Greece-EU: For the record. The European Commission is helping Greece negotiate an agreement with Switzerland to repatriate as much as $81 billion believed to be in Swiss bank accounts, a high level European Union executive body official said on 17 November. The European Commission is working with Switzerland and Greece to stop what it believes is an ongoing exodus of money from Greek bank accounts into Swiss and other offshore banking centers, the EU official said.How are we to look at this?
Comment: Greek account holders broke no laws in safeguarding their wealth in Swiss bank accounts, but they stand to lose a great deal under a repatriation agreement, which amounts to national expropriation.
- Is this a morality play in which the rich are being punished for being rich and following their self-interest?
- Is this a case of the rich being overly rich, since they got that way because it was everyone else who built the road, etc, so they could then use their smarts and skills to get rich and now it is payback time?
- Is this a case of the rich being the available deep pockets?
- Is this a case of the Government doing what it must to stay afloat and it doesn't matter who gets hurt, as long as they can get re-elected next time around?
Regards — Cliff
I would say two things. First, for the American rich, you know...those bad people who own corporate jets....any taxable income has been pretty much off shored already. In fact, the title "rich" is more often than not a paper title in that much of the wealth is currently untaxable....and would be only if converted to negotiable instruments. Second, I believe you used the phrase in another blog..."you get what you reward...and....conversely...you drive away that which you punish."
ReplyDeleteKind of brings a whole new meaning to the fear that America is sliding toward a "welfare state." Except.....there is nobody to pay for the welfare.