Is Cypress A Trial Balloon For Global Bank Account Seizure: People In Cypress Freaking Out Over Seizure of Personal Bank Accounts: Americans Should Be Worried

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(Before It's News)

by Monica Davis

Are bank accounts in the world safe? Is your bank account safe from government seizure?

There are many possibilties out there: Americans are secretly whispering about government seizure of individfual Retirement Accounts (IRA's) in the event that Social Security crashes and burns. And, in Europe, some of the region's private nightmares have become reality.

The European Union is punishing individual depositors for the sins of the bank. It appears that Cypriot banks have been used by Russian oligarchs to launder money. The oligarchs made out like bandits and now the European Union banksters are punishing the Cypriots for their banks' criminal behavior.

This is a frightening model. Should the US banking authorities use the same model, millions of Americans could see their bank accounts seized to pay for their banks' illegal money laundering activities.

Shocked and angry residents of Cyprus on Saturday morning rushed to their banks and ATMs to withdraw their savings, but it was too late. The ones who had been lucky enough or smart enough or frightened enough to have withdrawn their money earlier in the week lost nothing, but the ones who believed the Cypriot and European politicians who said that all bank deposits are safe were screwed.

In the wee hours of the night, the Eurogroup of eurozone finance ministers agreed to bail out Cyprus, after a year of negotiations. Cyprus needed a 17 billion euro bailout loan for its banking system, but the Eurogroup was only willing to come up with about 10 billion euros, so the difference had to be made up by penalizing depositors: 9.9% on deposits above 100,000 euros, and 6.75% on smaller deposits.

There were harsh disagreements in the euro zone whether Cyprus should be bailed out at all. The problem is that Cyprus's banks have been used as vehicles for laundering billions of dollars by Russian oligarchs who don't want to pay Russia's taxes. Thus, bailing out Cyprus's banks would be bailing out Russia's oligarchs. Many MPs in Germany's Bundestag refused to consider a bailout. The final settlement punishes ordinary Cyprus citizens as well as the Russian oligarchs. MOREHERE

These things always happen in the wee hours of the night, in order to forstall outrage and violenfe from the individual depositors. Right now, they're raging mad. Who can blame them? Ten percent of their money has been stolen, and many are already living on a shoestring budget.

What would happen in the US if the government confiscated IRA accounts to bolster the Social Security program? Is this the reason for the massive increase in government underground facilities? Are they planning outrageous property and bank account seizures---and need a secure place to escape from outraged citizens?