How safe is your wealth in banks? Well, not at all. Cyprus just ruled that all bank accounts over 100,000 Euros will be seized to to cover losses of whom… the same banker idiots who gambled on the money deposited by consumers. What great justice!? Essentially its the banks who will eat up your money through “law”.
You need to rethink where you put your money for “safe banking”, I am thinking of designing safe mattresses 
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
Your money is never 100% safe in banks. If a bank collapses, the first people to get their hands on money in the bank's possession are the bank's bond owners. Then the bank's stockholders. Lastly, the people who actually put their money in the bank.
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
You need to rethink where you put your money for "safe banking", I am thinking of designing safe mattresses :D
This actually reminds me of a funny story that I read. This elderly Israeli woman was once out of the country on holiday, when her daughter decided that as a nice gesture, she would replace her mother's tattered old mattress with a brand new fancy expensive mattress.
When the old woman returned from vacation, she was horrified and told her daughter that she kept her savings, nearly $1 million in cash, inside her mattress.
In this particular case, the family was able to find the garbage dump that the mattress was taken to, and were able to find the mattress and recover the money...
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
^OMG@ Both the article and your story!!! 
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
Your money is never 100% safe in banks. If a bank collapses, the first people to get their hands on money in the bank's possession are the bank's bond owners. Then the bank's stockholders. Lastly, the people who actually put their money in the bank.
There is an 'insurance' for your deposits to encourage or guarantee safety of your money in the banks, but when government decides everything can go down the toilet. The insurance is usually for smaller money, I believe in US it was $100,000 but in 2008 meltdown they raised the limit to $250,000 for public assurance otherwise public would have started digging trench in their backyards and bury extra cash there. But as it seems, even smaller deposits can be eaten up anytime government decides to pay crooks for something they break it themselves.
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
How safe is your wealth in banks? Well, not at all. Cyprus just ruled that all bank accounts over 100,000 Euros will be seized to to cover losses of whom... the same banker idiots who gambled on the money deposited by consumers. What great justice!? Essentially its the banks who will eat up your money through "law".
You need to rethink where you put your money for "safe banking", I am thinking of designing safe mattresses :D
hahaha
we must think of some other 'safe places' then! ;)
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
Your money is never 100% safe in banks. If a bank collapses, the first people to get their hands on money in the bank's possession are the bank's bond owners. Then the bank's stockholders. Lastly, the people who actually put their money in the bank.
Are you sure the depositors are behind stockholders?
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
There is an 'insurance' for your deposits to encourage or guarantee safety of your money in the banks, but when government decides everything can go down the toilet. The insurance is usually for smaller money, I believe in US it was $100,000 but in 2008 meltdown they raised the limit to $250,000 for public assurance otherwise public would have started digging trench in their backyards and bury extra cash there. But as it seems, even smaller deposits can be eaten up anytime government decides to pay crooks for something they break it themselves.
yup..in Canada as well, it is 100,000 per institution...so never have all your money in the same bank...?
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
Thats why all my money is in gold coins…in my pillow. lol 
Btw, that million dollars in mattress story is probably not true.
http://www.fedbizopps.gov/EPSData/TREAS/Synopses/142/BEP-06-0001/AttachmentASpecPCDT1-1TypeICurrencyPaper-17Aug05.doc
The same source puts the weight of the paper (without ink) or
“Grammage, grams per square meter” at 88.7 ± 4.0"
So, the area of a single bill is 6.6294 cm by 15.5956 cm which is
.066294 m by .155956 m = 0.0103389471 square meters
Since $1,000,000 requires 10,000 bills, the total area of the bills is
103.389471 square meters
and the total thickness is 124 micrometers * 10,000 = 1,240,000
micrometers = 1.24 meters.
So the height of a single stack is 1.24 meters.
And the volume of the stack is 103.389471 * 0.000124 = 0.01282 cubic meters
And since the total area of the bills is 103.389471 square meters, at
a weight of 88.7 grams per meter or .0887 * 103.389471 = 9.17 kg
add another .83 kg for the ink and you’re back to the Treasury’s 10kg. figure.
So in summary, you can have one stack of bills 1.24 meters = 48.82
inches high, or you can have, say, 4 stacks a little over a foot high,
22 pounds all together, or (if you prefer the metric system) 6 stacks
a little over 20 cm high, 10kg. all together.
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
yes, the other safe place would be somewhere in backyard
It wouldn’t matter, if you followed Cyprus story at one point the government decided to eat up ALL bank accounts not just the ones that were above 100,000 Euros. Had they done it the whole world’s financial institutions would’ve imploded next day as everyone would’ve rushed to banks to get their cash out. Bottomline is, govts CAN and WILL at some point loot the consumer of their wealth to pay for the crimes committed under their nose by their friends in the best interest of the nation/country.
what about $500 bills?
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
What about people with mortgages or other debt? Are those forgiven?
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
what about $500 bills? :D
They are not in circulation for public use. Btw, this happened in Pakistan, too. Remember when NS took over the foreign currency accounts after the nuclear tests in 1998? Luckily, he used it for good cause...hair plugs for himself. He looks 20 years younger...:D
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
What about people with mortgages or other debt? Are those forgiven?
Lol no. Mortgages are usually owned by investors (not banks...banks just process/service them. If you default they will take over your house/business/collateral or whatever. Personal debt, like credit card debt, goes to collection agencies, and unless you file for bankruptcy, they will be hounding you forever.
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
What about people with mortgages or other debt? Are those forgiven?
For "public"? How can you think of that? If that were for big alligators then probably you had a case.
They are not in circulation for public use. Btw, this happened in Pakistan, too. Remember when NS took over the foreign currency accounts after the nuclear tests in 1998? Luckily, he used it for good cause...hair plugs for himself. He looks 20 years younger...:D
Weren't the 'frozen foreign currency account holders' given equivalent Pakistani rupees?
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
What about people with mortgages or other debt? Are those forgiven?
Mortgages and debts are a prized asset to buy from a bankrupt bank. Mortgages are easily sold to a different bank to collect the remaining amount.
Debts are even more fun. If you owe a bank $20,000, and the bank goes bankrupt, the creditors are often so desperate to get anything that your debt gets sold to another bank for, say $5,000. That bank will hire a bunch of collectors to hassle you and eventually "negotiate" with you to just pay back a large portion, say, $10,000.
That way, the bank that bought the bad debt still manages to make a quick profit on it.
Re: Fraud or justice or crime by government(s)? Bank deposits over 100,000 to be seiz
That is why every 6 months or so, I buy some gold.