The Cyprus Bank Bail Out: Could It Happen In The United States?
Take Money From Bank Account as a Deposit Tax
This weekend, the Eurozone was greeted with the specter of a something it had hoped was behind it: the dreaded bank run. Cyprus, a small Eurozone state, agreed to terms on a 10 billion Euro bailout that included an immediate tax on all bank deposits (a smaller but non-negligible tax on accounts under 100,000 Euros and a larger one on accounts above that threshold). That means when banks next open – if the plan goes through – everyone is going to have less money in their bank account than they did on Friday. To facilitate the plan banks are closed and electronic money transfers have been suspended, although in an interesting technological twist of fate ATMs are open, thus allowing the specter of a bank run to hover over Cyprus without actually allowing people to get most of their money.
By announcing an immediate tax on all bank deposits, every Cypriot citizen with money in the bank knows exactly how much money they have just lost. Emmidiately effecting a significantly large portion of the population. Moreover, since the act of responding to this impending tax has been made public by the fact that wire transfers are prohibited, every citizen of Cyprus gets to see just how upset/worried her fellow citizens are.
Could this ever happen in the United States? Well we are facing a 16 trillion dollar nation debt. President Obama has already proposed buying our 401K's and has taken over health care. There was a gold recall in 1933. We operate on a fiat currency backed by nothing (just air) as a promissory note. Our dollar bills are not National Treasury Notes but instead Federal Reserve Notes, we devaluate the dollar daily by printing 10 billion a day. The more we move towards being a socialized nation the more we run the risk that the government would just reach into our bank accounts and levy a tax based on the amount in those account.
Where are you putting your money. Thought about buy gold and silver? Just remember "The Only Just Currency, Is a Tangible One!" Gold and Silver have proved themselves for thousands of years and yet not one fiat (paper currency) has survived more than a couple hundred. Think about it why did we start with gold and silver coins. Coinage prior to 1964 was 90% silver now it contains none.
The good news however is that you can still turn your dollars into silver and gold. The solution: just stop in to Calaveras Coin and Pawn where we can help you with this transition. Whether its $100 or $100,000 we have the means to make your future more secure. Give us a call at (209)736-COIN or visit us at www.calaverascoinandpawn.com . Don't wait until its to late, don't let the government take away your hard earned money. Protect your future with physical Gold & Silver from Calaveras Coin & Pawn. Turn that green into gold!
