The Russian mob is going to start killing Crypus govt officials...and Obama will send in US troops for the sake of civility...while taking notes to do the same in the US!
This is what happens when a society doesn’t have the will to cut spending. When there’s no more money to tax, the government simply takes it. This will end up happening in every Welfare State — including the United States — that has lost the will to control spending and the size of government.
The Age Of Austerity is here and the big political parties in this country will wheel and deal higher taxes and “cuts” in spending on us.
Neither big party will commit themselves to the balanced budget because they’re afraid of losing elections by really cutting spending.
The disaster comes regardless of how much wealth is taxed or seized in the years to come because the political leaders refuse to cut spending to the level where the budget will be in balance.
130K is "wealthy"?
That said, any such confiscation is Marxist.
The Greek government isn't backing the 25% interest rate gains the depositors earned is what I also read elsewhere.
I don't know everything about this, but there is more to this it appears than just taking some savings by vote.
Seems they are getting back the interest and leaving the principle with the depositor. Yet again, if I got 25% interest I'd be pissed as well to see it taken back.
You can bet he is having nocturnal sweats just dreaming about it!
What is keeping these "wealthy" folks from pulling out their money before it is confiscated?
When bank accounts are seized, it is an assault the rich, and on savings and increases the insecurity of savings.This is an assault on the process of capital accumulation and the process of production.Individuals with surplus funds will have more incentive to hold their funds in hoards of money or accumulations of consumers' goods and less incentive to invest. This will result in less demand for capital goods or less demand for labor.
Less demand for capital goods leads to less production of capital goods and less capital accumulation. This will lead to economic stagnation and lower productivity of labor, which leads to lower real wages and lower standard of living for the average wage earner.
Lower demand for labor leads to lower money wage rates fir the average worker.
This is the future of America if the libtards can achieve their goals
Cyprus is now eating its seed corn.
Another excuse to expand government, in the name of the people, of course. As small governments centralize, they are gobbled up by larger centralized economic systems. The authoritarians realize that the only way to make the fiat currency game work is one world government.
Hopefully, we will see a break up of the EU with competing currencies.
It’s my opinion that pretty much anybody keeping significant amounts of money in U.S. financial institutions these days is behaving foolishly. Interest bearing instruments (esp. bank accounts, CDs and money market funds) pay essentially zero interest rates right now. So, basically, depositors bear a non-zero risk of not getting their money back when they want it in return for essentially zero reward. People would be much better off putting their money in their mattresses. Much safer. And about as productive.
Even better, if ALL conservatives would withdraw their savings from the system, the system would collapse. That would be the modern way of “Going Galt”: don’t remove yourself physically from the system, just remove your money!
No need to uproot and move to a mythical valley in Colorado. Simply starve the Obammunist/fascist/socialist beast by having all the producers withdraw their capital from the system all at once. THEN the socialistic, moocheristic morons would understand the value of capital: when there wasn’t any of it anymore.
Oh sure, Big Ben would conjure even more fiat spinning ones and zeros to “replace” the withdrawn capital, but it wouldn’t be REAL capital. And yes, that would produce inflation (actually just accelerate it), but inflation would destroy the beast too, and the Galters could protect their withdrawn assets from Big Benism by buying hard assets like farm land, farm equipment, water rights (in the West), rental housing, and selected companies that make essential products.
In fact, I would love to see the Galters band together, and form an offshore investment corporation, The Galt Corporation, that purchases essential U.S. industries lock, stock and barrel. No need to uproot the industries and move them to Galt’s Gulch; just buy them and take them private.
And when I say essential, I mean industries that produce stuff people HAVE TO HAVE: food, water, electricity, guns/ammo, and medicine. Buy all the firearms and ammunition makers to start with. Buy the fertilizer makers next. Then buy the farm-equipment makers. Then the food companies. And finally the medical makers, which you immediately physically move offshore as a separate, non-U.S. corporation to remove them from the tribulation of fascist regulation. Totally inflation proof, all of ‘em. Removed from fascist control as far as possible. And people have to have the stuff they make. You do not need to control the means of production. You merely need to control the means to produce food, medicine, guns and ammunition.
And, if there is excess capital after The Galt Corporation owns all of that, pay cash dividends that people can stockpile in their mattresses.
Didn’t South Africa try something like this? Took land and money from producers and gave it to non-producers? That worked, right?
Kidding - Stealing from your citizens is an early choice of tyrants... they love that kind of stuff. ‘Nationalized’ the property of others - works every time.../s