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.
- Russian FM after meeting with Kerry: Russia has no “common vision” on Crimea with the west Allahpundit 41 minutes ago
- The Ed Morrissey Show: Duane “Generalissimo” Patterson Ed Morrissey 51 minutes ago
- Soon, you might be able to carry a gun just about anywhere in Georgia Erika Johnsen 1 hour ago
- Kerry retreats on recognition of Israel as a Jewish state Ed Morrissey 2 hours ago
- Brown ramping up Senate run in New Hampshire: AP Ed Morrissey 2 hours ago
- Reuters: Radar data suggests that the missing Malaysian jet was flown far off course deliberately Allahpundit 3 hours ago