General Discussion

bhikkhu

(10,785 posts)

68. I have to say, the "Cyprus Solution" seemed pretty equitable to me

Sun Mar 31, 2013, 01:10 PM

Mar 2013

Given a failed economy, they opted to take a percentage of the deposits of the wealthy to save the system as a whole. That impoverishes no one, takes nothing from the poor, and takes only from the wealthy what the wealthy could afford (or could manage to afford, given the amounts - perhaps a little downscaling if one had large expenses from multiple holdings).

In any case, the two largest effects are - income inequality is improved, and a failed economy is put closer to balance.

Even "taking" part isn't exactly that, as cash was translated to bank shares. Which would mean that a large depositor now has a certain interest in the success of the economy in general, which can't be said of many wealthy here.

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It Can Happen Here: The Confiscation Scheme Planned For U.S. And U.K. Depositors [View all] dixiegrrrrl Mar 2013 OP

Thank you. AnotherMcIntosh Mar 2013 #1

Cyprus is just a dry run for the Banksters. Wellstone ruled Mar 2013 #2

Link to that paper, or it doesn't exist. MineralMan Mar 2013 #3

I had no problem. Hugin Mar 2013 #5

Thanks. MineralMan Mar 2013 #6

Check out page 83 in that book. Hugin Mar 2013 #9

Thanks again. MineralMan Mar 2013 #8

Here's the FDIC BoE paper referenced. Hugin Mar 2013 #10

K&R Hugin Mar 2013 #4

What can we do to prevent this and/or protect ourselves from this? nm rhett o rick Mar 2013 #7

Join a Credit Union. Hugin Mar 2013 #11

+1 ...Grow Financial. L0oniX Mar 2013 #12

Sorry I dont know what that means. nm rhett o rick Mar 2013 #14

Credit Unions fail as well FrodosPet Mar 2013 #26

Folks do different things. dixiegrrrrl Mar 2013 #15

Take your money out of the gawd damed banks malaise Mar 2013 #46

And put it where? nm rhett o rick Mar 2013 #47

Amen Malaise...take your money out and put it into hard assets. BeHereNow Mar 2013 #54

How do you define hard assets? mainer Mar 2013 #71

A garden Chuuku Davis Mar 2013 #85

You HAVE hard assests, then. dixiegrrrrl Apr 2013 #88

A well is a good thing, providing... BeHereNow Apr 2013 #91

PMs BeHereNow Apr 2013 #90

This article is wrong Yo_Mama Mar 2013 #13

A piece of paper will prevent the banksters from doing whatever they want when they want? AnotherMcIntosh Mar 2013 #16

Uhhhhh Yo_Mama Mar 2013 #17

"paper describes a plan" -- You're missing the point that the paper doesn't mean anything. AnotherMcIntosh Mar 2013 #19

This message was self-deleted by its author amandabeech Mar 2013 #32

Thanks for your insight. AnotherMcIntosh Mar 2013 #39

This message was self-deleted by its author amandabeech Mar 2013 #40

THIS piece of paper did not help folks in Cyprus: dixiegrrrrl Mar 2013 #43

Thank YOU, Yo B Stieg Mar 2013 #20

Even us life long dems have lost our retirement funds dixiegrrrrl Mar 2013 #21

Thank you, dixiegrrrrl! snot Mar 2013 #61

ROFL! Ruby the Liberal Mar 2013 #50

It already happened here quaker bill Mar 2013 #52

Under US law, if a bank is insolvent, it is either taken over by another bank amandabeech Mar 2013 #59

Did you live through and follow the S&L crisis? snot Mar 2013 #62

Exactly. dixiegrrrrl Mar 2013 #72

The fund was very low after the rash of bank failures in the wake of the Great Recession. amandabeech Mar 2013 #76

Amanda..I don't disagree that Dodd-Frank mandated additional levys. dixiegrrrrl Mar 2013 #78

So what do you think of this reg from the FDIC about the three amandabeech Mar 2013 #75

Yes, snot, I did live through the S&L crisis. amandabeech Mar 2013 #77

Avoid all of this by putting your money in a brokerage account such as Charles Schwab. xtraxritical Mar 2013 #18

And what makes you think that that is safer? quakerboy Mar 2013 #27

They're not a "bank" and are subject to SEC rules. Also, unlike banks they have a fiduciary xtraxritical Mar 2013 #28

Personally, I lost confidence in brokerage houses a long time ago Art_from_Ark Mar 2013 #30

Aren't there court opinions which held that banks have had fiduciary responsibilities? AnotherMcIntosh Mar 2013 #44

Sure. Just like the Cyprus banks. snot Mar 2013 #64

There are LAWS which say the FDIC is supposed to step in BEFORE a bank gets into deep trouble dixiegrrrrl Mar 2013 #67

See #67 below. AnotherMcIntosh Mar 2013 #69

"subject to SEC rules" Chuuku Davis Mar 2013 #86

Unless Schwab has a FDIC insured bank as an operating subsidiary, amandabeech Mar 2013 #33

Plus the SEC failed us mightily in not spotting what was going on KoKo Mar 2013 #41

Then you don't even have FDIC insurance Yo_Mama Mar 2013 #53

Note that in Cyprus, those insured depositors WERE GOING TO lose their funds. dixiegrrrrl Mar 2013 #73

No, other countries decided that regulators could rob their bank depositors Yo_Mama Mar 2013 #84

The very same banksters who crashed the world economy remain at their desks, don’t they? ms.smiler Mar 2013 #22

Bonds would have been a better option Ruby the Liberal Mar 2013 #51

Ay-yup. snot Mar 2013 #63

dixiegrrrrl, I just found this same article on AlterNet ms.smiler Mar 2013 #23

Oh, very good. That will make it easier for anyone who is truly interested. dixiegrrrrl Mar 2013 #24

That is something that the Europeans exposed with Cyprus... dkf Mar 2013 #25

Implementing such a scheme would lead to world-wide economic collapse. AdHocSolver Mar 2013 #29

Which makes me wonder why Cyprus did it and New Zealand is proposing it. dixiegrrrrl Mar 2013 #31

LOL, indeed Oilwellian Mar 2013 #34

The short answer to your question. AdHocSolver Mar 2013 #38

I would think there would be blood in the streets if that happens aint_no_life_nowhere Mar 2013 #35

The fact there has been no fallout is encouraging the plan writers dixiegrrrrl Mar 2013 #36

A-men, dixiegrrrrl! John Corzine..(not seen or heard from) KoKo Mar 2013 #42

+! snot Mar 2013 #66

you go, DG! snot Mar 2013 #65

HUGE K & R !!! WillyT Mar 2013 #37

Cyprus is a trial balloon Fumesucker Mar 2013 #45

Yep..first place my brain went... dixiegrrrrl Mar 2013 #48

This message was self-deleted by its author amandabeech Mar 2013 #49

SO glad you posted this DG!!! BeHereNow Mar 2013 #55

More from Reuters- Move your money people. It CAN happen here. BeHereNow Mar 2013 #56

Better safe than sorry, that's what my Grandma taught me. dixiegrrrrl Mar 2013 #57

Because I know you are capable of connecting the dots- here is one for you. BeHereNow Mar 2013 #58

Kick n/t BeHereNow Mar 2013 #60

I have to say, the "Cyprus Solution" seemed pretty equitable to me bhikkhu Mar 2013 #68

Get back to me in 3 months when you know the value of those bank shares. dixiegrrrrl Mar 2013 #70

What you are setting forth as facts are completely untrue. You're marybourg Mar 2013 #79

which facts are you calling untrue? dixiegrrrrl Mar 2013 #81

All. Starting with this untruth: marybourg Mar 2013 #82

Sorry, facts are facts, and its not only true, but has a lot of news citations. dixiegrrrrl Mar 2013 #83

DG- Why do you waste your breath on fools? BeHereNow Apr 2013 #92

Why do you think this was such a huge deal? Ruby the Liberal Apr 2013 #96

We need a a special prosecutor. grahamhgreen Mar 2013 #74

To do . . ? marybourg Mar 2013 #80

I've been converting a portion of my liquid savings to physical silver and gold madville Mar 2013 #87

Ah, someone who "gets it" BeHereNow Apr 2013 #89

Thanks for this. smirkymonkey Apr 2013 #93

Apparently Canada now has same plan. dixiegrrrrl Apr 2013 #94

They should do this in the Grand Caymans and Switzerland. Octafish Apr 2013 #95

They'll have to round up our guns first. Skip Intro Apr 2013 #97