Katchum's  Instablog

Send Message
Albert Sung is the author of the Katchum Macro-Economic Blog, monitoring breaking economic news from a day to day basis. He started investing in 2008 because of the economic crisis and holds a masters degree in chemical engineering. Previously, he worked several years as a process engineer at... More
My blog:
Katchum's Macro-economic blog
  • IMF Has Plans To Impose 10% Tax On Deposits 15 comments
    Oct 10, 2013 4:24 PM

    What happened to Cyprus, doesn't stay in Cyprus. We already warned everyone about this in this article. What they do to Cyprus, they will do to every European country. That was my statement.

    And here we finally have it. The IMF is setting up plans to impose a 10% tax on the savings of citizens of European countries.

    After citing their colleagues, IMF economists are throwing themselves into the water. "The tax rate needed to bring debt ratios (relative to GDP) to the level of the end of 2007 would require a tax of about 10% of all households with positive net savings." These calculations, we specify the IMF has been made to 15 countries in the euro zone. Let us recall that such arguments are intended merely suggestions to "theoretical" character. They are no less iconoclastic. But is it soft solutions leveraging outside of inflation, the most hypocritical of all?

    I wonder what will happen to the deposits of the European banks. If I had savings in the bank, I would take them out of the bank and store them at home or buy gold.

    => And yes, the bank deposits are falling.

    (click to enlarge)

Back To Katchum's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (15)
Track new comments
  • SMaturin
    , contributor
    Comments (2268) | Send Message
    What is the reference source for the IMF quote?
    10 Oct 2013, 05:23 PM Reply Like
  • Katchum
    , contributor
    Comments (615) | Send Message
    Author’s reply » http://bit.ly/15rsYN1
    10 Oct 2013, 05:34 PM Reply Like
  • SMaturin
    , contributor
    Comments (2268) | Send Message
    Thanks, K, for breaking that news to us North Americans. Our MSM would never dare report such frightening news to the proles.


    My high school French is too rusty to make sense of that, but it helps to know where it came from.
    10 Oct 2013, 10:04 PM Reply Like
  • Katchum
    , contributor
    Comments (615) | Send Message
    Author’s reply » I find it very funny that no newspaper in America even mentions this.
    11 Oct 2013, 02:21 AM Reply Like
  • bbph
    , contributor
    Comment (1) | Send Message
    Being French, I wonder why "Le Figaro" came out with this at all. They are not able to seriously depict France's economical, financial and social situation (like most papers there), so why would they even care about something like this? Looking it up in google news will not bring any result, because it is still a theoretical question, and just imagine what would happen it they'd advertise this as a serious plan they actually might implement.


    Still, those believing this might be a hoax or something the French journalist did not get right, go get it from the imf directly: http://bit.ly/GSkF4j (page 49)
    11 Oct 2013, 03:58 PM Reply Like
  • The_Hammer
    , contributor
    Comments (5150) | Send Message
    good work katch. the system is so far gone that self preservation will be everyones focus at some point.
    10 Oct 2013, 06:38 PM Reply Like
  • tripleblack
    , contributor
    Comments (13581) | Send Message
    Idiots. Zero sum plans by zero sum thinkers for zero sum bureaucrats.


    Every time I encounter this I flash to animated movie scenes like the one in Ice Age, where the dodo birds have collectively realized that they are in trouble, and are attempting to solve the problem of racial survival by stockpiling food - a small pile of melons, as I recall.


    I wonder if these IMF masterminds look like dodo birds as well as think like them?
    10 Oct 2013, 09:20 PM Reply Like
  • dieuwer
    , contributor
    Comments (2978) | Send Message
    Is there a threshold for that 10%, or is it over any and all savings?
    10 Oct 2013, 09:43 PM Reply Like
  • SMaturin
    , contributor
    Comments (2268) | Send Message
    Is there a threshold at which Kleptocrats won't rob ME? Gotta know if the predators have ME in their sites.


    Aristotle said, "Luck is the arrow hitting the guy next to you."
    10 Oct 2013, 10:08 PM Reply Like
  • tripleblack
    , contributor
    Comments (13581) | Send Message
    SM: And "Skill is knowing when to duck so the arrow misses you and takes out the guy next to you".


    In this case, its a collective danger, so the analogy is a bit weak...


    Given the state of the American electorate's commons sense and intelligence...


    Time to look into beefing up that analogy and making "skill" more important...


    Barter system? Will trade art for food...
    10 Oct 2013, 10:15 PM Reply Like
  • dieuwer
    , contributor
    Comments (2978) | Send Message
    So, if a granny has $100 in her savings account the next day she looks at it is $90...?
    11 Oct 2013, 08:20 AM Reply Like
  • tripleblack
    , contributor
    Comments (13581) | Send Message
    Who knows?


    For one thing, it really won't be the IMF imposing taxes, it will be the various governments (assuming they go along with the IMF suggestion). The IMF can't impose taxes, it doesn't have any guns, whereas of course the governments DO have guns. Taxes are collected with guns, and usually the police power of a state to use them.
    11 Oct 2013, 09:18 AM Reply Like
  • Stilldazed
    , contributor
    Comments (4118) | Send Message
    I hope the American politicos are too busy fumbling the budget and deficit to hear about this, but the American people sure need to know before the politicos find out.


    Darn, just spilled my iced tea reaching for my scatter gun. I see a weasel coming.
    11 Oct 2013, 04:18 AM Reply Like
  • Starbuxinvestor
    , contributor
    Comments (57) | Send Message
    Since when does the IMF have taxing authority anywhere. Is the headline accurate?
    11 Oct 2013, 04:19 PM Reply Like
  • doubleguns
    , contributor
    Comments (9710) | Send Message
    This from Carroll Quicley comes to mind.


    Wikipedia link http://bit.ly/1bWYjvW


    "There does exist, and has existed for a generation, an international Anglophile network which operates,
    to some extent, in the way the radical Right believes the Communists act. In fact, this network, which we may
    identify as the Round Table Groups, has no aversion to cooperating with the Communists, or any other groups,
    and frequently does so. I know of the operations of this network because I have studied it for twenty years and was permitted
    for two years, in the early 1960s, to examine its papers and secret records.
    ...my chief difference of opinion is that it wishes to remain unknown, and I believe its role in history is significant enough to be known.
    [The goal is] nothing less than to create a world system of financial control in private hands able to dominate the political system of each
    country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world
    acting in concert, by secret agreements arrived at in frequent private meetings and conferences..."
    -CARROLL QUIGLEY, Tragedy and Hope, 1966
    16 Oct 2013, 02:21 PM Reply Like
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.