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View Diary: New Eurogroup Agreement On Cyprus Proves that Democracy Doesn't Matter (24 comments)

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  •  Well banks are not guaranteed, beyond what (2+ / 0-)
    Recommended by:
    neo11, nchristine

    local governments are willing to guarantee.

    That's the crux of the problem with our current banking "system" there are too many bankers willing to assume that governments will cover their bad judgement, and too many governments willing to cover up for bankers bad judgement. Someone is going to lose, and it appears that (save for Iceland) governments have aligned their interests with that of the bankers and not the people.

    Going after bank deposits is just a quick way to implement a wealth tax, but only on liquid wealth. If your wealth is tied up in ships or land or oil wells, you don't get taxed.

    •  Responsibility (0+ / 0-)

      Indeed.  It's extremely hypocritical (and, indeed, infuriating) to read the EU politicians, technocrats, and banksters talk about how certain countries need to "take responsibility" for their mistakes, when at the same time it seems that the banksters have access to an endless supply of "get out of jail free" cards and have in no way been held accountable for their actions.  

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