With market gurus everywhere acting blindsided by the Cyprus Government’s decision to consider taxing bank
savings accounts (at rates of 6.7% on balances under 100 thousand Euros and
9.9% on those over this level), most pundits screaming, “where
did that come from?”, MacDougal Post
subscribers seem to stand alone in understanding that corporate elites in this country have
been skimming their shareholders’ savings via the
“stock option” racket since January 1, 1981.
Turning the
magic of long term compounding against us, systematic pilferage of our savings each and every year can skim the whole amount of beginning
shareholder wealth into the hired help's pockets inside a few decades. Apparently, the
mathematically inclined in Cyprus’ Government have noticed.
And one-upped them. At rates around 9.9%, Cyprus Feds would be contemplating time frames that are well within a decade. In less than 10 years, today's balance in a citizen's bank account would be seized in its entirety under that kind of grand larceny.
People save to better their prospects over a long period of time. What we're up against here is starting to look like the absolute destruction of that future by a ravaging pack of wild-eyed nihilists.
