Cyprus Bank Taxes & Russian Gangsters Scare EU & U.S., Pt.2

posted by Ida B. Wells IV @ 10:14 AM
March 20, 2013

cyprus_financial_crisis    Well, all kidding aside, I’ll try to be serious. Yet it is all so funny, and so familiar––but of course, not for the citizens of Cyprus:  The truth is this direct tax of as much as 10% taken out of their bank accounts was Germany’s idea.

As we reported yesterday, Rick Newman was correct: richer European nations are tired of bailing out nations in financial trouble.  While the funds come through the European Union (EU), the European Central Bank (ECB), and the International Monetary Fund (IMF)––it still comes from taxes in EU nations.

After much inter-nation grumbling, taxes taken from EU nations have already bailed out Greece, Portugal and Ireland.  But it is election time in Germany, and politicians want to win re-election. So like politicians everywhere, they don’t want to tell constituents they are giving away more of their money.

Michael Steininger of the Christian Science Monitor writes: “For months, eurozone finance ministers have been debating how to help Cyprus, whose banks, exposed to large amounts of bad Greek debt, are in dire need of recapitalization.

“But for the first time, at the insistence of the German government, private account holders were being asked to shoulder a part of that bailout, around 5.8 billion euros ($7.5 billion), through a special levy on their savings.”

Michael Fuch, a Christian Democrat member of Angela’s Merkel’s Parliament, says:  “The German taxpayer is willing to help Cyprus.  but the Cypriots have to help themselves and pay a tax on their deposits.”

Steininger agrees with Newman: “German politicians and many of their European colleagues suspect Cyprus to be a tax haven and a money-laundering site for Russian oligarchs. Of the 68 billion euros stored in Cypriot bank accounts, around 20 billion ($26 billion) belong to Russian account holders.

“Germany’s ruling coalition of conservatives and liberals is facing general elections in September, and politicians fear accusations they are sacrificing German tax money to bail out Russian billionaires.”

That may be fine to help German politicians get re-elected, but at the same time, don’t they at realize that all EU bank bank-run_lightboxsavers––in fear that their savings accounts could also be taxed by fiat without notice––will pull their money out of banks, at which point the international financial system would collapse?

Maybe its all a ruse.  If such a collapse happened, nations would simply march into World War III. Extreme poverty, and “loss” of financial control are excellent prods to war. So perhaps German thinking is not so unintelligent after all!

Yet, whether Germany’s move was a foolish slip-up or part of wise planning, all must recognize, that as used Christian books promise, God alone is The Wise One:  “Now unto The King eternal, immortal, invisible, The Only Wise God, be honour and glory for ever and ever. Amen (1 Timothy 1: 17)!”

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