Wow. EU steals 10% of bank deposits in exchange for bailout

morganist · Mar 16, 2013

Quote from budcampbell:

Be assured if US depositers woke up with a 10% haircut, there will be hell to pay.

I don't that day is far off! But it will come in the shape of inflation.

clacy · Mar 16, 2013

Quote from morganist:

I don't that day is far off! But it will come in the shape of inflation.

There is a big difference between a 10% overnight seizure, and a "slow drip" from inflation.

I can profit from the latter more easily than the former.

Bob111 · Mar 16, 2013

Quote from morganist:

I don't that day is far off! But it will come in the shape of inflation.

+1. as a saver-i feel it every day.it's a slow bleed,but it's there.

Bob111 · Mar 16, 2013

Quote from budcampbell:

Be assured if US depositers woke up with a 10% haircut, there will be hell to pay.

phewww..it's been done before without much of consequences..

http://en.wikipedia.org/wiki/Executive_Order_6102

Executive Order 6102 required all persons to deliver on or before May 1, 1933, all but a small amount of gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve, in exchange for $20.67

achilles28 · Mar 16, 2013

That's fucked. Stealing private wealth and giving it to corrupt BANKERS. That's the end game. They start doing that en masse, and it'll be the French Revolution all over again.

SeventhCereal · Mar 16, 2013

It's worse than an income tax. You're talking about 10% off someone's life savings not 10% off annual income.

JamesL · Mar 16, 2013

Quote from SeventhCereal:

It's worse than an income tax. You're talking about 10% off someone's life savings not 10% off annual income.

Sounds like a "wealth" tax.

Bob111 · Mar 16, 2013

Quote from JamesL:

Sounds like a "wealth" tax.

are you serious?

gdtrader · Mar 17, 2013

Quote from morganist:

I wonder if this will have an impact on precious metals prices.

I doubt it because metals can be confiscated or taxed heavily on sales they can do they same thing. You can buy a few coins here and there but once you sell enough same problem.

stock777 · Mar 17, 2013

Quote from budcampbell:

Be assured if US depositers woke up with a 10% haircut, there will be hell to pay.

Not so sure, we put up with a bakers dozen of new indignities every day, with little or no meaningful response.