The European Central Bank, International Monetary Fund and Cyprus announced an immediate and surprise tax of 6.75% to 9.95% on savings accounts that will be withdrawn on Tuesday morning (Monday is a holiday in Cyprus).
Let’s see… supra-state regulators pull a cram down on Cyprus bank depositors without warning in order to get paid for the lax and incompetent actions of the supra-state regulators.
This is extraordinary and foreshadows tactics we can expect from statist economies run not by the interaction of free individuals in free markets but by regulators. In this case regulators are desperate to recover money from innocent bank depositors and crooks alike.
In the face of actual confiscation in Cyprus it cannot be paranoid to fear its presence. Where is your money and what assurances do you have that some state apparatus won’t simply order that 10% of your bank deposits be turned over to them on Tuesday morning?
What circumstances can lead to such over reach and what can we do to assure it does not happen to us?
Regards, Pete Weldon