With every new story about debt bailouts, credit rating downgrades or austerity measures, I’m left wondering, how are all these stories going to end? And when? The people of Cyprus got a glimpse this week, when they were hastily told their savings would be taxed 7-10%. That plan, now rescinded, didn’t actually fix the Cyprus debt problem: it was just intended to raise $6 billion Euro’s so they could borrow $10 billion more … crazy.
I wish we could find a way to tax the retirement savings of the government politicians, regulators and bankers who get us into these jams. Imagine how much better the decision-making would be today, if they had to pay twice as much as the rest of us tomorrow, for poor oversight. Never hurts to have a little skin in the game.
Music to suit: Tame Impala, ‘Feels Like We Only Go Backwards’
(Source: YouTube, Freddie Paull)