@izzythepush,
The Chairman of the German Stock Exchange called the proposed confiscations "efficient". And so they are.
That a good slice of the debts are the same money that is in those accounts to be "taxed" is a situation which we are all in except insofar as our deposit accounts are not, so far at least, to be taxed in this way. Fair or not fair is a political question.
But the "efficiency" question cannot be in doubt. There is a chance, a not all that unlikely a chance, that any other method will actually be counter-productive and increase the debt. And, as the Chairman of the Stock Exchange pointed out, the debt has to be paid.
The Romans used the method when their feet were to the fire although their method, proscription, was a bit too inhumane for the modern world. The "rich" cannot handle the forces of law and order as the poor can if push comes to shove.
Perhaps we should all consider the policy. It would surely win a lot of votes if it was to be proposed astutely. A one off payment by those who got rich in the boom which has brought us to this pass. Especially as the warnings that the boom in debt was dangerous were put on Ignore in the years immediately preceeding 2008 by those who were riding it and their lickspittles and lackeys in Media which was in on it.
And there were plenty of warnings.
So much for the Ignore principle. "It's the economy--stupid" is a faithful rendering of the democracy principle. I would go as far as to say that our leaders in recent years were elected under false pretences and if they didn't know it they were incompetent.
