Cyprus government confiscates 10% of personal bank accounts. Coming to USA?

An increase in the money supply alone doesn't cause inflation. It has to increase relative to the amount of goods/services created or provided in the economy.

Those that're railing against the government "taxing" through inflation overlook the fact that the money supply increases every time a private bank extends a loan. In fact, the vast majority (like 95% if I recall correctly) of money sitting in people's banks accounts today is the result of loan extended earlier.

 

Someone is going to wake up with a Russian horse head in their bed.

 

The finance version of collateral damage. Like kids blown up along-side a known terrorist, it kinda sucks.

Taxes are monies that governments collect from people and spend on stuff. The value you lose to inflation is not recouped by the US Government to pay its obligations. So, it is not a tax. Not every time that you lose money and get nothing explicitly back is it a tax. Losing your wallet at the mall is not a tax.

 

First they came for the Russian oligarchs, but I did not speak up because I was not a Russian oligarch ....

 

The company I work for has an office in Cyprus. I'll have to talk to the expats when they come home..

 

Thats just insane.

Who the hell thought that was a good idea?