05 Apr 2013

Cyprus Shows European Pols Are Ready to Eat the Rich

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Lars Seier Christensen, co-founder & CEO of Denmark’s Saxo Bank A/S, looks on at the destruction of Cyprus’s economy by the Euro Zone bailout and begins sounding like Tocqueville.

There are very few limits to what you can do to people in the modern interpretation of democracy. A version where only majority rule is required, but where there is no longer a respect for personal negative rights – as we know them from the American Constitution.

The easiest target will always be wealthy people, or even just working people and savers who did the right thing all their lives. As the bloated welfare states begin to collapse under their irresponsible promises, their crumbling value systems and their unsustainable demographics, it will be easy to convince more than 50 percent of voters that confiscating and stealing other people’s money is OK for the greater good. Boston Consulting Group calculated that 28 percent of ALL private wealth is needed to meet just existing debts – not future obligations , mind you – and the money can only come from one place… Your pockets. Beware.

A lot of things have gone wrong over the past few years, but the seeds were planted many years ago. In the form of pressure for more people having the “right” to own their properties, even if they did not fulfill the traditional mortgage criteria – hence subprime. In the form of enormous “entitlements” to not just poor, but also middle-class people in the welfare states – hence ballooning deficits and debt. In the form of a Euro, a grand, political project with no practical foundation – hence crisis after crisis, with the dominoes stretching far into the distance.

The United States has precisely the Liberal political tradition of well-established and legally-recognized Natural Rights protecting property, but we also have Barack Obama and a radical democrat majority in the US Senate sharing views identical to those of European Union socialists and caring absolutely nothing for the American Liberal political tradition, which they neither respect nor understand.

Via Tyler Durden.

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