Bob Owens

The saddest truth in politics is that people get the leaders they deserve

Theft of private bank accounts by government to spread in Europe

Written By: Bob - Mar• 26•13

Cyprus was the first nation to see its banks looted by governments, and since no politicians, bureaucrats or bankers were strung up in the public square, citizens in other neutered nations may be the next to see their savings raided to save socialist governments:

 The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

Socialism is great, until you have to pay for all the graft and corruption and the pain is going to get worse.

It is happening in Europe, and it is going to happen here as well, and probably a lot faster than we might have anticipated, considering the interconnected economies we now have. I just don’t pretend to know when such drastic measures will be attempted here, nor what the American people will do in return when the bill comes due here.

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  1. Comrade X says:

    It is already happening to us; only that the Fed have been doing it very slowly just not all at once however the end result will be the same:

    “…The U.S. government is very unlikely to just seize money wholesale from people’s bank accounts, as is being done in Cyprus. But does that mean that your life savings are safe?

    No. There are more sophisticated ways for governments to take what you have put aside for yourself and use it for whatever the politicians feel like using it for. If they do it slowly but steadily, they can take a big chunk of what you have sacrificed for years to save, before you are even aware, much less alarmed.

    That is in fact already happening…..

    Death before slavery!

  2. Samuel Adams says:

    All this again raises the point, why are we still sitting on our hands?

    We’re being robbed blind.
    We’re being lied to.
    We’re being enslaved.
    In reality, martial law already exists through the militarized police forces.

    What more should we be forced to endure before we respond?


  3. Al Reasin says:

    Since the Treasury Department has actually had hearings on a proposal to “take” IRAs and other tax exempt savings programs’ moneys and dole them out to citizens as they see fit, one would not be surprised to see the Cyprus action repeated here. A Republican Representative has proposed a bill to prevent our government to do the same thing. But considering how our executive branch bypasses congress, who is to say Obama wouldn’t do it and challenge anyone to make him stop. That might be the line in the sand that would get Americans off the couch and out into the streets.

  4. dekar says:

    How is this not causing a huge run on all the banks in Europe? If I had even an inkling of a notion that money from my bank accounts was being taken, I would take all my money out. If enough people did this, banks would shutdown in droves. This seems like a very dangerous way for the govt to get money. Which for me, shows just how desparate the situation is getting.

  5. Survival Skvez says:

    The theft of wealth is already happening in the US.
    The Cyprus “back account theft” is more overt but the practical upshot is the same as the results of Quantative Easing.
    If the government takes 20% of the money out of your bank account you can now only buy 80% as much stuff as you could before.
    If the government trough the magic of QE creates 25% more money without creating any more real wealth behind it they devalue all the money by 20% meaning that the ‘same’ amount of money you now have can only buy 80% as much stuff as before.
    Same effect, although a lot more subtle.

  6. smitty says:

    It appears to be just a matter of time.

    The Federal Reserve is still pumping 85 billion dollars of funny money per month in order to juice the failing economy.

    That’s more than a Trillion a year.

    And the FedGov is overspending about that same figure each year.

    Gonna be a loud BOOM when these over-inflated bubbles pop.