What’s going on in Cyprus?
Over the weekend this story began to become more widely known. John Hayward at HumanEvents.com reports:
The greatest bank robbery in history is about to occur in the island Republic of Cyprus, as every single bank gets hit at once. The perps are the Cypriot government and the European Union, who conspired to create a bailout package that would bring 10 billion Euros in rescue loans to Cyprusâ€¦ while seizing almost 10 percent of the balance in every private bank account.
Not surprisingly, the nation has been in turmoil since the plan was announced, so it looks like it will undergo some hasty last-minute adjustments and go into effect Tuesday or Wednesday. That should give everyone an extra day or two to panic and fling themselves at the windows of the nearest bank branch.
The seizure is actually somewhatâ€¦ whatâ€™s the word? Ah, yesâ€¦ progressive, since the amount stolen will be only 6.75 percent for lower-income depositors, scaling up to 9.9 percent for the Evil Rich. A little under $6 billion will be confiscated overall.
But of course, the simple, straight-up theft of their bank deposits has enraged the citizens of Cyprus, who have good reason to wonder why they should be penalized for a combination of poor government policy and foreign depositors stuffing huge piles of cash into bank vaults over the course of decades. Also, they were explicitly promised in the past that their deposits would be protected.
Yes. Simply for being a citizen of Cyprus and having a bank account, individuals will be “taxed” for the amount in their account at almost 10%.
Or … to put it more plainly and honestly, the government will steal their money to make up for gross incompetence and progressive policies that are FAILING FAILING FAILING.
Kinda makes you want to go out and purchase a mattress.