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TheStreet Open House

The Cyprus Steal Vs. Wealth Taxation

Now Cyprus will likely be driven out of the EU and then the jackals of the Western banking oligopoly will go to work. Forced to use its own currency, that currency will be manipulated to near zero. Indeed, with more than a decade of "competitive devaluation" under their belts, there is nothing that these banksters are better at than destroying the value of a currency.

Along with that will be more of the same fraudulent manipulation of interest rates on Cypriot debt (via the same credit-default swap fraud that Wall Street has used so successfully on the rest of Europe). With the capacity to drive those interest rates to any number they desire they can totally freeze Cyprus out of international debt markets.

With a virtually worthless currency and no access to credit to help restructure its economy, the economic devastation of Cyprus will even dwarf what these same banksters had previously inflicted upon Greece. However, this is only one half of what is truly significant about this episode.

The other notable point here is this attempted bank robbery was acknowledged as an attempt at some form of "emergency taxation." In this respect, it is yet more of the same heinously unfair taxation policy which has been characteristic of Western economies for the past several decades.

It targets not all Cypriots, but rather a specific demographic: those who tend to have relatively large percentages of their wealth in the form of ordinary bank deposits. This would include primarily middle-class families and wealthy widows.

Obviously, poorer individuals have little if any savings while the Very Wealthy (who can most afford to pay and who have most benefited from the current system) tend to have only a tiny percentage of their wealth sitting in (domestic) bank accounts. Yet another "free ride" for the richest of the rich.

If our corrupt governments are now trying to tell us they belatedly plan to genuinely (try to) "finance" our massive, fraudulent debts -- by confiscating our wealth -- then at the least such confiscation must be done in a fair manner (i.e. no more free rides for the billionaires). Regular readers should know from past commentaries that as a matter of simple arithmetic that wealth taxation is the only possible form of fair taxation in any economy. Nothing is hidden from the tax man. No more "free rides" for the billionaires.

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