Imagine waking up yesterday morning to discover that your government plans to seize 10 percent of a savings account that you had thought was safely tucked away at the bank branch down the street – and that the authorities are going to confiscate that amount of every last deposit account that they can find in your name. That’s the situation in Cyprus today as ordinary citizens of the tiny island nation in Europe become the latest pawns in a geo-economic game of chicken between the continent’s big financial powers and their ignominious kin in Greece and around the rest of the southern Mediterranean. And it could very easily become the situation even in the United States as the worldwide economy accelerates its descent down a slippery slope that is quickly leading to the destruction of man’s fiat-money system and to a much bigger global economic collapse than we faced even in 2008. Cyprus has become a mess financially for a number of reasons, including its geographic proximity to the mess in Greece. And the European financial powers in Germany, France and the U.K. apparently decided that they could make an object lesson of the people of Cyprus in order to teach any other rebellious-sovereign wanna-bes to stay in line., So, as of Tuesday morning when Cypriot banks reopen after a scheduled holiday, the European powers intend to exact a levy from the island’s ordinary citizens to help whittle out the required bailout of the Cyprus government finances from the rest of Europe. The levy – as of Monday morning, 6.75 percent of all deposits up to 100,000 euros and 9.99 percent on everything above that – would whittle the required euro-area bailout of Cyprus to 10 billion euros from the original 17 billion euros. And, of course, it would terrify – and already has distressed – every Cypriot citizen who had no idea this sort of thing ever could happen to them. “It’s unusual to ask depositors to take a hit, but if they hadn’t then the hit would have fallen uniquely on Cypriot taxpayers – so in a sense it’s fairer, said one financier who’s based in Cyprus, according to Bloomberg. Wait a minute – it’s “fairer” to confiscate private wealth that has been compiled freely by a citizen, based on his or her own financial decision-making, than essentially to levy another tax on the entire citizenry of a nation because of financial woes that their government helped create? In no sense is there anything that’s “fair” about this situation, but that logic is especially perverse. Indeed, it’s probably just twisted enough to provide the Obama administration someday with a rationale for pulling a Cyprus-style seizure of Americans’ financial assets to finance breakneck federal spending that, the way the president sees it, is simply required to make the United States “fair” for everyone. What can you do to attempt to protect yourself when this sort of financial putsch visits your local bank, and the rest of America, on our way to collective financial oblivion? How can you as an individual do the most to protect your assets? Try not to keep any savings in a bank, despite the federal deposit “insurance”; keep it at home in small bills that are easily hidden. Retain only enough money in your checking account to cover current bills. And when it comes to the bulk of your financial assets, get out of man’s debt-money system – the one that we see on display in Cyprus these days – as soon as possible and invest your assets in God’s Money instead. Gold and silver instruments will provide maximum protection as the slippery slope gets even steeper.
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