Very succint summary of the idiocy that is Washington DC these says.
“The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.” –John Adams
The tiny Mediterranean island of Cyprus is currently mulling over its few available options to stave off financial collapse after a week of battles with the EU Central Bank caught much of the world’s attention. Cyprus was in line for a €10 billion (euros) loan from Brussels, but the EU wouldn’t help without a €5.8 billion guarantee from the Cypriot government. And thus was born the bright idea of confiscating a portion of private savings from Cypriot depositors to fund the guarantee. Think something similar can’t happen here? Think again.
The original formula called for a one-time tax of 6.75 percent on savings between €20,000 and…
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