The euro elites don’t call it theft or robbery or even a tax, much less an outright default by the banks of Cyprus. They are calling it a “stability levy,” a plan that could lead not to stability, but a domino-style collapse of the banking system in Europe.
True to the nature of government propaganda, the Cypriot head of state, Nicos Anastasiades, says this “stability levy” is necessary to forestall “a complete collapse of the banking sector.” It’s the same kind of language we heard in the fall of 2008 — an intimidation tactic used to shove through TARP and unending bailouts.
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Deja Vu…All Over Again!
News hit the wires over the weekend that the Republic of Cyprus would begin stealing money from depositors in order to resurrect confidence in its flailing banking system. They want to avoid a crisis, in other words, by creating exactly the kind of uncertainty in which crises thrive.
“More likely,” observes Laissez Faire Books’ Jeffrey Tucker, “the plan to tax all Cyprian bank deposits 6.75-10% will trigger one. Or maybe just the talk of it already has. We can’t know for sure, because the government of Cyprus has declared a banking ‘holiday,’ a term that means that the robbers take a vacation from being held accountable for their actions.
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