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Here it comes!

Hi all,

It looks like here in Cyprus my preps might have to be used.

BBC News - Cyprus bailout: Parliament postpones debate

All the bank accounts here have been frozen we can't get money from the ATMs they as shut down and cards are being refused at shops.
Here it comes, people! Wake up and listen to the alarm that has just sounded....

For those of you who have been waiting on "a sign that the SHTF" pay heed here.

This could be a prototype of what the government and banks plan to do worldwide (note that the [American-created & funded] IMF is involved, as well as the EU).

The bank levy (a nice word for an overnight secretly imposed tax on everyone's bank accounts - while denying you access to your own money), if approved, will result in you being compensated in shares of the bank which takes your money on the government's behalf.

Translation: Your cash will be taken, and you will be handed a share of stock certificate(s) - so you are left owning stock in a bank that is about to go bankrupt.

In a bankruptcy, the shareholders get wiped out. So your piece of paper (your "bank stock certificate") is a worthless piece of paper, if the banks go under.

I think the stock markets worldwide may be watching this to gauge reaction - if shares start to fall rapidly, make whatever move you think you have to make.
 

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Good luck. I would say move but where the heck would you go?
 

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Keep us posted. Of course we aren't hearing of much in the news.
 

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Ouch, it will interesting to see what happens when the banks reopen, it is my understanding there is a lot of Russian money in Cypress banks.

A good lesson in why you should have your money locked up at home and not in a zero percent bank.

A SHTF symptom but hardly the straw that breaks the bankers back.

Good luck Neo, keep us informed.
 

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This could never happen here in America right? After all we have the FDIC.
I really hope your trying to be Sarcastic? that the same group that is already in debt over 16 trillion dollars......... Printing more money to cover something like this if it where to happen would just make things worse and that's the only real option they would have.
 

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This could never happen here in America right? After all we have the FDIC.
The depositors are not losing their entire account; the accounts are insured by the European Central Bank up to 100,000 euros. For depositors with less than the insured amount on deposit, the tax on it will be 6.75%; over 100,000 the tax will be 9.9%. The rest of the account will remain (at least until the run on the banks commences after Monday's banking holiday).

And this same scenario (taxes imposed on existing accounts overnight) could easily happen here. Our Constitution does not prohibit taxation, nor does it prohibit taking people's property - under the Takings Clause, the Federal Government cannot take property (your money) without Due Process of Law (passing tax legislation) and paying the person(s) subject to the taking/tax "just compensation" - here is your stock certificate, or government savings bond/I.O.U.

This has hit our financial markets and has investors paying attention already - here is a story on Bloomberg about it already:

Cypriots Reel After Euro Finance Ministers Choose Deposit Losses - Bloomberg

I plan to watch what happens on Monday to stock and bond prices very closely - the recent all-time record highs in our stock market means a "market correction" may be coming....
 

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I really hope your trying to be Sarcastic? that the same group that is already in debt over 16 trillion dollars......... Printing more money to cover something like this if it where to happen would just make things worse and that's the only real option they would have.
I hope you are being sarcastic, 16 trillion is only the federal government advertised national treasury bond sales debt. The real national debt is in the vicinity of 87 trillion, counting federal state municipality, SS, medicare medicade unfunded retirement. The truth is the interest on the outstanding debt in the US is more than the total gross domestic product, so a 100% tax on every thing that every one has could not pay it back.

So yes I am kidding.

To the OP, thank you for bringing this to our attention. We will likely only see a blip on the Television regarding your countries financial problem. Our government does not want to bring this to the fore front.

Hang in their man, I hope you do not suffer because of this. Keep us up to date if you would. We will likely be able to learn from you things that we would never think of.
 

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Ouch, it will interesting to see what happens when the banks reopen, it is my understanding there is a lot of Russian money in Cypress banks.

A good lesson in why you should have your money locked up at home and not in a zero percent bank.

A SHTF symptom but hardly the straw that breaks the bankers back.

Good luck Neo, keep us informed.
You might want to read the link from Bloomberg I just posted - a Cypriot took a bulldozer and drove it into a bank branch in protest of what just happened.

Anyone with a savings account just got (legally - if Parliament there approves of the measure) robbed by the government....

They struck on a banking holiday - giving the authorities all day Monday to extract the taxes from the depositors' accounts before they reopen the banks on Tuesday.

If one does not think this will cause a run on the banks by depositors trying to take all their money out, one would be sadly mistaken - that run on the banks has already begun and the government shut the banks down to stop it. It will be financial chaos in Cyprus on Tuesday, and the "contagion" could easily spread....

I am not saying anyone should panic - but an alarm bell just sounded, and one might want to look up and see what the alarm may mean to them personally and financially.
 

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Discussion Starter #14
Yep in my mind I am on amber alert here waiting to see what happens and checking and organising my preps listing everything making bug out bags and the is serious shit.
 

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Thanks guys I wil keep you updated when we have more info.
neo4516:

Thank you very much for your post on this "UNPRECEDENTED development" (I added the emphasis, because this has never been done before) that leaders in the banking industry in Europe are calling "ominous" [Barclay's Bank of England, the 2nd largest bank in England, used these terms].

I am curious - what are the gun laws in Cyprus like? Is the populus there allowed to own firearms? I ask because of the bulldozer being used to smash into the bank there, reportedly.

I read one news story saying Cyprus could become as chaotic as Libya - be sure to provide for the safety and security of your loved ones, and we will be praying for you to make it through!
 

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Discussion Starter #16
Yes in Cyprus we can own a shotguns only with no more than two barrels. Most over under here for hunting and trap/skeet/sporting.
We are also limited on what loads we can get no slugs or buck shot the largest is BB lead
 

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This is one of the reasons I don't put money in a bank anymore. (True)

If something like this looked to happen in America it would be OK cause we would just print up more money, of which citizens would never see any. (Sarcastic but unfortunately also true)

I hope you do OK neo. Are you staying or leaving?
 
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