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TheStreet Open House

The Cyprus Steal Vs. Wealth Taxation

VANCOUVER, Canada ( Bullions Bull Canada) -- There are many things that need to be said about the deliberately provocative move by European bankers to engage in a sovereign version of an "MF-Global" style bank heist.

Unfortunately, none of these things are being said by anyone in the mainstream media.

To start with, this "plan" was intended to fail. It was simply another staged event. In this case, the goal was first to isolate Cyprus politically and economically, and then "make an example" out of it to other Western governments and their populace.

Regular readers will recall a previous commentary about how Iceland successfully stood up to the banksters, threw them out of their nation and has since prospered economically. Since that time I have iterated the mantra of the Financial Oligarchs on many occasions: "No more Icelands."

Thus, first these oligarchs engage in a blatant act of theft that was intentionally intended to be as punitive as possible to the masses. This would ensure maximum outrage within the Cyprus population, and thus make it political suicide for any politician to support the measure.

Reportedly, France's Pierre Moscovici said he had wanted an exemption for accounts worth less than 100,000 euros, or $129,500, but Austria's Maria Fekter said demands by the European Central Bank made that impossible. The ECB reportedly wanted to lowball the tax on larger depositors, magnifying the hit on the smaller ones.

This is nothing less than a written confession. Individual European governments were pushing for the bank robbery to at least be structured fairly -- stealing the most from those who could most afford it. It was the ECB that vetoed those intentions, and insisted on "magnifying the hit" on ordinary people.

The final vote taken by the Cyprus government is ultimate, empirical proof of this staged event. Every member of the opposition parties voted against the bank robbery; every member of the government abstained. Obviously a proposal that fails to obtain the support of a single member of government was never a serious proposal to begin with.

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