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Europe Attempts to Tax Bank Accounts in Cyprus. Is America Next?

Col. Allen West: "Can anyone tell me what the rate of return is on a government investment?"

by
Next Generation

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March 20, 2013 - 11:49 pm

Europe devised a Cyprus bank bailout that taxes the accounts of savers. Should Europe be punishing good behavior, so as to bailout bad behavior, and will America enact similar polices? Find out as Col. Allen West explains the Cypriot financial crisis, and how it relates to the American debt crisis.

The Next Generation initiatives from PJ Media were launched in February 2013. Under the brand of NextGeneration.TV, they focus on the issues of the day through the perspective of the next generation, as well as how all Americans can stand up for their nation’s future. Through weekly newsletters and alerts, Internet TV, live events, social media, and outreach programs, the NextGeneration.TV team helps grandparents, parents and youth examine the issues confronting the next generation in the areas of America’s economic future, educational pursuits, employment, safety and security, and basic human freedoms.

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All Comments   (9)
All Comments   (9)
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1 year ago
1 year ago Link To Comment
they are ready doing it with zero interest rates
1 year ago
1 year ago Link To Comment
Yes- it is coming to America sooner in another form. Remember Obamacare? IRS will attach liens/confiscate bank accounts/and other liquid assets in order to get Obamacare premiums. Eurozone Cyprus bank accounts taxing/seizing in order to get revenue for EU/Brussels is instead nationalizing-eurozoneing procedure. Eurozone politicians ran amok- in US it will be the IRS with unlimited power to get Health Insurance premiums. Isn't it about time for US Congress to act now?
1 year ago
1 year ago Link To Comment
By monetizing our debt the US gubmint is already stealing from depositors, just as surely as if they were to take a 10% bite up front.

An obvious attempt at what they are trying in Cyprus might make armed insurrection a very real possibility in this country.
1 year ago
1 year ago Link To Comment
2.3 TRillion Dollars Missing from DOD The Day before 9/11/2001

http://www.youtube.com/watch?v=_rRqeJcuK-A


U.S. has military personnel in 130 nations and 900 overseas bases: Republican presidential candidate Rep. Ron Paul, R-Texas, gestures during a Republican presidential debate on Sept. 12, 2011, in Tampa.

http://www.politifact.com/truth-o-meter/statements/2011/sep/14/ron-paul/ron-paul-says-us-has-military-personnel-130-nation/
1 year ago
1 year ago Link To Comment
Col. West, the rate of return on a government investment is how much they can tax away from producers of goods and workers that pay income tax. They will have to take more of our money to meet their utopian expectations for their entitlement constituents.
1 year ago
1 year ago Link To Comment
Why wouldn't they? Democrats already floated stealing retirement accounts in Obama's first term, so why wouldn't they suggest looting other accounts, too?

Why wouldn't they, in order to promote spending to stimulate the economy, confiscate ALL money remaining in every checking or savings account at the end of every month while limiting cash withdrawals to $100? This would force everyone to spend every penny they had every single month. With no ability to build reserves, people would be forced to seek loans for emergency, to pay taxes, etc. which would serve the demands of the Federal Reserve that loans get rolling again.
1 year ago
1 year ago Link To Comment
I canceled my direct deposit. I cash my paycheck at my bank and keep only enough in there to pay some bills online and other regular monthly expenses.

The rest I keep in a safe in my house. After all, the interest in my savings at the bank was miniscule and so small as to be really not worth it. But I have the peace of mind to know that the government won't be able to get any more than what's already in there...once. If need be, I'll cash my check at one of those places that does such things and the government, until they figure THAT out, doesn't get much off of that transaction, either.

Yes, it'd be inconvenient. But, the government is banking (sorry) on that convenience to get a huge money grab the first time they do it.

I learned to do this because they came and cleaned out my bank account for child support once. No, I hadn't done anything illegal nor had I tried to run from it. I had been paying it for years, on time, regularly and was current. They simply cleaned me out one day. I could get no legitimate answer from them.

I figured if they can do it with child support from a state-run entity..the feds would have an even easier time of it. The most they'll ever get from me is possibly one paycheck's worth of cash whereupon since I don't have direct deposit, the would have to go to my employer and take more withholding, which would mean having to go through congress.

It's my belief that we have entered a new phase in human history where it seems the elitists are running the show and have no fears about being stopped by anyone. This is how wars start. This is how people get their lives destroyed. History has shown it over and over again.

Maybe it's that every century or so, despotism has to take hold to awaken the good part of humanity to see that it doesn't need to be that way.
1 year ago
1 year ago Link To Comment
I cleared my savings account a while back as well. It didn't make sense to leave it there in the bank earning a fraction of a percent and not enough to cover some of the charges the bank kept trying to sneak in.

That's an interesting story. The problem there is that in most places the state is the collection agency for child support and all. Naturally the state takes cut of the collected money and so the courts have an incentive to set the figures high. Interesting thought that they looted your account.

Your story goes to show why cash must always be retained. If the US goes cashless like some countries already have, freedom will have truly died.
1 year ago
1 year ago Link To Comment
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