Whats IN your wallet?

[1Admin]

or under the mattress?

http://www.reuters.com/article/2013/03/17/us-cyprus-parliament-idUSBRE92G03I20130317

Bad precedence!

How about you? 10% of your savings or checkings get jacked, how bad would that affect be?

Most everyone answers these economic questions- "precious metals"- but here is another place where cash- i.e, foldable FRN's in place would help. You wouldn't "have" to sell any PM's at a time when perhaps the market was down for them.

[Matt In Oklahoma]

How about you? 10% of your savings or checkings get jacked, how bad would that affect be?

Well our Government is stealing that in the form of furloughs from my savings account at an even higher amount so there isn't much difference and it hurts. It hurts not only us but the economy in general especially in places that support huge government bases such as Military towns, finance center complexes and institutions. The lessened spending is already taking it's toll on the nongovernmental workers. Not much difference in this and just stealing it from your account directly because it has nothing to do with savings only politics.

[rockriver]

person a continues to spend every penny he earns.
person b lives a frugal lifestyle and saves year after year.

this plan penalizes person b.

CRAZY

that is nearly as crazy as the thought that some countries are now taking money from people that produce a thing or provide a service...
then give that money to ner do wells who do not produce anything and provide no service.

that would be even crazier.

plan two would not be able to continue for long.

[Rmplstlskn]

Just another example of how we don't own anything now days that a .gov, .leo, or .mil couldn't take away for any reason they want... And they got ya by the shorthairs too... Both mine and my wifes payroll is REQUIRED to be direct deposited into a bank, or you are not hired. Then paying bills without checking accts using MO's is a major PITA... They got ya....

[thedreamers]

i guess it's a good thing we're poor an don't have much in the bank for them to steal. like rmpl my pay is direct deposit too, and can't get a round it. here i think they'll go after our retirement planes first cause they have more money in them that we cant get to at a moments notice.

[Matt In Oklahoma]

Just another example of how we don't own anything now days that a .gov, .leo, or .mil couldn't take away for any reason they want.

.leo and .mil are the ones getting taken right now not doing the taking. They are being taken by .gov and non dot donothing handouters

[Patriotic Sheepdog]

I had read somewhere that they wanted to take up to 35-40% but settled on 9.9%. Either way, it is stealing. Don't think that when the IMF comes a calling here, that our elected CONgress wouldn't be willing to do the same thing except they would look at pension plans, 401's, IRA's etc. We all say we wouldn't stand for it, but when it happens overnight on a weekend or bank holiday whatcha gonna do? Moneys gone and bank will say it was the law and they had to comply. Govt going to say that they "had to do it" as the IMF needed it....blah, blah blah. We will still be out our money. It will be double taxation.

[motesjm]

Interest rates are too low right now to keep any more than normal operating funds in the bank. The Feds are stealing 10-20% yearly of your savings now with planned inflation and few people blink an eye. No need for them to grab a part of measly savings accounts when they can take that kind of cut off the top of EVERYTHING.

[1Admin]

Taking any action on this? Predictions anyone?

[Matt In Oklahoma]

Taking any action on this? Predictions anyone?

Not much I can do, savings will get tapped soon by me, in 2010 they took our retirements and replaced them with promise notes so they no longer really exist, if I wasn't already removing my savings i would to cash if I was you guys for just a little while anyway, still don't believe PMs are the full answer and the real pm right now is lead and its unobtainable but fortunately tin is still in high supply. It is what it is but i'm not worried LOL cause as some say i can just take what i want LOL oh man seriously things are bad enough that Greece, a nothing place in the realm of things, is causing a worldwide ripple in the market, discussions everywhere to include here and even .govs to take action around the world to try and prop things up again

[Rmplstlskn]

I keep minimal in the bank... Once payroll hits, cash comes out. I re-feed the beast as needed to pay unusual increases in expendatures... Down side is you have to watch balances like a hawk, as one mistake will overdraw you which can domino into multiple OD charges... I have not been paying attention a few times and it sucks to get $70 ~ $105 in OD bank charges... Arrghhh! It is a tough life to live with minimal in the bank... I no longer ride it on the bleeding edge anymore after several of those OOPS! charges...

As for wife's retirement account, nothing I can do about that one, it is mandated and nothing outside of normal investments are allowed...

Rmpl

[JethroBodine]

Every time they print money they steal from you in affect. Dollar is devalued and you have less. They raise your taxes all the time without "raising your taxes"

[Bearman202]

Something you need to be aware of is that if you have more than $10K in cash, it is assumed to be drug money and the state will take it. You can sue to get it back, but it's probably not going to happen. One woman cleaned out her bank account because she was getting a divorce and wanted to get it before her soon-to-be ex did. She had $20k in her car. The police pulled her over, and took it. She could prove where it came from, it was legal, etc. It made NO difference whatever. That was over 2 years ago, and she still hasn't gotten her money back. I don't think she will. The big question is what to do with any cash you have around? That's not a real problem for me, since I don't have any, but I wonder what people who do have it do?

[motesjm]

Cash in three secure locations in fireproof boxes. Not much at any location, but more than I'd be excited about loosing all at once.

[Lowdown3]

Good point Bearman, keep it under $10K

It looks like it's gonna happen in New Zealand also.. I hope this crap doesn't snowball

http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-style-solution-for-new-zealand.htm