Cypress seizing % of bank deposits
 

I just read that Cypress has agreed to seize roughly 6 to 12% of bank deposits to avoid banking collapse, all with the approval of the EU. Refusal to pay will result in jail and/or hefty fines. Very scary.

watch and learn America (hopefully)!!!!

btk

If you dance eventually you'll have to pay the fiddler. It would be nice if we'd stop dancing so much.

Why do Americans think our "friendly" creditors like China would never be so cold and greedy as to do the same thing to us?????

I suppose for the same reason we think that just about everything comes in an everlasting supply, and why we lead our lives depending on that being a fact !!!

We keep spending and running up that debt to China and where exactly does everyone think that scenario might go ???

Not to worry.... China wants us healthy, since we buy lots of their stuff. They're not about to kill the golden goose....

....But they'd gladly have us as indentured servants doing the labor to produce "their stuff".

so we should stop saving and being "responsible" adults??

We only owe them a little over a trillion dollars.... Most of the deficit is borrowed from ourselves . . .

Did you really mean "stop" or did you mean "start"??

No I meant STOP because what is the point of being "responsible" and saving if the Gov't is allowed to go into your bank account now and take what they feel like taking ?? 10% out of Everyones accounts.

By keeping the interest rates artificially low the last 4 or so years the Fed has been doing the same to anyone that puts $$ in a "savings" account" instead of earning 3 or 4% on a savings account you now earn .5% thereby losing 3 or so % a year compounded so how is that different? It's actually worse.

Disagree, respectfully. At least with a savings account, you have made the choice to accept a lousy interest rate, versus a seizure of assets where you have no choice.

If you keep all of your money in the bank, the Fed isn't doing it to you, you are doing it to yourself.

I can envision a massive withdrawal movement from Cypress banks.

There won't be any "refusal to pay" because the money was deducted from the accounts while the bank was closed.

We owe THEM money, if we don't pay what are they going to .. take the White House?

Why have your money in savings account anyway? You can buy a good company like General Mills that pays a healthy dividend and INCREASES it every year! Same as JNJ or Bristol Myers!

Don't fight the FED, interest rates will remain low for a very long time.

REMEMBER if you are getting .50% on your CD or saving account and inflation is around 2% you are LOSING 1.5%!

I AGREE..................:beer3:

Well I guess you could say the same about the money in the Cypress bank accounts? They should have known better and therefore they are really doing it to themselves?

Not the point. The OP was sighting the seizing of a % of bank accounts and all I'm saying is without the interference of the Fed rates would be much higher than they currently are today. Therefore the Fed is really doing the same thing. I on the other hand make 20+% on my money year after year trading options and only have 6 months expenses in a MM account. I can't understand why anyone would tie up money in stocks when there is so much money to be made in derivatives.