Sunday, March 17, 2013

Cyprus Citizens are Well-Armed; Is the EU's Bank Account Tax-Confiscation There a Dry Run for Bigger Subsequent Actions?

A bulldozer parked in front of a bank in Cyprus
 foreshadows depositor intentions.
As most know by now, the EU has aggressively moved this weekend, if the nation's Parliament approves it, to impose a sudden and significant confiscatory tax on all bank deposits in Cyprus. A bank holiday has been declared for Monday and Tuesday at this point in order to prevent capital from fleeing the country. Bank runs in Cyprus are guaranteed whenever the banks do reopen.

Given the fact that this unprecedented move implies that no one's bank deposits anywhere are truly safe, panic among account holders throughout Europe is possible. Not sure how that will play out and whether the fiends behind this move have carefully thought this all through.

But what if they have put a lot of thought into this? Surely they are aware that Cyprus citizens are among the best armed people in the world (ranking number 6 in the rate of private gun ownership per 100 population). This could perhaps be a relatively small-scale test of how passive and pliable citizens are today, even when well armed.


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