what you get here

This is not a blog which expresses instant opinions on current events. It rather uses incidents, books (old and new), links and papers as jumping-off points for some reflections about our social endeavours.
So old posts are as good as new! And lots of useful links!

Thursday, October 17, 2013

Global Looting - Taxing Times

Rumours about a tax on bank savings – have been sweeping Europe according to The Slog blog which implicates a document available on the IMF website dated ‘October 2013′. This document with the significant title Fiscal Monitor; Taxing Times argues that a 10% tax on bank accounts would bring public debt in European countries back to 2007 levels! Go the box at page 49 for the full argument

You thought the Cyprus raid was a one-off?!!
Be very afraid.

Savings in bank accounts are not safe - on the other hand, is it really possible that European governments are so suicidal as to be contemplating the infliction of losses on their middle classes???????? But thee IMF has now given them the legitimacy.....The unthinkable has become the thinkable.......

But where are those of us who haven't sunk our money in property to put it? Money that we earned (in my case) in consultancy fees over the past 20 years. I had nothing except a mortgage in 1990. Now I have a fair amount. I cashed in the investments in the mid 2000s just before the whistle went on the financial system. Since then they were earning a pittance in the northern banks! So I transferred most to Romanian and Bulgarian banks where they have been earning about 4%. Now I even insist on checking the serial numbers of notes withdrawn - and the watermarks.....

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