Generation Screwed

Youth unemployment around the world is dreadfully high and rising. An entire generation is now coming of age without being able to leave the nest or have any prospect of earning a decent wage in their home country.

Young people in particular get the sharp end of the stick – they’re the last to be hired, the first to be fired,

Government Theft

What else can you call it: Cyprus agrees to convert 47.5% of deposits to recapitalize central bank…

How’s that for framing theft…

 

New EU Plan Will Make Every Bank Account In Europe Vulnerable To Cyprus-Style Wealth Confiscation

They want their money back, you have only thought it was your money. That you worked and saved for yourself.

On Thursday, EU finance ministers agreed to a shocking new plan that will make every bank account in Europe vulnerable to Cyprus-style bail-ins.  In other words, the wealth confiscation that we just witnessed in Cyprus will now be used as a template for future bank failures all over Europe.  That means that if you have a bank account in Europe, you could wake up some morning and every penny in that account over 100,000 euros could be gone.  That is exactly what happened in Cyprus, and now EU officials plan to do the same thing all over Europe.

For quite a while EU officials insisted that Cyprus was a “special case”, but now we see that was a lie.  International outrage over what happened in Cyprus has died down, and now they are pushing forward with what they probably had planned all along.  But why have they chosen this specific moment to implement such a plan?  Are they anticipating that we will see a wave of bank failures soon?  Do they know something that they aren’t telling us?

Amazingly, this announcement received very little notice in the international media.  The fact that bank account confiscation will now be a permanent part of the plan to bail out troubled banks in Europe should have made headline news all over the globe.  The following is how CNN described the plan…

European Union finance ministers approved a plan Thursday for dealing with future bank bailouts, forcing bondholders and shareholders to take the hit for bank rescues ahead of taxpayers.

The new framework requires bondholders, shareholders and large depositors with over 100,000 euros to be first to suffer losses when banks fail. Depositors with less than 100,000 euros will be protected. Taxpayer funds would be used only as a last resort.

According to this new plan, bondholders will be the first to be required to “contribute” when a bank bailout is necessary. Think GM and how that worked.

Wealth Tax To Pay for EU Bail-outs (Here we go)

Socialism worldwide is out of other people’s money to give away.

You say it fast enough, maybe it makes sense, to whom?

So now the next step, just confiscate from those that have. It also has the effect of stopping people from doing more productive things and just game the system. Economic collapse is not far behind.

What you thought the Fed could just print money forever, there are limits to levitation that even the Fed cannot get past. Remember the great depression of FDR, and how that spurred mattress sales. Yes FDR caused the Great Depression.

And pay attention to the gold and silver prices, as the banksters, and government try and manipulate the people out of hard assests into paper, which is far easier to confiscate if the people aren’t armed.

We have to pay for governments empty lock boxes. BTW have you seen your SSI lock box lately, or have you figured out it is nothing but a government run ponzi scheme, vote buying.

Wealth tax to pay for EU bail-outs

Wealthy households would face new taxes on property and other assets under German plans to prop up the struggling eurozone.

Senior advisers to Chancellor Angela Merkel are pushing for better-off households to pay towards the cost of any future bail-outs for the weaker members of the single currency.

The proposals, from members of Germany’s council of economic experts, raise the prospect of taxes being imposed on property in a country like Spain if its government was forced to seek a bail-out.

The council, known as the “Five Wise Men”, is often used to test new policies that are later adopted officially.

The German suggestion is the latest sign that Berlin is intent on imposing even tougher rules on weaker southern euro members in exchange for using its economic might to support their finances.

As well as inflaming tensions between Germany and its smaller southern partners, the suggestion could also mean that Britons with holiday homes are dragged deeper into the eurozone crisis.

(snip)

Senior figures in Germany are now arguing that some richer home owners in countries like Spain, Portugal and Greece have so far avoided paying their fair share to rescue the euro, leaving Germany paying too much.

Taxes on property or other assets would mark a significant change in Europe’s approach to funding bail-outs for eurozone members. Until now, the cost of rescue packages for countries like Ireland, Greece and Portugal has fallen largely on people who invest money in either those countries’ bonds or – in the case of Cyprus – bank accounts.

Read more at telegraph.co.uk …

The Next Domino: Australia Doubles Tax On Retirement Savings

Simon Black of Sovereign Man blog,

Though Australia’s national balance sheet is comparatively quite strong, the government has been running at a net deficit for years… and they’re under intense pressure to balance the budget.

The good news is that Australia now has a goodly number of investor-friendly immigration programs designed to bring productive foreigners into the country, similar to the trend we’re seeing across Europe.

On the flip side, though, the Australian government has just announced new rules which penalize citizens who have responsibly set aside savings for their own retirement.

Any income over A$100,000 drawn from a superannuation fund (the equivalent of an IRA in the United States) will now be taxed at 15%. Previously, all such income was tax-free.

The Secret FDIC Proposal That Puts Your Savings At Risk

I think in the USA it’s called theft…. When the government doesn’t obey it’s own laws?

What happened in Cyprus isn’t a “one off” event.

The financial media and elite have been trying to convince the world that Cyprus was a unique situation… a “one time” deal… and that our money is safe in the banks.

This is untrue.

Spain, Canada, and New Zealand have already proposed similar measures through which individuals’ SAVINGS accounts would be used to prop up the banks during times of Crisis.

It’s called a “bail-in,” but really it’s “THEFT” plain and simple. The banks made the terrible mistakes that rendered them insolvent. They (the banks) should simply fail. But instead of failing, the regulators want to keep the banks in business… using YOUR money.

Why is this?

Read more at zerohedge.com …

The Confiscation of Savings in Canada? Cyprus-Style “Bail-Ins” Proposed by Ottawa Government

The wealth heist …

The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style “bail-ins” are actually proposed in the new Canadian government budget. When I first heard about this I was quite skeptical, so I went and looked it up for myself. And guess what? It is right there in black and white on pages 144 and 145 of “Economic Action Plan 2013″ which the Harper government has already submitted to the House of Commons.

This new budget actually proposes “to implement a ‘bail-in’ regime for systemically important banks” in Canada. “Economic Action Plan 2013″ was submitted on March 21st, which means that this “bail-in regime” was likely being planned long before the crisis in Cyprus ever erupted. So exactly what in the world is going on here? In addition, as you will see below, it is being reported that the European Parliament will soon be voting on a law which would require that large banks be “bailed in” when they fail. In other words, that new law would make Cyprus-style bank account confiscation the law of the land for the entire EU.

I can’t even begin to describe how serious all of this is. From now on, when major banks fail they are going to bail them out by grabbing the money that is in your bank accounts. This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the western world.

Unemployment in Euro Zone Reaches a Record High of 12 Percent

Another record as the world shrivels up without America.

Unemployment in the euro zone rose to yet another record high in the first two months of the year, official data showed Tuesday, providing confirmation that the economy remains in a deep freeze.

The jobless rate reached 12 percent in both January and February, the highest since the creation of the euro in 1999, Eurostat, the statistical agency of the European Union, reported from Luxembourg.

 

Big Depositors in Cyprus to Lose Far More Than Feared

9.9%? 30%? 60%? 80%? Nope – according to the latest from Reuters, the cash-on-cash return to all uninsured depositors in the healthy, i.e., only remaining big Cyprus bank, will be a big, fat doughnut.

Nothing left….

Reuters report:

Big depositors in Cyprus’s largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday.

Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.

The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.

Officials had previously spoken of a loss to big depositors of 30 to 40 percent.

Cypriot President Nicos Anastasiades on Friday defended the 10-billion euro ($13 billion) bailout deal agreed with the EU five days ago, saying it had contained the risk of national bankruptcy.

“We have no intention of leaving the euro,” the conservative leader told a conference of civil servants in the capital, Nicosia.

“In no way will we experiment with the future of our country,” he said.

Cypriots, however, are angry at the price attached to the rescue – the winding down of the island’s second-largest bank, Cyprus Popular Bank, also known as Laiki, and an unprecedented raid on deposits over 100,000 euros.

Who is next? Socialism is fine until you run out of other people’s money to give away. Europe has been living off America for decades there is no more. Meybe they should have tried something productive with their time, huh?

Jim Rogers: ‘Run for the Hills,’ I’m Doing It

The EU/IMF precedent of raiding bank accounts in Cyprus to bail out the country’s financial system sets a dangerous precedent and investors should “run for the hills” said investor Jim Rogers, chairman of Rogers Holdings, on “Squawk on the Street” Thursday.

Rogers said that with Cyprus, politicians are saying that this is a special case and urging people not to worry, but that is exactly why investors should be concerned. “What more do you need to know? Please, you better hurry, you better run for the hills. I’m doing it anyway,” Rogers said. “I want to make sure that I don’t get trapped. Think of all the poor souls that just thought they had a simple bank account. Now they find out that they are making a ‘contribution to the stability of Cyprus. The gall of these politicians.” “If you’re going to listen to government, you’re going to go bankrupt very quickly,” he added.

Read more at finance.yahoo.com …