Why is Head of the IMF Talking About Numerology and World Economy?

The IMF and Numerology:  What Gives Here?

Have you seen this you tube video regarding a speech Christine Legarde, head of the IMF,  did on the world economy earlier this year?  You can see the video by clicking this link.

Why would a leader of a major organization give such a bizarre speech?

She should be talking about balance sheets, economic growth, not engaging the audience in a lesson of numerology.

Here is an interview by Greg Hunter of WatchdogUSA.com with Steve Quayle discussing this interview.

I don’t think though that you need a lesson on numerology to know that the dollar is on life support awaiting for the plug to be pulled out of the wall.

Nor do we need numerology that the economy is shrinking, not growing.

Do your research.  Look at the numbers, the economic and political issues.  Can you really rely on the government to solve the problem?  Or do we have to start focusing on doing the best for our home, start rebuilding our neighborhoods and communities from the ground up?

Economic Health: Gold is Probably Gone, Real Inflation Understated, Recession is Coming

Economic Health: Gold is Probably Gone, Real Inflation Understated, Recession is Coming

Is the death of the dollar a "when" instead of an "if"?I encourage you to listen to Dr. Roberts interview with King World News.  The economy is much worse shape than policy makers are indicating.  Many of the figures are overstated or understated our economic health, depending on the outcome desired.

If a private citizen or business did what the government is doing, would we be sued or at worse in jail?

Is your assets in paper only, whether certificates, stocks, money, etc.?  Do you have possession of those paper assets?  Or can you physically touch your assets?

In law we have a rule:  Possession is 9/10’s of ownership.  You can “own” something but if someone else has physical possession and a dispute erupts, then how are you going to get it?  This is what causes many lawsuits, trying to get possession of things that people claim they owed but are being denied ownership rights.  Many times while the litigation is ongoing the value of the property dissipates.

Listen to Dr. Roberts’s brief interview about the nation’s economic health by clicking 6-28-2014 Roberts interview.

Monsanto in Europe: Consumers Won This Battle in the War

Monsanto in Europe:  Consumers Won This Battle in the War

This weekend at an expo I was talking with a customer about the Monsanto problem.  He thought that GMOs would remain because of the greed and power of Monsanto.
 
I politely disagreed with him.  Monsanto and minions may have won the battle in California but they will lose this war.
 
All it takes is people voting with their dollars on their health at the traditional grocery store rejecting any product with a GMO ingredient.
 
Grocery stores had better wake up because approximately 80% of their food products contain one or more genetically modified ingredients.
 
As customers learn more about which plants are potentially GMO and read the labels, they will start rejecting foods with those items unless they have been non-GMO verified or organic.
 
The surrender of Europe by Monsanto is just the first wall to fall.  Monsanto is saving its resources for the next battle and trying to reduce the wrath they’ve stirred in Europe.
 
So keep voting on your health with your dollars by avoiding GMO foods.  Probably in 10 years or less if we stay persistent consumers will win this war and regain control over their food.
 
Think about it!  It’s exciting!–No Name Attorney
 
 

Lobbying And GMO Giant Monsanto Buckles In Europe

Friday, May 31, 2013 at 6:49PM

The “March Against Monsanto” in 52 countries, an unapproved strain of its genetically modified wheat growing on its own in Oregon, cancelled wheat export orders…. A rough week for Monsanto.

But now it threw in the towel in Europe – where its genetically modified seeds have faced stiff resistance at every twist and turn. Even its deep corporate pockets and mastery of lobbying have failed: “It’s counterproductive to fight against windmills,” its spokesman told the Tageszeitung.

The propitious week started last Saturday with the “March Against Monsanto,” when people in over 400 cities in 52 countries protested against the company, its influence over governments, and its GMO seeds. Much of it was focused on the mundane issue of labeling. Protesters wanted GMO ingredients in food to show up on the label, just like fat or protein. A simple solution to the controversy: let consumers decide.

Read More Here

Is An Economic Crash Greater than the Great Depression Near?

Is An Economic Crash Greater than the Great Depression Near?

As many of you know I am engaged in the food and health war.  But if we have an economic crash, where there is greater job loss than 2008 and thereafter, then if we have less funds will our food quality and health suffer?

For many of us who have food allergies and sensitivities or want to buy higher quality foods, the traditional grocery store just is not a friendly place.  We will not fare well if we lose our income sources and have to go on food stamps.

So what suggestions do you have that everyone should consider to offset and prepare for a potential financial hurricane?   Think about it!  –No Name Attorney 

The Crisis Is Imminent: “When The Real Crash Comes It Will Be Worse Than the Great Depression”

by Mac Slavo

 

“The United States is like the Titanic, and I’m here with the lifeboat trying to get people to leave the ship… I see a real financial crisis coming for the United States.”
Peter Schiff August 2006

In 2006, when he faced off with many well known Titans of investing and warned of an impending financial disaster and economic collapse, Peter Schiff was laughed at by his colleagues. He urged Americans to exit financial markets and take steps to protect themselves before the wealth held in their savings accounts, retirement investments and real estate was wiped out.

Few listened.

We know what happened next.

Now, those same financial experts who publicly vilified Schiff for his predictions six years ago are at it again. Many, including our politicians, central bankers and leading economists, have unequivocally stated that the worst is behind us, and that a global recovery is on the horizon.

Once again, Peter Schiff disagrees:

“I think we are heading for a worse economic crisis than we had in 2007,” Schiff said.  “You’re going to have a collapse in the dollar…a huge spike in interest rates… and our whole economy, which is built on the foundation of cheap money, is going to topple when you pull the rug out from under it.”

Schiff says that, despite “phony” signs of an economic recovery, the cancer destroying America stems from a lethal concoction of our $16 trillion federal debt and the Fed’s never ending money printing.

According to Schiff, these numbers are unsustainable. And the Fed has no credible “exit strategy.”

Eventually interest rates will rise… and when they do, Schiff says, stocks will tank and bonds dip to nothing. Massive new tax hikes will be imposed and programs and entitlements will be cut to the bone.

“The crisis is imminent,” Schiff said.  ”I don’t think Obama is going to finish his second term without the bottom dropping out. And stock market investors are oblivious to the problems.”

“We’re broke, Schiff added.  ”We owe trillions. Look at our budget deficit; look at the debt to GDP ratio, the unfunded liabilities. If we were in the Eurozone, they would kick us out.”

“The Fed knows that the U.S. economy is not recovering,” he noted. “It simply is being kept from collapse by artificially low interest rates and quantitative easing. As that support goes, the economy will implode.”

A noted economist, Schiff has been a fierce critic of the Fed and its policies for years. And his warnings have proven to be prophetic.

His recent warnings, however, have been even more alarming.  Will they also prove to be true?

In his most recent book, “The Real Crash” How to Save Yourself and Your Country“, Schiff writes that when the “real crash” comes,” it will be worse than the Great Depression.

Unemployment will skyrocket, credit will dry up, and worse, the dollar will collapse completely, “wiping out all savings and sending consumer prices into the stratosphere.”

“All we can do now is prepare for the crash,” Schiff said. “If we brace ourselves properly and control the impact, we will survive it.”

Indeed.

We must understand that none of the fundamental problems leading up to the 2007/2008 financial crisis have been resolved.

Read More:

JIM ROGERS: After Cyprus “Bail-in”–Your Accounts, Pension Plans, Are At Risk

JIM ROGERS: After Cyprus “Bail-in”–Your Bank Accounts, Pension Plans, Are At Risk

Think banks are pillars of ethics? Wachovia laundered money for Mexican and Columbian drug cartels. Instead of going to jail, they paid a fine and Wells Fargo merged with them.

I appreciate Tekoa Da Silva getting this Jim Rogers interview.

Jim Rogers has always struck me as being candid about what he thinks.  In a financial world where there are many hidden land mines, Rogers tries to help those who are what one calls Main Street, USA, the mom and pop businesses and investors.  I think it comes from his small town Alabama upbringing, not forgetting one’s roots.

Ask yourself:  After the wrath Congress got from bailing out the “too big to fail” banks in the 2010 mid-term elections, do you think those in Congress want a “second flogging”?  After all, getting to Congress, the way the system has evolved, might their survival instincts cause them to find another way to bail out the “too big to fail” banks should they have another nosedive?

If they don’t bail out the banks with taxpayer funds, then how is a bailout to occur if there is an assessment that “national security” is at risk?

Would they allow another MF Global raid to occur using pension funds that they’re the custodian? 

Or what about the monies on deposits with a failing bank?

What keeps them from doing a Cyprus manuever in the US–basically freezing depositor’s funds and using them as a “bail-in” with an IOU down the road should the bank in jeopardy becomes profitable again?

Do you know the “real health” of the financial institution(s) that holds your hard earned monies?

Should you be doing your due diligence research about the health of your financial institution(s)?  How much risk are you willing to take?  And what is your financial risk management strategy?

Think about it!–No Name Attorney

Jim Rogers: “I Suspect They’ll Take The Pension Plans Next; I For One Am Worried, And I’m Taking Preparations”

April 5, 2013 | By Tekoa Da Silva

I was able to reconnect for an interview with legendary Quantum Fund manager and commodities bull, Jim Rogers. This was an especially groundbreaking interview, as Jim shared thoughts on what governments around the world will be taking next, and what he’s doing right now to protect his personal bank accounts following the Cyprus collapse.

Speaking towards the frightening implications of the Cyprus banking collapse, Jim said that, “It’s been condoned [now] by the IMF, the European union, and everybody else in sight; that a government in need, can take assets. We all knew they could tax us…but this is the first time that I’m aware of, that they’ve gone in and taken bank accounts. They took gold from people in the U.S. in the 1930′s…but I’ve never heard of them taking bank accounts. [Now] they’re doing it. So be careful [because], now they can take your bank account under this precedent.“

When asked if bank account confiscation will be going worldwide, Jim said, ”Well, it’s now in their bag of tricks, but yes, they can do anything they want too now. I for one am worried and I’m taking preparations. Who knows if I’m right or not, but I’d rather be safe than sorry as all of those people who had money in Cyprus have learned. They thought they had a normal bank account…but now it’s been [taken] with the sanctions of many governments and institutions.”

Jim also urged that, “If people have money in any account, anywhere in the world…cut it down to under the guaranteed amount. They might take that too someday when things get desperate, because the precedent has been set, but that’s where I would start if I had money in the bank anywhere in the world.”

With respect to which assets governments will likely be coming for next, Jim said,401k plans, IRA’s, and pensions plans which the government knows about [may be next]…They’re rationale would be, ‘Well most people haven’t been doing well in their IRAs and pension plans for the past several years, so we’re going to help you. We’re going to take your pension plan and give you government bonds so that you have a guaranteed return.”

Read More Here…

 

Cyprus-Style Bank “Bail-Ins” Are Proposed In The New 2013 Canadian Government Budget!

Cyprus-Style Bank “Bail-Ins” Are Proposed In The New 2013 Canadian Government Budget!

 By Michael, on March 28th, 2013

Michael has a B.S. in Commerce from the University of Virginia, a law degree (J.D.) and a Masters of Law in Taxation (LL.M.) from the University of Florida School of Law.

Cyprus-Style Bank Account Confiscation Is In The New Canadian Government Budget

The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style “bail-ins” are actually proposed in the new Canadian government budget. When I first heard about this I was quite skeptical, so I went and looked it up for myself. And guess what? It is right there in black and white on pages 144 and 145 of “Economic Action Plan 2013” which the Harper government has already submitted to the House of Commons. This new budget actually proposes “to implement a ‘bail-in’ regime for systemically important banks” in Canada. “Economic Action Plan 2013” was submitted on March 21st, which means that this “bail-in regime” was likely being planned long before the crisis in Cyprus ever erupted. So exactly what in the world is going on here? In addition, as you will see below, it is being reported that the European Parliament will soon be voting on a law which would require that large banks be “bailed in” when they fail. In other words, that new law would make Cyprus-style bank account confiscation the law of the land for the entire EU. I can’t even begin to describe how serious all of this is. From now on, when major banks fail they are going to bail them out by grabbing the money that is in your bank accounts. This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the western world.

What you are about to see absolutely amazed me when I first saw it. The Canadian government is actually proposing that what just happened in Cyprus should be used as a blueprint for future bank failures up in Canada.

The following comes from pages 144 and 145 of “Economic Action Plan 2013” which you can find right here. Apparently the goal is to find a way to rescue “systemically important banks” without the use of taxpayer funds…

Canada’s large banks are a source of strength for the Canadian economy. Our large banks have become increasingly successful in international markets, creating jobs at home.

The Government also recognizes the need to manage the risks associated with systemically important banks — those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable.

So if taxpayer funds will not be used to bail out the banks, how will it be done? Well, the Canadian government is actually proposing that a “bail-in” regime be implemented…

The Government proposes to implement a “bail-in” regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants.

So if the banks take extreme risks with their money and lose, “certain bank liabilities” (i.e. deposits) will rapidly be converted into “regulatory capital” and the banks will be saved.

In other words, the banks will just be allowed to grab money directly out of your bank accounts to recapitalize themselves.

That may sound completely and utterly insane to us, but this is how things will now be done all over the western world.

Sometimes a “bail-in” can be done by just converting unsecured debt into equity, but as we just saw in Cyprus, often when there is a major bank failure a lot more money is required to “fix the banks” than can possibly be raised by converting unsecured debt into equity. That is when it becomes very tempting to dip into uninsured back accounts.

In fact, some European politicians are openly admitting as much. According to RT, the European Parliament will soon be voting on a new law which will make Cyprus-style bank account confiscation a permanent part of the solution when major banks fail throughout the EU…

A senior lawmaker told Reuters the Cyprus model may not be an isolated case, and is perhaps a future template in dealing with troubled European banks.

The new template is now likely to turn into a full-scale EU law, letting taxpayers off the hook in case a bail-out is needed, but imposing major losses on bigger savers on a permanent basis.

“You need to be able to do the bail-in as well with deposits,” said Gunnar Hokmark, member of European Parliament, who is leading negotiations with EU countries to finalize a law for winding up problem banks, Reuters reported.

“Deposits below 100,000 euros are protected … deposits above 100,000 euros are not protected and shall be treated as part of the capital that can be bailed in,” Hokmark told Reuters, adding that he was confident a majority of his peers in the parliament backed the idea.

The European Commission has written the draft of the law, which now awaits approval from eurozone member states and the parliament on whether and when it can be implemented. It’s been reported, the law is planned to take effect in the beginning of 2015.

Are you starting to understand?

Read More Here….

New Bank Bailout Plan: Depositors Pay

Bank of America deposit slip

Will your deposits be safe? How solvent is your bank? Are they derivatives players?

New Bailout Plan: Depositors Pay

The European Finance Ministers have now set the precedent that when banks go broke and need a bank bailout, then  the depositors are the funding source.

What’s wrong with this picture?  When corporations go insolvent it is supposed to be their shareholders lose, not their customers.

Michael Snyder’s analysis of the ongoing fallout of the Cyprus levy tax on deposit holders is one that I will be following in my research. –No Name Attorney

Michael has a B.S. in Commerce from the University of Virginia, a law degree (J.D.) and a Masters of Law in Taxation (LL.M.) from the University of Florida School of Law.

The Global Elite Are Very Clearly Telling Us That They Plan To Raid Our Bank Accounts

By Michael, on March 27th, 2013

Don’t be surprised when the global elite confiscate money from your bank account one day. They are already very clearly telling you that they are going to do it. Dutch Finance Minister Jeroen Dijsselbloem is the president of the Eurogroup – an organization of eurozone finance ministers that was instrumental in putting together the Cyprus “deal” – and he has said publicly that what has just happened in Cyprus will serve as a blueprint for future bank bailouts. What that means is that when the chips are down, they are going to come after YOUR money. So why should anyone put a large amount of money in the bank at this point? Perhaps you can make one or two percent on your money if you shop around for a really good deal, but there is also a chance that 40 percent (or more) of your money will be confiscated if the bank fails. And considering the fact that there are vast numbers of banks all over the United States and Europe that are teetering on the verge of insolvency, why would anyone want to take such a risk? What the global elite have done is that they have messed around with the fundamental trust that people have in the banking system. In order for any financial system to work, people must have faith in the safety and security of that financial system. People put their money in the bank because they think that it will be safe there. If you take away that feeling of safety, you jeopardize the entire system.

So exactly how did the big banks in Cyprus get into so much trouble? Well, they have been doing exactly what hundreds of other large banks all over the U.S. and Europe have been doing. They have been gambling with our money. In particular, the big banks in Cyprus made huge bets on Greek sovereign debt which ended up failing.

But what happened in Cyprus is just the tip of the iceberg. All over the planet major financial institutions are being incredibly reckless with client money. They are leveraged to the hilt and they have transformed the global financial system into a gigantic casino.

If they win on their bets, they become fabulously wealthy.

If they lose on their bets, they know that the politicians won’t let the banks fail. They know that they will get bailed out one way or another.

And who pays?

We do.

Either our tax dollars are used to fund a government-sponsored bailout, or as we have just witnessed in Cyprus, money is directly confiscated from our bank accounts.

And then the game begins again.

People need to understand that the precedent that has just been set in Cyprus is a game changer.

The next time that a major bank fails in Greece or Italy or Spain (or in the United States for that matter), the precedent that has been set in Cyprus will be looked to as a “template” for how to handle the situation.

Eurogroup president Jeroen Dijsselbloem has even publicly admitted that what just happened in Cyprus will serve as a model for future bank bailouts. Just check out what he said a few days ago

“If there is a risk in a bank, our first question should be ‘Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?’. If the bank can’t do it, then we’ll talk to the shareholders and the bondholders, we’ll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders”

Dijsselbloem insists that this will cause people “to think about the risks” before they put their money somewhere…

“It will force all financial institutions, as well as investors, to think about the risks they are taking on because they will now have to realise that it may also hurt them. The risks might come towards them.”

Well, as depositors in Cyprus just found out, there is a risk that you could lose 40 percent (and that is the best case scenario) of your money if you put it in the bank.

Read More Here….

 

Europe Is Bankrupt

Facing the Music:  Europe Is Bankrupt

This article is a good summary of a growing consensus among financial analysts that Europe is bankrupt.  The EU’s actions against Cyprus is another confirmation that the EU is bankrupt and hunting money wherever they can find it regardless of fairness.

What was done to the tiny nation of Cyprus questions the competency of the EU policy makers.   Their requirements for a “bailout” by levying depositors money is arguably financial theft.  Why should depositors pay for the mismanagement of third parties who received substantial bonuses and fees for their malfeasance?  Shouldn’t they be putting the banks in question into some form of receivership and investigating whether there are civil actions, or potentially financial crimes committed by those financial institutions and corporate management bankers?

This was a de facto torpedo fired against Cyprus citizens and its financial institutions.  You can bet anyone half way sane will not deposit their hard earned money there.

One cannot help but wonder that the EU’s solution to their economic woes will be more banks in other countries having financial levies.  Even if the US government does not initiate a bank financial levy against depositors, the fact that this was done along with the current mismanagement within the financial system is bound to affect the US banking and financial sectors.

Although I share Mr. Summers analysis, this is not an endorsement for you to buy any of his financial products.  As with any service you must do your own due diligence.  It’s your money and you alone should make the decision of what to do with the fruit of your hard labor.–No Name Attorney

 

Europe is Now Out of Options AND Money

By Graham Summers of GainsPainsCapital.com

March 27, 2013

The big news out of Europe is whether or not Cyprus will be a template for future bailouts.

Having seen that issues like personal property, rule of law, and democracy got thrown out of the window in Cyprus as soon as things got hairy, investors and depositors throughout Europe are panicked as to whether they will be targeted next when the next European Domino starts to fall.

EU politicians are out claiming the usual fluff “don’t worry, Cyprus is a one off deal, this won’t happen again!” Sure. Greece was a one off deal until it needed another bailout. Spain was a one off deal. So was Ireland and Portugal.

Obviously, European bureaucrats are the sorts of folks you can trust.

Let’s cut through the nonsense here.

Europe is totally and completely bust. The European banks are leveraged at 26 to 1 because they CANNOT raise capital… because no one in their right mind wants to invest in them… not even European countries.

European nations are bankrupt because AGAIN no one in their right mind wants to buy their bonds UNLESS they believe they can dump their investments on the ECB at a later date. Who is the greater fool there?

At the end of the day, the reason Europe hasn’t been fixed is because CAPITAL SIMPLY ISN’T THERE. Europe and its alleged backstops are out of money. This includes Germany, the ECB and the mega-bailout funds such as the ESM.

Germany has already committed to bailouts that equal 5% of its GDP. The single largest transfer payment ever made by one country to another was the Marshall Plan in which the US transferred an amount equal to 5% of its GDP. Germany WILL NOT exceed this. So don’t count on more money from Germany.

The ECB is chock full of garbage debts which have been pledged as collateral for loans. If anyone of significance defaults in Europe, the ECB is insolvent. Sure it can print more money, but once the BIG collateral call hits, money printing is useless because the amount of money the ECB would have to print would implode the system.

And then of course there are the mega bailout funds such as the ESM. The only problem here is that Spain and Italy make up 30% of the ESM’s supposed “funding.” That’s right, nearly one third of the mega-bailout fund’s capital will come from countries that are bankrupt themselves.

What could go wrong?

At this point, Europe is literally beginning to run out of options. It’s only a matter of time before the Crisis goes into hyperdrive and we have an event even worse than 2008.

In simple terms, this time around, when Europe goes down (and it will) it’s going to be bigger than anything we’ve seen in our lifetimes. And this time around, the world Central Banks are already leveraged to the hilt having spent virtually all of their dry powder propping up the markets for the last four years.

Given what is happening in Europe right now, we wanted to alert investors to a major development we’ve noticed in the markets.

The markets look to be setting up for the next Crisis. Indeed, multiple metrics we track are flashing RED ALERT.

To read more about this…

Click Here Now!!

Best Regards,

Graham Summers

Chief Market Strategist

Destructive and Crazy Says Steve Forbes About Cyprus Bank Levy

Destructive and Crazy Says Steve Forbes About Cyprus Bank Levy

I am not a Steve Forbes fan.  Nevertheless, I try to be objective and give credit where it is due.  The Cyprus Bank Levy was an insane idea by the EU, Merkel, banksters or whoever was behind it.

The public is already on edge about the economy.  There are governmental actions taking place that despite all the alternative reasons being given by government spokesmen, could be arguable that preparation is occurring for a possible economic meltdown: Excessive government purchase of  hollowed point bullets with enough of them to shoot every citizen several times, NDAA, buying large stockpiles of freeze dried foods, Bernake’s open spigot quantitative easing, jumping on the unfortunate Sandy Hook situation and going on a massive offensive to take as many guns as they can out of citizens’ hands, etc.

So people are already nervous.  And whether the banking and financial industry likes it or not, the public’s trust of them continues southward.  Most Americans are bitter, upset or dismayed about the 2008 Wall Street bailout to pay for the wrongful or negligent conduct of others in which we had no role.

Europeans are saying similar things about their government and the European Economic Community.

So why in the world would you fast and quietly try to impose up to a 10% levy on the public’s private bank accounts?  They’re already suffering for the sins of another, the banking, financial and government conduct. 

Bernake and co-horts can tell you that nothing like this can happen with our financial system.  They tout that since instituting the FDIC insurance no one has lost any money.

One of the problems that they have with this argument is that we are in uncharted territory.  What went on in the past is not parallel today to the unethical derivatives, credit default swaps and liar loans.  The amount of world debt was not the astronomical level it is today to the worlds’s GDP.  Then we were not as integrated in the “world economy” as we are now with the decades of pushing towards globalism. 

Moreover, think what happened to the MF Global customers.  Jon Corzine and minions took MF Global depositors’ monies out of their accounts and gave it to JP Morgan.  These customers were supposedly insured by the CFTC.  However, the CFTC has failed to make good on the situation and customers had to hire attorneys to go to bankruptcy court.  Even though their money was stolen from their accounts, they will be lucky if they get 25 cents on the dollar.  (I hope I am wrong on this as what was done to them was so outrageous!)  Their monies have not been returned or reimbursed in full.

Then there was the “glitch” that JP Morgan had this week that zeroed out their customer accounts for about two hours.  It shows us how vulnerable we all are in this electronic banking age.

Which situation do you think more relevant to the times? Do you have an apple being compared to an orange?

If you need to keep your monies at a banking institution, do you think it would be safer to have those accounts at more local banks (who did not get bailed out, engage in irresponsible derivatives, credit default swaps) or credit unions than to keep in those “too big to fail” banks that are one of the primary causes of the 2008 financial meltdown?

So share your thoughts below…Do you think that in our future is a Cyprus Bank “Levy” or wealth tax moment?

Think about it!—No Name Attorney

Steve Forbes: Cyprus Bank Levy Is ‘Crazy’ and ‘Destructive’

Wednesday, 20 Mar 2013 07:58 AM

By Michelle Smith of Moneynews.com

Imposing a levy on bank deposits as a condition for a bailout is “crazy” and “destructive,” writes Steve Forbes, chairman and editor-in-chief of Forbes Media, warning that this idea could be disastrous for everyone.

Cyprus is seeking 10 billion euros ($12.9 billions) for fiscal needs, bank restructuring and to provide support for the nation’s economy, according to a statement from the Cypriot finance ministry.

The nation actually needs a bailout of 17 billion euros CNN says the Financial Times revealed. But a group of potential creditor nations have proposed a one-time levy on bank deposits to reduce the nation’s need for outside funding.

Essentially what was proposed was to take a certain percentage of money from the accounts of people who have made deposits in good faith, a move that many have likened to stealing.

Forbes noted that the seizing of peoples’ bank deposits is the kind of thing one would expect from “Argentina or other kleptocractic third-world governments.”

The germane fact is that it was Western Europe, supposedly a strong believer in the rule of law, that engaged in this Hugo Chavez-like move, he writes.

Forbes warns that having such an idea come from Europe is disastrous in part because it affects the thoughts of people elsewhere. If Europeans leaders could come up with such an idea, an American leader, such as President Barack Obama, could propose a measure such as raiding 401(k)s to help fund Social Security, says Forbes. And in a panic Congress could jump on board.

Furthermore, Forbes says this bank levy business guarantees that there will be disastrous runs on banks and money market funds when we have another financial crisis. And he is sure that another crisis lies ahead because authorities really don’t know what they are doing on the economic front, he added.

Don’t think the US would be immune in a crisis, Forbes said. When fears rise, people clutch cash first as trust and faith in authority melts away.

Read More Here…