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So far, Cyprus has not been able to pass such a direct tax against depositors and has gone to Russia for a helping hand. However, the question of whether such an event could happen in the U.S. is a much more interesting point of discussion.
While I find it doubtful, but not totally improbable, that a direct deposit tax would be instituted by domestic banks - the issue of the Fed's monetary policies, particularly since the last recession, has had a significant impact on "savers."
The destruction of principal since the turn of the century, which is far more disastrous than it appears when adjusted for inflation, has ended the dream of retirement for many individuals.
The continued drive by the Fed's monetary policies to artificially suppress interest rates to create a negative interest rate environment for savers is a defacto "tax" on savings
So, can the U.S. potentially have a direct tax on savings? It's already happened.
Originally posted by sheepslayer247
Call me stupid or call me an alarmist, but I believe Cyprus is just a warning of what is to come for nations across the globe. We knew we were screwed long ago and we have been talking about it for years.
Now, it seems, we may live to see "it" come to pass.
Those with deposits of less than €100,000 (£85,000) will be spared, but those with more than €100,000 – many of them Russian – will lose billions of euros under draconian terms aimed at preventing the Mediterranean tax haven becoming the first country forced out of the single currency.