Post by Bozur on Sept 13, 2017 21:51:56 GMT -5
Greece Seizes 500,000 Bank Accounts worth Euro 1.6 Bln, Escape With Bitcoin
cointelegraph.com/news/greece-seizes-500000-bank-accounts-worth-euro-16-bln-escape-with-bitcoin
Tax authorities in Greece have seized half a million bank accounts, containing 1.6 billion Euros, in the first half of 2016.
In the first four months of the year alone, authorities seized 428,465 accounts, and the numbers included in May push that figure well over the half-million mark. This contrasts with last year, where 333,776 accounts were seized all year.
Seizures of Greek accounts by tax authorities continue to rise by leaps and bounds year after year. In 2014, seizures averaged about 7,000 per month, while in 2016 they currently average over 100,000, more than a tenfold total increase.
European economy in rough shape as EU cracks down on anonymous Bitcoin
The astronomical rise of bank seizures in Greece may be indicative of greater financial issues permeating throughout the European Union. The long-term economic impacts of the UK’s departure from the EU may negatively affect the union as a whole, as the German vice-chancellor predicts Brexit will end up sending the EU “down the drain.” These economic problems may end up being global, as the world’s major central banks are asking government for help, admitting that they alone cannot help the economy.
In the US, economic conditions may not fare much better. The national debt of almost $20 trillion already surpasses Bitcoin’s value several thousand times over. Key economic indicators, including farm machinery sales and transportation, point towards a recession on the horizon for the US. Meanwhile, Bitcoin is doing quite well, having equalled the stability of a large cap stock, and recently surpassing that of the British pound.
Cryptocurrency can offer an escape from fund seizure
As long as governments are willing to claim large portions of income, people are willing to go to great lengths to avoid paying. The Panama Papers scandal revealed how the world’s rich and famous have been hiding their funds in offshore accounts in order to avoid taxes, and now governments are cracking down on “dirty money” in response. As such, demand is increasing for tax havens.
Bitcoin solves a great deal of the restrictions of tax havens while providing some similar benefits, including a store of wealth not subject to government seizure, and not necessarily tied to any real-world identity. While Bitcoin’s Blockchain is completely public and therefore subject to a certain degree of traceability (albeit with difficulty), competing currencies, which may offer more robust privacy features, are mainly available through first acquiring Bitcoin. However, Dash and Monero, two of the more known privacy-centric currencies, are gaining cash-buying options, meaning they will soon be easily and privately available, removing the “Bitcoin-first” privacy liability. If these trends continue, and cryptocurrency gains much wider public adoption, it could very well end taxation.
Bank Accounts SEIZED In Greece As System Comes CRASHING Down!
VIDEO
Published on Sep 13, 2017
Josh Sigurdson talks with author and economic analyst John Sneisen about the recent development which has remained largely uncovered by any media regarding the seizure and "clearing" of 500,000 bank accounts in Greece.
According to Proto Thema,
"Only in January-April this year the tax offices "cleared" the bank accounts of 428,465 debtors. According to information, if the seizures of May are taken into account, then they total more than 500,000. Within approximately 100 business days, account seizures grew by about 100,000, compared with 333,776 in the same period last year. The data from the Directorate-General for Public Revenue, which reveals business stories, show that on average each working day on their eighth day of duty, the tax offices proceed to about 4,300 seizures. "
This is a massive development and sign of the times in Greece as central planning reaches its inevitable end and market rigging by banks and government plunder a country.
People are leaving the country as places like Athens becomes overwhelmed with slum problems, slowly turning the ancient city into a third world environment.
We've reported on this madness before and one has to wonder why people are continuing to keep their money in the bank and not putting money into assets after everything Greece has already been through. From bail in regimes to bailouts, from central planning to inflation, from derivatives markets to crazy levels of debt, people need to heed our warnings and take action! Assets, that which is tangible must be in one's diverse portfolio in our opinion. One can ride out this storm but it takes financial responsibility and self sustainability.
Stay tuned as we continue to cover these alarming issues.
Video edited by Josh Sigurdson