German Commerzbank Suggests Wealth Tax In Italy Next

Originally posted by sirhumperdink
reply to post by ollncasino

 

....and that is unfortunate how?
i believe that was kind of the point
cant really provide any jobs with all that money tucked away...... sure as hell makes it easier to lend though
so whats more important to you a job or loan? (and i realize it isnt so black and white but in practice those are essentially going to be the results)

the article doesnt really provide much information but if this is done correctly it can be very effective and have very few long term problems (there will be short term problems as the wealthy refuse to invest or provide jobs and try to kick and scream to get their way but they ultimately have little choice....they will comply or be replaced by a new generation..... and i sincerely doubt that anyone who has invested that much of themselves into acquiring power will be willing to give it up)

edit on 18-3-2013 by sirhumperdink because: (no reason given)

Hey! Cool! I could use a couple of things. I'll stop by your house after work and help myself 'kay. No worries mate I won't lift more than say 15% of your stuff. Maybe I will use some of the stuff to help fund a little business. Sweet. I'll hire my cousin. And, just because I got away with it there's no reason at all to think that I would every, ever rob, er I mean --redistribute -- from you again so feel free to do your best to replace your stuff and don't change the locks!!

*sarcasm*
I'm not trying to be mean here but the money they are talking about is the money of REAL people. Not the rich and not the elite. If the Cyprus banks would have just been allowed to fail the little folk could have turned to deposit insurance and only the rich would have suffered. They are talking about dipping their hands into the pockets of regular folk. Not cool.

Originally posted by ollncasino
My objection to the confiscating of bank deposits is that it is a tax on the prudent to bail out spendthrifts.

This is a classic story of the grasshopper and the ant... The ant in this case are the people while the grasshoppers are the governments who spend and spend.

Never mind.

Said some angry stuff.

Could The "Cyprus Fiasco" Occur In The United States?

So, if the US was to go the Cyprus route, and begin impairing balance sheet liabilities to remark assets, there would be precious little space (with just $4.3 trillion in total other funding liabilities), before one would need to start eating into the deposit base, should Congress decide to implement a very "fair and just" financial asset tax in the US next. Will Congress do this? Obviously, nobody can answer that question now. However, it was "absolutely certain" as recently as 48 hours ago that Cyprus too would see no depositor "bail in" either. Then things changed rapidly. What is known, is that according to the same BCG chart we showed last night, the necessary debt-reduction needed in the US to reach a sustainable debt level, was over $8.2 trillion using debt numbers as of 2009...

www.zerohedge.com...

Originally posted by Agit8dChop
In theory right, wouldnt much of the debt owed by nations be owed TO the rich?

So, effectively, if you take a 15% tax bite out of the rich, to pay off the debt you owe the rich arent the rich still rich?

edit on 18-3-2013 by Agit8dChop because: (no reason given)

Exactly! Only the rich and big institutions can afford to buy many treasury bonds, as the middle class has devolved into living paycheck to paycheck. Sure the PIIG nations borrow and spend too easily, but the consequences were never known in advance.

Also I would rather have bank accounts taxed than cigarates and alcoholic beverages.

The best way to hit the rich if the system wanted to was to raise the luxury and import taxes. You have a 30 foot yacht? Pay. You own a muscle car? Pay. You own a big house with all modern ammenities? Pay.

But still the government should spend way less. No reason for excesses. One excess brings another excess.

reply to post by dominicus


I can't believe I would live to see this day either.
What's really amazing to me is that some people seem to be OK with it!!!

The whole idea is preposterous indeed. You work your whole life paying taxes and trying to put a little money away to retire on and then someone decides that 10% of your money is now theirs. They are not going to give you any bonds or anything, it's just gone.

This is a warning shot for us all. Beware, this is just the beginning of a new phase of the bankster cartel raiding the public coffers. First governments give up tax money to the banks, now that is drying up it's time to go after private funds.

I just can't get past the fact that Germany is calling the shots for the other EU Member States.

The EU was originally supposed to be a Currency Union...meaning that they all shared a common currency to eliminate the need for the people of the various Nations to know current exchange rates, and to make cross border purchases and travel easier. That original idea has become perverted. Perverted by Power, Greed, and Bureaucracy. If the Member States had known then, what the Monetary Union would become... the EU would have never came to fruition.

Personally, I feel that before any of the Member States' respective Governments acquiesce to these Account Levies or Wealth Taxes, or whatever they want to call them to be most Politically Correct, there should be a Voter Referendum to decide if staying in the EuroZone is worth it.

A Government can only exist with the Consent of the Governed...let the Governed voice their Consent before their Governments can rob them any more.

They may as well have one WWII. My Dad would turn in his
grave.It's disgraceful.

I would bet that if you looked at the debt that it is not government debt but private bank debt backed by the government in Cyprus. I don't know but I would think it is the same ponzi scheme as the banksters ran in Iceland!

OK, why isn't anyone calling this what it is ....INSTITUTIONAL THEFT this nothing more than theft ......

Ok additional information about this bank bailout through stealing money from depositors....

www.washingtonpost.com...

When Greek government debt was written down as part of a deal in 2011, that wiped out a lot of the remaining value of Greek debt. Popular Bank lost 76 percent of the value of their Greek bond holdings in the deal.


How did the banks deal with losing all that money?

They didn’t, and, fearing the worst, the Cypriot government nationalized Popular Bank. The Bank of Cyprus requested assistance too.

Originally posted by Senduko
I'm having so much fun right now EU member myself,

I remember when news spread about Greece, and how people where saying well they got what they deserved those lazy people who don't deserve our money yada yada ya...

I remember watching the news and seeing this old Greek lady in tears and she screamed to the reported "All of you people from Europe, watch us, watch Greece we have become the guinea pigs of Europe"

The plan is to bring it stateside also. So many people living in a reality vacuum but we now have a generation and a half that thinks all the best things in life are free and easy.

Word to the wise though. You let a bully take your lunch money without a fight and you'll be giving up your lunch money all the time.

That is it!!!!!!!!!! I have already posted in two other threads of very similar nature but pertaining to a different country.

I am liquidating our assets as of now and going to straight cash in hand.

This is happening very fast and should be taken seriously by all.

Regards, Iwinder

I don't understand how there aren't riots going in Cyprus right now? Where is the coup, burning the Bank presidents and government officials at the stake, moltov cocktails through all the back windows, pure and raw rage in the streets.

Surely I would have thought that by tonight it would be mass chaos over there ....and not a budge.

This just proves to the world .....they can take a foot and no one does anything. SO they will take more now, and annually, and globally.

I'm still in shock over this!!!!

The below is copy and pasted from my post in a similar thread.

All I can say is that "This is It" and it is not a concert tour.
We personally have a good sized "cash stash" and we are expanding it today as I type this.

We are removing assets from various accounts and converting them to cash to add to our mattress.
We hope to add about 15 k and will proceed to liquidate more and more till our accounts are at the minimum they the banks will allow.

Myself and the wife are of the age where our parents lived through the great depression, the number one rule in all the speeches we received was this......now pay attention you young whippersnappers!

During the depression everyone who not only survived it in tact but almost flourished were the ones who had access to cash period.

The common theme of the day then was if your taxes were due and you could not pay them then you lost your home.

You can't pay taxes when there are no banks but you can pay if you sleep on your money.
You can't cash a check/you can't pay bills/you can't access your money/your plastic cards won't work/ you can't buy gas/ you can't buy food/you can't buy medicine/ in a nut shell you go broke and starved even if you have a million dollars in the bank.

There is no difference to this occurrence happening now in Cyprus in that what happened in the "Great Depression.

None zip zero nadda......They did not re-issue the currency during the depression nor are they doing that now....."at least for now"

So the story goes like this......"Cash Is King"
Here in Canada with our bank (TD) the most you can get in one day is $3000.00 without having to make an appointment.

Makes you wonder a bit No? This rule was put into effect about 3 years ago and as far as I can see the only reason is to put the brakes on a Bank run.

I believe that the actions described in this thread are going to result in world wide protest against our very dear friends the "Money Gods" and I hope to hell this stirs the pot up because if it does not we are all doomed.

S&F

Regards, Iwinder

S&F

Those of you who think this is a great idea, do you realize that the citizens are being forced to give up their hard-earned money that has already been taxed at least once? (and yes.... the rich work hard too. Most of them didn't get rich just sitting around doing nothing. There are exceptions, just like there are poor people who are lazy, but also those who work very hard)

Do some of you realize that these people are literally getting robbed by their Government, having their assets seized forcefully in order to bail out their Government's bad spending habits??? Why should it ever be acceptable to have a politician spend your taxes irresponsibly, go bankrupt and then force him/herself into your bank account and take your earnings to pay for the debts he/she has created?! My God..... what's next? Will they force you to house and feed their troops? Nationalize your farm and force you to work it for next to nothing? It is incredible to me what some people find perfectly acceptable.

Originally posted by Agit8dChop
In theory right, wouldnt much of the debt owed by nations be owed TO the rich?

So, effectively, if you take a 15% tax bite out of the rich, to pay off the debt you owe the rich arent the rich still rich?

edit on 18-3-2013 by Agit8dChop because: (no reason given)

First off it isn't just a tax on the rich, it is a tax on everyone. Second off the debt is owed to everyone, it is peoples retirements, it is money employers need to pay employees. It is government debt that has been promised to pay for medical care and social security. In fact most debt is not owed to the rich, it was the debt that was created and paid to the rich already that has becomes the poor's debt to pay off.

Think of it logically, why do rich people even need to go in debt - they can pay cash.

If you haven't figured it out yet let me spell it out for you - the rich are the ones in power, and the poor are made to suffer, stop dreaming this will just be some way to get back at the rich - that isn't going to happen just look at the world around you.

Here is the biggest problem with this wealth tax crap - it is RETROACTIVE and therefore it is NOT a tax.

If they can take money from you at any time with no warning - that is not a tax - a tax is applied as a penalty for taking some action. If it was a tax the person has the choice of not working/performing the taxable action or of moving somewhere else to avoid it.

What they are doing is THEFT because there was no tax in existence when this money was earned and deposited.

This could be a 2 step disaster. If the "rich" (not sure how much would be considered rich) pull out all their money before the tax hits then it would cause the banks to almost fail in which point they would need a bail out. Then those who were not considered "rich" would have the same thing happen to them as in Cyprus. So in the long run it would hurt those who are not "rich". Very shady...very...

Originally posted by Lostmymarbles
This could be a 2 step disaster. If the "rich" (not sure how much would be considered rich) pull out all their money before the tax hits then it would cause the banks to almost fail in which point they would need a bail out.

You actually hit the nail on the head, which is... A small minority of people own the majority of wealth. Anything wrong with this picture?

I'm not going to discuss the technicality of how these people would "pull out" all of the money. Gold bullion?

Originally posted by sirhumperdink
reply to post by ollncasino

 

[...]
this is why we have inflation ....more money needs to be printed and at a lower value in order to decrease the value of assets that have been horded and allow for a percentage of that value to be reintroduced into circulation (this usually doesnt work out very well but thats another subject entirely)

Um, no. The aim of *benevolent* inflation is to increase the currency supply at a rate equal to the net increase in goods and services relative to the net increase of the population. In other words, if we add a man, we must add the same amount of currency that is necessary for him to sell his goods and buy his needed goods without increasing or decreasing the value of the rest of the currency. Currency is supposed to represent something, even if it's not based on one certain thing of intrinsic value (like gold). It's supposed to represent the value of your work, and therefore should never increase OR decrease the value of the rest of the currency. It's supposed to represent that one pound of rice put away in 1900 would be the same pound of rice consumed in 2013, except no one has to put away perishable goods for their retirement or a rainy day. Currency is supposed to stay at the SAME value throughout the years, so that people can put away currency instead of rice for their old age.

The way it is now, we accept "inflation" as a representation of where the business cycle is at the moment, and that's BS. Inflation and deflation either artificially balloons our shaky, greedy investments or wipes out our life savings and leaves us wholly dependent on the government and their bankster overlords, depending. It's not representative of what the original, purist "point" of what inflation was supposed to be about, which is allowing people to exchange their goods without having to directly barter.

i think you will struggle to find anyone who is ok with this while being directly affected.

boom. the banks all close until they can pass (force) legislation to tax the money you have in the bank to fix problems that the bankers created with risky loans. wait? is this technically reverse bank robbery? wow, i think it actually is.

First of all I am German. We pay our taxes and our tax money is used to bailout other countries and banks... I am not rich, but still my taxes go up and my pay is the same...

So I have NO problem with this taxes for rich people as long as they leave me with what I already have to pay or even reduce it.

Everytime when I hear how many Euros Germany puts into other countries, I have to think about our broken roads, about the high gas prices, about the low food quality in whole Europe for a lot of money, the utility fees, the taxes... I pay and pay and pay.. while the rich people get richer, while banks are saved and bailed out for their own mistakes.