Cypriots will have money taken directly out of their bank accounts come Tuesday. Monday is a bank holiday in Cyprus; but by the time banks open on Tuesday, all depositors will have money confiscated, or stolen by their government, taken directly out of their account and into the government accounts. Accounts with less than €100,000 will face a levy of 6.75 percent. Those with more, will be taxed at 9.9 percent. This deposit confiscation is expected to raise nearly €6 billion. Also, the government blocked all electronic transfers over the weekend. In addition to the wealth tax on depositors, Cyprus will raise its corporation tax from 10 percent to 12.5 percent.
Oh, but you say that you, as an American, live in a land of "rules and laws." Yes, say that to the GM bondholders who that thought, according to "contract law," had a first lien against GM assets. How will did that work out for those GM bondholders? Of course, our government completely ignored contract law and GM bondholders lost everything. So, do you still believe that our government would never confiscate a portion your checking accounts, saving accounts, CDs, retirement accounts, and pension funds for its own self-preservation? Finally, remember that $100 in your hand will be worth approximately 7% to 10% more come Tuesday than the $100 in that Cyprus bank account. By the way, where is your $100?
Oh, but you say that you, as an American, live in a land of "rules and laws." Yes, say that to the GM bondholders who that thought, according to "contract law," had a first lien against GM assets. How will did that work out for those GM bondholders? Of course, our government completely ignored contract law and GM bondholders lost everything. So, do you still believe that our government would never confiscate a portion your checking accounts, saving accounts, CDs, retirement accounts, and pension funds for its own self-preservation? Finally, remember that $100 in your hand will be worth approximately 7% to 10% more come Tuesday than the $100 in that Cyprus bank account. By the way, where is your $100?
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