"Don't look now but there's something funny going on over there at the bank, George. I've never really seen one, but that's got all the earmarks of being a run."
--Ernie Bishop (It's a Wonderful Life)
As the chaos level escalates in Cyprus (the parliamentary vote has been pushed back again and now AP is reporting the Cyprus banks will remain closed until Thursday, the following questions must be entering the minds of depositors around the world:
1) What is the likelihood that my deposits will be confiscated similar to the plan unfolding in Cyprus?
2) Could bank deposits become the basis for a 'wealth tax'--where larger bank deposits are confiscated at a progressively higher rate?
3) How can I manage risk surrounding these issues?
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The positive testimony of history is that the State invariably had its origin in conquest and confiscation. No primitive State known to history originated in any other manner.
~Albert Nock
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