I’m still waiting for the honest Congressperson (if there is such a one) to file a bill making it a crime for government to try to steal from private bank accounts to pay its debts—as is happening in Cyprus.
I’m usually relaxed about the American response to bad news, however close to home, but I think there will be literal hell to pay if the feds try anything like what the EU is doing. Especially while our spendthrift president and his family live it up on their unprecedented, vacation-a-month tours at our considerable expense.
UPDATE: It could happen here and it very well might. When is the only question. It’s time to take your money out of the bank and put it under the mattress, though that would certainly make the economy much worse. Then buy yourself a handgun and learn how to use it.
MORE: Economist Thomas Sowell says Barry’s treasury department already is stealing from our savings accounts via “quantitative easing.”
THE TEXAS SCRIBBLER 
Was not a similar proposal presented back in the Clinton days? If my memory is correct, there was a proposal to skim 10% from all retirement accounts to pay for Hillarycare. The idea drew extensive criticism; however, the seed has been planted. Personally, not to be a doomsayer, but I think it will become inevitable. There are trillions of dollars in savings and retirement accounts that Pols can’t wait to get their hands on.
I think you bring up a good point, where is the law for keeping the Feds out of our private accounts? You would think one of the Tea Party members would be all over that, say Rand Paul or The Wicked Witch, Michelle Bachman.
That may have been one reason why Hillarycare went down in flames. Different times. Americans seem ready to accept many more government intrusions nowadays, but I doubt that stealing from their bank accounts is one of them. I would expect the banks would lobby for such a protective law to save their own businesses. The near-zero interest payments have already diminished the value of keeping money in a bank.
It is amazing how quickly things have changed in 20 years. I think you are right, folks are allowing more government intrusion but I’m not as convinced as you are about people not liking bank accounts being tapped into to. The current trend is to claim only the rich will be tapped, only to have the final outcome include the middle class also. Poor folks do not have money in savings so what do they care.
Banks and stock exchanges are being propped up by the Feds now, they will be protected in some kind of confiscation legislation no doubt.
“share and share alike” works wonders until everything is shared. Then there is no more to share and no place to get it. And this is when the real communism starts.
They want a revolution, this would do it. Meanwhile the threat may be enough to destroy the banking system.