Neal Boortz
You were shocked - SHOCKED, you say - at the very idea that the government of Cyprus would order banks to seize 10% of every bank account and hand the money over the government? Well … excuse me for being rude, but maybe if you had been spending a better part of the last 20 years paying attention to the atrocities that happen with nauseating regularity in Washington, instead of going into an annual swoon over March Madness and/or the Oscars, or blindly tuning in to Entertainment Tonight every evening rather than an actual newscast, you might have seen this money grab coming. I’m no rocket surgeon, and I saw it coming (in America, not Cyprus) and I been warning the listeners to my talk show from 1993 right up until my retirement two months ago.

It’s simple. Taxing your income is simply not enough. The left is coming after your wealth. They’ll be satisfied with some of your retirement funds … for now.

If you haven’t been paying attention to the Cyprus story, here’s your short version: Cyprus is in financial trouble. The Cypriot government is led by communists. Trade unions are fighting austerity programs needed to erase huge deficits. Sound familiar? That is similar to the situation in the United States in more ways that you might imagine. So Cyprus did what every other troubled Eurozone country is doing: went to the Eurozone finance commissioners for a bailout. The commissioners said fine, but as a condition of the bailout Cyprus must levy a 10% tax against the outstanding balance in all depository accounts in Cyprus banks. Call it a tax. Or call it stealing. Either way, every Cypriot depositor loses 10% of their account. The government screws up, the people pay. Again, it sounds so very familiar.

Oddly enough, the people of Cyprus weren’t particularly elated over this move, nor were investors and citizens throughout the Eurozone. Imagine that! Cypriots immediately grabbed their ATM cards and started to withdraw as much money as they could from their accounts. Cash in their hands wouldn’t be hit for 10%. It was clear there would be a run on the banks as soon as they reopened. Now the plan to simply seize individual wealth is being delayed, though not abandoned.

Could it happen here? Well certainly it could. Congress could pass and the President could sign legislation calling for the seizure of 10% of every checking and savings account in every bank in America. This might finally be enough to cause a resurrection, but they could do it. So in America the wealth seizure has to be just a bit more selective and subtle. And that brings us to the warning I’ve been voicing for 20 years.


Neal Boortz

Neal Boortz, retired after 42 years in talk radio, shares his memoirs in the hilarious book “Maybe I Should Just Shut Up and Go Away” Now available in print and as an eBook from Amazon.com and BarnesandNoble.com.