It was never “the seizure of a percentage” but the seizure of the cash
Life’s Little People always Ripped off First by Socialist Governments
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What’s going on in Cyprus should be Textbook Lesson 101 how Big Socialist Governments will always find new ways to rip off the Little People to continue their profligate lifestyles.
Taking full advantage of the public they were elected to serve, Cyprus Parliament and their banks worked out the details of a fait accompli while folks went about their own business.
In other words, the horse was already out of the barn before social media was able to tip off the masses.
Does it surprise any that today the mainstream media is rife with stories about how Cyprus is now seeking “to alleviate pain” from the weekend’s deposit raid?
“Hours ahead of an expected vote in the country’s 56-member parliament on the seizure of a percentage, officials sought to limit the impact on small savers and even hinted that the country was looking to limit the amount it is to raise from the measure’s imposition,” is the latest shout from mainstream media roof tops.
It was never “the seizure of a percentage” but the seizure of the cash deposited by everybody with a bank account on the Island of Cyprus; in these wobbly economic times a precedent-setting historic first.
“A new draft bill discussed in the parliament’s finance committee proposed to spare all deposits below €20,000 ($26,500 US) from a levy. Those between €20,000 and €100,000 would still have a 6.75 percent charge imposed, and those above €100,000 would still have a 6.75 percent charge imposed, and those above €100,000 would be hit for 9.9 percent, in line with the original plan put forward at the weekend.”
Cunning how the language of Big Government politicians is always dutifully blunted by their media running dogs.
By doing the math, a person with €20,000 in the bank last week, will find they are missing 1,350 euros this week.
Little people living pay check to pay check, with smaller amounts in the bank of their choice, would take a bigger hit.
If someone had say, $2,000 in the bank, the largest portion of it laid aside for end-of-the-month rent and the rest for groceries and bus fare last week, this week they have $135 less.
The dependents they had last week are still there this week, and all their financial commitments would remain the same.
Yet the media keep raising the boogie man of Russian oligarchs, about whom it is said hold roughly a third of all deposits in Cypriot banks.
Like the politicians and International Monetary Fund (IMF) heavies like Christine Lagarde, the oligarchs will get by.
None of the latter day politicians, bureaucrats and Pooh-bahs can identify with today’s little people. Politicians and their ilk travel meeting to meeting by chauffeur-driven limousines, never worry about making the rent or mortgage, travel first class by air to UN junkets and get to dine on lobster and steak, washed down with fine wines.
Little people worry and hurt when politicians and faceless bureaucrats who raid their bank accounts leave them $135 short. To them eating supper means stretching out macaroni and cheese on too many family plates.
In Cyprus, the media says banks have been shut until Thursday to prevent a bank run. The country’s central bank governor, Panicos Demetriades said he expects at least 10 percent of deposits to be withdrawn when the banks re-open.
No one is saying that there would have been no need to prevent a bank run if authorities hadn’t raided all the country’s bank accounts in the first place.
Worse is the acceptance of the description of the raid as a “one-off tax” and the “introduction of more progressive rates” as touted by IMF head Christine Legarde, who says the IMF is “extremely supportive of the Cypriot authorities’ intentions to introduce more progressive rates in the one-off tax.”
Time will prove that Socialist European Big Government has opened the door to unscrupulous Socialists now running other countries.
Cyprus Parliament should kill this Frankenstein before he makes his way out of the lab.
Cyprus Parliament Website
Cyprus lawmakers reject bill to tap bank deposits to fund bailout
NICOSIA, Cyprus – URGENT: Cypriot lawmakers have rejected a critical draft bill that would have seized part of people’s bank deposits in order to qualify for a vital international bailout.
The bill, which had been amended Tuesday morning to shield small deposit holders from the deposit tax, was rejected with 36 votes against, 19 abstentions and zero votes in favor. One deputy was absent.