to ten per cent of deposits will be seized and used to bailout the island’s crisis-hit banking system.

The deal with other eurozone finance ministers is the first time that ordinary citizens’ deposits have been directly raided in this way.
…
One furious expat said: ‘This is plain theft. I’d love to hear someone explain to me why it isn’t.’
…
Under the deal, all bank deposits over €100,000 will be hit with a levy of 9.9 per cent. Those with smaller savings will pay 6.75 per cent.
…
The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.
…
‘Why would you risk putting your money in Greek, Spanish or Portuguese banks after this?’

British expats were stunned by the news, with many left high and dry by the restrictions on accounts.

Cash machines had been working, but many ran out of notes because of the panic withdrawals.
…
But financial experts said the raid – designed to stop Cyprus crashing out of the euro, potentially destroying the currency – would send shock waves through the eurozone.

If savers in other troubled nations fear their accounts might be next, they could withdraw their money and spark a catastrophic run on the banks.

Source: Daily Mail

They’re calling it a “tax.”

As Market Ticker’s Karl Denninger notes, “Like hell that’s a tax. That’s direct confiscation of the funds of people who did nothing wrong!”

It should now be obvious. There is no recovery. There never was.

No matter where you live, your government is likely preparing measures to deal with the coming financial and economic collapse. This means they are going to be coming for anything of value that they can get their hands on.

If you have the majority of your net worth allocated in bank accounts, money market funds, retirement plans, stock markets or the host of other ‘safe’ assets recommended by your financial adviser, then you are playing Russian roulette.

And in this version there’s a bullet in every chamber.

When they come, they will take everything they can.

CONFISCATION: Panicked Europeans Rush ATMs as Leaders Move To Seize Funds Directly From Bank Account Holders

Cyprus government raids private checking and savings accounts as citizens panic

Sunday, March 17, 2013
by Mike Adams, the Health Ranger
Editor of NaturalNews.com (See all articles...)

(NaturalNews) The day is coming when the U.S. government will claim it "owns" a portion of all our bank accounts, and it will electronically drain our accounts of money in a grand theft scheme designed to pay off the banksters while decimating private savings.

Don't believe it? That day has already arrived in the European nation of Cyprus, where the government made a secret deal with the IMF to loot private bank accounts of up to 10% of current deposits. Banks went along with the theft, sealing off the funds from account holders. The government now plans to initiate millions of funds transfers as early as Tuesday, draining private accounts of the money the government now claims it owns.

"Restrictions have been imposed to stop people emptying their accounts or moving their money out of the country following the deal with other eurozone finance ministers, under which ordinary citizens' deposits will be directly raided for the first time," reports the Daily Mail.

It continues: "But financial experts said the move -- designed to stop Cyprus crashing out of the euro, potentially destroying the currency -- would send shock waves through the eurozone. If savers in other troubled nations fear their accounts might be next, they could withdraw their money and spark a catastrophic run on the banks."

Outright government theft of after-tax money

Just to be clear: even after you earn money by working your job and paying your taxes, any money you have in a bank account can be seized without notice as the government loots private savings to bail out wealthy bankers.

Not surprisingly, bank customers freaked out across Cyprus and began lining up in front of ATMs to withdraw as much cash as possible, causing fears of bank runs.

This seizing of private funds held in bank accounts is being called a "bailout" by eurozone cleptocrats. This is the model of theft that we are going to see replicated all across the EU as the global debt collapse takes hold. When wealthy bankers and investment houses make bad decisions on derivatives debt, they will be "bailed out" by a combination of governments creating fiat currency and / or looting the bank accounts of private citizens.

See this video for more (story continues below)



Cyprus savers to be hit by bailout levy - YouTube

Now it's clear why DHS needs 1.6 billion bullets and armored assault vehicles

If you've been wondering why DHS thinks it needs 1.6 billion rounds of ammunition, 7,000+ full-auto assault rifles, and 2,700+ armored assault vehicles, all for use on the streets of America, the answer is now clear:

The U.S. government is going to loot private bank accounts when the global debt collapse strikes, stealing everybody's money and setting off nationwide riots that will be held in check using armored assault vehicles and automatic weapons fire.

This is what the government sees coming: A global collapse of the 1+ quadrillion dollars in derivatives debt, causing a runaway cascade of wealth destruction and bank failures. No nation on the planet carries more debt than the U.S. government, making it more vulnerable to a debt collapse than any other nation.

Once a global debt collapse spreads to America, the U.S. government will be unable to sell new debt, meaning it will have no choice but to print currency and start looting private bank accounts just to stay afloat. The value of the currency will be rapidly eroded, causing dollars that people have saved in bank accounts to plummet in value by the day. When the government loots private bank accounts, all hell will break loose in the streets, and a national state of Martial Law will be declared to try to stop the violent riots that will be unleashed in every major city.

The U.S. government, like every other government in the world, is like a cancer tumor in that it would rather kill the host than face death itself. There is no limit to the actions the U.S. government will take in an attempt to keep itself afloat, including confiscating private bank accounts, confiscating gold, demanding all gun owners turn in their guns or be arrested, and even confiscating large sectors of the economy such as the technology sector. Don't be surprised if the U.S. government seizes Google, for example, and then begins to censor the search results of all websites critical of the government.

All those in society who produce wealth will be told to hand over their wealth to the government. The billions of rounds of ammunition (and armored assault vehicles ordered by DHS) are to be used by the government to make sure the populace complies. Drones will also be used to kill any who resist by firing missiles at their homes or businesses. This is why Obama continues to claim the right to use drone strikes on U.S. soil to target "enemies" of America (meaning enemies of his regime).

How to protect yourself from government theft

As Cyprus clearly demonstrates, we are now entering the era of runaway government theft of private bank accounts. This is a warning sign of deep desperation, and it's a sign of things to come across the globe. The global debt pyramid is a fictional construct built on a house of cards, and it's going to come crashing down in a violent, desperate implosion that impacts every nation on the planet.

How can you protect yourself from this theft? Trade dollars for REAL things now, while you still can. Here's my list of real assets that are far more valuable than dollars, Euros or any other currency:

• Farm land with good topsoil and multiple water supplies (more valuable than gold!)
• Heirloom seeds
• Physical gold and silver (not held in a bank, obviously)
• Farm equipment such as tractors and farm implements
• Firearms and ammunition
• Home food production systems (aquaponics) - see these websites:
http://theaquaponicsource.com (has an awesome online course)
http://www.backyardaquaponics.com

Learn more: Cyprus government raids private checking and savings accounts as citizens panic

Cash machines EMPTIED across Cyprus as 60,000 British savers face losing MILLIONS after £8.7billion EU bailout imposes tax on all of nation's bank accounts

Sunday, 17 March 2013 11:23
Posted by David Icke

'Up to 60,000 British savers are to lose thousands of pounds each after European finance chiefs ordered an unprecedented raid on personal bank accounts.

Expats and UK troops based in Cyprus will have their savings decimated as part of a painful bid to bail out the bankrupt island. Britons have about £1.7 billion of deposits in Cyprus and could lose up to £170 million.

The Cypriot government has agreed to seize up to ten per cent of savings and use the money to bail out the island’s crisis-hit banking system. The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.'

Read more: Cash machines EMPTIED across Cyprus as 60,000 British savers face losing MILLIONS after £8.7billion EU bailout imposes tax on all of nation's bank accounts

"Depositor Repression" May Spread To Swizterland, EURCHF Spikes

Submitted by Tyler Durden on 03/18/2013 07:13 -0400

Moments ago we got news that the same kind of "depositor repression" aka wealth taxjust implemented in Cyprus over the weekend, may spread to other stability and deposit havens. Such as Switzerland. Just before 7 am Eastern, the SNB's Moder, who is an alternative board member, said on the wires that the SNB will not exclude negative interest rates, which followed earlier comments from the IMF that the SNB should have negative rates if there is a renewed surge in the Swissie, and a plunge in the EURCHF, as has happened as the Euro has tumbled. Sure enough, the EURCHF soared on news that even Europe's last remaining deposit bastion is about to be impaired, because all negative rates are is an ongoing deposit confiscation, instead of a one-time "levy" as per Cyprus.



Bottom line: it is becoming increasingly clear that "your" money is not welcome anywhere, and the the authorities would rather you withdrew it, and injected it into the economy, in a desperate attempt to raise the velocity of money.

That what will happen instead is the parking of said money into deposits and other truly safe venues, not to mention conversion into precious metals and other relatively safe stores of wealth, will merely be chalked off to yet more "unintended consequences" when the chips finally fall.

In the meantime, it sucks to be a Russian billionaire oligarch: suddenly your money isn't welcome anywhere (unless of course that triplex in CPW is finally a bid, sight unseen). Well, except for Singapore... and Japan of course. One wonders what happens to the Yen exchange rate after all the marginal wealth in the world starts buying up JPY and parking its cash in this last true bastion of depositors safety.

"Depositor Repression" May Spread To Swizterland, EURCHF Spikes | Zero Hedge