Five days ago, on March 16, 2013, the people of Cyprus were told by the grand poobahs of the Eurozone that as much as 10% of the deposits in their personal bank accounts would be “levied”, in exchange for a $13 billion (€10 billion) bail-out of their heavily indebted country to avoid bankruptcy and a banking collapse.
Cyprus is a small island country in the Eastern Mediterranean Sea to the east of Greece, and a member of the European Union (EU). The Eurozone is an economic and monetary union of 17 EU member states that have adopted the euro (€) as their common currency and sole legal tender.
The Eurozone’s levy was contingent on the approval of the Cypriot parliament, but parliament resoundingly rejected the levy. Meanwhile, to prevent a bank run, banks in Cypriot will remain closed “until next week”, euphemistically called a “bank holiday”.
If you need the grave import of what happened clearly spelled out, here it is:
- Money in our personal bank accounts is PRIVATE PROPERTY.
- The proposed levy, therefore, is THEFT/ROBBERY.
- This is not just another “tax.” This bank levy is particularly pernicious because what is proposed is the seizure of privately-owned bank deposits that had been guaranteed by the government, much like the FDIC bank deposits in the United States. What value does such a guarantee have if it can be withdrawn at will without any advance notice?
- A “bank holiday” means you can’t gain access to YOUR OWN MONEY.
- Although Cypriot’s parliament rejected the levy, the damage is already done. The Rubicon has been crossed: the idea of “wealth taxation,” that is the involuntary confiscation of privately-owned property, has now been breached. Sure enough, faster than you can say “Jiminy Cricket,” the governments of two other countries — New Zealand and Spain — already are making similar levy noises.
In case you’re doubtful about what the Left here in America think of this theft, below are the approving comments made by the elite of the American Left, posted on Twitchy, March 18, 2013.
- Daniel Weston is a hedge fund manager.
- Robert Reich was labor secretary in Bill Clinton’s administration and currently Chancellor’s Professor of Public Policy at the Goldman School of Public Policy at the University of California, Berkeley.
- Steven Greenhouse is a labor and workplace correspondent for the New York Times.
- Jeffrey Sachs is an economist and director of The Earth Institute at Columbia University.
American libs support Cyprus-style wealth confiscation scheme, while bailout roils world markets; Update: Cyprus reportedly stalls bailout vote
Posted at 5:45 am on March 18, 2013 by Twitchy Staff | View Comments 13
Cyprus depositors should take the deal, getting off easy comprd 2 the wealth tax coming on citizens in other over indebted countries ahead.
— Daniel Weston (@danielweston83) March 17, 2013
Robert Reich @RBReich
12:42 AM – 25 Jan 13
3:37 PM – 10 Feb 13
Taxing wealth — household assets like property, stocks, art and yachts — in addition to income may be a way to make sure the rich contribute a higher share to government coffers.
The New York Times @nytimes
2:49 PM – 21 Oct 12
11:05 AM – 19 Nov 12
The real threat to our long-term prosperity is wealth inequality, so we need a progressive wealth tax.
The New York Times @nytimes
A big h/t to FOTM’s Anon.