UPDATE March 18, 2013
1999 – THE 2nd STEP TO THE FINANCIAL MESS WE ARE IN!
THE 1st STEP WAS THE FEDERAL RESERVE ACT OF 1913 –
WHEN THE STAGE WAS SET
FOR OUR FINANCIAL RUIN!
(To learn more about the Federal Reserve Act – who, what where etc., read the book “The Creature From Jekyll Island” by G. Edward Griffin. It is currently in its 5th reprint!)
THE WEALTH CONFISCATION TO CONTINUE!
Banking Chief Calls For 15% Looting of Italians’ Savings
Is the financial rape of Cyprus another IMF riot waiting to happen?
Paul Joseph Watson
March 18, 2013
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.
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.
This article was posted: Monday, March 18, 2013 at 7:09 am
GRAND THEFT SAVINGS!
I never thought I would see the day when a government steals money from its own people! But it happened – in Cyprus, last Friday! The Government seized almost 10% of everyones money from all the checking and savings accounts, to bail to the BANKSTERS! Apparently they did not read or learn about the right way to take care of the banking gangster – every country needs to do as Iceland did!
(I have that story under “Crummy NOT, Icelanders do it Right!”
Below are two stories that describe what is going on over in the EU zone!
The first one is from Friday, the next is from Saturday!
Then follow two more MUST read articles –
One about America’s changed status regarding financial accounts!
CLICK on the highlighted words and phrases in each article to follow the links!
CYPRUS GOVERNMENT RAIDS PRIVATE CHECKING AND SAVINGS ACCOUNTS AS CITIZENS PANIC
Sunday, March 17, 2013
by Mike Adams, the Health Ranger
Editor of NaturalNews.com
(NaturalNews) The day is coming when the U.S. government will claim it “owns” a portion of all our bank accounts, and it will electronically drain our accounts of money in a grand theft scheme designed to pay off the banksters while decimating private savings.
Don’t believe it? That day has already arrived in the European nation of Cyprus, where the government made a secret deal with the IMF to loot private bank accounts of up to 10% of current deposits. Banks went along with the theft, sealing off the funds from account holders. The government now plans to initiate millions of funds transfers as early as Tuesday, draining private accounts of the money the government now claims it owns.
“Restrictions have been imposed to stop people emptying their accounts or moving their money out of the country following the deal with other eurozone finance ministers, under which ordinary citizens’ deposits will be directly raided for the first time,” reports the Daily Mail.
It continues: “But financial experts said the move — designed to stop Cyprus crashing out of the euro, potentially destroying the currency — would send shock waves through the eurozone. If savers in other troubled nations fear their accounts might be next, they could withdraw their money and spark a catastrophic run on the banks.”
Outright government theft of after-tax money
Just to be clear: even after you earn money by working your job and paying your taxes, any money you have in a bank account can be seized without notice as the government loots private savings to bail out wealthy bankers.
Not surprisingly, bank customers freaked out across Cyprus and began lining up in front of ATMs to withdraw as much cash as possible, causing fears of bank runs.
This seizing of private funds held in bank accounts is being called a “bailout” by eurozone cleptocrats. This is the model of theft that we are going to see replicated all across the EU as the global debt collapse takes hold. When wealthy bankers and investment houses make bad decisions on derivatives debt, they will be “bailed out” by a combination of governments creating fiat currency and / or looting the bank accounts of private citizens.
See this video for more (story continues below):
Now it’s clear why DHS needs 1.6 billion bullets and armored assault vehicles
If you’ve been wondering why DHS thinks it needs 1.6 billion rounds of ammunition, 7,000+ full-auto assault rifles, and 2,700+ armored assault vehicles, all for use on the streets of America, the answer is now clear:
The U.S. government is going to loot private bank accounts when the global debt collapse strikes, stealing everybody’s money and setting off nationwide riots that will be held in check using armored assault vehicles and automatic weapons fire.
This is what the government sees coming: A global collapse of the 1+ quadrillion dollars in derivatives debt, causing a runaway cascade of wealth destruction and bank failures. No nation on the planet carries more debt than the U.S. government, making it more vulnerable to a debt collapse than any other nation.
Once a global debt collapse spreads to America, the U.S. government will be unable to sell new debt, meaning it will have no choice but to print currency and start looting private bank accounts just to stay afloat. The value of the currency will be rapidly eroded, causing dollars that people have saved in bank accounts to plummet in value by the day. When the government loots private bank accounts, all hell will break loose in the streets, and a national state of Martial Law will be declared to try to stop the violent riots that will be unleashed in every major city.
The U.S. government, like every other government in the world, is like a cancer tumor in that it would rather kill the host than face death itself. There is no limit to the actions the U.S. government will take in an attempt to keep itself afloat, including confiscating private bank accounts, confiscating gold, demanding all gun owners turn in their guns or be arrested, and even confiscating large sectors of the economy such as the technology sector. Don’t be surprised if the U.S. government seizes Google, for example, and then begins to censor the search results of all websites critical of the government.
All those in society who produce wealth will be told to hand over their wealth to the government. The billions of rounds of ammunition (and armored assault vehicles ordered by DHS) are to be used by the government to make sure the populace complies. Drones will also be used to kill any who resist by firing missiles at their homes or businesses. This is why Obama continues to claim the right to use drone strikes on U.S. soil to target “enemies” of America (meaning enemies of his regime).
How to protect yourself from government theft
As Cyprus clearly demonstrates, we are now entering the era of runaway government theft of private bank accounts. This is a warning sign of deep desperation, and it’s a sign of things to come across the globe. The global debt pyramid is a fictional construct built on a house of cards, and it’s going to come crashing down in a violent, desperate implosion that impacts every nation on the planet.
How can you protect yourself from this theft? Trade dollars for REAL things now, while you still can. Here’s my list of real assets that are far more valuable than dollars, Euros or any other currency:
• Farm land with good topsoil and multiple water supplies (more valuable than gold!)
• Heirloom seeds
• Physical gold and silver (not held in a bank, obviously)
• Farm equipment such as tractors and farm implements
• Firearms and ammunition
• Home food production systems (aquaponics) – see these websites:
http://theaquaponicsource.com (has an awesome online course)
Learn more: http://www.naturalnews.com/
CYPRUS ATM’s DRAINED OF CASH!
In a move that could set off new fears of contagion across the eurozone, anxious depositors drained cash from ATMs in Cyprus on Saturday, hours after European officials in Brussels required that part of a new €10 billion ($12.6 billion) bailout must be paid for directly from the bank accounts of savers.
The move – a first in the three-year-old European financial crisis – raised questions over whether bank runs could be set off elsewhere.
AND THIS STORY FROM THE CANADA FREE PRESS!
What’s happening in Cyprus should send a chill over the entire world
Socialists ready to make power grab of world citizens’ money
Get your money out of the banks.Due to an “emergency deal reached today in Brussels”, a one-time 9.9% tax is to be levied on Cypriot bank deposits of more than 100,000 euros effective Tuesday, March 19.
Virtually overnight and with no warning of any kind, the emergency tax deal was imposed on the people of Cyprus without vote or debate. People ran to ATM machines today only to discover that the taxed amount of their cash had already been frozen.
Monday in Cyprus is a national holiday, the first day of Greek Orthodox Easter.
Nor is this emergency only inflicted upon the so-called rich as even deposits under 100,000 euros will now be taxed at 6.7%.
“If it can happen in Cyprus, it can happen anywhere,” worried British correspondent Anna Grayson told Canada Free Press (CFP) in an overseas telephone call today.
“Is this why the U.S. Department of Homeland Security has purchased millions of hollow point bullets, is this why rumors of an underground bunker being built for Obama are circulating?”
The bottom line of the Cyprus story is that politicians are forcing a new 10 billion euro bailout—to be paid directly from the bank accounts of ordinary people.
The people of Cyprus, most of whom never saw this coming, never had a chance. Without social media they would not have known their accounts were frozen as of today.
People poured into the streets, making a run on ATM machines. A crowd of around 150 protesters massed in front of the presidential palace late in the afternoon at the beginning of the three-day religious holiday on the island.
Cyprus is the fifth country to seek a bailout following Greece, Ireland, Portugal and Spain but the terms of the deal are a radical departure from previous schemes.
No one will escape the bailout deal which will apply to everyone from pensions to Russian oligarchs, who are alleged to have billions stashed away in what officials claim is a bloated Cypriot banking sector. (Sky News, March 16, 2013).)
The blueprint laid by cunning EU Socialist finance ministers comes at a time when the USA is being led by a Socialist president.
This is how the EU robbed the people of Cyprus:
Banks first cooperated with the EU by sealing off the amount of the proposed levy—a 6.75 percent tax on deposits under €100,000 and 9.9 percent on those above —making it impossible for depositors to access their full amount. The only means bank customers have left is the ability to draw from the rest of their funds via ATM machines this weekend. Many depositors made their way to the machines on Saturday to drain their accounts. But the few banks that opened on Saturdays did so only briefly, and no international transfers will be able to go through until Tuesday, with Monday being the holiday. Cyprus’ Parliament is expected to meet Sunday to pass the required legislation., or after the deed was done. The deal also needs the approval of several eurozone parliaments; at the time of writing it was unclear how fast they can act and what will happen to bank deposits in the meantime.
What’s happening in Cyprus should send a chill over the entire world.
Politicians working with complicit big banks need no rule of law; no parliament debates to close in on the bank accounts of average people.
Get your money out of the banks wherever you are, and do it as soon as possible.
Copyright © Canada Free Press
Judi McLeod is an award-winning journalist with 30 years’ experience in the print media. A former Toronto Sun columnist, she also worked for the Kingston Whig Standard. Her work has appeared on Rush Limbaugh, Newsmax.com, Drudge Report, Foxnews.com, and Glenn Beck.
Judi can be emailed at: firstname.lastname@example.org
NOW COMES THE REAL KICKER – IT COULD NEVER HAPPEN HERE!
YES IT COULD & PROBABLY WILL!
IMPORTANT TO READ THIS SO YOU CAN PREPARE!
There was a ruling made last August 12th (8-12-2012)
that makes it possible – but no main stream media ever reported it!
CLick on the highlighted words and phrases to follow the links!
Clicking on “a federal appeals court ruling” will take you to view the court document!
NOW BANKS CAN LEGALLY STEAL RETIREMENT ACCOUNTS!
Now Banks Can Legally Steal Retirement Accounts
Posted by Dominique de Kevelioc de Bailleul on Aug 15, 2012
By Dominique de Kevelioc de Bailleul
“If you don’t understand what ‘get the hell out’ means, there’s not much I can do for you,” Ann Barnhardt passionately told blogger Warren Pollock, as she warned viewers of systemic failure in the U.S. financial system, as well as the certainty that American savers will be robbed of their retirement, brokerage and savings accounts in the process.
Barnhardt, the former commodities broker, cites the latest and hushed court ruling in the 2007 case of a failed Chicago-based futures brokerage firm Sentinel Management Group—another Ponzi bankruptcy, according to her, totaling $600 million of segregated customer funds tied up in bankruptcy awaiting determination of whether those segregated funds will be used to pay off a “secured position” of a $312 million loan held by Bank of NY Mellon.
According to a federal appeals court ruling, Thursday, Bank of New York Mellon’s secured loan will be put ahead of customer segregated accounts held by Sentinel—a landmark ruling that turns individual segregated accounts into the property of a third party under circumstances of duress. In other words, if a financial institution fails, clients, depositors and pension funds may not get some or all of their money back in a bankruptcy.
In essence, under the ruling, Securities Investor Protection Corporation (SPIC), Federal Deposit Insurance Corporation (FDIC) and other insurance programs no longer will/can protect customer funds, leaving millions of investors, depositors and retirees unaware that they are no longer account holders of their own funds, per se, but, instead, have suddenly become stockholders of the institution with which they have deposited their money.
Copy of the Sentinel Ruling from the U.S. Court of Appeals, Seventh Circuit.
Barnhardt goes on to say that many emails she receives from readers of her blog mock her as a Cassandra, but the woman who warned last year of the coming failures and the government’s disregard of the basics of Common Law have been proved correct. Customers who thought their money was insured with MF Global, PFGBest and, now, Sentinel, were not insured after all, and will lose some or all of their money due to a bankruptcy of the firm in which they’ve placed faith.
She reiterates from numerous previous interviews: run for the hills with your money. The federal appeals court ruling in the case of Sentinel demonstrates that financial institutions have suddenly taken precedence over segregated customer funds, including their largest customers of all—pension funds.
Few know that the game has changed, and the lack of mainstream media coverage of the shock ruling from the seventh circuit court highly suggests fears within the Fed of a full-blown bank run if the news of Sentinel’s case were to become a front-page headline, underscoring the fragility of the banking system of the United States.
“Insurance is designed to cover discreet, individual catastrophes. Okay? If one bank fails, the FDIC can come in and backstop that one bank, no problem,” Barnhardt explains.
“What do you think is going to happen if the entire system collapses? What happens, do you think, if, even, let’s say 25 percent of the banks or the banking capacity in the United States fails?” she asks, rhetorically. “We are now talking trillions and trillions of dollars in deposits.”
In fact, the FDIC shows $15.3 billion (Q1 2012) available to insure approximately $4.7 trillion of deposits (last reported, Q4 2008), or an insurance pool equivalent to one-third of one cent (0.0033) held at the FDIC for each dollar insured within the banking system.
Presently, the FDIC cannot make whole on even one percent of bank deposits covered under its insurance program, though it claims to cover up to $250,000 for each account, a promise that surely will be broken (at least when compared with today’s purchasing power of one dollar) during a systemic banking system failure, according to Barnhardt.
“The analogy is to the fire department,” she adds. “The fire department work great if one house is on fire. What happens if the entire city, if every structure in the city is on fire?”
Barnhardt concludes her interview with two thoughts:
Firstly, in a democratic republic, collectively, Americans are ultimately responsible for the financial system by voting for “psychopaths” to guard against allowing other psychopaths to run the banking system. The coming financial collapse would not be possible with an informed and vigilant electorate, according to her.
Secondly, Barnhardt, a devout Christian, prays for people to wake up in time to protect themselves before the collapse takes place, which she says could be tomorrow, or as far out as two years from now.