Cyprus bank accounts being raided to pay government debt.

[M. Sage]

Analysis: Cyprus bank levy risks dangerous euro zone precedent | Reuters

Can't wait 'til we start up with this here...

 

[kyletxria1911a1]

wow

 

[TKG]

Wow...cash under the mattress is sounding better and better.

 

[TheDan]

Can't wait 'til we start up with this here...

Jokes on them if they try... All my "cash" is in a form they'll find hard to get their hands on and the only thing the bank holds is debt

I'm usually a day or two behind on news, but I heard Cyprus decided NOT to go through with it due to a rather angry response by the populace. At the time their banks were closed, but I'm betting once they open there will be a run on them and they'll collapse anyway. You can't put something like this out there, say "nevermind!", and then hope it all goes away...

 

[stdreb27]

The Russian mob made em a deal they couldn't refuse...

 

[GrandpaOf18]

The Russian mob made em a deal they couldn't refuse...

^^^ this ^^^

 

[shortround]

Not too long ago, the Democrats had plans to convert civilian retirement plans into government savings bonds.

They backed off when the prospect of facing millions of gun owners who would not allow their savings to be stolen.

 

[Texasjack]

They're still eyeballing our 401ks and IRAs. The plan is to grab them and substitute gov't payments for our later years.

If it works in Europe, the pond scum in D.C. will want to use it here. Bank on it. Or maybe not.

 

[Flewda]

I think it's probably not the smartest thing in the world to not keep ANY money in banks, but I gotta say having cash on hand, investing in metals, and other assets such as land and other things that can give you self sustainability is a FAR better investment than just throwing everything you have into the banks. We, as a whole, are far too naive in this nation. We think that this kind of thing is beneath America and will never happen. Somehow we believe that we truly have infinite money, that Benji Bernanke can just print money and it's instantly worth something.

In fact, I think it's safe to say that this kind of thing is already happening in America, just in much smaller (or at least more subtle) ways. Gotta be mindful of this crap going on. People act like Europe is nothing but a bunch of third world countries where it's just to be expected, and therefore Americans have nothing to worry about...

 

[TheDan]

The federal reserve is already stealing the value of our savings with quantitative easing. No one seems to mind

 

[Mexican_Hippie]

Just wait. It will happen with retirement accounts here in the next 20 years, and it will be sold as a bailout to "protect the elderly." There's no other way to fund the massive SS and Medi-X liabilities.

Its good to have some savings in the bank, but I'd definitely have cash and other assets available outside the bank as well. They can now take what's in your safety deposit box as well. I still think they're a safe place to store valuables but I'd keep my eye on what's going on.