Cyprus and the United States

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11 responses to “Cyprus and the United States

  1. Julie Rodriguez

    Yes, I think it could happen if you have people in position of leadership with the power or votes to pass the legislation and the President signs it into law. With emergence of the Occupy protests, taxing the rich and not the poor has become popular in recent years. Unless the economy recovers soon, I believe this situation is a possibility for the U.S.

  2. I believe many things can happen here in America that are happening overseas. With an unsustainable and astronomical 17 trillion dollar deficit AND counting, America is far from immune from such developments taking place in Cyprus. I recently heard a guest on a talk radio show address his concern over Cyprus and how it can easily happen here thanks to the repeal of the Glass-Steagall Act during the Clinton Administration. I have a vague understanding of Glass-Steagall and the banking world, but it sounds like it distinguished commercial institutions from investment ones and kept them separated through limits and restrictions. Some blamed the 2000 financial crisis on the Repeal, and if Glass-Steagall indeed kept the too-big-to-fail banks from gambling with Wall Street and betting the farm, then I would imagine it is only a matter of time before a Cyprus-like event hits the U.S. as an excuse to pay down out-of-control spending. Hopefully, this never happens, but it is far from unlikely.

  3. The events of Cyprus are certainly a possibility for the United States. Because a number of Washington politicians are on the bandwagon of “tax the rich”, it would be more of a surprise than not should they seek to essentially steal money out of people’s bank accounts. What many fail to realize, other than “oh, it’s just accounts with $130,000 or more? Yeah they can afford that who cares” is that small business owners keep their company cash that is used to pay salaries in the bank, not at home under the mattress. So should this ever be seen as a solution here in America, expect a rapid rise in unemployment to quickly follow. After all, unless you’re the government, you cannot afford to pay someone with cash you don’t have.

  4. It can happen in America or it may never happen nobody knows. Yes America is having problems with the money as well as other countries too. A lot of bad and crazy things are happening in the world today, because of the bad economy and anything at given moment can happen and nobody is able to predict it. The reason why i am unsure is that America is way different then Cyprus cause of the culture and how America is a melting put with so many different cultures, that I think it would be difficult for those things to happen here, that are happening overseas.

  5. In many ways the type of confiscation that has been seen in Cyprus has already happened in America. When FDR did away with the Gold Standard in 1933 the same type of confiscation was unleashed on Americans, but it happened through inflation. Recently there were talks of nationalizing 401k’s and IRA’s. The only difference between Cyprus and America when it comes to wealth confiscation is that American politicians are very clandestine about it.

  6. One reason this financial fiasco happened was because of Cyprus’ tax code. Many affluent individuals and corporations used it as a route to dodge paying taxes on capital or estate they owned.
    In addition to letting shipping companies and shareholder enjoy tax free profits and dividends, there is a tax exemption for individuals who own real estate. The affluent take advantage of this at the cost of Cyprus’ middle class. When your middle class is paying most of the country’s taxes because the rich won‘t, something’s going to go wrong. The United States still has a long way to go before something like the events on Cyprus can take place.

  7. Magdalena Kurnat

    Without a doubt the current issues in Cyprus can hit America at any point. We ourselves would be blind sided but then again were already in trouble as it is. Our economy isn’t going so well for few years now. And that is why in some manner it is already starting here, but slowly. The government prints more money then needed and the dollar value is only getting weaker. Our federal income tax is at about 35 percent in the top bracket, and in Cyprus the rich are getting taxed 40 percent of their total depoists. With that being said another 5% and we will have the same issue. Forbid such a thing happens in America.

  8. I would say yes it can happen. If you have a tax code that is crazy and people in the gov’t making the wrong choices, well then the say goodbye to you country. America, I personally do not think we will become like Cyprus. Yes, our country has it’s problems but we are Americans, we will survive.

  9. I am not sure what happen in Cyprus but by looking at the comment i figure out the country of United States of America will survive. Even through the taxes on the rich is higher than the poor the country is still abundant in natural resource and attracts many elite from all over the world.

  10. Unfortunately when it comes to greed, politics, power, and money there are not many scenarios I would put past the American public. Although this situation is different, and the tax codes and what not are varying, a similar scenario playing out can definitely be imagined. They’re has only been a shove from the 99%, the push has yet to come, and with the recession recovery continually finding its way back into the 1% profit margins the sentiment only grows.

    Obama’s lackluster involvement and either inneffectiveness or plain ineptitude in dealing with wall street, lobbyists, and big money washington has led our country only further into the Reagan era cash grab started then. It is scary, and unlikely, but entirely possible.

  11. ryan mcclafferty

    the taxes on the rich is higher than the poor the country is still abundant in natural resource and attracts many elite from all over the world. The government prints more money then needed and the dollar value is only getting weaker. Our federal income tax is at about 35 percent in the top bracket, and in Cyprus the rich are getting taxed 40 percent of their total depoists. With an unsustainable and astronomical 17 trillion dollar deficit AND counting, America is far from immune from such developments taking place in Cyprus. I recently heard a guest on a talk radio show address his concern over Cyprus and how it can easily happen here thanks to the repeal of the Glass-Steagall Act during the Clinton Administration.

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