Cypriots are getting a firsthand look at what happens when EU elitists, as Margaret Thatcher famously remarked, "run out of other people's money to spend." On Saturday, in exchange for an EU bailout of $12.96 billion for a nation on the verge of bankruptcy, it was proposed that individual bank account deposits would be subjected to outright confiscation being promoted as a "wealth tax." Deposits of $130,000 or more will be hit at a rate of 9.9 percent, while depositors who fall below that threshold with be taxed at a rate of 6.75 percent.
