Because Cyprus is part of the Euro it has no control over its exchange rate. Isn't its decision to levy a 10% tax on bank deposits the only way it can effectively devalue? Doesn't this 10% levy mean that effectively the Euro in Cyprus is worth 10% less than anywhere else?
Now that the central dictatorship has forced the Cypriot government into a tax and a raid on savings they have again demonstrated that democracy and individual freedom are no longer an option in the federalist dystopia being unwillingly forced on Europe. If the economists, bankers and federalists who are now in charge were wearing military uniforms, the way they have usurped power in Greece, Italy, Spain, Portugal, Ireland and now Cyprus would be call an outrage.
Apparently because they are wearing business suits, ruling without a democratic mandate is perfectly Okay. The sooner the madness that is the Eurozone is over the better the world will be.
On a related topic - If we want economic growth I believe we should be looking to Freidrich Hayek rather than John Maynard Keynes. Everyone from doctors to local bureaucrats; from bankers to politicians, have been seduced by the false hope of "Intervention". Let's just call it what it is i.e. "Meddling for personal profit, gain, personal satisfaction, or power".
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