Yep that's right, it's your money I'm talking about. Now Swanny has seen the Cyprus solution nothing will be safe. You will have to hold your money in gold or similar, & in your possession, where it can't be taxed

We all know Swanny has been eyeing off your super for some time, he's desperate for any money he can grab. Even more so now, since his last grab ended up loosing money.

He & his mate Julia may not be too bright, but they are not slow. Now the European Union bureaucrats have shown them the way, I'll bet they are drooling.

Yes our European lefties have come up with a beaut way to get some money for their Cyprus bail out, tax all the peoples bank accounts 10%, so they pay for their own catastrophe.

Now they have been shown the way, you had best make damn sure you have nothing in any bank account. It is just too much of a temptation for these people.

It won't be good enough to have some bank or institution holding gold, & giving you a bit of paper. No, you'll need a nice sharp spade, & the shiny stuff in your hands, then your garden.

With the current interest rates, solid bullion will earn you more money in your garden, than money in the bank, & it will be much harder for Swanny to get hold of it.

Hasbeen yes but the Cyprus thing was stopped, wounder if we would take to the streets too if it was us.
It was wrong,stupid in fact.
If it had gone ahead every one would never trust a bank, [even if it was not their fault] and that would murder the foundation of Capitalism, banking.
So well done to those who fought the lunacy.

Thank you for the news, Belly, but the damage is already done and money in the bank will never again be seen as safe as it used to be.

The least that can be done now to restore some of our confidence, is to enshrine in the constitution that such acts of confiscation are not on.

"""
Hasbeen yes but the Cyprus thing was stopped, wounder if we would take to the streets too if it was us.
"""

Nah! Aussies are pss weak. Most Aussies didn't want a carbon tax which is complete theft or their money by government based on lies, but they just bent over and took it.

I think the KGB had more to do with the turn around than people in the streets. You can just imagine the phone call from Putin? "Stop this now or I kill you fcuk"

And those poor Brussels Eurocrats. Every time they try to steal more those damn peasants start VOTING on stuff. I guess they'll just have to pull tighter on that EU Rope next time!

I Wonder what hair brained, commie scheme they'll come up with next?

Now be fair, it was the commies (ex Putin) who stopped them. It's the capitalists that you have to watch.

Oh come on Robert, it's the lefties who want to spend every one else's money, with out having to actually earn any of it.

At least the capitalists offer you something for your money. If you are stupid enough to want or buy it, that is something belong you.

The lefties will always try to distract you with one hand, & steal you blind with the other. It is a technique adopted by then, as they can't come up with anything anyone would want.

Although I have no vested interest, I will get almost as much pleasure watching the ultimate collapse or the immoral EU, as I will from watching Gillard chucked out on her ear.

Doncha just love the way folk can grab a story, understand less than one tenth of it, then use it as justification for their personal hobby-horse.

There is not the remotest comparison between the situation in Cyprus and the situation here. It is primarily a local issue, where the banks invested heavily in Greek bonds (they are, after all, Greek), and took a haircut on those along with everyone else. They then welcomed an influx of deposits from Russia, which seemed to fill the hole for a while. But eventually the whole edifice imploded.

The proposition to suck funds out of the accounts of individuals was colossally stupid, on practically every front. But because they had no bonds to support their capital position, only Russian deposits, they were kinda short on options. What this will do is to give Ms Merkel a bit of a jolt, and apply the necessary pressure to come to a more intelligent solution to the immediate problem.

It is also noteworthy that the Cypriot parliament voted comprehensively against the measures. Not one single vote in favour. What would be anyone's guess how our own parliament would have voted if a similar situation had arisen here?

In an election year.

If anyone can see any commonality whatsoever, between the situation in Cyprus and our financial position here in Australia, feel free to explain it.

But I guess no-one really cares, so long as they can find an excuse to push their narrow political barrow.

I wonder how many depositors in Cyprus will leave their money in a Cypriot bank now?
Or any other bank for that matter.
It will have to cause a bank run I would think and how far that spreads is the big question.
I hear that some are pulling their money out of Australian banks already.

Kiwi's are looking at doing the same.
http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-style-solution-for-new-zealand.htm

This guy sums it up beautifully :)

Warning, foul language ahead.
http://www.youtube.com/watch?feature=player_embedded&v=YDXtHsz2q6

Pericles, I did have my tongue sneaking into my cheek just a little with this topic, but only a little.

If you can't see that this government in Oz is as "colossally stupid" as the EU bureaucrats the IMF or the Cypriot banks, you are as stupid as them. Did you not notice the stupidity of the carbon tax, or the mining tax? It takes real stupidity to come up with them, & just minor stupidity to copy someone else's when you are desperate.

The real similarity here is the desperation & there can't be anyone more desperate on earth than Gillard right now, not even the Greeks. Anyone now watching the ridiculous spending promises Gillard is now making could only assume she is as stupid as the EU bureaucrats. However it does lend some credence to the idea she is out to cause as much trouble for us, after she is gone, as possible. Cancelling all the promised benefits will be quite unpopular in some areas, & cause the incoming government many problems.

There is definitely a feeling out there that she is going to give us as much of a kicking as possible, before we get to kick her butt. So stupid, or vindictive witch, it doesn't matter much, either scenario could see her try it on.

It's frightening really what lengths some of these politicians will go, in order to get their hands on our hard-earned money.

Who was it that said some years ago now, and prior to a federal election - if Labour gets into power you should all put your money under the bed? We all laughed at the time, but I do wonder with all that's happening, will we continue to do so

The mathematics makes sense to me:

You start with $100 in your bank account.

End of Year 1 you have $90.

End of Year 2 you have $81.

End of Year 3 you have $73.

End of Year 4 you have $66. Which is enough for your return taxi fare to the polling booths on election day.

We should just install directly, JP Morgan as our government. Then we could end the theater that is voting and we get to keep our $66 for another year :~)

Cutting out the middle man has always made good sense!

Pericles yes my thoughts too.
In fact I have not yet seen, here in print, an understanding of what was proposed and by who.
It in fact was the government of Cyprus that voted it down.
And EC that asked for the theft, not hasbeen,s leftist criminals.
IT being a bail out load of 14 Billion dollars, who knows what dollar, ours Americas or some other.
It if allowed to progress would have then threatened the banking system world wide, not however now.
Some one showed under standing an insight in nameing Russia as stopping it.
Cyprus has much hidden cash, from that country and others, in its banks, so yes in a way they stopped or helped stop, an act of insanity.

wasn't it the Europeans who voted Swan the world's best socialist sorry Treasurer?

Yes Belly, the Cypriot parliament along with Russia did their best to stop an act of insanity.

They managed to avert the immediate confiscation, but did they actually succeed in stopping this insanity? only time will tell.
I'm afraid that as after 9/11, the world will never be the same again.

Belly, mate, we are talking about EU bureaucrats. Of course we're talking about lefty criminals, it's a prerequisite.

Fox never smells his own scent, Hasbeen :~)

Hassy' we should all have bought tons of gold when a few years ago it was around $400 an ounce. How we could have lorded it over your stupid lefties who didn't.

But seriously in this country both the lefties and the righties, politicaly speaking, make a pretense of serving the interests of all voters which by any count they do not. Since the Hawke, Keating and Howard complicity in deregulating and dismantling of this countries control mechanisms 40 years ago subsequent governments have been powerless to exert any really effective control over the direction of our economic affairs. Global Corporate capitalism has had a field day exploiting the cost differentials between the poor countries and the once rich countries to the enormous profit of the so called 1%. Corporations take the most efficient route to profit and do absolutely nothing to build and broaden the spending power of people in either the poor or the rich countries.

No government will change this because largely they feed from the same trough. Lefties or righties can talk it up about job creation and fool a large part of the population but the simple fact is that since deregulation in Australia our manufacturing base has been dcimated. We import the great bulk of consumer goods and no longer use our own labour to produce our own wealth. Much of our population is under-employed and our external debt continues to grow. Where to now?
Den 71

You teabaggers are off the planet. The ones pushing this bank deposits tax are the IMF, the World bank and the European central bank. To call them lefty pinko criminals is just ludicrous. Worse than ludicrous it is a LIE. Criminals they may be but they are most definitely not from the left of politics.

mikk while I like the way you think, and agree, the IMF said it should not happen, I think.
In fact it was not a lefty thing it is as you say, but I think it was those within the EU who put the rat bag thing up not an international group, hope so at least.