WhatFinger

Large depositors may as well have a gun stuck in their faces

Cyprus bank robbery is back on

By Dan Calabrese ——--March 25, 2013

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After Russia turned down a proposal to finance the Cypriot bailout in exchange for the rights to Cypriot oil leases, there weren't many options left. And here we are. The European Union has approved a $13 billion bailout plan that will be funded in part by seizing bank assets, including up to 40 percent of large bank deposits in the troubled island nation.
I suppose you could argue it's justice to some degree, because an awful lot of those large depositors are Russian. But those depositors did nothing but put their money in banks that they thought would protect them. Now, those with deposits of more than $130,000 US (or about 100,000 euros) will face the loss of up to 40 percent of their money. Try to get a handle on this: You look at your bank balance one day and it's $130,000. You look at it the next day and it's $78,000. "Hello, bank manager, there must be some misunderstanding. There must be some kind of mistake. Your online banking system is showing that $52,000 has disappeared from my account, and I didn't make any withdrawals or transfers. Yeah. So, could you make sure that gets fixed so it shows the correct balance of $130,000? What? It's not a mistake? Who took my money? Why? #$*&(#@$)($@)(&!!!!!!"
As the boss pointed out last week, it is not beyond the pale to think this could happen here.
As CainTV told you in November, left-wing groups are already licking their lips at the money sitting in 401(k) individual retirement accounts. This is consistent with the complaint of Democrats like Sen. Tom Harkin of Iowa, who insists that because we’re the richest nation on Earth, the solution to our deficit and debt is to simply go get that capital that’s lying around in private hands. The Cyprus bailout proposal didn’t go forward because that nation’s leaders recognized its citizens wouldn’t stand for such a mass confiscation of private wealth. As of today, that would never fly in America either. But if Democrats continue to sell people on the idea that the rich are their enemies, I can see the day when a majority of the public buys into a plan to simply confiscate funds from private bank accounts. They really think the money is rightfully theirs, and the only reason they haven’t taken it already is that they can’t find a politically plausible way to do so. But don’t think for a second they won’t keep looking.
We've already written today about the Senate Democrats' new budget proposal, which runs up more than $5 trillion in additional debt over the next 10 years - putting the national debt at $22 trillion, and doing absolutely nothing to trim long-term entitlement obligations which now stand at more than $100 trillion. How, you may wonder, can any government run up that kind of debt when there is no conceivable notion of how to pay for it? Because there is a conceivable notion. The EU just proved it in the Cyprus case. There's all kinds of money sitting around the nation. They just need a way to take it. If they do this in Cyprus and get away with it, why would they hesitate to do it elsewhere?

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Dan Calabrese——

Dan Calabrese’s column is distributed by HermanCain.com, which can be found at HermanCain

Follow all of Dan’s work, including his series of Christian spiritual warfare novels, by liking his page on Facebook.

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