IMF Discusses A Super Tax Of 10% On All Savings In Eurozone

[bjw]

Quote from Visaria:

But mate, they already did it in Cyprus earlier this year! V successfully too, i might add, no riots whatsoever.

People really do have short memories.

comparing cyprus to germany, scandinavia, uk, whatever makes no sense at all.

cyprus was basically bankrupt thanks to its ridiculously large banks compared to the rest of the economy. most northern european countries, like other first world nations, have many economic problems, but the size of the national debt as such isn't a major concern.

you can't seriously suggest a savings raid to pay off debt that is considered so safe by investors there's hardly any interest, with debt levels at historically normal levels, would be accepted by everyone simply because it happend before in a small completely bankrupt little island.

 

[Visaria]

Cyprus was a trial to see how people react. Trial went well.

 

[Visaria]

Quote from just21:

An assumption is being made that any savings still exist in the eurozone. The joke in Spain was "what is the name of the last person with any money in a spanish bank!"
House prices at the top end in London haver risen by a factor of 10 in 10 years. In the Bishops Avenue in hampsted, London a £3m house is now £30m with most of the advance happening since 2008.

http://www.zoopla.co.uk/for-sale/property/london/the-bishops-avenue/

A few seem to be on sale because the seller has gone bankrupt, others have been on sale since April, not exactly being snapped up.

I might put in a low bid, u never know...

 

[just21]

Quote from Visaria:

http://www.zoopla.co.uk/for-sale/property/london/the-bishops-avenue/

A few seem to be on sale because the seller has gone bankrupt, others have been on sale since April, not exactly being snapped up.

I might put in a low bid, u never know...

The saudi royal family just sold 10 for a knockdown £80m. Apparently they are boarded up. They were bought at the time of the first gulf war.

 

[cmb]

If they proposed this here in the US I think most under 30 voters would vote yes.
Most young voters would see this as a short term crunch, but better then paying the piper later on. As much as everyone hates this idea, its certainly gonna cost most people a lot more in 5-10 years. Most would rather take a 5-10k hit now, rather then baking bread on a fire for your only meal of the day.

 

[Bob111]

Quote from cmb:

If they proposed this here in the US I think most under 30 voters would vote yes.
Most young voters would see this as a short term crunch, but better then paying the piper later on. As much as everyone hates this idea, its certainly gonna cost most people a lot more in 5-10 years. Most would rather take a 5-10k hit now, rather then baking bread on a fire for your only meal of the day.

again- i would agree on this,if gvt can demonstrate that they actually care about me,balanced budget,savings (and savers) etc..but i'm pretty sure that they will piss my money away in exact same way they did before-endless military spending,nonsense wars and themselves.
i don't mind contribute my 10%,but not to those,who in charge in DC now,not to six figures retirement packages for a teachers in my local public school.FUCK NO

 

[Visaria]

Savings are the backbone of the economy, though. Tax them and you have bank failures and recession.

 

[cmb]

Quote from Visaria:

Savings are the backbone of the economy, though. Tax them and you have bank failures and recession.

As opposed to the rampant inflation that is sure to come sooner or later. You do know that once bubble Ben or his replacement says the word taper...we could be in for a world of pain. Also when other countries decide enough is enough and dump the dollar, we will be in trouble. And finally, when oil starts being traded in euros/pounds/Swiss francs, we will in major trouble.

So yes while I understand that taxing savings will slow down the economy and force a rescession, we would be able to overcome that more easily then your savings becoming worthless Monopoly money.