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Great EU Bank Robbery – Is Your Bank Going To Steal Your Money?

Author : Barbara Goldsmith   Top Author

Not only are the banks giving most of us a paltry 0.25% - 1% interest on our savings if we’re lucky, they now seem to think it’s their divine right to steal our money in order to protect themselves from going under due to their greed and terrible financial decisions. How incredible is that? This is a wake-up call!

Cyprus is proposing to penalise its savers with a one-off levy on their bank deposits because it wants to save its failing economy and banks.

Seventeen Eurozone finance ministers locked themselves in a room and decided that every Cypriot saver – whether super-rich or dirt-poor – will, without any warning, see part of their hard-earned money confiscated. Yet only a few weeks ago, the Cypriot President Nicos Anastasiades explicitly promised in his election campaign, that savers would be protected. What’s even worse is that deposits under €100,000 are supposed to be protected by EU law, not raided by EU leaders.

Here’s what they want to do:

Savers with under 100,000 euros deposited must pay 6.75%
Those with more than 100,000 in their accounts must pay 9.9%
Innocent people are being condemned for the greed and mistakes of their banks. They trusted their banks to take care of their savings and without warning, the bank steals from 6.75% to 10% of people’s wealth overnight.

Cyprus is a tiny country and may not have as much power as one of the bigger EU countries, but what if this happens in Spain or Italy as it could?? Can you imagine the uproar and the civil unrest?

And they say that the levy is a one-off measure – but of course the government could change their minds about that next month.

Many elderly Britons had transferred savings to Cyprus when they decided to retire there. Someone said “no one can understand how they can do this – isn’t it illegal? How can they just dock money from your account?”

What are the next steps? The Cypriot parliament is voting on this deal today which is conveniently a Bank Holiday in Cyprus. The president is encouraging parliament to accept the bailout deal or face a complete collapse of the economy with a possible exit from the euro. It looks as though this will be a very close call.

It's daylight robbery!! It was announced at the weekend when most banks are closed, and people were desperately queuing at ATM's to try to get some money of their money out. No one could have prepared for I am advising you ALL wherever you live to beware of the banks. All banks are interconnected and your money is not necessarily safe in a bank. Make sure you have enough cash out of the bank. And invest the rest in gold and silver. Right now, the prices are quite low and in the future, because of the uncertainty in the world economy, the value of your bullion will increase greatly. But don’t buy it for that reason. Buy it because it gives you insurance: something that is outside of the control of governments. Don’t buy shares in gold and silver, but buy the actual coins and bars that you can hold in your hand. Don’t let anyone else take care of your bullion, keep it yourself.

The positive outcome that could come from this is that we can start to work together outside of the system. By using barter and exchange we can swap products and services within our communities without having to be penalised by our tax systems. The taxation regimes of failing states and governments are going to get more and more invasive and controlling as time goes on. Let’s not allow the banks rip us off and let's try to prepare for the coming changes.

The biggest question is the possible precedent this sets. What if other depositors in other larger, and more influential European countries start to withdraw their funds from the banks? EU leaders keep saying that this depositor tax will not be repeated in other countries, but of course they could change their minds about that overnight. What this means is that your money is not necessarily safe in any country in the world. All the banks are connected in one way or another, so don’t think that you can relax just because your country isn’t involved in this latest robbery. In the US, for example, don’t be lulled into thinking that the FDIC will continue to pay out if the bank you have your savings in fails.

There is a possibility that this draconian action in Cyprus may not go ahead. However, the fact that it got so far and that authorities think that they have the right to steal from us should be a red flag and a wake-up call. Just because Cyprus is a small country, they may get away with it this time. Please don’t think that because stock markets have been booming all over the world in the last few months that the global financial crisis is over, it’s merely been delayed. There is still time to make protect yourself if you act swiftly and get your money out of the system.

Author's Resource Box

Barbara Goldsmith, MBA, CeFA, CeMAP, Cergi, qualified financial adviser, business consultant and practising astrologer.
Author:Handbook For Surviving The Global Financial Crisis & co-author of E-book, Getting Rich While the Rest of the World Falls Apart.

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Tags:   Cyprus, money, bank, finance, crisis

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Submitted : 2013-03-18    Word Count : 878    Times Viewed: 4371