11–20 of 174 posts
I wonder if the FDIC can cover US deposits with leverage of 371:1… :P
The unlimited FDIC protection ended December 31 2012. It's back to the 250K
I fail to see the difference, honestly.
The OP, by running a business within a society where many services essential to that business are provided by the government and paid for by the citizens and businesses within that society, profited directly from other people's taxes - but refused to contribute.
I feel about as bad for him as I do for any of the other gangsters, Russian or otherwise.
Looks to me more like 700k was blocked as part of the capital controls to prevent a bank run. The actual amount to be seized will be much smaller. Cold comfort, I know.
Doesn't sound like it[1]. It looks like it is 700k gone. 1. http://greece.greekreporter.com/2013/03/27/cyprus-finance-mi...
Comment #7 in that thread says it all: “So you trusted a small tax haven island with your money. The plan failed. Your next step: trusting even smaller tax haven island with your money. Pure logic.”
Iceland before, Cyprus now, not sure what they think will happen to Carribean banks in the long run. Bitcoin might be an ok solution for people who don't care about earning interest, but if you still want the interest you have to deal with a lending institution.
I appreciate the PR nightmare here for the E.C. People are going to be madder at the E.C. for wiping out depositors at this unviable bank than they would have if the E.C. just let the whole Cypriot banking sector collapse and let everyone lose their money.
See: http://online.wsj.com/article/SB1000142412788732350100457838...
>I'm not Russian oligarch, but just European medium size IT business I fail to see the difference, honestly. The OP, by running a business within a society where many services essential to that business are provided by the government and paid for by the citizens and businesses within that society, profited directly from other people's taxes - but refused to contribute. I feel about as bad for him as I do for any of t…
Most large state governments amount to little more then just legalized mafias. Ran by political and family dynasties serving the purposes of whoever is capable of providing them the most money and power.
IMHO, paying as little taxes as possible is a moral imperative.
Schemes like the FDIC (which, as mentioned in a previous comment, can change the rules at any time) only serve to dumb us down and encourage bad behavior; firstly by lulling depositors into a false sense of security, and secondly by eliminating the incentive to be prudent and appropriately risk-averse.
If the asset you invest in fails you lose your money.
Don't see how this is the European Commission robbing anyone.
I thought (But could be wrong) without the bailout all the money would be lost. Isn't this them giving someone who's lost it all 20% of their money back?
Comment #7 in that thread says it all: “So you trusted a small tax haven island with your money. The plan failed. Your next step: trusting even smaller tax haven island with your money. Pure logic.”
Yeah...funny thing is blaming the EU. The banks were lending out the money on what turned out to be bad assets, not sure there's any cure for that where deposits don't get wrecked. Iceland before, Cyprus now, not sure what they think will happen to Carribean banks in the long run. Bitcoin might be an ok solution for people who don't care about earning interest, but if you still want the interest you have to deal with…
Not only because the interest rates they offer for savings and checking accounts no where near is able to keep up with real inflation (which means you lose money by saving, from the get-go), but they charge as many service fees as they feel they can get away with.