Re: Re: Cyprus Bail Out

#116694
GarySFBCN
Participant

While I initially supported this plan, when they were discussing about 10% being taken from any amount over 100,000, this new plan is ridiculous, unfair and can possibly shake the financial world to its core.

Just as I believe that a lot of the motivation for ‘austerity’ is really an attempt to get ‘accountability’, especially in Greece, this ‘bail-out’ plan is an attempt to begin tapping-into money being ‘laundered’, and like the misguided imposition of austerity measures, it will have disastrous effects. There are many financial havens in the world, including Luxemburg, Malta and Switzerland within Europe. Switzerland has already begun to comply with countries regarding the reporting of account there. Instead of the world’s governments having a disciplined and organized approach on how to deal with these financial havens (assuming they want to), we have this muddled approach in Cyprus.

What is unfair is the punishment of ‘innocent bystanders’, those who happen to have accounts over 100k and those bond holders who were sold the bonds, many of whom truly lack the cerebral capacity to know better.

What is even more unfair is the LACK of punishment of the financial/banking industry bosses and government officials who allowed this to happen. Put them in jail first, confiscate all of their familial holdings, track-down all of their global financial holdings and then begin the process of figuring-out what amount/percentage they need to confiscate from account holders.