The Bank Account Levy – coming to a bank close to you soon?
It might seem like a small levy, the €5.8b that was suggested to be grabbed from bank accounts in Cyprus. But considering it translates into €5,195 per inhabitant in Cyprus, it surely isn’t a small amount.
Taking the size of the population into account, it would be like an overall bank levy of GBP279 billion in the UK, USD2,035 billion in the US, SEK408 billion in Sweden or THB13,769 billion in Thailand.
Please note that this is happening in an EU member country, not a remote banana republic. This happens with the support of the EU leaders and the ECB, i.e. the central bank. This is the kind of banking union they have envisioned.
I wonder how come the overlords think it is ok to take people’s money and give it to the bank owners, be they official or private? Was it their money to begin with, in their minds? Are the ordinary people some kind milk cows, in their minds? And why do they stop at the bank accounts, why not the pension accounts as well?
Well, I will let you in on a secret; it is on their to-do-list.
So be aware, beware and prepare. This could very well be the beginning of the end, or perhaps the end of the beginning.
The weekend decision to strip €5.8bn from the savings accounts of Cypriot banking customers has blown a hole in the EU’s ambitious reforms billed as the route out of the eurozone crisis, while potentially undermining a growing…