Yesterday, a country that many could not place on the globe has caused a fiscal tsunami. Political leaders from the island country of Cyprus have considered an ingenious way to escape their nation's fiscal hardships. These leaders will consider an automatic deduction in an attempt to bailout the nation for its poor financial decisions. It does seem odd that a potential fix to bad economic policy is to institute another poor economic decision, which will detract investment into the country for a century to come. After all, who would be attracted to invest into a country that has no clear rule of law to protect investments?
Ironically, such nonsense will come to America. It is crucial to understand that the IRS has far greater access to an individual's accounts in America than the EU does to Cypriot bank accounts. Either through an electronic funds transfer or other means, the IRS can confiscate wealth from American Citizens regardless of whether a bank run occurs... This means that as our Proletariat-Commander-In-Chief continues the hyper spending policies that will turn America into Cyprus, Americans will have assets confiscated by global institutions or the IRS. Truly, since savings account returns are so poor anyhow, maybe the smartest among us hide cash in mattresses?
Ultimately, the Cyprus Connection refers to big government politicians and backers "field testing" the direct seizure of assets from anyone they deem worthy of the seizure. Obviously, there is no moral basis for this bank seizure behavior and this behavior stands against any notions of civil liberties, rights, and protections. Shame on the political class of Cyprus!
Comments