Road to Serfdom: Eurocrats to Seize Citizen Money from Bank
Accounts  Cypriots are getting a firsthand look at what happens
when EU elitists, as Margaret Thatcher famously remarked, “run
out of other people’s money to spend.” On Saturday, in exchange
for an EU bailout of $12.96 billion for a nation on the verge of
bankruptcy, it was proposed that individual bank account
deposits would be subjected to outright confiscation
being promoted as a “wealth tax.” Deposits of $130,000 or more
will be hit at a rate of 9.9 percent, while depositors who fall
below that threshold with be taxed at a rate of 6.75 percent.
The idea was initially proposed by Cypriot President Nicos
Anastasiades last Friday. ”We’re not aiming to gloss over the
situation,” he said after the EU-IMF meeting in Brussels agreed
with that idea early Saturday. “The solution taken may be
painful, but it was the only one” worth taking, he added. The
move would reportedly raise as much as $7.76 billion of the
nearly $13 billion needed to bail out Cypri