When
does banksters’ extortion become outright theft? The latest example and escalation by the placing a levy fee on bank
deposits in the tax haven of Cyprus illustrates the bold step of seizing private liquid saving accounts, under the guise of
a government tax. The prospects of an all out run on the banking system have jumped tenfold. Essentially, a government is
using the power of the state, to steal funds not because of the bankruptcy of a banking institution, but because of a failure
of the entire EU financial system. The forbidding precedent of a seizure of individual wealth, by a stroke of a pen, runs
contrary to the shrinking confidence in fiduciary trust of cash placed in banking accounts.
The
risk of pronounced turmoil in financial markets has just elevated, as the harsh reality of surrendering your economy to the
demands of an untenable debt burden dictatorship, is obvious to anyone with a bank account. The savings of a lifetime is now
subject to confiscation. The pitiful explanation of Cypriots' president defends
bailout deal, clearly reveals that the globalist financial central bank system is determined
to impoverish individual nest eggs.
"President Nicos Anastasiades said Cyprus had little option but to accept
the bailout deal, which imposes a levy on the country's bank deposits - an unprecedented step in the eurozone crisis. Without
it, he said, Cyprus' banking system would have collapsed on Tuesday.
Anastasiades
said that's when the European Central Bank would have stopped providing emergency funding to Cyprus' troubled banks. Such
a collapse would have driven the country to bankruptcy and possibly out of the eurozone, he said."
A departure from the eurozone is a preferable alternative to a bank
burglary of your saving account. The interview in, 'Europe's Citizens Now Have to Fear
for Their Money' admits the worsening plight of added debt. "The euro-zone partner
countries seeking to provide Cyprus with a bailout view the participation of small-scale depositors as a necessary evil. This
is because any aid provided by the long-term euro rescue fund, the European Stability Mechanism (ESM), would be added on top
of Cyprus's national debt."
Now the excuse used by the establishment press to soften the blow of systematic larceny points to the Russian Oligarchs Lose Friend In
Cyprus Banks, as exoneration for tapping the pocketbooks of shady elements. "Cyprus is known as a hot bed of Russian money laundering." Well, that justification surely does little to make whole the struggling
Cyprus natives that can ill afford the hit.
The article, Russian Ruble, Stocks Nosedive on
Cyprus Debt Crisis outlines the initial response to the announcement. "Under the terms
of the bailout deal, Cyprus will have to impose a levy of 6.75 percent on deposits of less than 100,000 euros and 9.9 percent
on deposits with greater sums. Cypriots reacted with shock and rushed to cash machines to withdraw their savings, but many
machines refused to pay out."
Not long thereafter, The Telegraph newspaper reports on plan B, a feeble attempt to gain legislative
support to pass the measures. "The Cypriot government has submitted a draft bill to parliament scrapping a controversial
levy on bank deposits up to €20,000, amid calls from its central bank governor and eurozone finance ministers to ramp
the exemption threshold up to €100,000."
The perspective analysis from ZeroHedge warns of the unintentional consequences
from this pompous scheme of outright larceny in the essay, Will Russia Kill The Cyprus Bailout?
"As Monument Securities' Marc Ostwald notes "there's
a 50/50 chance Cypriot bailout fails because of the 'massive danger' a large amount of Russian cash flees Cyprus following
deposit tax plans." Russia has ~$60 billion exposure to Cyprus, including loans to companies registered in the country
and after the haircut 90% of Russian deposits will still be free to leave the country if the levy is approved.
The critical point is that, should this occur (such a large outflow of Russian
cash - dwarfing in fact the size of the bailout package itself) it is hard to see how the Cypriot banking system could survive
(even with the assistance of the ECB's ELA)."
Predictably,
Forbes waters down the unprecedented destruction of banking confidence that is so indispensable for the megabanks to rape
sovereign nations. The Bailout For Cyprus: A FAQ To The Latest European Financial Crisis, makes it sound that
the panic is simply business as usual.
"And here’s the larger picture. Cyprus is badly indebted. Its debt-to-GDP
ratio pushed to 127% in the third quarter of 2012, the latest period tabulated by European Union officials. Such high debt
reflects Cyprus’ ill financial health. Only Greece (at 153%) has a higher level. The bailout would begin to reduce its
debt, sending it back below 100% of GDP within the year."
So what can be expected in future confiscation of depositor funds? Prepare for the ultimate run on the banks, before
the formula from the great vampire squid - Goldman's Cyprus Post-Post-Mortem: "A Depositor "Bail-In" – And/Or – A Wealth Tax",
is applied on all deposits.
"Despite Cyprus
being small, and arguably unique, a depositor in a peripheral bank is likely to ask the obvious question: how likely is a
deposit tax for me? The answer to this question, we believe, will differ, depending on the peripheral country where it is
asked. But it should, in essence, boil down to two issues: (1) how likely are savings to be bailed-in in any future bank rescues;
(2) how likely are savings to emerge as a tax-base for any future wealth taxes?"
The Cyprus banking holiday is the forerunner of an international overt robbery by banksters. The biblical relief
of a Jubilee, that writes down and forgives debt, is desperately required to end
the financial slavery to the shylock swindlers. The centralization of global banking has an inevitable financial collapse
as the end game. Today Cyprus, Tomorrow the World.
The
Cypriot vote to reject the savings tax gives a short breather to a situation that only a breakup of the EU can resolve.
