Cyprus Confiscates Bank Account Money in Guise of Tax. Is the USA next?
by Johnny Punish
As you may have heard by now, Cyprus just decided to tax bank accounts. Right now, there are riots in the streets. People are freaking out. The government has closed the banks until Wednesday; a bank “holiday” and the Eurozone is about to catch fire. Is the USA next?
Look, this is nutzo!
When I started to read about the special tax Cyprus was planning to impose on bank deposits as a condition for a European Union bailout of its financial system, I went straight to a dictionary:
“Tax: A fee levied by a government on income, a product or an activity…The purpose of taxation is to finance government expenditure.”
In this situation, depositors aren’t being asked to cough up additional money to meet a tax liability. On the contrary, a portion of Cypriot deposits will be confiscated — electronically, no less — by the government because that’s what eurozone finance ministers, the European Central Bank, and International Monetary Fund demanded as a precondition for a 10 billion euro bailout.
The alternative? Allow Cyprus’ two biggest banks to collapse, which could cause an implosion of the entire financial chaos and a swift exit from the euro zone.
The proposed plan, which must be approved by the Cyprus Parliament, would impose a tax of 6.75 percent on deposits of less than 100,000 euros and 9.9 percent above that level.
This amounts to a seizure of private property. No wonder the Cypriots are outraged. Euro-zone depositors are supposed to be insured for up to 100,000 euros. Message: Deposit insurance isn’t worth the paper it’s printed on.
And that’s just one reason this not-really-a-tax sets a bad precedent. The decision to seize private property means that all assets in the eurozone are at risk, subject to the whims of politicians as they try to prevent their dream of a united Europe from shattering.
- What does this all mean?
- Will the USA ever follow this new paradigm business model?
- When did the banks stop serving their depositors?
- Should we all move to gold and run from these banksters?
So many questions…
Johnny Punish founded VT in 2004. After 20 years at the helm, he “retired” from the daily operations in late 2023 passing the ball over to the new owner of VT, Chief Justin Time. He now writes for VT as “Writer Emeritus”. He is also a global citizen eco-activist, visionary, musician, artist, entertainer, businessman, investor, life coach, podcast host, and syndicated columnist.
Punish is an ethnically cleansed Palestinian-American whose maternal family was evicted from their home in Haifa, Palestine in 1948 by Irgun; a Euro-Zionist Settler Terrorist Group. The family became part of the over 1,000,000 Palestinians who are Al-Nakba refugees (The Catastrophe). The family fled to Beirut Lebanon for 13 years eventually emigrating to the USA in 1961 via a Brasilian passport obtained by his Palestinian Brasilian-born grandmother (In the early 1900s, the family was sent to Sao Paolo Brasil as guest workers in the mining industry. Punish’s father is Italian-American from New York City. Punish’s paternal great-grandparents emigrated to the USA from Naples Italy and Marineo in Sicily in the 1890s. Punish was born in the Bronx, New York in 1963.
Punish was educated at the University of Nevada Las Vegas (1980-81) and California State University Fullerton (1981-1984) with studies in accounting and business. Before the “internets” had been invented, he owned and ran (5) national newspapers in the United States of America from 1987-1998. From 2004 to 2023, he owned and managed VT Foreign Policy retiring at the end of 2023.
Punish is also a recording artist. He has over 100 original songs written. He records and produces music. A member of ASCAP, Punish has several songs placed in feature films. His music is promoted worldwide and played on all digital networks and net radio.
He is also the founder and owner of Global Thinkers, a freedom media that helps free thinkers create real wealth.
Read Johnny’s Full Bio at JohnnyPunish.com >>>