Unless you have been living under a rock for the past three weeks, you're well aware of the first of MANY bank depositor confiscations. A small country the size of Shaq's penis caused the global financial markets to freeze in shock at the ballsiness of its central bankers. Cypress is the Euro's smallest nation, but it's crisis set such a disgusting, despicable precedent, as part of the bailout mandated a 40% levy on any account balance over €100k for Bank of Cyprus depositors and a 60% levy for Laiki (competing bank) depositors. The total bailout was about €17b, of which half will be pulled straight from it's own people. Of course, the Russian oligarchs and government officials had removed their billions from the banks in the weeks leading up to the crisis. Cypress banks had at least 70% of their investments in Greek sovereign debt. So when Greece got pneumonia, Cypress went into a coma. Germany basically said (rightfully so), "Screw you, come up with your own money, we're done paying for your mistakes." They're sick of bailing out countries in the Eurozone who can't keep their shit together. I don't blame them. At this point, since all member countries are wary of leaving the Euro, these types of events will become commonplace. Europe appears to be fracturing into two parties - the responsible nations (Germany, Sweden, Switzerland, other Scandinavian countries) vs the socialist model dumbass nations (Portugal, Italy, Ireland, Greece, Spain, etc). Cyprus was a small petri dish to test the severity of this cash grab. It worked without riots, so the ante will be upped when the next country comes to the Troika (European Commission with the European Central Bank and the International Monetary Fund) asking for money. Most likely Slovakia, Slovenia, Malta, or even Portugal or Spain. Do you think it began and ended with Cyprus? Of course not, you big dummy! Spain, Australia and New Zealand now have proposals to have a similar plan when their economies go belly up. And soon the rest of Europe will too.
Why do I bring this up? Well, guess where banker confiscation will eventually rear its ugly head? Ding ding ding!!!! Right here in the good ol' USA. It has to. Why wouldn't it? We have $17 trillion of debt, $220 trillion of unfunded liabilities, no attempt to make meaningful entitlements reform, 48 million on foodstamps, 50% of our citizens on government assistance and a currency with Stage 4 cancer. You can't blame Obama for presenting a dead-on-arrival budget plan - it's his first one since he became President. We also can't service our debt without printing more money. QE is losing steam (the Fed is split on when to end this, but like a crackhead, we keep needing more to feed our addictions). Eventually we raise interest rates and either inflation will be out of hand by then, our credit has been downgraded, or our dollar will be abandoned in favor of the newly formed BRICS banking system backed by gold (you know that substance that Russia, India, China are hoarding right now? The stuff that USED to be in our vaults at Fort Knox and NY Fed? Our bank accounts and retirement accounts will eventually be touched by the banksters and our government's grubby fingers within the next five to ten years (most likely sooner).
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| And you thought mullets were the worst haircuts.... |
A joint FDIC/Bank of England paper published December 2012 (you know, while we were distracted talking about gun control in the aftermath of Sandy Hook) basically redefined bank depositors as 'investors' and 'shareholders'. So when shit hits the fan here (and it will), your bank account gets a haircut AND that haircut becomes worthless shares not subject to FDIC deposit insurance. Full document here:
Banks and your government are in the early stages of crisis planning for when the system crashes. I've spoken ad-nauseum about the pending dollar collapse and our unsustainable debt, but when it's time to pay the piper, and our dollar has been hyperinflated, and the printed presses are turned off, and we are the equivalent of an economic leper, two easy sources of revenue will pop up - the aforementioned bank accounts for the zombie banks, and your 401k/IRA that the government will take. I told you not to trust these scum-sucking bastards!!! But you do cause they give you free shit and pretend they care about the imaginary war on women!!!! And they want to help you with your student loans!!!! And they like green energy!!! Yayyyy!!!!!
Here's the deal - they come after your retirement accounts first. If you're like me, you've worked, you've saved, and you've invested in your 401k, gotten your company to kick in a defined contribution of 4-10%. You watch it grow, refuse to touch it lest you get a 10% penalty, and start to relax knowing that between social security, any cash pensions, and your core retirement savings, things will be pretty good when you retire. What the government is NOT telling you is that since 2007, they have been trying to sneakily pass legislation that mandates US Treasury securities become the 'risk-free' and 'safe' investment that 'preserves wealth' in each of our retirement accounts. So no more precious metals, emerging growth, blue chip mutual funds - we would be the buyer of last resort since no one else wants to own our debt!!!!! And you'd be FORCED to convert your plans into US treasury only accounts.
There is currently around $19 trillion of private retirement accounts. After some large-scale crash, dollar flight, credit downgrade, alternative banking model (BRICS development fund), America will predictably freak out and look to our useless government for answers. They will inevitably 'come to the rescue' and set up some type of Guaranteed Retirement Account consisting of US treasuries. "Yes massah" the sheeple will scream. Just like we got in lockstep after 9/11. Just like we wanted a quick fix in 2008's crisis. Just like we wanted the Fiscal Cliff theater resolved. Just like we wanted to ban guns after Sandy Hook. Government LOVES when you are emotional, cause you'll sign up for ANYTHING. "They didn't revolt after we nationalized our healthcare system with Obamacare, so we can get away with this too." (Quick aside - Dems are starting to freak out that HHS head Kathy Sebelius is now on record saying costs will be significantly higher than initially thought, and the mountains of new mandates may not be enforceable until 2015. I'm shellshocked). Anyway, Social Security will manage this new influx of loot, and it won't even keep pace with inflation (which will be around 20-30% annually by then). But government saved the day, so why should we care? Oh by the way, the first salvo was thrown today when Obama's budget announced a proposal to limit wealthy account owners to $3 million. Take away tax deductions and they've created $10 billion of additional revenues.
This $19 trillion bucket gets converted into US treasuries, which basically means it is the new operating account for the government to spend on anything it wants. The debt will be inflated away, so most likely this will be used to pay for more and more entitlements, Medicare, Medicaid, illegal immigrants, unskilled slobs who can't find work, exploding welfare, wars in the Middle East and the Orient. When that is not enough, the banks will snag your accounts as their own. Remember, you are now an 'investor' or 'shareholder' or 'creditor' (whatever they decide you to be that day). Thanks to Dodd-Frank, the newly created "U.S. Consumer Financial Protection Bureau" will help facilitate this move when the SEC inevitably falls asleep at the switch during the next looming derivatives and forthcoming stock market crash. So let's recap - your 401k gets hijacked in favor of worthly securities, you lose future purchasing power because of hyperinflation, and you also get a chunk of your bank account confiscated. And you thought it couldn't happen in America, just like 9/11, Hurricane Katrina, Hurricane Sandy, the 2008 Market Meltdown, BP oil spill, electing a black president, and a large-scale assault on the 2nd Amendment. Well guess what? It's all happened. Now, if only there was some international crisis/planned false flag attack brewing that could unite our country in a show of phony patriotism........
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