BUSINESS
EUROZONE COUNTRY: SURPRISE! WE’RE PUTTING AT LEAST A 6.75% TAX ON YOUR BANK DEPOSITS
Mar. 16, 2013 10:12pm Erica Ritz
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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…
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So, how do you, the average Sheeple, protect yourself?
Don’t think that this will go unnoticed around the world!
My concern is not so much a tax on “savings”; my concern is a seizure of IRA/401ks.
Figure there are only about 3k financial institutions that are “custodians”. All regulated up the wazoo by the District of Corruption.
Every so often, “trial balloons” get floated about the Gooferment taking those in exchange for an “enhanced Social Security benefit”.
So my gold and silver bullion or nickels strategy don’t look so bad now!
Sometimes capital preservation is more important than investment gain lost!
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Reinke Faces Life 