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View Diary: Bank Run in Cyprus, Will it Spread to Southern Europe? (322 comments)

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  •  Cyprus is primarily a tax haven (2+ / 0-)

    Like Luxembourg, Liechtenstein, Gibraltar or Jersey.

    Oregon:'s cold. But it's a damp cold.

    by Keith930 on Sun Mar 17, 2013 at 06:08:25 AM PDT

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    •  When countries or other political entities issue (8+ / 0-)

      their own currency, the only practical reason for levying taxes is to insure that the currency actually circulates and the stream doesn't constantly have to be topped up to replace what people stash and or play with.
      Richard Nixon terminated the bands of gold to prevent international speculators from damaging the value of the dollar. I expect he did not envision that our own banks would indulge in massive speculation and invent all kinds of new instruments to deep six our own economy. Our real economy (people producing real goods and services) has been rendered near moribund by the financial engineers' virtual economy of hedge funds and derivatives and other hoarding mechanisms. Willard's multiple residences are actually benign in comparison. Even if unoccupied by the owners, they are keeping people employed and moving money to pay for their everyday needs.

      We organize governments to deliver services and prevent abuse.

      by hannah on Sun Mar 17, 2013 at 06:20:25 AM PDT

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    •  Not anymore nt (4+ / 0-)

      ¡Cállate o despertarás la izquierda! - protest sign in Spain

      by gjohnsit on Sun Mar 17, 2013 at 06:57:25 AM PDT

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    •  Minimum tax rates need to be established (4+ / 0-)
      Recommended by:
      Keith930, old wobbly, ozsea1, nchristine

      on both corporate income and private investment income. Minimum tax rates should be part of trade agreements across the developed world. Obviously, these rates should only apply above an income level that keeps it from applying to average people and very small businesses.

      look for my eSci diary series Thursday evening.

      by FishOutofWater on Sun Mar 17, 2013 at 07:46:25 AM PDT

      [ Parent ]

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