Is The Banking System safe?

Cyprus bailout: President says crisis worst in decades:

A one-off levy of up to 10% on bank deposits has sparked public anger.

When the world banking allows governments to dip into your savings and take money to pay off national debt we have a loss of faith in banking and the system collapses.

Could this happen in the United States?

The estimated population of the United States is 314,609,887
so each citizen’s share of this debt is $53,143.56.

6 Responses to “Is The Banking System safe?”

  1. fwiw says:

    And of the debt that each of us owes $10,600 is owed to Social Security. Washington has been paying for the wars in Iraq and Afghanistan with Social Security money to make up for the tax cuts to Billionaires. Now they want to cut Social Security benefits instead of dropping that tax cut for Billionaires. Oh well, they will even vote against a raise in the minimum wage.

  2. fwiw says:

    I have read a few opinions on the Cyprus situation and if the EU/Germany can weather the storm the US shouldn’t suffer much from the move. It is doubtful that either side of the aisle in D.C. would consider such a move. But something needs to be done to get back on an even keel. The Fed and Treasury have primed US for inflation and when it begins there won’t be any slowing it down for quite a while and working families who rent and have young children will likely take a terrible hit. But inflation is such a faceless, incremental thief while the Cyprus robbery is blatant and immediate and in Cyprus those who suffer the most are the ones who actually have some accumulated wealth while inflation will just be “the death by a thousand cuts” with years of compounded misery here.

  3. Lisa says:

    Cyprus’s banks are to remain shut until at least next Tuesday as the cabinet meets in emergency session after a eurozone bailout was rejected. If they can do it in other countries it will come to the U.S. Every year we inch to more socialism as the government takes away individual responsibility and replaces it with nanny government.

    Charity needs to be a private matter and not one funded by government. Health insurance is a private gamble individuals take and they bet their life on it as they do life insurance.

    One size does not fit all. Where does government control end? Do you have a camera inside your home monitoring you behavior?

  4. fwiw says:

    This man hits the nail on the head.

    http://finance.yahoo.com/blogs/daily-ticker/forget-cyprus-noboby-stealing-depositors-more-bernanke-170851783.html

    The Fed is bleeding us with the most unkind tax of all, inflation. $400billion annually according to the interview. The Cyprus money grab is more honest and up front and allows $20,000 or less to go untouched.

  5. fwiw says:

    Excuse me. The annual $400 billion is actually the free ride that Burnanke is giving the banks to use out deposits. The inflation tax is still in the oven. It will likely be more than $400 billion/year.

  6. Lisa says:

    I am arguing that it might be possible to empower ourselves – and create our own systems for keeping track on a local or people-centered basis, and create our own vibrant economies using the resources we have – by moving away from the national and global systems dominated by the biggest banks and oligarchs, and towards a system where we “spend” resources and goodwill into our local communities in a way in which trust is built from the ground-up, and the energy of trade and commerce can be re-started. [Trust is – after all – the basis for all prosperous economies.]

    Postscript: Mainstream economists will argue that we need a universal, fungible type of money in order to trade on a global basis. But because currencies are now unpegged from anything in the real world and are traded on the currency markets, their values fluctuate wildly in the modern world. In other words, one of the essential characteristics for money – that they represent a universal, fixed yardstick – has disappeared. And fiat currencies have a very short lifespan. So how valuable are they, really, for anyone but forex speculators?

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