Free Capitalist Network - Community Archive
Mises Community Archive
An online community for fans of Austrian economics and libertarianism, featuring forums, user blogs, and more.

In detail, who is the government confiscating from in Cyprus?

rated by 0 users
This post has 3 Replies | 2 Followers

Top 50 Contributor
Posts 2,028
Points 51,580
limitgov Posted: Tue, Mar 26 2013 11:13 AM

After 2 days of headlines, it becomes difficult to get the actual facts and details.  Writers begin to use hip phrases instead of factual details.

What exactly is the government confiscating in Cyprus and from who?  Has it even been determined yet?

Has anything been confiscated yet?  Are all bank accounts locked down in Cyprus?  By government or banks or both?

  • | Post Points: 35
Top 500 Contributor
Posts 267
Points 5,370
Meistro replied on Tue, Mar 26 2013 11:20 AM

russian gangsters ldo


... just as the State has no money of its own, so it has no power of its own - Albert Jay Nock

  • | Post Points: 5
Top 50 Contributor
Posts 1,687
Points 22,990
Bogart replied on Tue, Mar 26 2013 2:47 PM

Simple, anyone who has a deposit in a Cyprus Fractional Reserve Bank.  The government of Cyprus can not steal money through inflation and so must do this through outright confiscation.  And to make matters worse there is no other legal currency than the Euro.  So the poor people there are stuck.

  • | Post Points: 20
Top 200 Contributor
Posts 452
Points 7,620

Isn't a better name fictional reserve banking?
  • | Post Points: 5
Page 1 of 1 (4 items) | RSS