The Cyprus the EU and HUGE warning to the US

There are some very frightening aspects to the horrific decline of the Cypriot economy and reputation. I visited the Island almost 15 years ago and even played Rugby against the RAF team based there. It was truly an idyllic, blessed, historic and welcoming place. It had the Cypriot Pound, which were worth about $3 US but a Pint of excellent beer was C£0.50 and a 3 course meal C£.5.00 including wine. And I am talking a sit down silver served feast not Burger King. So what the heck happened to the fantastic place I remember?

So to put this in context some latest news. This week the EU demanded as part of an Euro10Bn bailout, yep another one, the Cypriot government set a levy of between 9-10% of bank deposits. For those who don't understand that's the government taking/seizing 10% of all the money you have in savings, your checking account and bonds etc. Taking! This is not Tax BTW, people will have already paid tax at source on their earnings. It's also not capital gains which takes a % of the money you make on, but not the capital it is derived from. OUTRAGEOUS I hear you say...I say its a warning as many of the Cypriot governments failings are seen in Obama's reckless "Bet to Win" financial strategy. 

Over the last decade Cyprus spent huge amounts of money on infrastructure, public sector employment, Greek like state pensions and retirement benefits based on the assumption membership of the EU would produce unsustainable and unrealistic growth in its GDP. The EU was quite happy, as complacent as ever, and smiled benignly on the prolific mismanagement. Why? Because it's essentially a left wing statist organization. Big government is their dream model. Big government and Keynesian theory works until it all grinds to a halt as tax revenues and GDP fail to reach targets, banks stop lending and other countries stop taking your checks. Cyprus essentially utilized Obama's spend our way out of recession theory and bet/borrowed money on future growth. 

If you want to see the disaster we risk read about Cyprus, about families losing everything. The poor, the supposed who's cause the Democrats defend inevitably, are the ones who have nothing. When the government goes bankrupt welfare stops. The slaves stop getting checks. Then Obama declares a totalitarian state and seizes all funds to save the country.....to save the poor!

 

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  • Kick Obama's NeoCom scum ass out of office before it's too late!

  • The ansmwer is in energy: The USA needs to take full advantage of it's enegry resources and become the POEC of the world. We can derive hundreds of billions of income in the USA to pay down dept and get us in good fiscal shape but the "greenie" need to be put in place. Wind , solar , geothermal are all good "supplements" to clean oil, gas and coal ( clean technologies exist and can be used now ). Fuel can be cheap and a dedicated "tax" put on it to square up our debts and pay for a lot of what we need. We need to use the resources we have.

  • Should Spain or Greece or Portugal or even Ireland once again teeter on the brink, will their citizens not fear that they too may get the Cypriot treatment?  Should we be worried that an increasingly desperate Obama, as his tax to spend ratio spirals, will start to look at ordinary peoples hard earned savings? Yes, those who have done nothing but show good sense and discipline by saving their money will have to pay for Obama's legion of lazy, disgraceful welfare slaves!

    And will that fear not make it even more likely that money will be withdrawn from banks, moved out of the country or even simply stuffed under mattresses, all of which will make banks even more unstable? In one respect perhaps we should be grateful for the reminder that this provides, for it reveals again the problem that lurks at the core of the Obama's Vegas gamble strategy.  A lack of respect for the will of ordinary people.

    The other shocking revelation today is that even Bill Maher is saying taxes are too high..

  • its worse than you think    germany and the vatican that are now in the midst of reviving the final 7th resurrection of the not so holy roman empire planned to take over cyprus just as hitler did and other revivals of the holy roman empire     cyprus will be the staging point of the roman empires assault upon radical islam and then thier entrance to jerusalem!!    watch    bible prophecy moving forward now post haste   on an hourly basis!!

  • Glenn Beck, and even  I saw this all coming many years ago, even back to 1995!!!  All this so-called "News" is right on time, right on schedule, perfect according to my own time table... and you can add me to the comments of Shadley W too, because that is my own mindset today!   I am investing in certain commodities that I will keep secret on this web site... sorry, unless you good Combat Vets personally know me and have my email address.  But it's not too hard to figure out why the FEMA camps are going up in the USA... because when the 'free lunch' runs out for the "poor" there will be riots and civil unrest, IMHO, folks.   I'd say that I am 'half- ready' for the Storm...   ---Tom S

  • I wouldn't put it past this despot to levy a tax against our savings accounts and checking accounts.. Got to save the country and I can hear him now...... Can it happen here?  You bet it can..... 

  • A TAX ON EVERYBODY'S ACCOUNTS COMING TO A BANK NEAR YOU . WHAT HAPPENS IN
    EUROPE DOES NOT STAY IN EUROPE SEÑOR BARRY IS PROBABLY ALREADY WORKING ON IT .
  • the warning signs have been up ever since obama and his community organizer machine rolled into the white house, just the conversation he had with joe the plumber that day on the street, before the first election, scared the hell out of me....thats like all of those people standing on their roofs during katrina, waving for help..it was all bush's fault, not the unprepared mayor, or the incompetent governor.....i think 95 percent of this country, including republicans are just idiots, led by a bunch of play along, get along idiots in washington...and only about 5 percent of us are willing to give it all up for liberty and our freedom.

  • The best way to get laughed at is to talk about conspiracies and corruption. Nobody ordered the band to keep playing, they knew all along the ship was going down. He who laughs last laughs best. When you get thru laughing, think about it.

  • Yes and Obama does not care he will be a rich person no mater what. Its like we are in a poker game and can't look at our cards. The bastard, this is what he admitted to being, has got to go as fast as we can try him for his crimes, take back all the illegal money we paid him and deport him to Africa.

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