John Ransom

During the Great Depression criminals like Bonnie and Clyde, Willie Sutton, Pretty Boy Floyd, John Dillinger and Baby Face Nelson robbed banks. They attained some degree of folk hero status by sticking it to banks that some felt were responsible for the Depression era misery. 

With liberal ideas firmly in the saddle, civilizing us, so to speak, we have come a long way from those dreary days. No longer would we applaud such criminals.

Instead, today, we send them to Congress, or parliament, or the legislature, where governments try to achieve folk hero status by robbing banks and depositors alike.

In the 1930s the robbers justified their acts by saying no real people were hurt, just the banks and the insurance plan that covered the depositors.

Governments today have no need of that kind of logic. They get to hurt whomever they wish because, well… they’re the government.

Stick ‘em, up.   

May these governments all meet the same fate of the bank robbers of the 1930s. 

The current heist under way, disguised as a public service measure, proposes to “tax”- steal would be a better word- cash deposits in banks in order to raise about $6 billion euros to bailout...the government in Cyprus. It’s kind of a reverse TARP, which penalizes people who have saved in proportion to how responsible they have been. The money is needed in order to save the governments of Cyprus and the European Union. And the more you have saved, the worse off you’ll be.

As of now, no deposits, no matter how small, will be free from confiscation if the measure passes; no one will be Too-Small-to-Tax.          

And make no mistake about it: The bank “tax” that the European Union is imposing on Cyprus isn’t a tax at all. It’s seizure of property without due process in order for politicians to save a system for which someone should go to jail.

This ladies and gentlemen is what Hope and Change! gets you eventually.

Just at a time when the European political and banking system is unraveling, Obama is proposing that we closely model Europe.

Tax the rich, certainly. But make sure you tax everyone else too.    

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

Get the best of Townhall Finance Daily delivered straight to your inbox

Follow Townhall Finance!