The Eu As An Occupy Wallstreet Bully But With Teeth!

[pic book]

Cypress is feeling the crushing press upon it's depositors in the nation's banks in the form of the EU's demand that the nation confiscate 10% of money in large balance accounts and use it to shore up the insolvent nation.  If Occupy had had any idea of how to get things done (besides putting themselvess in jail and into oblivion as a movement), they'd have engineered a similar US scheme.   Good idea, isn't it?  Conficate 10% of money in large US accounts and apply it to paring US debt and shoring up our national economy, which is forecast to be headed for 2 more years of 6.5% unemployment.

[michaelscott]

Short term thinking imo. What would the long term consequences be?

[Wild Bill]

Short term thinking imo. What would the long term consequences be?

My guess is that those who own those large balance accounts would soon leave the country taking their money with them.

Much like the rock stars exodus from England when they started to impose onerous taxes there.

[Chauncy Gardner]

So, it is OK for Wall Street types and bankers to scam $$ from us with the tacit approval of the government (by tacit I mean that government has looked the other way while these people steal) but it is not OK for us to demand some of that money back?

 

Cyprus banks have been laundering money for Russian oligarchs (criminals) for decades. The total yearly flow of money into and out of Cyprus exceeds their Gross Domestic Product by 600 times. Does this sound like legal activity?

 

I say screw the criminals. Take their money because they sure as hell will never give it up willingly.

[outsideinthecold]

Just what Wall Street scams are you citing? In my view the biggest scam artists of them all are the politicians of both parties. Consider your household finances expressed from a per-capita Federal Government perspective.

 

Your making $22,000-a-year, spending $36,000-a-year and you'd have a credit card balance of $168,000. And rising-at an increasing rate.

 

The numbers are sobering in and of themselves but the realization is slowly dawning on me that nothing will ever be done to address the long-term imbalances. Consider the big brohaha about the sequester cuts. It is all noise. There are no cuts. None. It is simply Washington, DC speak for slowing the rate of increase.

 

No matter what bandaids they grasp, it is not going to work. The governments are all betting on growth; the US and Michigan most of all. Without growth they are bankrupt.

 

Where is that growth coming from, especially in Michigan? The driver's for growth are cheap raw material inputs and increasing labor force efficiency.

But raw materials are getting ever more expensive to produce even before the continued erosion of value that is part and parcel of the debasing of our currency.

 

As for labor force efficiency, just look at the workforce participation and disability rates of our ageing population.
 

We should have fixed this demographic dilemna years ago. It is the pox from both parties, Democrats and Republicans that the cancer of fiscal indebtedness has spread to the degree it has. The future is black. Or red.

 

But hey, who cares? That in the future. Call me when the bill will come due, right?

 

'Cause that's tomorrow and now we can still keep living high on the hog by simply printing more paper and hoping for the best.

 

We get the government we deserve..

Edited March 21, 2013 by outsideinthecold