Denouement of the “austerity” measures in Euope’s southern tier: The planned seizure of of up to 9.9% of bank account holdings in Cyprus [1] (and the revelation that Germany and IMF’s initially demanded 40% [2]) revealed a paradigm shift: banksters and bureaucrats are no longer bound by a core tenet of the Social Contract. While for years most of us meekly went along with gradually increasing taxes, we had the solace that one thing was sacrosanct: We only pay taxes on our earnings ONCE. Apparently, this is no longer true. (Yes, Mojo Nixon was right [3], albeit crude and premature.) My oft-repeated advice: Get out of Dollar-denominated investments and into practical, barterable tangibles. These are our only true safe havens in the era of inflation, over-taxation, and now double-taxation. The advent of double taxation makes it clear that the gloves are off. But so brazenly revealing their true role as plunderers may come back to bite them.
Here is some commentary on the Cyprus situation, over at Zero Hedge: JPMorgan Asks “Has Europe Bazookaed Itself In The Foot”, Answers “Yes” [4]
Speaking of involuntary short-cropped haircuts: Tennessee Legislature Set To Talk About Police Piracy Of Motorists [5]
Items from The Economatrix:
Sinclair: One Of The Most Important Events In History & Gold [7] (Regarding the Cyprus bank account tax situation. Some claim that 80% of those deposits are Russian “black money.”)
Deutsche Bank: Only Jesus Can Save The Euro Area [8]
Factory Data Underscores Economic Momentum [9]
Minimum Wage, Factoring For Inflation, Is Lower Than 1956 [10]