’Tax’ on Cypriots’ savings would have been theft

The government of Cyprus, under duress from the European Central Bank, was asked to approve the ‘theft’ of 10% of the value of all depositors’ savings.

Although it’s called a wealth tax or a ‘one-off tax’, to save Cyprus from bankruptcy, it is straightforward theft. The Cyprus parliament has correctly said ‘no’ to legalised theft.

The fact that the Irish government endorsed this theft says it all about the kleptocrats that we have in power. The current and previous Irish governments signed off on the Irish state, assuming the debts of privately owned Irish banks.

This meant that the Irish people have to endure higher taxes, and reduced public services, to placate the bankers.

It was a surreptitious form of theft from the Irish people — but theft nonetheless. The proposed, legalised theft in Cyprus is not a one-off. Ordinary people are being robbed, in the form of higher taxes, reduced public services, etc, to keep our current banking system afloat.

The fundamental problem with our banking system is that in the Eurozone, UK and Euroland, private banks create 97% of the money supply.

This is the real reason why these private banks cannot be allowed to go bust.

James McCumiskey

Rosetta Park

Belfast