First Cyprus, now Spain, Italy, and other countries are being told that their personal savings accounts may be raided to help keep the Eurozone going.
I just love this idea. I love Big Brother saying 'Sorry we've spent so much money, sorry we wasted so much money we didn't have, and sorry we take so much of the money that you earn, but now we're going to have to take X% of the money that you've managed to save for yourself'.
I've seen a few rumblings around, none really serious, about taxing wealth in the US. Not much difference.
We've long had yearly taxes assessed on the home you own (with the bank) or personal property such as a car - it's a small step "forward" to tax the money in the bank.
Taxing wealth is dangerously idiotic. It makes people less likely to save, which can be good for the economy, but it makes bubbles bigger, which makes bubble crashes worse.
Savings allow people to 'weather the storm' when bad times come around.
Plus, it's just stupid.
If it's voluntary, I wouldn't have a problem with it.
If it's compulsory, that's just heinously anus.
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