Cyprus government’s ‘great bank robbery’ of private accounts may set off bank runs across Europe
(NaturalNews) There’s only one reason people leave money in a bank: because they think it’s safe there. They think they can get their money back out when they ask for it. This trust is what makes bank accounts possible, and without this trust, there is no longer any reason to put money in any bank.
The government of Cyprus just destroyed that trust across the entire EU. How did it accomplish this feat of destruction? By raiding the private bank accounts of everyone with a checking or savings account. In a surprise act of nationwide government theft, the government of Cyprus — under orders from the IMF and German bureaucrats — simply looted private bank accounts, stealing up to 10% of private account deposits.
It’s being called “the great EU bank robbery.”
Let it be known that governments can now directly loot your checking accounts without permission
This act should not necessarily surprise us. We all know that governments are voracious thieves that steal savings and wealth from the productive working class of society. But what’s really shocking here is the wave of distrust now being set off across the Eurozone.
If Cyprus can suddenly and without any warning loot private bank accounts and steal money away from people who have rightly earned it, then what’s to stop the same thing from happening in Greece, Spain, Italy, Portugal or any other country?
“I believe it could be the beginning of the end for the Eurozone as this is an unbelievable blow to the already challenged trust that might be left among investors,” wrote Lars Seier Christensen, CEO of Saxo Bank. (SOURCE)
He continues: “If you can confiscate 10 percent of a bank customer’s money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.”
And that’s the point here. If a government can instantly steal 10% of your savings, it can also steal 100%. So what’s the point of putting money in a bank at all? The only people who didn’t get ripped off by the Cyprus government were people who had nothing in bank deposits!
Banks even went to great lengths to stop customers from getting away with their own money. “Cypriot banks banned online transfers and emptied cashpoints to stop withdrawals,” reports the Daily Mail. “Economists warned the move would fatally undermine confidence in the safety of money being held in banks in other countries, risking bank runs across the eurozone.”