Cyprus’s Parliament voted against a bank-deposit levy, part of a bill
required to secure an international bailout for the country and avoid default.
After a debate on the divisive tax, lawmakers from Cyprus's Democratic Rally
party, headed by President Nicos Anastasiades, said they would abstain from a
vote, a move that secured the rejection of the plan.
Please know that this is not the end of the effort to tax the people of Cyprus. I would be sure others of the EU PIIGS will consider similar plans and Cyprus to still find a way to raise the revenue they desperately need to pay down debt and/or pay for a bailout.
Some expect Italy to be next, but in my opinion, Spain will be the next and Portugal to follow. This is the ugliness of Socialism, Keynesian economic government actions, depressed GDP and public service union excesses.
If you think it cannot happen in the USA, think again. It won't be immediate, but with the government being built by the Obama administration, it will. If he gets unlimited debt, as he wants, it will happen sooner than later. Unbridled spending, not just Keynesian economic policies but the most ignorant economists ever in any administration, the push for service unions and policies that portend low GDP forever will put the USA in the same condition as the PIIGS. We're close already!
"Trying to persuade a prejudiced mind is as Sisyphean as trying to open a closed mind is Quixotic." Mann, May 2012 In
a blog post herein below on May 1, 2013, I outlined what we who
manage people and enterprises know as absolutes about performances of
people who are put into management and supervisory positions for
which they haven't requisite qualifications. For those who have
progressed through several jobs to their level of incompetence, this
is known as the Peter Principle as defined by Laurence J. Peter. In
all likelihood, all who have managed people for any length of time
have seen this principle played out. While Peter's observation
applies to progression through multiple job levels, if a person is
put into any job for which he is unqualified, the concept is also
valid. Elective political positions is where I see this most often
played out. The
election of Barack Obama as President of the United States is the
most significant example of this in my lifetime. I w…
I apologize for the structure of the post below, with no segmentation, but the system refuses to do it my way. To my post yesterday re AMR's chapter 11 filing relating my experiences over many years flying with AA, an AA pilot wrote a thoughtful comment that caused me to think a bit more about the precursors to conditions of their bankruptcy. Frankly, I have what is perhaps too much experience with trade unions and their excesses, but know less about others such as the airlines. After learning more about the negotiations of AA with their unions, I now think it's justifiable to post the comments below. I've seen too many industries destroyed by union excesses coupled with management incompetence in caving to excess demands. Start with coal (dead for many years), steel, textiles, shoes, electronics manufacturing, and more. The Detroit 3 (once the big 3) deserves special mention. As their costs rose to $72/hour (fully loaded) and costs in the southern industry …