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"The one permanent emotion of the
inferior man is fear - fear of the unknown, the complex, the inexplicable.
What he wants above everything else is safety."
-- H.L. Mencken
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25 March 2013
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Don't like
a tax on Cypriot depositors? No problem - we'll pretend to scrap it.
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It seems a deal has been reached to offer Cyprus a bailout.
But the only difference between this deal and previous proposals is the
difference between taxation and confiscation. Doesn't sound like much of a
difference.
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Greetings!
It
got too much play. The proposal to levy an across-the-board tax on deposits
in Cypriot banks, for good reason, was being called theft.
So in order to quell the uprising and
avoid setting a precedent everyone around the world could fear, Cyprus has
agreed to a deal different only in semantics.
We can all rest assured a tax will
not be levied on depositors. Instead, a portion of uninsured deposits will
simply be confiscated to pay off debts of a failed bank and raise enough
money to satisfy bailout conditions.
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