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Is this the start of a worldwide bank run?
Possibly.
From Associated Press:
LONDON (AP) — Stocks around the world and the euro fell sharply Monday as investors fretted over a plan to tax depositors in Cypriot banks as a way to partly fund a bailout of the Mediterranean island nation.
This is not just a tax on the wealthy, this is a tax on everyone.
The tax rate is 6.75% on any deposit up to €100,000 and 9.99% on €100,000.
Imagine that for your own life. Most Canadians do not have $100,000 in their bank accounts but what about your RRSPs or your RRIFs? What about your home and the money you have invested there?
Could this happen here? Absolutely.
Last week I pointed to a key phrase uttered by Thomas Mulcair during his trip to the US. The NDP leader tipped his hand on what he thinks of your money when he saidtax cuts brought in by the Conservatives only helped the big corporations, “the oil companies and the banks who didn’t ask for it and don’t need it.”
That last part, “didn’t ask for it and don’t need it” is the same kind of thinking that leads to the seizure of bank deposits in Europe. Mulcair is essentially saying that the money corporations have isn’t really theirs. They didn’t need the tax cut. They didn’t ask for it.
Again, not sure when we had to start asking to hold onto our own money. But the progressives view all money as collective money to be redistributed as they see fit.
There is an appetite for this type of thinking in Canada so if we fail to deal with our own fiscal problems including our federal debt, the unfunded liabilities we owe through pension and healthcare promises to civil servants, our provincial and municipal debt – will we end up here?
It is possible.
