Eur Wedge On De Edge


#1561

I’m not a goldbug, and I think there are those who have irrationally piled into that asset class, but a German friend of mine was buying gold at least 6 years ago, and had already been buying for a few years before that. He now looks pretty smart, I would say (appreciation, plus indication of having foreseen some of these moves), although at the time many friends thought he was cuckoo (I didn’t judge so harshly, but nor did I follow his lead).

Ultimately, however, the real fix is political/societal/systematic: if the system and governing agencies want to get you, they will: even if you put your money into gold, if the government brings in legal restrictions on gold trading etc., you’re in a bit of a bind… and since you’re also now within a fringe group you’re probably easier to demonise and vilify (and expropriate) than the huge majority with bank deposits or pensions (and look how quickly they get burned)


#1562

I would consider allowing the government dip their grubby paws into my hard-earned savings ‘a bank failure’, a massive one in fact - to mangle an analogy, it’s like gamekeeper turned poacher, without bothering to take gamekeeper’s hat off…sort of :-GC


#1563

So has anyone made any personal preemptive capital measures now that Cyprus financial fiasco rages on unabated?


#1564

Anyone waiting until now really hasn’t been paying attention for the last few years.


#1565

Yes - I bought a house :blush:


#1566

Banzai 8DD


#1567

… I meant to say apart from “domiciled bliss”. :smiley:


#1568

Yep. I’ve chased the best deposit rates, so that when my 10% haircut happens, it’ll be coming out of profits.


#1569

yep - precedent is now set that any amount of money can be confiscated

rule of law has taken a huge hammering - “we have taken away your freedom to protect freedom”


#1570

If you owned €100k of shares in a portfolio vs €100k in a deposit account will they be treated differently in Cyprus?

Surely the wedge would be better in a portfolio of shares?


#1571

Doublespeak for Slavery.


#1572

The Irish government has levied pension funds, regardless of how the funds store their value.

So you then have risk of tax + risk of loss of principal.

The world has gone crazy when equities are perceived to be safer than either cash or govt. bonds.


#1573

Yes, sorry. My point was that in principle tax can be levied on anything that can be valued accurately, and even stuff that can’t, as proven by the property tax.

In practice a highly regulated financial services industry just makes it easier to impose taxes.


#1574

Yes. :smiley:


#1575

I’d assumed Robert Anton Wilson: en.wikipedia.org/wiki/Immanentize_the_eschaton


#1576

And yet we have our politicians bleating that they can’t change a host of other things “for legal reasons”… some would be inflammatory to bring in here, but let’s use ministerial pensions as a lightning rod.


#1577

No surprise there given the Pin demographics. I wish to fuck Diziet Sma would reconsider leaving us to our own devices. It is not working out well for most of us.


#1578

Are you calling me a passive-aggressive nerd? WELL, ARE YOU?


#1579

If the Darth Vader Helmet fits …


#1580

Don’t forget kids to check the limits of your An Post or Deposit Bank before you go get some or all of your wedge if looking cash. Some can be a lot lower than you expect if you are not transferring electronically. I seem to remember last time round An POst was up to 3K but on the day that rate coudl be a lot lower depending on what cash they had on the day and the same applies to Banks.

During the last secular Bank Holiday which involved Ulsterbank computers which went on a few weeks holidays, the Bank operated without IT resource and they simply gave out the cash taking people at their word.

Much of it they are still trying now trying to recoup as it seems many people took advantage of it. I didn’t get a firm “no” when I asked was it millions? That recovery operation is ongoing I believe.