Sunday, March 17, 2013

Obama Imposes Bank Balance Tax of 8.75%

Breaking News - (API) - (Washington D.C.) March 17, 2013 - President Barack Obama has by Executive Order imposed a 8.75% tax on all U.S. bank accounts. This includes investment brokerage accounts and 401-K accounts. 
The tax will be calculated based on the account values at close of business on Friday March 15th 2013. 
The White House has been silent on this matter and has not responded to numerous inquiries from the press. - N.P.Contompasis*

This is how it happens. This is what it looks like. This is how it feels! This is the kind of article you could wake up to some morning. It’s happening right now on the island of Cyprus just off the Southern coast of Turkey. The European Union is demanding full payment of a billion Euro bailout loan to the island. All deposits in banks will be taxed nearly 10%. All wire transferred have been cancelled and the Cypriot people are furious. Can you blame them, to be surprised in such a manner. No one was asked, the President just did it and it appears it will go into effect when their Parliament votes on it tomorrow Monday.
Listening to the German Chancellor speaking in German about this issue must add salt to the wound of islanders and Russians who have laundered much of their illicit gains onto the small island they now call their second home.
Getting past the obvious irritations it’s clear that Cypriots don’t pay their taxes otherwise the EU would be more humane in collecting their money. The tax rates in Cyprus are so high no one pays them and with low tax revenue the government is forced to “clawback” the money by simply taking it from savings and checking accounts.
This is a big deal and the deal is if this little trick works anybody with an ounce of sense will take their money out of all EU banks in countries that are having financial troubles like Italy, Greece, Spain, Portugal and even France. With the EU in an official recession this won’t help matters and could help slide Europe into a depression unless this is reversed. The haunting problem is that this one time Clawback will happen again and again until the government of Cyprus cuts its spending which most likely won’t happen to the liking of the unelected members of the EU.  
Here in the United States we could benefit for a short time, but even our country is headed for the same demise based on our current fiscal insane policies. This is bad, very bad, because it points out how socialized the European countries of the EU are. They are applying non-growth policies when they should be helping private sector growth by lowering taxes and eliminating oppressive regulations. That’s the direction President Obama should be going but isn’t. You would think he would just look across the pond and see what a huge mistake they made, but no, he barrels straight into the abyss with destruction dead ahead!
Should you pull all of your money out of U.S. banks? I don’t know if you should, but I do know what’s going on in Cyprus is nothing more than “NAKED SOCIALIZM” something a dictator would do like Stalin, Hitler or Chavez. They are all dead now, but their techniques are still alive and well and living on a sundrenched island in the Mediterranean.  – N.P.Contompasis   

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