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  1. #1 Osborne vows to protect Britain's armed forces in Cyprus as cash machines are EMPTIED 
    PORCUS MAXIMUS Rockntractor's Avatar
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    Osborne vows to protect Britain's armed forces in Cyprus as cash machines are EMPTIED and 60,000 British savers face losing millions in 10% bank account tax

    Lines formed at ATMs as people scrambled to pull their money out
    Word spread that rescue package included a one-off levy on deposits
    Restrictions stopping people emptying accounts or moving money abroad
    Up to 3,000 British service personnel are based on the bankrupt island
    President Nicos Anastasiades agreed to raid with European finance chiefs
    Said country in 'state of emergency' and not acting would be 'catastrophic'
    But expats accused the island of 'plain theft' as violent protests sparked
    Britons have about 1.7b of deposits on island and could lose up to 170m
    Parliamentary official: Vote scheduled for today pushed back to tomorrow
    Read More>http://www.dailymail.co.uk/news/arti...s-EMPTIED.html

    It is falling apart fast...........everywhere..............ultimately we will not be excluded from the turmoil.
    The difference between pigs and people is that when they tell you you're cured it isn't a good thing.
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  2. #2  
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    The Cypriots are trying to save what's left of their savings as the government of Cyprus (egged on by "too-big-to-fail" banks) is voting to allow banks to take 10% of every account holder's savings as collateral on a loan from European banks to "save" the Eurozone and "save" the Euro.

    It's theft pure and simple. The people of Cyprus didn't do anything to deserve their savings to be stolen.
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  3. #3  
    Senior Member Zathras's Avatar
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    I'll bet the dems are just drooling uncontrollably at the thought of pulling off something like this here in America.
    Solve a man's problem with violence and help him for a day. Teach a man how to solve his problems with violence, help him for a lifetime - Belkar Bitterleaf
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  4. #4  
    PORCUS MAXIMUS Rockntractor's Avatar
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    Quote Originally Posted by Zathras View Post
    I'll bet the dems are just drooling uncontrollably at the thought of pulling off something like this here in America.
    Does Government Want To Drain Americans' 401(k) Plan?
    Posted 11/28/2012 06:39 PM ET


    War On Wealth: As Washington debates what to do about the fiscal cliff that it foolishly created, many potential sources of new revenue will be thrown on the table. One of them is likely to be 401(k) plans.

    Retirement is an American's reasonable expectation. We put money into investment plans so that our work today funds our hard-earned leisure of tomorrow.

    But many in Washington see our investment accounts not as the expressions of well-planned, disciplined decisions but as untapped reservoirs of wealth they can drain to fix the problems that they caused.

    The tax protection that 401(k)s have now can be wiped out by grasping politicians who refuse to do what's right, which is to severely cut spending.

    The war on retirement, particularly 401(k)s, is quiet now. But that's because it's a cold war.

    And like the postwar tensions between the East and West, it could erupt at any time into a hot war.

    One group of retirement plan professionals is warning that the hostilities might be closer than many of us think. The American Society of Pension Professionals and Actuaries launched on Monday, according to Reuters, "a media campaign intended to educate U.S. employers and workers that the federal government might consider changing the tax benefits of retirement savings accounts."

    A website set up by the ASPPA advises account holders to tell lawmakers to "keep their hands off your retirement savings" and explains that "Congress needs to reduce the deficit, and part of deficit reduction will most likely be 'tax reform' that increases tax revenue" the strong suggestion being that Washington is coming after Americans' 401(k)s.

    If the ASPPA were alone in issuing its warnings, it could be written off as the hyperbole of an isolated group. But Washington's lust for Americans' retirement investments is well documented.

    President Obama's National Commission on Fiscal Responsibility and Reform, for instance, proposed lowering the cap on the amount workers could place in their 401(k)s without incurring taxes.

    And nearly three years ago, Newt Gingrich and Peter Ferrara wrote on these pages about the Treasury and Labor departments "asking for public comment on 'the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams.'"

    "In plain English," said Gingrich and Ferrara, "the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years."

    More than 60 million American workers have a 401(k) or similar 403(b) or 457(b) plan. But taxing these accounts or lowering the amount that can be contributed to them tax-free would do little to close the deficit and cut the debt.

    Total assets in 401(k)s are roughly $3 trillion. So even if they were seized in their entirety, they would merely retire less than 19% of Washington's $16.3 trillion debt.

    Taxed at 50%, 401(k)s would narrowly cover the $1.3 trillion deficit that Washington rang up in 2012.

    Already a large chunk of America's retirement is held in the federal government's hands. Between 1937 and 2009, Social Security took in nearly $14 trillion in payroll tax revenue.

    In all but 11 of those years, the government collected more than it spent on benefits.

    Yet despite all the surpluses, the Social Security program is in financial trouble and Congress needs more revenue to fix it, just as it is looking for more of other people's money to avoid the fiscal cliff plunge.

    Don't think for a minute that 401(k)s aren't on the table as a part of the solution.

    And when they are served up in front of hungry politicians, they can be quickly devoured. All that will be left for the account holders will be a few crumbs.
    http://news.investors.com/ibd-editor...iff.htm?p=full
    If and when we get a Democrat house again you can say goodby to personal retirement accounts, they will be redistributed like the rest of the wealth in this country.
    The difference between pigs and people is that when they tell you you're cured it isn't a good thing.
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    I have been hearing for the past few years that the govt. wants to get its mitts on the 401Ks. Actually, it would end up being Wall Street that would take control of that money with the government acting as their agent.

    Might Americans finally get off their asses for that kind of theft?
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  6. #6  
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    I think there are a lot of people who would applaud if one or more of the Caribbean money laundering/hiding "countries" were to do this to American tax evaders.
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