For all those who do not think the government is ready to take intense measures that might consist of the seizing of retirement accounts, money savings or perhaps gold, look no further than Cyprus, the most recent recipient of bank bailouts.
As of right now, citizens of Cyprus are scrambling to withdraw funds from their bank accounts following the EU, with agreement in the Cypriot government, announced they'll decimate funds held in individual bank accounts to the tune of as much as 10% of current deposits. Yes, you study that right.
The European Union has made the determination that the individuals of Cyprus are now accountable for the a huge selection of billions of dollars in bad bets produced by their government and bank financiers, and they're moving to confiscate cash straight in the bank accounts of each citizen in the nation.
Restrictions have been imposed to stop individuals emptying their accounts or moving their cash out the nation following the Cypriot government announced that as much as ten per cent of deposits will probably be seized and utilized to bailout the island’s crisis-hit banking method. Gold Coins, Learn more >> http://www.silverpricestoday.cc/
The cope with other Eurozone finance ministers will be the first time that ordinary citizens’ deposits have been straight raided in this way. One furious expat stated: ‘this is plain theft. I’d love to hear somebody clarify to me why it is not.’ Below the deal, all bank deposits over €100,000 will probably be hit having a levy of 9.9 per cent. These with smaller sized savings will pay 6.75 per cent. The move sparked panic and violent protests yesterday as crowds desperately attempted to withdraw their cash at money machines.
‘Why would you risk placing your cash in Greek, Spanish or Portuguese banks following this?’ British expats had been stunned by the news, with many left high and dry by the restrictions on accounts. Money machines had been operating, but many ran out of notes because of the panic withdrawals.
But monetary specialists stated the raid - developed to stop Cyprus from crashing out of the euro, potentially destroying the currency - would send shock waves through the Eurozone. If savers in other troubled nations worry their accounts may be next, they could withdraw their cash and spark a catastrophic run around the banks.
They’re calling it a “tax.” As Market Ticker’s Karl Denninger notes, “Like hell that is a tax. That is direct confiscation of the funds of individuals who did absolutely nothing wrong!” It should now be apparent. There's no recovery. There by no means was. Regardless of exactly where you reside, your government is most likely preparing measures to cope with the coming monetary and financial collapse. This means they're going to become coming for something of worth that they are able to get their hands on. Many advisors are recommending that investors put their funds into buying gold and buying silver to protect their wealth from confiscation. How high will silver go? Learn more >> http://silverpricestoday.cc/