Monarchs did this many times through-out history - not a new story really. What Jim did not emphasise is that Central Banks who can print their own fiat currencies are taxing away our savings, investments and wealth through this method of debasing indirect taxation. There are quietly confiscating your assets to bailout banks, pay excessive bonuses and cover-up many other misdeeds - none of us are the wiser.
Cyprus would have also taken this much quieter, sneakier path of stealing savings and wealth confiscation, but they had one problem. They were part of the EU - meaning they could not print their own currency. They were hence forced to directly tax deposits, which is more apparent and above-board.
International Banks should learn from Canadian banks, who every year invent new programs and fees to tax and confiscate more of their depositors funds. Masters of semantics. linguistics and legalese, they have fooled everyone into believing in these disciplined annual thefts are legitimate. So far! When the presidents of banks earn 50 times more than the country 's leader - you know where the crooks are working. Now we need police.
Returning to Cyprus, EU and banks, these events are creating a global loss of confidence and trust in the financial system that is justified - all these poor judgements will ultimately lead to global financial Bubblegeddon and then political upheaval. The Bond Vigilantes are going to get very rich, while the New York Times will be looking for a new OP-ED columnists. Say Jimmy, are you busy?
April 10, 2013
HELP WANTED - CENTRAL BANKERS
