Re:Europe Announces Bailout For Cyprus — Bank Depositors Get...
by Pro_bity on Saturday March 16, 2013 @09:58PM
(#5387661)
Your conclusion that this action would be lawful in the US is an overstatement. Without contorting the Euro Zone economic rules into the US monetary system, if something like this happend in the US, it would not be a tax, but a seizure of private property without Due Process. Kinda a no-no, legally speaking.
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Re:Europe Announces Bailout For Cyprus — Bank Depositors Get...
by martinced on Saturday March 16, 2013 @10:26PM
(#5387754)
Yes but the difference is that Cyprus lost its sovereignity regarding money creation by entering the eurozone.
The U.S. has its own way to confiscate citizen's money and that is called quantitative easing, which creates inflation. That's why they abandoned the gold standard: to be able to confiscate as much as they want using inflation.