Is our money safe in the bank?

olDave

With the recent debacle in Cyprus, many are wondering if the same thing could eventually happen in the U.S. Here is a quote by Steve Forbes that gives you an idea of what he thinks.

"What in the world is going through the minds of European officials with their crazy, destructive demands with Cyprus? Seizing a portion of peoples’ bank deposits is the kind of thing one would expect from Argentina or other kleptocratic third-world governments. It sets an awful precedent shredding the rule of law, which is the bedrock of a free and vibrant society. The fact that Cyprus is small is irrelevant. 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. Now, it’s not inconceivable that President Obama or somebody with a similar ideology could propose seizing and integrating people’s 401K plans into Social Security. And in a panic, Congress would go along."

With the current state of our economy and no remedy by our elected officials on the horizon, it is no longer that far fetched to think that what happened in Cyprus could happen here.

What do you think?.

jbutterflye

there's something going on now. Warren Buffet & some others are dumping major stock.

chessgeekdavidb

The US can print their own money, Cyprus is part of the Euro so they can't.

olDave

there's something going on now. Warren Buffet & some others are dumping major stock.

Ya...Mr. Buffet started several months back.

olDave

The US can print their own money, Cyprus is part of the Euro so they can't.

I heard one analyst compare Cyprus to a state in the US not being able to spend it's dollars in any other state.

chessgeekdavidb

The US can print their own money, Cyprus is part of the Euro so they can't.

I heard one analyst compare Cyprus to a state in the US not being able to spend it's dollars in any other state.

I don't see that as a valid comparison. Cyprus is on the euro and can spend their euros in other countries.

__RANDY__

buy gold

chessgeekdavidb

there's something going on now. Warren Buffet & some others are dumping major stock.

Ya...Mr. Buffet started several months back.

Profit taking, he will put some back in after the coming market downturn that will happen this summer.

olDave

The US can print their own money, Cyprus is part of the Euro so they can't.

Also, printing more dollars simply devalues the dollar...which is another way of stealing our money....it's just not as fast or noticable.

chessgeekdavidb

The US can print their own money, Cyprus is part of the Euro so they can't.

Also, printing more dollars simply devalues the dollar...which is another way of stealing our money....it's just not as fast or noticable.

Agreed but the government has been doing this since the 60s

olDave

The US can print their own money, Cyprus is part of the Euro so they can't.

I heard one analyst compare Cyprus to a state in the US not being able to spend it's dollars in any other state.

I don't see that as a valid comparison. Cyprus is on the euro and can spend their euros in other countries.

Here's a quote from the Associated Press today. It sounds like Cypriots are not going to be allowed to spend their money anyplace except Cyprus.

"Cyprus imposed capital controls to limit withdrawals and TRANSFERS ABROAD when its banks opened Thursday for the first time since March 16. They were announced Wednesday night to prevent worried savers from withdrawing all their money during an acute financial crisis."