Could a tax on Cyprus bank deposits bring down E.U. banks?

When you think European financial crisis, you think Greece, or Spain, or Italy. But economic trouble in the small island nation of Cyprus is causing a serious panic throughout Europe. Because of Cyprus banks' exposure to the financial troubles in neighboring Greece, the island nation's banks need a bailout.

In exchange for the $13 billion dollar bailout, representatives from the European Central Bank and IMF, along with finance ministers from European countries, have proposed a radical plan to impose a one-time tax on bank depositors. The plan calls for a 6.75% tax on all bank deposits up to 100,000 euros, and a 9.9% tax on deposits over that amount.

As residents learned of the proposal, people rushed to banks and ATMs to withdraw their savings to avoid the tax. The policy is causing panic in Cyprus, and that government has halted electronic bank transfers through Tuesday, in an effort to prevent a run on banks throughout that nation.

Residents in other European nations are watching closely to see if similar plans are proposed for their countries. If leaders are not careful, this policy could bring down the banking system in Cyprus, and possibly throughout all of Europe. Let's hope they make the right decisions, and stop this financial disaster before it's too late. Stay tuned.


HalFonts's picture
HalFonts 10 years 6 days ago

What do I think? Frankly I derive a wee bit of comfort knowing that financial disruption is global and for once it's not just a domestic US problem. That don't solve anything; but at least we are not alone.

2950-10K's picture
2950-10K 10 years 6 days ago

I always thought that little green dude reading the paper might be Irish. Now I'm a wee bit more sure of it.

Kend's picture
Kend 10 years 6 days ago

So thats what happens when you borrow and borrow until no one will lend you money anymore. I wonder if that could ever happen to us

DAnneMarc's picture
DAnneMarc 10 years 6 days ago

That explains it! A wee lad he was. A pint of Guinness in the cup and a pot of gold behind the paper. You can't fool me! He's a Leprechaun! Quick, tickle his belly and make a wish!

macscottcu's picture
macscottcu 10 years 6 days ago

The absolute worst thing those banksters could dream up. The worst. So what are they going to do when they have zero money in the banks. Banksters are gready, corrupt and stupid, and they proved it. Black market economy, here we come. Russia in the bad old days. Their plan makes no sense. They could have cooked the books or just lie or take the fifth like the rest of their ilk.

DAnneMarc's picture
DAnneMarc 10 years 6 days ago

Seriously! Taxing bank deposits is the stupidest idea I've ever heard of. What a way to cut your own throat. Rob responsible people's savings to pay the credit cards of the irresponsible?

Are these people insane, a bunch of crooks, or an insane bunch of crooks? Leave bank robbery to the professionals--namely, bankers. The European Central Bank, International Monetary Fund, and the Finance Ministers of Europe need to be rounded up and sent on a very long vacation--preferably to another Planet!

Outback 10 years 6 days ago

So they want to impose a "tax" on depositors in order to keep the bank solvent? Sounds a lot like Wall Street and business as usual to me. And it also sounds a lot like "someone" has already absconded with the money. Isn't a bank a place where people put their money to keep it safe? How long is it going to take before these predator banksters start getting hunted down like Nazi war criminals and relieved of their plunder and their freedom? Of course, there's always the United States to flee to; we have no extradition treaties when it comes to financial crime.

On an unrelated topic, DAnneMarc, please don't reach behind that newspaper. Gawd knows what you might find :-(

DAnneMarc's picture
DAnneMarc 10 years 6 days ago

I might suggest we all monitor this story closely--especially if you have a dime or two to rub together in a bank. Unfortunately, what happens in Cypress doesn't always stay in Cypress. Call me a conspiracy nut; but, realistically, for so many high finance officials from so many key financial organizations to publicly announce such a hair brained scheme it smells to me like a global financial conspiracy of Biblical proportions. I hope I'm mistaken; but, I'd advise everyone to watch and hold fast to that which you have!

Outback ~ Point well taken! However, rest at ease :) I have no desire whatsoever to learn what may lurk behind that news print. Thanks for the warning though!

2950-10K's picture
2950-10K 10 years 6 days ago

When I see references on Thom's blog to the European Cental Bank, the IMF, and finance ministers from European countries, it awakens the hatred I have for free enterprise capitalism. Yes I'm a Socialist and as far as I can tell the only one who bothers to post on this particular blog.

I see comments by folks like Kend and want to scream. He whines about the uncertainties of Govt. in relation to his business. He mentions that he wants to expand and hire a couple new staff. Then he goes into an apprehensive rant about losing his or more likely the banks money on his so called gamble. NOT ONCE does he mention a humanitarian concern for the well- being of the desperate souls who may be looking for a job and he happens to take advantage of .. What happens when the money making gamble he's so worried about fails? What happens to his employees who end up jobless and distraught because his scheme didn't pay off? They still have kids to feed and clothe, a mortgage to pay, a car payment, etc. etc. I've seen too often the callous attitude, can't make money off em, so to hell with em ,not my problem. WELL MY FRIENDS AND FOES I DON'T ACCEPT THIS AS A BUSINESS MODEL. A job and living wage should be a human right and greed should never be allowed to interfere with this.

I'm also fully sensitive to the fact that there are those who are quite religious on this blog. DAnne being one of them. His Matthew quotes are great and I believe Jesus was a progressive socialist who set a standard so high that most of us in moral contrast still linger in primitive darkness. However I like anybody that is truly honest with themselves can't accept the mythology component of the Old Testament. Sorry if I offend anyone.....D

I give full credit of my abject hatred for capitalistic free enterprise to 17 years spent in a non union printing company. 70 hour weeks with little break in between. 15 years ago my wife made me quit and I simultaneously started my own screen printing business and got a state job for benefits. I shared the wealth to say the least while running my own business but got out do to the toxic nature of the work, inks and solvents.

Yes I was a pretty good athlete 30 some years ago, and still am for my age, and yes I played in blues rock bands for about 10 years. But there is something else you need to know about me, I don't have a fart machine buried in my back yard.

You may ask why bother to bring all of this up? Well my answer to that is, this info gives anyone who is looking to agree or disagree with my comments an honest frame of reference as to who they are addressing.

DAnneMarc's picture
DAnneMarc 10 years 6 days ago

2950-10K ~ No offense taken whatsoever with anything you said. I didn't know you were a Socialist. No problem there either. I don't know too much about the philosophy to judge it either way. I'll just say I'm for anything that works. Ironically, the very Capitalists that you complain about are doing their damnedest to forward your Political Agenda--essentially by sabotaging Democracy to the point that it is doomed to fail. Like I've said before: 'Sometimes your worst enemy's can be your best friends.' It is quite amazing indeed the mental dysfunction brought about by greed. People who have everything yet want more intentionally soil the very foundation of what made their wealth possible in the first place.

dowdotica's picture
dowdotica 10 years 6 days ago

i like that ending, yup...

dowdotica's picture
dowdotica 10 years 6 days ago

... not that i know anything about anything but as i walk down old roads of the past and recall the way it was it seems odd to me that the world now has so much horded wealth that with relative wages flat forever it could all be solved pretty easily, you know. Oh thats right when we ask the boss for one of the golden egz we lay they blow a bunch of smoke up or butts about how costly it is just to make payroll and meantime we're suppose to turn our cheek when they go to europe five times a year and drive 3 jagz. by the way who the hell can drive three cars at once? Yup, GREED kiiled the dream and like all us working stiffs know we are a stones throw away from the street. Even with sizable retirement accounts every day we wake up is a crap shoot someone else is taking with the money we trusted them with. hm, twisted indeed...

Kend's picture
Kend 10 years 6 days ago

Wow I think you have confused with Mr Burns. Read what Thom or Louise is saying. They only have to tax deposits if they what to borrow more money. It is a loan condition. would you lend them money? I have been saying for four years it was going to come to this. The problem with socialism is sooner or later you run out of other people's money.

bobcox's picture
bobcox 10 years 6 days ago

I would do a progressive "Wealth Tax" by zero at 1.5 times the median worker annual income, and then start at 5% at the next multiple of the median income, 10% at the following, etc. This follows Thos. Jeffersin's Idea on taxation of the wealthy but not quite exponential. Everyone with savings or bank accounts equal to a 1.5 times themeduan year's incomel would not be taxed on this amount but each incremental multiple of the mediad income would be taxed at higher rates in an ascebding manner. I would allow a rebate of taxes on amounts which are invested in manufacturibng facilities that put unenployed members of the nation to work. Planning would not be enough, om;y actual plants put into operation within the national boundaries actually enploying the presently unemployed citizens of the country. I woiuld tax at a higher rate any withdrawal from the bank accounts subject to removal from the country.

DAnneMarc's picture
DAnneMarc 10 years 6 days ago

Kend ~ The Bank of Cypress needs a bailout because of ties with Greece. The tax isn't being imposed on the Bank itself but innocent depositors. Responsible Bank customers are being robbed to pay the collateral on the loan bailout to rescue the irresponsible Bank Lenders.

Extraordinary National Debt isn't a result of Socialism or any other government form. It results from financial mismanagement of public funds and improperly budgeted spending. It is a global epidemic that was spawned in the 80's by the economic misdeeds of the Reagan Administration. The legacy of President Reagan's infamous financial mismanagement and the fact that he was never held accountable for his actions led to others copying his habits.

I agree that running out of both money and credit is what is behind the current world financial crisis; but lets put blame where it belongs. Moreover, let's realize that by not prosecuting the original 'criminals' for their trend setting crimes, We the People, in fact, encouraged subsequent leaders to copy the crime. As they say, Monkey see, Monkey do.

PS The comparison of you to Mr. Montgomery Burns from the Simpson's Show fits you Kend to a tee!

akunard's picture
akunard 10 years 6 days ago

Don't look at the PIIGS to see socicalism. Visit Odessa, they have been at IT much longer. All there but the top 2% would love to be at our poverty level. To be a TRUE socialist you need to have lived it not studied it, that goes for you Thom!

Kend's picture
Kend 10 years 6 days ago

I guess I walked right into that one. The fact is you don't know me if, if you did you wouldn't be so mean. You hurt my feeling.

You are right DAnne , it is because of Greece. Because Greece mismanaged their finances horribly. Does that remind you of anyone? They spent way more than they had. So now they have loan conditions as well.

I will ask you. Would you loan them your personal money. Or for that matter should the Us or Canada loan them money As risky as it would be? I think you know my answer.

The global epidemic is happening because Americans ran out of money. Americans buy 50% of the worlds products, when they are not buying the world goes into a recession. We are all cheering you on.


DAnneMarc's picture
DAnneMarc 10 years 5 days ago

akunard ~ I'm having a hard time following you. Could you clarify what is PIIGS, and where is Odessa?

If I read what you are implying I have to say that I can assure you Socialists countries are not the only ones that would love to be at our poverty level. I just returned from Mexico and believe me I couldn't wait to get back. Ironically, St. Thomas Aquinas once wrote a book for the King of Cyprus where he elaborated extensively on the structures of government. To make a long story short he concluded that government structures aren't what make a government good or evil. It is the character and intentions of those who run the government. Greed being the main factor in an evil government. Essentially, any government can change its tone in the blink of an eye with a leadership change.

This is my big issue with Revolutions. They rely on the misconception that changing a government's form will make the problems go away. More often than not Revolutions only result in a worse government. Fearing their own overthrow, the next government is usually militaristic and paranoid. A dangerous combination. That is why in my opinion, a Revolution, should only be considered as a desperate last resort after all other contingencies are exhausted.

DAnneMarc's picture
DAnneMarc 10 years 5 days ago

Kend ~ Why thank you for that wonderful vote of confidence. USA USA USA

I apologize if I hurt your feelings. You are right! I have no business judging anyone other than myself.

As for your question as to weather or not I'd loan them money; well, that's a bit of an insulting question as well. The answer of course is no way! I wouldn't even consider it. However, there are contingencies that may make a small loan possible.

Namely, I want to see Bankers get jail sentences. I want to see all parties guilty of gross negligence and fraud brought up on charges and held accountable. I want to see regulatory agencies put in place to prevent such abuse from ever occurring in the future. I want to see strict laws passed making this type of nefarious activities punishable if even attempted with jail sentences that would discourage anyone from even thinking about it.

After that is accomplished and the guilty parties are in jail, then you can ask me for a loan. However, I'll still say, "No!"

akunard's picture
akunard 10 years 5 days ago

PIIGS= Portugal, Italy, Ireland, Greece, Spain, all about to default debts and leave the Euro zone. Odessa, Ukraine.

DAnneMarc's picture
DAnneMarc 10 years 5 days ago

akunard ~ Thanks for the education!

Kend's picture
Kend 10 years 5 days ago

Thanks for the apologize but I was kidding being as far right as I am you have to have thick sick. I am not very well liked on this blog so I get picked on a lot . I do get people talking though.

Akunard. My grandparents immigrated from Ukraine To Canada, thank god. That poor country has had the crap kicked out of it forever. I get a hard time for telling everyone to stop whining in America. You have all the opperatunity in the world what would they do if they lived in a place like Ukraine.

MMmmNACHOS's picture
MMmmNACHOS 10 years 5 days ago

Left or Right...To a Capitalist - such as KEND or Dick Chenney - life is cheap, and money trumps everything.

As for religion...I find the New Testiment to be full of good ideas worth practicing. Further more, when one does practice the teachings of the New Testiment he is in fact practicing the principles of fundamental socialism...Definitley no Capitalism being preached about by Mathew, Mark, Luke, and John...Ouite the opposite!
It is unfortunate though...Man can't seem to help himself with his greed for power and quest for control, and capitalizes on these "good ideas" by turning them into belief systems; aka Religion or Law, and instead of practicing being a good person (humanitarian) to others and ourselves, we try to be a "brand", which in turn makes us tawdry as a society.

What's more queer is that most Capitalist consider themselves devout Christians - "Capitalist Christians"?!?!? about your oxymorons!!! Yet they [capitalist] mock Socialist as being Godless heathens looking for a handout. To which I say; How ignorant!

mcowley01's picture
mcowley01 10 years 5 days ago

Please don't confuse Cuprus with Cypress whis is a conifer of northern temperate regions.

Kend's picture
Kend 10 years 5 days ago

Interesting you comments like that about me when you know nothing about me. I never said I was a Christian. One thing that is great about Canadian politics is we never mix politics with religion. They have nothing to do with each other. I couldn't tell you what religion any of our Prime Ministers where, I like it that way.

If you are going to stereotype way don't you pick on the Jews well your at it

I would challenge you any day to see who has being a better "humanitarian".

Outback 10 years 5 days ago

Nachos says ".....Man can't seem to help himself with his greed for power and quest for control....", which I think is the essence if our problem. But our friend AliceInWonderland recommended a book on this blog a while back that seems to speak directly to the issues of greed, corruption, power and control (through the ages). I took the time to order it and it's a great read. It's "The Sociopath Next Door" by Martha Stout. According to Stout, about 4% of the population is sociopathic, which the author defines as basically devoid of conscience. An intelligent sociopath will tend to get to the top of any organization, be it government or corporate, unencumbered as he or she is by the baggage of conscience. So viewed through this lens, labels like "capitalist", "socialist"" and Christian" become meaningless, as the real nastiness is done by relatively few (sociopathic) people in key positions. Dr. Stout also has a great section on good people's tendency to "obey authority" and to extend "the benefit of the doubt", which is also a large part of the problems we see in society. This book isn't just another "pop" psychology book; the author is a heavyweight clinical psychologist. Nor is it massive or unreadable. The author is really gifted at getting straight to the point with good use of illustrations. So I want to second Alice's recommendation of this book and thank her for steering me toward it. If you want a fresh view of what ails human societies everywhere, even if you basically know this stuff, read:

DAnneMarc's picture
DAnneMarc 10 years 5 days ago

Kend ~ I'm glad to hear that. I was hoping you were kidding. I'd hate to have hurt the feelings of anyone here.

With that in mind, I hope you can take a bit of constructive criticism. This blog doesn't have a spell check feature. However, if you simply cut and paste what you write into a blank email or word processing program you can check the spelling and then cut and paste it back here. That would also give you a chance to proof read what you've written and hopefully catch any grammar mistakes as well. Not that you make mistakes; but, somehow I don't think you do much proof reading. Just a suggestion, please don't take it as a knock.

Timothy Gilmore's picture
Timothy Gilmore 10 years 5 days ago

Christianity (Catholic, Protestant and cult) is based on communism. Since their inception many Christian religious communities have been run along communist principles, as are Jewish kibbutzim. The Peace Corps is communistic, along with other peoples’ efforts to assist impoverished people worldwide. The Boy Scouts, the military, the Red Cross, March of Dimes, telethons and all community cleanup efforts are communistic in nature, purpose and effect. Globally, many governments are socialistic where citizens’ benefits far outweigh anything enjoyed in America at present except by politicians and the wealthy. But that's Capitalism for you.

When you condemn communism, you condemn many aspects of daily American society and the workplace now taken for granted as being capitalistic. The volunteers of today who number in the millions in America and hundreds of millions around the globe are communally oriented and communistic in action.

Timothy Gilmore's picture
Timothy Gilmore 10 years 5 days ago

As long as we use money as a medium of exchange, we will always have poverty. It's the basic economic principle of supply and demand. There must be a constant and increasing demand for money; otherwise it's valueless. Those who most need money must continually labor for it simply to survive. The more people need it, the more willing they are to do abominable things to get it. Wealthy and politically powerful people control the money supply, restricting global trade for profits. Used for world domination and the spread of terrorism, those who control it wage wars and pass trade agreements impoverishing the many to benefit the few. We don't have to barter individual goods and products. By voluntarily using our skills and abilities to benefit humanity by structuring service, social and industrial unions to produce, develop and distribute the world's resources we can abolish the overwhelming social ills caused by money: poverty, homelessness, global environmental destruction, waste, illiteracy, war, injustice, crime, slavery, governmental and corporate corruption and fraud, overpopulation and ill health around the world. Only by abolishing money can international cooperation secure genuine world peace, aided by the use of Esperanto, the international language of peace.
Labor unions would be the primary centers coordinating administrative duties and information about availability of goods and services locally and globally, nationally and internationally. They would manage local, state or large cities for primary services such as food, water, shelter/construction, sanitation, education, healthcare, recycling, clothing, power/energy, the environment, labor and for other fields of endeavor, such as entertainment, fire and police protection, space development and transportation. Others could be formed as workers’ needs are determined during the transition away from money.

Government would be part of the Education union and would be responsible for elections of union leaders, preventing the use of force or fraud and for citizen advocacy. Courts would cascade down from the World Court in Den Hague at the Palais du Droits de l’Homme, and any other administrative duties, such as war prevention, would be the responsibility of a restructured, much enhanced United Nations.

Read "Ultimate Poverty, Unlimited Wealth" <>

DAnneMarc's picture
DAnneMarc 10 years 5 days ago

Outback, Kend and MMmmNACHOS ~ Sorry NachoMAN, I have to side with Outback on this one. Your underlying theory has merit, but it is over generalized and simplified. Remember Thom Hartmann is a Capitalist. He is also one of the greatest humanitarians I have ever heard of. Although I believe everyone here to be good people I seriously doubt any of us have done 10% of the humanitarian acts that Thom has done. In fact, I would go so far as to believe that the vast majority of our Nation are basically good people. If 4% of the Nation is ruining it for everyone else that makes a lot of sense; especially, when you consider that fact that we typically blame our woes on the 1%.

Outback also paraphrased a statement I can really get behind, " So viewed through this lens, labels like "capitalist", "socialist"" and Christian" become meaningless, as the real nastiness is done by relatively few (sociopathic) people in key positions." I've been preaching about the dangers of labels since I started in this blog. That is why I am offended anytime someone refers to me as a "Liberal," "Progressive," "Lefty," "Socialist," "Communist," or "Radical." I've been called them all and they are usually a sign that the person I'm talking to has run out of meaningfull discourse and has decided to end the debate with foregone conclusions so they don't have to think anymore and risk their own belief in their own personal philosophy. I can't tell you how many times I've experienced that. At the risk of repeating myself, it always reminds me of that great Matthew quote:

Matthew 7:6 Give not that which is holy unto the dogs, neither cast ye your pearls before swine, lest they trample them under their feet, and turn again and rend you.

Outback goes on to paraphrase: "Dr. Stout also has a great section on good people's tendency to "obey authority" and to extend "the benefit of the doubt", which is also a large part of the problems we see in society."

Well gentlemen, I certainly would like to think of myself as being in this group; and, I hope you do as well. As far as my personal experience is concerned , I can say I fit these characteristics to a tee. What say you gentlemen?

Thanks Outback. AliceInWonderland always had something profound and meaningful to bring to the table. I miss her dearly! I appreciate your contribution as well. I will look for that book.

DAnneMarc's picture
DAnneMarc 10 years 5 days ago

Timothy Gilmore ~ Your posts are most compelling indeed. You are another voice that should be heard more often.

Communism is Christianity. You make a very convincing argument. I'm versed in Christianity; not so much Communism. However, may I ask if this is true, why did Russia banish the church and ban religion. Seems self defeating to me.

Money should be banned. I can imagine the resistance you will encounter with that suggestion. However, expect no resistance from me. Personally, I think it is an excellent idea. Your conclusion makes perfect sense to me:

"By voluntarily using our skills and abilities to benefit humanity by structuring service, social and industrial unions to produce, develop and distribute the world's resources we can abolish the overwhelming social ills caused by money: poverty, homelessness, global environmental destruction, waste, illiteracy, war, injustice, crime, slavery, governmental and corporate corruption and fraud, overpopulation and ill health around the world."

Society provides for the needs of everyone in exchange for volunteering for the service of your choice for society. It makes perfect sense. Such a scenario would foster "a desire to serve" that would overwhelm all other human desires and thus achieve the ends you've mentioned.

Timothy Gilmore I believe you have hit upon a winning strategy. Please read my Matthew quote above and remember it when people knock your plan, as I'm sure they will. Don't give up! Believe in yourself and nothing else. I believe in you! I think you have the solution we've all been waiting for. You can count on my support! Thank you!

MMmmNACHOS's picture
MMmmNACHOS 10 years 5 days ago

You are truely flashing your capitalist colurs, KEND...Humanitarian practices are not about compatition, at least not in the vain of recognition...But your ego certainly furthers my point.

You're right Kend I don't personally know you...I never said that "You are a Christian".

I like that Canada keeps religion and politics seperate; neither belongs influencing the other.

MMmmNACHOS's picture
MMmmNACHOS 10 years 5 days ago

Thank you for sharing OUTBACK...I've had that book on my Must Read List...I just moved it to the top. You may recall I recommended "Passionate Declarations; essays on war and justice": by Howard Zinn. I hope you will make a point to read it...assuming you haven't already.

Obedience to Government is the sign of a Totolitarian State.

jmanstro's picture
jmanstro 10 years 5 days ago

Great post 1950, well actually 2950 - 1024, right?

One of the challenges with a system that allocates resources in a manner other than via an open and competitive market (which requires regulation for sure) is the difficulty in making even reasonably efficient decisions about what and how much to produce. Looking at history, the societies that tried to use central planning for their resource allocations tended to improve at first, usually overcoming the plunder of the nation's wealth by dictators or the like. But as those societies emerged from abject poverty for the masses to some semblance of a modest standard of living for all, they found that they faced chronic shortages and waste. A modern society is far too complex to manage via central planning on the question of production. I would submit that human nature is rational, and when a person is more productive than average, but receives only average compensation, they tend to turn their productivity toward less tangible things. this may still be beneficial to society if they are involved in the arts or other activities with positive externalities, but overall we can observe that a socialist system for allocation of productive resources and a distribution that is primarily based on need vs output is less productive. In fact, we have few if any truly socialist economies that have even survived into the modern post-industrial era without adopting a lot of open market methods.

All is not lost however. We do not want the brutal realities of unrestrained capitalism. The cost of the cycles of boom and bust impact individuals far too harshly through no fault of their own. This is not how a healthy society of human beings relates to one another. So we have created modified capitalism, or modified socialism if you prefer. A mix of market based allocation of productive resources to produce the right amounts of the right things, and investment by government in those services and facilities that require participation by all to be viable economically. Then we apply fiscal policies, both taxation and spending, to manage the economy for the goal of the highest standard of living for the average person, with a safety net for those who cannot fend for themselves. We all contribute in proportion to our ability to do so, spreading the impact on individuals as equally as we can without detracting from the goal. Our goal is to achieve the highest standard of living for the average person, and to do this we must allow some significant variations in that standard to allow for the motivation to produce outstanding results.

It can be done, and it's being done here and there, for periods of time. There is a pendulum effect in my humble opinion. When we go too far with redistribution of wealth, or we fail to ask people of wealth to contribute proportionally we see a reaction from the rest of the arc of the pendulum, and the balance moves back toward the center. Our values as a society evolve over time, and some are unique to the particular nation, it's history and it's people. But human nature seems to want a reasonable mix of reward for achievment, initiative and effort, but also compassion for those less capable. When we venture too far in either direction, we pull ourselves back as a majority of the people begin to experience a deficit compared to what they experience in the normal range.

DAnneMarc's picture
DAnneMarc 10 years 5 days ago

Repeat. Now I know what Ken Ware was complaining about. How did that happen?

MMmmNACHOS's picture
MMmmNACHOS 10 years 5 days ago

Absolutly DANNEMARC, My commentary IS very general, and yes simplified...I know what I ment and I am sure others that have come to know my style, perspective, and purpose - such as yourself - understand what I am getting at.
Sure I am very aware that not all Capitalist are dirty rotten scoundrals. And I am even more aware that even though "relgion" can be crippling...There are many good and sincere practicing Christians. That goes for all who practice unconditional love for their brothers and sisters, and volunteer their time to be of service; regardless of race, creed, religion, sex, financle status, etc.
We are all in this together and irregardless of what religious and/or political philosophy one follows, everything we do (you, me, everyone), has a ripple effect. To much of any one "thing" is not good, and will eventually fall from grace.

Right now we are witness to what happens when you allow Capitalism to run a muck. It's happened before, and Thomas Jefferson warned us of such practices...The challenge is to maintain a steady ballance...To not become foolish...To not get fooled.
As for those Dirty Rotten Scoundrals...They have always been peppered through out history, i.e Christopher Columbus, but it is up to us how their stories are documented.

The best trick the devil ever pulled was convincing others that he wasn't the devil.

Outback 10 years 5 days ago

Nachos - "Passionate Declarations" is on my list. Thank you!

Timothy Gilmore's picture
Timothy Gilmore 10 years 5 days ago

Russia banned the Church because it was another authoritarian power, and the Fascists in control, (who called themselves 'Communists'), wanted complete control over the people. If you read the history of Russia, the Church wielded immense control over the kulaks, in conjunction with the Monarchy; one supported the other. A great many abuses resulted. I don't acknowledge the name of Communism being the social and legislative government of the Soviet Union, anymore than what we practice in America can be called 'Capitalism'. It's Fascism. Compare the tenets of Capitalism, Communism and Fascism, and decide for yourself under which system we operate. Just because we call it Capitalism, doesn't make it so. The use of money demands a morality not seen in the world, except in rare instances. But as much good as money could do if used properly, because of its scarcity and control of it by pro-war profiteers, it constricts humanity, it constrains us, holding us back, forcing employees, even societies, to work against their own interests in ways designed to insulate and benefit politicians and the wealthy. Follow any crime to its source, and you'll find money and fear as the primary motivators. At present, being free to act in our own interests, in ways that genuinely enhance our life, family and friends, is possible only to those with sufficient funds, less than 1% of humanity. Only by abolishing money can we actualize freedom for the rest of mankind to live free from fear, from want, from injustice, from so much more that daily we must suffer and endure. I don't know if we're allowed to mention it, but more can found in my book, "Ultimate Poverty, Unlimited Wealth".<>

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From Screwed:
"The powers that be are running roughshod over the powers that OUGHT to be. Hartmann tells us what went wrong — and what you and I can do to help set American right again."
Jim Hightower, National Radio Commentator, Writer, Public Speaker, and author of the bestselling Thieves in High Places