I’m Sure Glad Our Government Is Not Making Withdrawals From OUR Bank Accounts (Evil Laugh)

One has to appreciate the honesty represented by the Cyprus government in their consideration of simply making withdrawals from the people’s bank accounts.  The world could use much more of that.

There’s more than one way to skin a cat they say.  Cyprus’ problem is that they didn’t, or perhaps couldn’t, skin this cat correctly.  There is another way to make withdrawals from citizen bank accounts, and leave them cheering you on while lining up to stuff their votes into your ballot box in the process.  But this method requires the authority to print money.  Cyprus, unfortunately for their unhappy politicians, does not have that authority evidently.

But in America, why the printing presses are running overtime with the same effect of making withdrawals from the people’s bank accounts.  But we don’t get mad, we cheer. No one’s throwing a fit.  No wall to wall news coverage with indignant info-chicks whipping everyone into a lather.  Happiness abounds.  See Cyprus?  Now that’s how you do it; though again, I do appreciate your honesty, forced though it may be.  I wish our government could be that honest about its withdrawals.  But then again, if they were, then they would be in your predicament, wouldn’t they?

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12 Comments

Filed under Banking, Government, Money, Politics, taxation

12 responses to “I’m Sure Glad Our Government Is Not Making Withdrawals From OUR Bank Accounts (Evil Laugh)

  1. ‘its’, not “it’s”. You don’t make possessives with apostrophes. 😉

  2. I like the CS Lewis quote on your sidebar.

  3. Pingback: Roundup | Eternity Matters

  4. “Cyprus, unfortunately for their unhappy politicians, does not have that authority evidently.”

    Well no, because they’re part of the Eurozone – they don’t have their own currency. So their economic destiny is determined by Brussels and whatever they are told to do, in this case tax depositors in their banks; a singularly terrible idea but pretty much par for the course for the Eurozone periphery these days.

    • I would think that this would destroy the Cyprus banking system, unless there is some nuance that eludes me. Do their banks not need depositors? Is their economy independent of pooled resources?

      • The banking system is already destroyed, so that ship has sailed some time ago. There will be a run on the banks once they re-open (they’re still firmly shut at present). And yes, the banks need depositors – the problem here is they’re being treated like any other creditor, being forced to take losses. Deposit holders are only creditors in a very technical sense, certainly not a moral one. When last did you put money into the bank thinking “I really need to lend this bank some cash?”

  5. They must have had some semblance of a banking system. At least compared to the system that will exist once people can claim what’s left of their “savings”.

    BTW, had such a thought of a bank needing my cash entered my mind, it would have been immediately dispelled upon learning the rates they’re currently paying. 🙂

  6. How sad is it that Americans don’t realize that when the treasury prints more money they are actually stealing money you already have in your pocket. I wish you went over this more in the post.

    More money in circulation actually makes dollars worth less. So the same $1,000 in your account has less buying power (the quality and quantity of things you can buy with the given amount of money) after money is printed. The effect is “reducing” the amount of money you have without actually reducing the number of dollars you have.

    • I limit my posts to 300 words. Originally It was 200, but I’m not talented enough to develop a point to my liking in that few words. Anyway, that’s one reason that I didn’t expound on the effect of printing money… that and an assumption I make that even morons know that printing money devalues the currency. Of course our elections don’t support that assumption do they? But my guess is that it is not due to ignorance of money-printing economics that they don’t care about the devaluation of their currency, but plainly that they just don’t care about anything of substance at all.

      • an assumption I make that even morons know that printing money devalues the currency

        Perhaps you should write a bit on the devaluation of the dollar. Many months ago, my dad and I were having a discussion about the economy and what’s really wrong with it. I made a comment about the inflationary mess caused by indiscriminately printing money with only the word of our government to back it. I’m no financial whiz, but he said that I was the only one he had spoken with who gave that answer. He emphasized how it’s crucial for all of us to understand what we are doing when we simply increase the circulation of unsupported currency.

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