Tag Archives: attack on saving

Government confiscation of assets/savings: Let me count the ways!

On March 24, 2013 it was announced that Cyprus will indeed confiscate deposits in private bank accounts to save Cyprus. In other words, the saves will pay for the sins of the debtors.

Making the virtue of “saving” pay for the sin of “borrowing”

Confiscation of assets is a direct attack on the principle of saving!

If you haven’t heard by now, Cyprus has announced the direct confiscation of money in its citizens bank accounts. The announcement was made on a Saturday when the banks were closed. The banks remain closed for a bank “holiday” and the only issue is how and what percent of people’s “after tax” savings will be confiscated from them. As one commentator has suggested Cyprus appears to employing a (contextually) clever “divide and conquer” technique – turning citizens against each other. Those with fewer savings will have less stolen from them and those with more savings will have more stolen from them. What could be more just than that?

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