Cyprus

Cyprus bank bailout agreement is pure theft: 40% of private deposits to be looted from selected accounts

Monday, March 25, 2013
by Mike Adams, the Health Ranger
Editor of NaturalNews.com (See all articles...)
Tags: Cyprus, bailout, agreement

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(NaturalNews) A brand new looting arrangement has been reached concerning Cypriot banks. It involves seizing the funds of all accounts over 100,000 euros, then stealing up to 40% of those funds sometime over the next few weeks, or whenever EU bureaucrats get around to deciding exactly how much to steal.

So instead of 10% being stolen from most accounts, as was originally proposed, the new deal is that 40% will be stolen from selected accounts, but not from accounts holding less than 100,000 euros. Why the 100,000 threshold for having your money stolen by the banking system? Because all EU bank accounts are insured up to 100,000 euros. So the banksters figured they could just steal anything over 100,000 and say, "Heh, it wasn't insured, your loss!"

IMF chief Christine Lagarde characterized the theft as "a lasting, durable and fully financed solution." And if that's not enough of a solution, they can always loot more private accounts to reach a new solution!

Sure, it's a great solution... if you're the banksters stealing all the money from private account holders. But from the point of view of depositors, this "solution" looks a lot more like a mugging.

Entire accounts seized indefinitely

It's actually worse than just the 40% being stolen from private accounts: all accounts over 100,000 euros are now indefinitely frozen (seized) until the banksters figure out exactly how much to steal. "Large deposits with Bank of Cyprus above the insured level will be frozen until it becomes clear whether or to what extent they will also be forced to take losses, the Eurogroup of finance ministers said in a statement." (USA Today)

Not everybody is fooled by all the bankster happy talk, of course. As Colm McCarthy writes on the Independent.ie website:

...the eurozone countries collectively do not have an actual deposit guarantee fund in place, and the volume of deposits in many eurozone countries, not just those already in financial distress, is large relative to the fiscal capacity of the state. Bank runs by retail depositors are a serious risk, particularly in those countries whose governments lack financial credibility.

And from Mats Persson of GulfNews.com:

The Eurozone set a risky precedent when it decided to go for depositors. Images of long queues outside ATMs will have registered in other parts of the Mediterranean. If Cypriot depositors are forced to pay today, why not Spaniards tomorrow? ...Events in Cyprus have shown just what a high-risk gamble the euro was... If you could design a system whereby a splinter could take down an elephant, this would be it.

No deposits are ever safe while the central banks are running things

The bottom line truth in all this is that no deposits are ever safe in any bank run by a government. Governments are inherently liars, and when it comes down to a crisis, it's always easier to just STEAL money from depositors and call it a "tax."

The business of banking, it seems, has largely become a business of theft. No wonder everybody's flocking to bitcoin, the decentralized crypto-currency that's not controlled by any government anywhere: www.weusecoins.com

That's also why the Natural News Store has just announced it is now accepting bitcoin currency as payment for orders. Anyone with bitcoins can now buy prepared foods, superfoods, organics, supplements and much more, directly from the Natural News Store.

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About the author: Mike Adams (aka the "Health Ranger") is the founding editor of NaturalNews.com, the internet's No. 1 natural health news website, now reaching 7 million unique readers a month.

With a background in science and software technology, Adams is the original founder of the email newsletter technology company known as Arial Software. Using his technical experience combined with his love for natural health, Adams developed and deployed the content management system currently driving NaturalNews.com. He also engineered the high-level statistical algorithms that power SCIENCE.naturalnews.com, a massive research resource now featuring over 10 million scientific studies.

In addition to being the co-star of the popular GAIAM TV series called Secrets to Health, Adams is also the (non-paid) executive director of the non-profit Consumer Wellness Center (CWC), an organization that redirects 100% of its donations receipts to grant programs that teach children and women how to grow their own food or vastly improve their nutrition. Click here to see some of the CWC success stories.

In 2013, Adams created the Natural News Forensic Food Laboratory, a research lab that analyzes common foods and supplements, reporting the results to the public. He is well known for his incredibly popular consumer activism video blowing the lid on fake blueberries used throughout the food supply. He has also exposed "strange fibers" found in Chicken McNuggets, fake academic credentials of so-called health "gurus," dangerous "detox" products imported as battery acid and sold for oral consumption, fake acai berry scams, the California raw milk raids, the vaccine research fraud revealed by industry whistleblowers and many other topics.

Adams has also helped defend the rights of home gardeners and protect the medical freedom rights of parents. Adams is widely recognized to have made a remarkable global impact on issues like GMOs, vaccines, nutrition therapies, human consciousness.

In addition to his activism, Adams is an accomplished musician who has released ten popular songs covering a variety of activism topics.

Click here to read a more detailed bio on Mike Adams, the Health Ranger, at HealthRanger.com.

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