General Discussion

dixiegrrrrl

(60,114 posts)

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

Sun Mar 31, 2013, 01:47 PM

Mar 2013

The original plan was to take money from ALL depositors, and the bank had stated that since it was called a "tax"
it was not covered as an insurable loss.
There was a great outroar, and so they came up with Plan B, which was to take money from those who had over the insured amount of 250,000.
That was the ONLY reason insured depositors did not lose their funds.

Note that this is important not because of the DETAILS, but because a country decided that banks could rob their depositors.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

97 replies

= new reply since forum marked as read

Highlight:

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