Cyprus was also planning wide restrictions on financial transactions when the banks reopen. The proposals would allow authorities to restrict noncash transactions, freeze check cashing, limit withdrawals and even convert checking accounts into fixed-term deposits.
It would appear that, while a bloc of parliament abstained from voting to tax all bank deposits for an EU bailout of bankrupt Cyprus, effectively stopping the taxing efforts, the government now intends to take control of bank customers' accounts. The rationale for this is not quite clear to me. However it's compelling to think that the government is still hellbent to take control enough cash to back the EU in Brussels to bail out the insolvent country. But this isn't important tp Americans! Right?
Wrong! I'll continue to remind myself and everyone I can reach that the policies of the Obama administration are rapidly putting the United States in a situation similar to Cyprus as well as all of Greece and the others of the EU PIIGS. The speculations that government has its focus on retirement accounts and how to get money from them now instead of waiting to tax the funds upon retirement. This would, of course, abrogate the laws under which the 401-Ks etc. were established. Deferring taxes on some income until retirement has been one of the best bits of legislation promulgated. But, with the voracious appetite of the government for taxes, which Obama has raised to level never before contemplated by traditional presidents, these programs all are in jeopardy. Unfortunately, as I write this I must remind myself that 50+ % of Americans don't seem to care and don't even know what is being done to them, their own futures and especially their progeny. The America that Obama wants is not the America we have known!