Published on Zero Hedge (http://www.zerohedge.com)
Saxo Bank CEO: "Is Cyprus Deposit Levy The First Sign Of Widespread Wealth Tax?"
By Tyler Durden
Created 03/20/2013 - 17:12
We have seen again that the Eurozone is unable to deal rationally with its problems. This has got to be the most incompetent handling of a Euro crisis event so far, but underlines the hopeless situation the 17 countries that share the common currency are in. The idea of a one-off wealth tax, however, is not new. Several research reports have pointed in recent years to the fact that the desperate need for funding in the public sector could - and probably will - eventually lead to confiscation of wealth in a monumental scale. Boston Consulting Group suggested in a recent report that about 29 percent of ALL private wealth, not just deposits [1], will eventually be likely to be confiscated to cover the debts already incurred. So we had better get used to seeing our money being appropriated by money-hungry politicians. This is just the beginning. The cat is out of the bag, no matter if this particular deal should fall apart.
Source URL: http://www.zerohedge.com/news/2013-03-20/saxo-bank-ceo-cyprus-deposit-levy-first-sign-widespread-wealth-tax
Links:
[1] http://www.zerohedge.com/news/muddle-through-has-failed-bcg-says-there-may-be-only-painful-ways-out-crisis
[1] http://www.zerohedge.com/news/muddle-through-has-failed-bcg-says-there-may-be-only-painful-ways-out-crisis
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