Tuesday, March 19, 2013

News Alert

Cyprus's Parliament Rejects Bank-Deposit Levy

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.

My view:
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!

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