Despite the small country of Cyprus receiving a bailout from Russia to prevent an economic collapse and bankruptcy, many with deposits in the banking system will see as much as 40 percent in losses. Before the bailout, the Cyprus government suggested confiscating private bank savings to solve the short term problem. Some have argued the confiscation of personal funds can only happen in tiny countries like Cyprus and of course couldn't happen anywhere else however, it looks like Italy and Spain are getting ready to raid private bank accounts in an attempt to offset decades of poor economic decisions....
And that makes it better? Only stealing 5% of the money someone else saves remains and only stealing it from the top 5% does not make it either right or good policy. Confiscation is still confiscation. If a government does this, the message is unmistakable - any government at any time reserves to right to take what you own and were already taxed for because they decide they need it. And someday, assuming that you are in fact a Californian, they will need it from you.
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