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It Begins: Confiscation of Private Funds by Government Desperate for Cash

Cooperwise Wrote: Mar 19, 2013 7:31 AM
The US handled bank debt insolvency.....not by confiscating..the money was lst.....we just asked the tax payers to replace it.
Simplecaveman Wrote: Mar 19, 2013 7:38 AM
Asked taxpayers to replace it? Asked? Did the politicians send out a letter to the taxpayers asking them to replace the debt? That was awfully polite of them.

The small country of Cyprus is giving the world a grave reality check today by reminding everyone that government money is simply the people's money redistributed as the European Union prepares to seize private bank account savings in order to bailout years of bad economic decisions.

The surprise decision by euro zone leaders to part-fund a bailout of Cyprus by taxing bank deposits sent shockwaves through financial markets on Monday, with shares and the bonds of struggling euro zone governments tumbling.

The bloc struck a deal on Saturday to hand Cyprus rescue loans worth...