The parliament in Cyprus has voted to steal a portion of all bank deposits in the country. They’ve also declared a bank “holiday” while they work out the details to stop people from accessing their savings.
The economics seem to make sense from the point of view of the elites running Europe. Western governments have convinced themselves that saving is bad. This allows them to devalue their currencies to discourage it. So why not directly steal savings? That will teach people to save money.
Of course people may choose to take their money out of the banks now. Have the elites thought this through? Maybe they’ll go the way of Sweden and create a cashless society where the only way you can make legal transactions is with a bank debit card. We will see. And if you think somehow a similar situation occurring in Cyprus can’t happen in the USA, learn some basic history.
Regardless of whether this makes any sense in terms of shoring up the Cyprus economy, what really strikes me about this is the lack of democracy. It’s quite obvious that very few Cypriots support this measure. If they had a chance to vote on it, I’m sure most would vote no. But aren’t all European countries democracies? How can the elites reconcile their worship of democracy with their lust for state power when the majority doesn’t back their schemes?
Of course I don’t endorse democracy. The United States is not supposed to be one despite what George Bush and Barack Obama have told us. It seems like an incredibly dangerous way to try and order society. Basically it amounts to mob rule, the tyranny of the majority, etc. etc. Hopefully some good can come out of this outright theft of people’s savings without any popular support. Europeans (and possibly even Americans) may finally realize that they don’t live in a democracy. They live under the power of the state that does not represent them.