Wow. EU steals 10% of bank deposits in exchange for bailout
- Thread starter Grandluxe
- Start date
Some even say it will be delayed until Friday. Then nobody can get any money from the banks the entire week..
10.38 Rumours are swirling around Twitter that Cyprus' parliamentary vote on the bailout could be delayed until as late as Friday.
<img src='http://i.telegraph.co.uk/multimedia/archive/02512/protests_2512551c.jpg'>
A depositor bail-in for deposits >100K is fine with me. They took the risk to deposit into a overblown, weak and overlevered banking-system and lost. Sounds more 'capitalist' to me than accumulating all the debt on the sovereign level. Heaven forbid people have to start thinking about which institution they trust with their money.
In general:
Socialism has a politically connected core ruling and making decisions for the masses. The theory is that everyone is exactly equal and gets the same amount of goods and services. State owns private assets and plans the economy. The masses are controlled by media propaganda and denigration of capitalist societies, wars and threats of wars, and constant fear placed in the population of a worse fate.
Capitalism is made up of a small group that have amassed evough spare capital to purchase significant assets. The theory is that anyone can be part of the wealthy by working hard. Those in control, frequently cause tree shakes to wipeout the up and coming capitalists so that only a few make it into the top and stay there generation after generation. Individual citizens own private assets ( to the extent the legal system allows and protects them). The masses are controlled by media propaganda and denigration of socialist societies, wars and threats of wars, and constant fear placed in the population of a worse fate.
In both a small core of elites controls a large mass of people through fear of a worse fate using the media.
Depositors are supposed to pay that price??
My choice... the RESPONSIBLE take the hickey. Duh, what a concept.