WeX Posted March 17, 2013 Share Posted March 17, 2013 They're just being up-front about it. In the UK savings are being stolen too. By stealth. The difference with Cyprus is they can't print their own money. UK inflation is being deliberately held above target and above wage rises to erode the real value of debt. Every round of QE is like a bazooka hitting pension funds. With every round of QE and every month that inflation is above target and above wage rises, the real value of savings decreases. Make no mistake the powers that be see taking private savings deposits as a way of keeping things going, even though doing so can only work for a short time. Stolen by whom? Who benefits from this set of actions? ---------- Post added 17-03-2013 at 08:15 ---------- Government bonds to make Osborne look less of a failure, rewards to failed bankers and their fraudulent and insolvent businesses causing low interest rates which in turn punish savers, long term investors and pensioners in favour of the feckless and the rich. Is this any different to what Labour was doing before the Tory's came to power? ---------- Post added 17-03-2013 at 08:17 ---------- Some days I feel I am just going to burst with rage. It's the fact that there seems to be nothing insignificant little taxpayers like me can do about it. I just have to knuckle down and watch the crooks not only get away with it, but award themselves bigger and better bonuses using my money! They can, stop paying your taxes en messe. Taxpayers have ALL the power if they club together. Link to comment Share on other sites More sharing options...
brandy73 Posted March 17, 2013 Share Posted March 17, 2013 i want to be banker with bonuses they get !! Link to comment Share on other sites More sharing options...
ricgem2002 Posted March 17, 2013 Share Posted March 17, 2013 Some days I feel I am just going to burst with rage. It's the fact that there seems to be nothing insignificant little taxpayers like me can do about it. I just have to knuckle down and watch the crooks not only get away with it, but award themselves bigger and better bonuses using my money! annab we need more people with these http://www.bbc.co.uk/news/world-europe-21818598 and be prepared to use them Link to comment Share on other sites More sharing options...
puisseguin Posted March 17, 2013 Share Posted March 17, 2013 Over the weekend the Cyprus Government froze personal bank accounts on the island and when the banks re-open account holders will find that their bank balances have been cut by between 6% and 10%. This is a bank deposit tax to help pay off the country's debts. Link to comment Share on other sites More sharing options...
melthebell Posted March 17, 2013 Author Share Posted March 17, 2013 already mentioned http://www.sheffieldforum.co.uk/showthread.php?t=1140719 Link to comment Share on other sites More sharing options...
puisseguin Posted March 17, 2013 Share Posted March 17, 2013 already mentioned http://www.sheffieldforum.co.uk/showthread.php?t=1140719 Then why not mention Cyprus in the thread title?:huh: Link to comment Share on other sites More sharing options...
Cyclone Posted March 17, 2013 Share Posted March 17, 2013 Harsh, I wonder if it will be challenged in the courts. Link to comment Share on other sites More sharing options...
puisseguin Posted March 17, 2013 Share Posted March 17, 2013 Harsh, I wonder if it will be challenged in the courts. I doubt it can be challenged in the courts as it is billed as a government tax on bank balances. It is quite clever as it circumvents the EU bank guarantee that protects bank balances in the event of bank failure. The Cypriot banks are up the creek because of their exposure to Greek Government debt that the EU is writing off. So I suppose if UK or French governments wanted to get round their obligation to prop up banks they could do the same. Don't forget Gordon Brown used tax payers money to buy shares in UK banks to avoid his governments obligation to compensate account holders should a bank fail. The world has lived beyond its means enjoying an unaffordable lifestyle based on cheap credit. The bills are starting to arrive through the letterboxes. Link to comment Share on other sites More sharing options...
quisquose Posted March 17, 2013 Share Posted March 17, 2013 Harsh, I wonder if it will be challenged in the courts. Agreed. "Save for your future" we are frequently told, and yet it is accepted practice that the opposite may be the best thing to do and this will only add to the resistance. It will favour those that have already spent, against those that have opted to defer spending. In all other comparisons these two groups of people could be exactly the same, they could be brothers. In this regard it seems very unfair. Link to comment Share on other sites More sharing options...
Vague_Boy Posted March 17, 2013 Share Posted March 17, 2013 Agreed. "Save for your future" we are frequently told Saving money in this current environment is folly. Interest rates are negative versus real inflation (and often, even versus the phony baloney official figures) meaning that your money is losing purchasing power while it sits in the bank. If the Cypriots had bought physical gold and silver, their thieving government wouldn't have been able to steal their money. Link to comment Share on other sites More sharing options...
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