March 20th, 2013 → 6:03 am @ // No Comments

The oldest sins the newest kind of ways.”  – Henry IV, Part II

I don’t know how the EU is going to fix its currency and banking mess, but suddenly and indiscriminately reaching into citizen accounts and taking money from people’s hard earned savings seems more like theft than public policy to me.  There has got to be a better way.

One Comment → “Cyprus Deposit Tax”

  1. Chris Clark

    11 years ago

    Agreed. To me, it seems like this policy will prompt folks to save through some combination of foreign banks (preferably, ones which don’t report to your resident government) and stuffing their mattresses (for shot-term liquidity). Not exactly the kind of incentive system you’d like to see for an allegedly developed economy.


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