Monday, March 18, 2013

Cyprus bank raid sets a disgraceful precedent

Cypriots have been on the end of an awful injustice
What is happening in Cyprus is disgraceful. The principle that there is no division between your private property and communal property which may be appropriated by the government whenever it sees fit is an outrageous one in any system other than Communism. The idea that a government which has chronically misspent may order the banks to close and deduct a sum of its choosing from a person's balance before allowing it to re-open is beyond parody.
In the name of saving the state, central banks throughout the West have been conducting inflationary policies which act as a tax on savings. At least that is subtle. Now, in order to mitigate the excesses of the rash, both private borrowers and the government, savers are being taxed directly.
The establishment of the principle that a government can, and at times of economic strain must, help itself to your savings, and that this is a legitimate tool of statecraft, ought to provoke riots. I am amazed at the tranquillity with which it has been accepted so far.
Ours is an incredibly placid age. Hypnotised by iPhones, the internet , the specious arguments of the Left, the moral cowardice of the Right,  Europe has reached a state where the government can take what it likes from the bank accounts of its people and still they do nothing. If we have become so quisling that across Europe no man makes a sound over this injustice, then we deserve everything coming our way.

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