When Someone Gives You a Hint…. You Ought to Take It

June27

NIRP Strikes: Spain To Create Tax On Bank Deposits

(NIRP: Negative Rate Interest Program)

From the article:

It was a little over a year ago, just as the Cyprus deposit confiscation aka “bail in” was taking place, when we asked, rhetorically, if “Spain is preparing for its own deposit levy” when an announcement by Spain’s Finance Minister, Montoro, hinted at the imminent arrival of just that.

How do you like that term, “bail in”? That’s when instead of printing money, “they” just take the money YOU have in the bank.

I suppose in one way it doesn’t matter because you are on the hook either way you go. (Printing money devalues your money). Unless you are rich and have accountants that can find loopholes and places to stash your money.  Like offshore accounts. Or, you put your money into other things that have value. Like precious metals. Or, other commodities.

As I learned in the previous article I posted….any country that is part of the European Union cannot print it’s own money. I didn’t know that. Did you? I guess that only makes sense?

No, I’m not savvy about economics. But I’m learning.

And what a mess that the “so-called” intelligent people that run things make. (Maybe an intentional mess?) Honestly.

We are being robbed blind.

Also, from the article:

Specifically we said:

While Spain’s economy minister Luis De Guindos proclaimed in the Senate today that bank deposits under EUR100,000 are “sacred”and that “Spanish savers should stay calm,” Spain, it would appear, has changed constitutional rules to enable a so-called ‘moderate’ levy on deposits – as under previous Spanish law this was prohibited. For now, they claim the ‘levy’ will be “not much higher than 0%” and is mainly aimed at regions in Spain that have “made no effort to collect taxes” based on new revenue expectations.

I guess this means if areas of Spain have not raised taxes….Spain will get it one way or the other. They will tax deposit.s

And those who thought because they made under EUR100,000 that they won’t tax theirs? Probably isn’t so “sacred” after all. Let that be a lesson to you.

Reminds me of how Obamacare was pushed….If you like your doctor, you get to keep your doctor. Expect to be lied to and act accordingly.

http://www.zerohedge.com/news/2014-06-26/nirp-strikes-spain-create-tax-bank-deposits

A few comments:

Thu, 06/26/2014 – 23:03 | 4900937 7.62x54r

The hint means that not all of his friends have their cash into hard assets yet.

This is a clue.

Fri, 06/27/2014 – 00:37 | 4901073 TeamDepends

If you willingly “deposit” your “money” into Crazy Clown Bank and expect a “return” on/of your “money”, you’s a sucka chump,…..

Fri, 06/27/2014 – 00:40 | 4901162 y3maxx

…Obambo will never allow “Direct Govt. Bail Ins”

He will utilize a safer method to protect American Citizen’s savings….like “MYRA”…..

Sure…. “Safe”.  Somehow, I don’t feel so “Safe”.

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Posted June 27, 2014 by Sue Says in category Economic News

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