In the news today is a
small article undoubtedly to be missed by many.
It announces the solution to Federal government debt and the banking
crisis worldwide. It also ought to send
a shiver up the spine of every hard working bloke who ever tried to live within
their means.
The National Post reports,
“In a radical departure from previous aid
packages — and one that gave rise to incredulity and anger across the country —
euro zone finance ministers forced Cyprus’ savers to pay up to 10% of their
deposits to raise almost €6-billion.”
What that means is to help
solve their government debt and the banker’s mess in Cyprus, the EU froze bank
accounts over the weekend and announced that all savings accounts will now be
‘taxed’ by 9.9%. Did you say you had 100K
in there? Here’s your 90.1K - enjoy!
I’m not sure about you, but
to me, the prospect of losing basically 10% all at once of what you worked your
whole life for – so that people who made all the worst choices can avoid the
personal cost of their own largesse – is more than slightly disturbing. Even worse, Lar Seier Christensen, CEO of
Denmark’s Saxo Bank, said, “If you can do
this once, you can do it again.”
With trillions and trillions of dollars being hoarded away by savers all
over the world, this a troubling new development in covering government
miss-management. How long it will be before the idea of this new ‘windfall’ of
free money catches the ears of politicians around the world?
I pray a very long time
indeed!
http://news.nationalpost.com/2013/03/16/this-is-theft-pure-and-simple-cyprus-bail-out-slicing-average-depositors-savings-up-to-10/
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