WHEN, not if if happens here do not say you weren’t warned.
Cypriot officials insisted no levy on smaller depositors was impossible. One senior Cypriot official involved in the talks said that because about 35 percent of all deposits are below the threshold, exempting them would mean a rate so high for the rest that it would no longer be viewed as a tax.
“If this is successful then it will be used in the future,” said the dejected official, predicting Spanish and Italian banks could face similar levies. “If this is not successful then who cares about Cyprus.”
That’s not a prediction it is a statement of fact, and it will come here too.
Your 401k or IRA?
It’s not yours.
They’ll steal it, along with your bank account. FDIC and SIPC insurance be damned to Hell.
They just admitted that they will do exactly that to bail out their friends who made bad bets and themselves who failed to enforce the law prohibiting these losses from accumulating without the institutions being closed long before you could lose a single penny.