Sowell on Cyprus
One of the big differences between the United States and Cyprus is that the U.S. government can simply print more money to get out of a financial crisis. But Cyprus cannot print more euros, which are controlled by international institutions.
Does that mean that Americans’ money is safe in banks? Yes and no. The U.S. government is very unlikely to just seize money wholesale from people’s bank accounts, as is being done in Cyprus. But does that mean that your life savings are safe? No. There are more sophisticated ways for governments to take what you have put aside for yourself and use it for whatever politicians feel like using it for. If they do it slowly but steadily, they can take a big chunk of what you have sacrificed for years to save before you are even aware, much less alarmed.
Of course, that assumes that this administration wants to keep things as stable as possible and not stick thier finger in the eye of the American people, you know, because they have an excuse to do so. They have already floated the idea of "privatizing" Social Security by forcing all IRAs into you SS "account" which of course won't ever be available to you as anything other than an annuity, that starts when you are 78.
They probably won't outright "tax" the wealth in bank accounts. The Scum marxists in this country have such mega egos they always have to be able to couch thier thefts, murders, and rapes in nicer terms.