Recently, European Union (EU) finance ministers demanded “that Cypriots pay up to 9.9 percent of their bank deposits in exchange for a 10 billion euro ($13 billion) bailout” of Cyprus, which is on the edge of defaulting on its debt. Even the European Central Bank was against this policy, and markets reacted predictably:
The initial response of investors was unambiguous. Shares lurched lower, the euro fell to a new three-month low, while safe-haven assets such as gold and German government bonds jumped.
The cost of insuring the debt of even high-quality European banks against default also rose sharply with analysts citing fears the decision could spark contagion across peripheral regions with the potential for widespread outflows of deposits.
This means that people who earned enough money to create savings will be punished for irresponsible, runaway government spending that drives the country into unsustainable debt. People living on the government dole and just scraping by escape this tax, since they can’t afford to save.
As in America, voters are to blame for reelecting politicians who continue unsustainable economic practices, but that’s a topic needing its own vetting. The Cyprus collapse is in part due to voters’ resistance to “austerity measures,” which usually mean no more “free” stuff. Our love of “free” stuff is an Achilles heel for most humanoids. (Cats, too. Isis is our furry little Occupier, but at least a strong wind won’t blow away our living room chair.)
I am Isis, and I approve of this message…if there’s food involved.
The curious question here is: All European countries have lots of gun control laws, and lower rates of gun ownership. Is there a correlation?
Previously, the EU considered citizens’ savings “sacrosanct.” But that’s the problem: Savings were “sacrosanct” because a group of bureaucrats said so, not because of any constitutional acknowledgement of God-given rights. So it’s nothing to these people to revise a policy. They are the higher law.
When Constitutional scholar David B. Kopel, Economics professor Carl E. Moody, and I published our analysis of gun ownership, and economic and civil rights across countries, we found strong positive correlations between levels of gun ownership, and political and economic freedom (more guns, more freedom).
Now, we have an example of more gun control corresponding with more government power to confiscate people’s hard-earned wealth. For example, in Germany, only licensed individuals may purchase a gun, and all guns are registered. Applicants must pass a criminal and mental health background check, and prove a “genuine reason” for wanting to own a gun. Personal protection is a valid reason only under “exceptional circumstances.”
Cyprus is similar: registration; valid reason for ownership; must pass criminal, mental health, and domestic violence background checks. They will deny an application if “an apprehended likelihood of family violence exists” (kind of like the movie Minority Report?).
According to the Small Arms Survey, no European country comes closer than half the ownership rate in America (Finland and Switzerland). More gun control, less gun ownership.
President Obama and congressional Democrats—along with a few Republicans—are pushing gun control. Since Obama took office, America hasn’t had a budget, but he did preside over spending us into over $5 trillion in debt during his first four years of office.
More debt, more gun control…and then what?