{"id":12924,"date":"2013-03-19T17:27:52","date_gmt":"2013-03-19T17:27:52","guid":{"rendered":""},"modified":"2013-03-19T17:27:52","modified_gmt":"2013-03-19T17:27:52","slug":"obama_and_bernanke_already_pulled_a_cyprus","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2013\/03\/19\/obama_and_bernanke_already_pulled_a_cyprus\/","title":{"rendered":"Obama and Bernanke Already Pulled a Cyprus"},"content":{"rendered":"

\"Listen<\/a><\/p>\n

RUSH: Cavuto had an interesting point yesterday. <\/p>\n

CAVUTO: While no one is taxing our bank holdings, thanks to Obamacare, they are going after some of our other assets. Remember that 3.8% Medicare surtax on investment sales larger than a couple hundred grand. Surprised? The next time you try to sell your house, trust me, you\u2019ll be hitting the roof. I want you to think about that. A tax not on your income, earned or unearned, but your assets, what you have, what you own, your tangible assets. Homes here, bank account\u2019s there. Is there really a difference? No.<\/p>\n

<\/p>\n

RUSH: His point is in Cyprus they made a move — they haven\u2019t pulled it off yet — they made a move to just claim between six and 10% of everybody\u2019s money that\u2019s in the bank. You know how they tried to mollify this yesterday? They tried class envy. They went to the people and said, “Okay, okay, we\u2019ll just take the money of the rich,” and the people of Cyprus said, “Screw you, you\u2019re not taking anybody\u2019s money.” They didn\u2019t fall for it. The middle class and the poor in Cyprus did not say, “Oh, okay, go ahead and take theirs and leave ours alone.” They did not go for that. <\/p>\n

Anyway, Cavuto\u2019s point is Obama\u2019s already doing it, and you\u2019ll find out when you sell your house or sell anything. And he\u2019s right. There\u2019s a 3.8% Medicare surtax on the sale of any asset over a couple hundred grand, which would include your house. So if you sell your house somewhere down the road, don\u2019t expect the real estate agent to tell you about it at the get-go. A lot of people, lot of low-information people are gonna find out there\u2019s a 3.8% Obamacare tax, federal tax on the transaction, on the sale. So Cavuto\u2019s point, they\u2019ve already done it here. They didn\u2019t go for our bank accounts. They\u2019ve gone for other assets, but private property is private property. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: Tom in Dexter, Michigan. Tom, I\u2019m glad you waited. It\u2019s great to have you on the program, sir. Hi.<\/p>\n

CALLER: Rush, it\u2019s good to be here, and I couldn\u2019t have asked for a better lead-in than that Hillsdale piece, because what I wanted to talk to you about was Obama\u2019s quantitative easing and the Cypriot bank account seizure.<\/p>\n

RUSH: Okay.<\/p>\n

CALLER: This is in context with a book by a publisher that was a new book by a Hillsdale economics prof, a guy by the name of Gary Wolfram.<\/p>\n

RUSH: Mmm-hmm.<\/p>\n

CALLER: Wolfram likens dollars to shares of stock, and when you do something like expanding the money supply, it\u2019s like a private company diluting their stock — which, in the real world, is a form of counterfeiting. It\u2019s illegal. That\u2019s what you had here Cyprus. It may not be subtle, but at least they\u2019re honest about it. They walked into the bank with a gun and said, “Stick \u2019em up,” if they\u2019re seizing assets. Whereas when we get something like quantitative easing or the expansion of the money supply, it\u2019s a very subtle thing where they just kind of leave the worthless paper out there in the market and it devalues the assets.<\/p>\n

RUSH: You know, I must tell you something, Tom. You are very shrewd. Quantitative easing, the simple definition is printing money.<\/p>\n

CALLER: Currency.<\/p>\n

RUSH: But even more than that, what are they doing with this money they\u2019re printing? They are giving it away. You can call it counterfeiting. I mean, in a sense, it is.<\/p>\n

CALLER: The net result is the same.<\/p>\n

RUSH: It\u2019s not money that\u2019s based on anything. It\u2019s just expanding the money supply. But then they\u2019re giving the money to people, a specific group of people to invest in the stock market. It\u2019s being used, essentially, to buy securities. But forget that for a moment. The point is that they\u2019re devaluing the dollar. They are essentially doing a Cypriot move like you say. Instead of walking in the bank with a gun and saying, “Give me your money,” they\u2019re essentially devaluing the dollar, and everybody\u2019s savings are losing a lot of value, probably more than 10% as a result of this. What are we up to, QE3?<\/p>\n

CALLER: Yeah, and at 14,000 the stock market now is nowhere near 14,000 of four years ago because the money\u2019s different.<\/p>\n

RUSH: The 14,000.<\/p>\n

CALLER: The 14,000.<\/p>\n

RUSH: Right, right.<\/p>\n

CALLER: The 14,000 is different because we\u2019re using a different yardstick now.<\/p>\n

RUSH: Well, it\u2019s hard for people, though, to understand. It\u2019s like, I\u2019ve got a sound bite coming up. Elizabeth Warren, the new senator from Massachusetts, is wondering why the minimum wage isn\u2019t 22 bucks. The question then is, “Well, why isn\u2019t it $50?”<\/p>\n

<\/a>CALLER: The Wolfram book is an economics book. It\u2019s A Capitalist Manifesto<\/a>, and it\u2019s brilliant. But it gets into a lot of this, and I just found this analogy on the quantitative easing fascinating.<\/p>\n

RUSH: Are you the author?<\/p>\n

CALLER: I am not the author. Gary Wolfram is the author.<\/p>\n

RUSH: You\u2019re not Gary Wolfram?<\/p>\n

CALLER: No.<\/p>\n

RUSH: Oh.<\/p>\n

CALLER: I\u2019m just a writer.<\/p>\n

RUSH: Well, it\u2019s obviously moved you.<\/p>\n

CALLER: It has.<\/p>\n

RUSH: Is it easily understood by laypeople?<\/p>\n

CALLER: It has issues and I thought you\u2019d like this one about the money supply. It fits with Cyprus and what they\u2019re doing.<\/p>\n

RUSH: Right. Well, I\u2019ll tell you this. When you tell people, “printing money” to them, “Oh, there\u2019s more money out there! That\u2019s cool, Mabel.” No. It\u2019s devaluing the currency. It\u2019s supply and demand. Look, economic education this country has never been that good, but it is really woefully bad now. So when people talk about quantitative easing or printing more money and you say, “Yeah, well, that\u2019s really devaluing the value of your savings,” they don\u2019t have any idea why.<\/p>\n

They don\u2019t get the connection.<\/p>\n

“More money means mine\u2019s worth less?”<\/p>\n

“Yeah, it\u2019s supply go demand.”<\/p>\n

“Well, what is that? How does that affect money? I thought supply and demand was, like, TVs and cars.”<\/p>\n

“No, no. It\u2019s money, too.”<\/p>\n

“Oh.”<\/p>\n

When Elizabeth Warren asked, “Why isn\u2019t the minimum wage 22 bucks?” I guarantee you, most every low-information person is gonna say, “Yeah! Why isn\u2019t it 22?” You try to explain it to \u2019em, and you lose \u2019em, but I\u2019m gonna try. I\u2019m still gonna try.<\/p>\n

How many times have I tried this?<\/p>\n

I\u2019ll just try it again. <\/p>\n

BREAK TRANSCRIPT<\/p>\n

RUSH: “After a two hour debate on the divisive tax, 19 lawmakers from Cyprus\u2019 Democratic Rally party,” (chuckling) that\u2019s the name of the party, “headed by President Nicos Anastasiades, abstained from the vote, a move that secured the rejection of the plan.” But there\u2019s a back story to this. What they did is, the Cyprus government went to the people and said, “Okay, okay, okay, okay! We won\u2019t take everybody\u2019s money. We\u2019ll just take 10% from the rich,” and the middle class and the poor people Cyprus said, “Nope, we\u2019re not voting for that. You\u2019re not taking anybody\u2019s money.”<\/p>\n

They tried the Obama class-envy approach, and the people of Cyprus shot the whole thing down. So this thing has been killed for now. For now. The next time they do it, they won\u2019t tell anybody in advance they\u2019re gonna do it. They\u2019re just gonna do it. They will do this. They\u2019re a government. They\u2019re out of money! They\u2019re broke. They will do this. If I lived there, I would not put my money back in a bank, had I taken it out. I wouldn\u2019t. I\u2019d make \u2019em come to my house and get it from underneath the bed or wherever I put it. <\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: Cavuto had an interesting point yesterday. CAVUTO: While no one is taxing our bank holdings, thanks to Obamacare, they are going after some of our other assets. Remember that 3.8% Medicare surtax on investment sales larger than a couple hundred grand. Surprised? The next time you try to sell your house, trust me, you\u2019ll […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\nObama and Bernanke Already Pulled a Cyprus - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/live-rush-limbaugh.pantheonsite.io\/daily\/2013\/03\/19\/obama_and_bernanke_already_pulled_a_cyprus\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"Obama and Bernanke Already Pulled a Cyprus - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: Cavuto had an interesting point yesterday. 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