The New Deal: Confiscation of personal assets

(News & Editorial/ The New Deal:  Confiscation of personal assets)

[Try it out in  Cyprus, make some cosmetic changes and a couple of years later, bring it home. Mr. Larry]

A.  Banking Chief Calls For 15% Looting of Italians’ Savings
Is the financial rape of Cyprus another IMF riot waiting to happen?
18 March 2013,, by Paul Joseph Watson
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News that the International Monetary Fund initially demanded to loot a shocking 40% of savings from the private bank accounts of Cypriots underscores how residents of the Mediterranean country could be the latest victims of the infamous “IMF riot,” as the chief economist of the German Commerzbank calls for Italians to be similarly plundered for 15% of their savings. 

new deal atm

The government of Cyprus is set to vote tomorrow on enforcing a “tax,” which in reality is nothing less than a confiscation of private wealth, that would hit savers with between 100,000 to 500,000 euros with a levy of 9.9%. Those with over half a million euros will face an even higher rate of 15%.

However, the scale of the robbery could have been far higher. As Zero Hedge reports, “It appears that the settled-upon 9.9% haircut is a ‘good deal’ compared to the stunning 40% of total deposits that Germany’s FinMin Schaeuble and the IMF demanded.”

Now that the dictatorial EU and IMF have simply set about stealing the privately accrued wealth of lifetime savers in Europe, everyone is asking one question – who’s next?

Joerg Kraemer, chief economist of the German Commerzbank, has called for private savings accounts in Italy to be similarly plundered. “A tax rate of 15 percent on financial assets would probably be enough to push the Italian government debt to below the critical level of 100 percent of gross domestic product,” he told Handelsblatt.

Although many Cypriots reacted with an anger over the theft of their savings, with one man threatening to drive a bulldozer into his local bank, the reaction has so far been noticeably calmer than one would expect in a country like Italy, which has already been hit with violent anti-austerity riots over the past year.

Are we now seeing yet another example of the “IMF riot” – where the banking elite deliberately fosters social dislocation as a ruse to seize control of a nation’s economy and begin the process of asset stripping, just as happened in Greece and Argentina? Are Cyprus and Italy now in the crosshairs?

As respected investigative reporter Greg Palast exposed in 2001, the global banking elite, namely the World Bank and the IMF, have honed a technique that has allowed them to asset-strip numerous other countries in the past – that technique has come to be known as the “IMF riot.”

In April 2001, Palast obtained leaked World Bank documents that outlined a four step process on how to loot nations of their wealth and infrastructure, placing control of resources into the hands of the banking elite.

One of the final steps of the process, the “IMF riot,” detailed how the elite would plan for mass civil unrest ahead of time that would have the effect of scaring off investors and causing government bankruptcies.

“This economic arson has its bright side – for foreigners, who can then pick off remaining assets at fire sale prices,” writes Palast, adding, “A pattern emerges. There are lots of losers but the clear winners seem to be the western banks and US Treasury.”

How long before the crisis engendered by the looting forces Cyprus to sell its precious assets in return for IMF debt, just as Greece has been doing over the last three years?

The looting of Cyprus, erroneously labeled a “tax,” has been spun by the Cypriot government, the IMF, the EU and the establishment financial media as a necessary evil to prevent the country’s banks going bust and the nation collapsing into bankruptcy.

Firstly, as Mark J. Grant explains, describing the maneuver as a “tax” is an insult to reality.

“Let’s be quite clear; the European Union has confiscated the private property of the citizens in Cyprus without debate, legislation or Parliamentary agreement,” he writes.

“A bank account is not a bond or a stock or any sort of investment. This seems to be lost on many people. A bank account is the private property of a citizen or a corporation and does not belong to the government or at least that was the supposition up until now in Europe.”

Secondly, the doomsday proclamation about Cyprus collapsing if the government is not allowed to loot private bank accounts is merely a cover story to justify what represents a brazen act of mass financial rape.

Instead of protecting the bankers responsible for the crisis while pillaging the people who bear no responsibility whatsoever for the debt, Cyprus should be following in the footsteps of Iceland.

Instead of bailing out bankers, Iceland arrested them. Instead of targeting its population with brutal austerity measures, Iceland paid off people’s underwater mortgages. Iceland also allowed people to pay off debts in foreign currency, which were declared illegal, with the devalued krona.

The result was that Icelanders had more money in their pocket, reinvested it into the economy and now the country has enjoyed a miracle financial turnaround.

The Cypriot government has seemingly chosen a different option – selling out its people to the gaping jaws of the European Union and the IMF and setting the stage for years of economic turmoil, civil unrest and dependency on a financial dictatorship which benefits not from stability but from sustained chaos.


B.  Will Retirement Accounts be Nationalized by Obama and the Democrats?
18 Mar 2013, Godfather,  by Gary DeMar
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Stories have been floating around that in order to make up for the shortfall in government over-spending and revenue shortfalls, Obama and Company will propose dipping into our retirement accounts. The rationale for violating the public trust will be that all of these tax-deferred retirement accounts were created by acts of Congress.

new deal ira

What the State gives, the State can take away. Blessed be the name of the State.

When the politics of envy kicks in with both feet, we will be told that it’s not “fair” that some people have been able to have retirement accounts while others unable. In order to equalize the disparity, it is necessary to spread the wealth to those who have not been able to realize the American dream. Consider the following:

“[T]he National Seniors Council has announced that ‘Obama (has) Begun to Push for a New National(ized) Retirement System.’ According to them, a recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRAs and 401k plans.”

“An immoral, thieving representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a ‘government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation).’ She proclaimed that even ‘private annuities are problematic.’”

We’re beginning to see the breakdown of private stores of capital in Europe. We expect totalitarian regimes to raid sources of wealth “in the name of the people,” but we don’t expect such things to happen right before our eyes. The government of Cyprus wants to tax bank accounts from 6.75 percent to 9.9 percent.

People with bank accounts in Cyprus were shocked Saturday to learn that as part of an agreement reached with international creditors, the government has imposed a tax on all deposits to help bail out the nation and its banks.

 “While the island nation may be small, it’s an international favorite for offshore banking — particularly for wealthy Russians.”

If a government can arbitrarily tax the bank accounts of some people at one rate, then it can tax the bank accounts of everybody at any rate.

The money people put into banks is most often “after tax” money. They’ve already been gouged by the State. Now they’re trying to hold on to what’s left so they can take care of themselves when they are no longer able to work.

Money is a coward. It will go where it believes it’s safe. So it’s no surprise that people are in a panic and are beginning to take their money out of banks where they thought it was secure.

“As one of 17 nations that use the euro currency, Cyprus can raise or lower taxes whenever it wants. Early Saturday, it secured a €10 billion ($13 billion) bailout from its European partners and the International Monetary Fund to save the banking sector and avoid bankruptcy. In return, the island nation has imposed the new tax, among other moves.”

Governments never have enough money. They will always find new ways to spend what money do have and go into debt to spend money they wished they did have. Spending other people’s money keeps them in power.

Democrats are watching these events very closely. If the people capitulate and the government of Cyprus is able to do this with little resistance from the people, don’t be surprised if it happens here.”

new deal illegals[Above: See the people running? A newer “new normal” is coming. A time when families in western countries will be seen running away from their lifelong convictions that government is their friend, their care taker, their Uncle Sam. Within a couple of years (maybe by the 4th quarter of 2013) these families will start running to the bank to clean out their accounts, they’ll be demanding their places of employment provide safety and protection for their 401K and retirement funds. Families and small business will be storing more money “under their mattress” and out of sight,  fewer and smaller deposits will be made at the bank.
Globally, people will be increasingly more apt to exchange silver and gold coins for and in receipt of  purchases, than trust paper currency.

new deal trillion> Today’s cute cartoon caricature won’t be so funny when your savings, your retirement,  your ability to buy personal and family needs are taxed and looted into oblivion. <

As the world economic situation continues to deteriorate, in fits and starts, computers within government departments similar to our IRS, Treasury and/or Homeland Security will track all purchases and bank transaction over (perhaps) $500. Liquid personal assets will be hunted more ruthlessly than “illegals” trying to sneak into a nation. Begin taking evasive action. Mr. Larry]


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