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Tuesday, March 19, 2013

Will Cyprus savings snatch come to the US?

  The fallout is just beginning for the Cyprus snatch of savers' deposits. Admittedly as we mentioned earlier, the Cypriot banking system is a mess, half stocked by Russian mob money.
  The ax about to fall has been put off until Thursday, at least, and many critics have howled that if you wanted to do the most damage possible to the economic system and create the biggest freakout around the world concerning anxiety and anger, this slow agonizing method is surely the way to do that as protests begin to gear up.
  I'm not too sympathetic when the Cypriots claim Germany's Merkel is stealing their savings, considering the Germans have basically bailed out the EU. And the she-devil Legarde of the IMF is ponying up lots of American cash off the backs of the American people too.
  Now in Cyprus only the "rich" who have more than $25,000 will be assessed the fine, a figure which is still in flux because of all the protests and screaming. You can't get out of it either because if you withdraw your cash without a fine, either, because the tax will be retroactive. Imagine what a mess this will create with people's finances, especially poor people who were counting on that money to pay bills or retire.
  What's most interesting to me is the American reaction. Much of the mainstream press is ignoring Cyprus; even Neal Cavuto just barely touched on Cyprus at the end of his 4:00 show yesterday.
  It can't happen here, according to "experts," because we aren't part of a conglomerate like the EU and we print our own money.
  However there are ways to accomplish the same thing, which is a redistribution of wealth from the productive to the non-productive, something PowerLine reminds us Byron York suggested right after the election was a priority for the current administration. 
  Those greedy senators who have had their own barbershop and banking system, their limousines to transport them one block, their millions dollar parties in exotic places want to their slimy fingers in the savings you have spent a lifetime building, on much of which you've already paid taxes:
The other goal for the safety net is to radically remake the retirement system. Social Security would remain in place, but progressives are frustrated that 401(k) plans are used mostly by higher-income workers. So they want the government, in Konzcal's words, to "provide a universal IRA with an automatic enrollment to all Americans, as well as shifting 401(k)s over to a public-private, defined-benefit plan." Such a scheme would not only involve massive new federal spending, but would also create a vast new pool of previously private money under the government's control.
  Other "progressives" (though "progress" apparently means progress toward communism) are celebrating the Cypress savings snatch, suggesting that a "wealth tax" is the way to achieve economic parity among all peoples, though these idiots don't seem to understand that that would be a one-time deal since the slugs among us would rather waste money than earn it. 
  Read a few of the Reich-like tweets (including someone posting from the New York Times) over at Twitchy and tell me you're not impressed how far into this plan these jokers already are. 
  A wealth tax assesses a person's net worth--like including an estimated assessment on your furniture--and is unconstitutional and a "bureaucratic nightmare," something that hasn't stopped politicians in the past.
  Meanwhile our government continues outreach to Mexico to recruit the poor to migrate here for free welfare "benefits," continues to waste billions on algae based "biofuel" while ignoring the fact that this country sits on the largest natural gas and oil deposits in the world, facts that could continue to make this country the wealthiest and most productive on the planet.
  Personally I don't think this garbage is going to work. 
  The largest voting block in the US considers itself conservative, although what in the HECK the Republican party is up to is a mystery, particularly considering the panderpalooza they've entered into, calling it a "post mortem" of the past election, though conservatives think it's a "post mortem" of actually acknowledging conservatives in the Republican party. Dear God, these politicians who call themselves Republicans are despicable. 
  Another reason I don't think it's going to work is that even hard core Democrats/liberals are disillusioned with the Obama machine, which some of them are finally figuring it is **ALL ABOUT OBAMA** and no one else. Over at the WSJ, Democrat van Dyk laments the developments in his "unrecognizable Democrat party":
Defying the odds, Mr. Obama did become the first president since Franklin Roosevelt to be re-elected with an election-year unemployment rate above 7.8%. Yet his victory wasn't based on public affirmation of his agenda. Instead, it was based on a four-year mobilization—executed with unprecedented skill—of core Democratic constituencies, and on fear campaigns in which Mitt Romney and the Republicans were painted as waging a "war on women," being servants of the wealthy, and of being hostile toward Latinos, African Americans, gays and the middle class. I couldn't have imagined any one of the Democratic presidents or presidential candidates I served from 1960-92 using such down-on-all-fours tactics.
  Yo, even Bill Maher is questioning the high taxes wealthy celebrities like him pay. Remember #nosympathy.
  But even more significant is, as I predicted, the overweening pride and overreach of the Obama egos in power just now, steadily marching toward doing too much for their own benefit, using lies to convince their base, just like the Obamabots used Democrat conservatives to get Obamacare passed, thus condemning those "conservatives" to lose elections and/or desert the party.
  Not only that, but the true costs of Obamacare are beginning to emerge. There was moaning and groaning about the January 1 FICA increase but wait til all of it hits the fan at the end of this year and beginning in 2014 when all Obamacare's costs and regulations kick it. Even in San Francisco, unionists are protesting their union leaders because unionists don't want to pay more for their health care and pensions. Seriously?
  Didn't those brilliant Obamacare connivers remember there's a 2014 election in which they'll be held accountable for their greediness, power grabbing and new taxes? I mean, they ruined health care in this country. Do they really think they're going to get a pass on that?
  What's particularly stupid is that **IT'S ALL ABOUT ME** groups like AARP, unions, insurance companies and  the AMA who allowed themselves to be bought by federal sweet nothings whispered in their ears are just DUH! beginning to realize there's a time limit on those sweet nothings.
  The Weekly Standard has an article discussing "The Unions vs Obamacare." See, all the rules for everyone else are fine as long as I'm not personally affected, right?
Initially, unions were supposed to be exempt from the Cadillac tax until 2018, while expensive plans for nonunion workers would be taxed starting this year. Exempting just unions from the tax would cost an extra $60 billion during Obama-care’s first few years of implementation. But rather than appear to do an expensive favor for just one key special interest, Democrats delayed the tax for everyone until 2018. 
The problem for unions is that 2018 isn’t that far off. Five years may seem like a lot of time to lobby for another exemption, but union members have to agree to employment contracts years in advance. The Cadillac tax has already become a collective bargaining sticking point. This is especially true for public-sector employees, who typically have much pricier health care plans than nonunion workers. Public-sector unions may be the last sector of the workforce where it is common for employees to not have to contribute anything towards their health care, and the Cadillac tax will make it much more difficult for taxpayers to continue footing the bill.
  And the Easter egg punishment of Americans continues from the Obamas, as their real motives and selfish behavior results in Obama's plummeting poll numbers.
  They're self-destructing.


  1. Sometimes you just have to laugh because there is nothing else to do. This is one of those times. That darn Easter Bunny is going to break the bank! Scrooge hated Christmas but we don't have an eponym for someone who hates Easter. Can anyone think of one?
    Bah Humbug!

  2. I have something else to say about Easter. Wait. I'd better put it in a post. Hm. Thanks for the prompting.