In Europe, politicians are trying to steal from private checking accounts to fund bankrupt banks

Island nation of Cyprus

People don’t want to believe that government politicians would willingly sacrifice innocent citizens on the altar of “Progress” in pursuit of ideological plans, but it’s happening before our eyes in Europe today:

Click here to read a summary of the story:

The people of Cyprus, a small European island nation in the Mediterranean, have been sacrificed economically in order to send a message to the politicians of bigger European nations. The smaller big banks (of Cyprus) have been threatened with destruction so that the really big banks (of Germany and other northern European nations, the non-PIIGS) will get their money.

The government has closed the banks while the crisis festers. This means no one can withdraw their money. This puts the threat of economic depression over their heads.


Here’s the situation: Cyprus banks are bankrupt. They want the Eurozone (the European Central Bank and Germany, essentially) to give them a $14 billion bailout. But to do so, the Eurozone bureaucrats have attached a condition to that money: Cyprus must steal (“tax”) 6.75% percent of all private bank accounts $130,000 or less, and 9.9% on those bigger than that.

That means pilfering the checking and savings accounts of people like you and me. It means you sign in to your online bank account summary and are greeted by an automatic withdrawal of almost 7% or more, initiated against your control or authorization, transferred to “The Government.”

It means you and me directly subsidizing the bad decisions of foolish bankers and government officials in a very personal, noticeable way. Whereas the TARP and Federal Reserve bailouts of the banks in the United States in 2008 didn’t immediately impact our personal wealth, this kind of theft will.

It’s a slap to your nose by a government hand. It smarts.

The Eurozone bureaucrats have no direct control over the policies of national governments. So the president of Cyprus went before his parliament as a representative of the Eurozone bureaucrats to beg them to vote the tax into law. The parliament postponed the vote and shut down the banks — which they call a “holiday”.

Any private business that shuts its doors because it can’t pay its bills is called “Out of business”, but the banks are getting special treatment by the government. They always do.

You don’t think they’re working for each others’ mutual benefit, do you? Surely their chronic cooperation is mere coincidence?

Now, the country and the banks face the following day of reckoning, as summarized by the Tea Party Economist:

The government can open the banks but not pass the tax. Wham! The run begins. Or it can keep the banks closed. A depression begins: a frozen economy. Or it can pass the tax bill. Then it can open the banks. There will still be a bank run. “Fool me once, shame on you. Fool me twice, shame on me.”

This crisis broke overnight. On Friday, the world thought things were okay. Silence for months. Perhaps the Eurocrisis had finally stabilized? And then, just like that, disaster. And this won’t be the last time. It’s just another step in an on-going process.

This series of demands has created a bad situation in Cyprus. It is a warning shot fired across the bow of the banks and politicians of the bigger countries, the PIIGS, who are in the same situation economically but who owe much more to northern banks than does the nation of Cyprus.


In terms of the same prophetic language that Jesus, and the Prophets before him, used to describe the looming destruction of Israel and the judgment of lawless nations, the heavens over Europe are trembling, and the earth is being shaken out of its place. (Isaiah 13:13, Matt. 24:29)

The sun is being darkened, the moon’s light is failing, and the stars are falling from heaven.

The policies and designs of central-government bureaucrats, the rulers of the people, are being torn asunder and chopped into little pieces by the very economy which they have tried to bind with its Keynesian ideology and humanist central planning.

Their economy is like a great, sleeping dragon bound with dusty twine who is now, after having suffered enough of the subtle irritation caused by countless little pricks at the hands of its tormentors, finally waking up.

The well-laid plans of men are being cast into darkness as their morally-corrupt theories of cause-and-effect (which never correctly predicted cause-and-effect anyway) are finally being proven (visibly) fallacious. The consequences of these policies are starting to thrust the European economy into unstable convulsions.

European leaders think they know what to do, but they have no clue whatsoever. Their minds are darkened, and their vision is dimmed. The lights are going out over Europe.

Smart Europeans would start transferring their money to banks in Germany, which will probably be the last banks to fail (if they fail). This crisis is an escalation of the status-quo. The handwriting is on the wall, and it’s time to stop hoping that it just all quietly goes away and, instead, take action.


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