Spain confiscates 0.03% of all bank deposits.

[mamarried]

How long before this happens in the US?

Bank accounts are private property. I think the bigger question is how much longer will the US government respect private property rights.

[meowdea]

I think the bigger question is how much longer will the US government respect private property rights.

They're already being violated. Civil asset forfeiture, anyone?
Private property rights will only be respected until there is a good enough reason to not respect them, such as a national emergency.

[medUSA]

It is not right to penalise those who worked hard and save up for retirement, over those who spend every penny they earn.

Reuters article on bank deposit tax:
http://www.reuters.com/article/2014/07/04/spain-tax-deposits-idUSL6N0PF2SF20140704

[mamarried]

They're already being violated. Civil asset forfeiture, anyone?
Private property rights will only be respected until there is a good enough reason to not respect them, such as a national emergency.

Climate change sounds like something that has all the necessary elements for a complete private property rights revocation. It affects everyone and it is totally unfalsifiable.

[Bynavama]

Climate change sounds like something that has all the necessary elements for a complete private property rights revocation. It affects everyone and it is totally unfalsifiable.

"Climate terrorism"

[tigeRshoes]

Climate change sounds like something that has all the necessary elements for a complete private property rights revocation. It affects everyone and it is totally unfalsifiable.

Of course it's falsifiable. The problem is it would need to involve climate science, which deniers hate.

[pitchbend]

WTF, this post title is SO full of bullshit.

Spain isn't confiscating anything, nor are they touching bank deposits.

The central government is unifying and ALREADY EXISTING tax in many regions "comunidades autónomas" aimed at banks NOT customers. Not only are they not touching customers deposits, they are further protecting them by making it illegal with this new law for banks to transfer the tax to their customers deposits, it's expressly prohibited in the same law. Now, maybe the banks still try to transfer part of this tax to their customers indirectly via fees or whatever, but that is the same with any other private/public business that is taxed and has to figure out how to balance a new tax with their margins.

[Lauda]

they're so knee-deep in shit that there's not really much else they can do.

It's really time that people see the benefit of Bitcoin.

it's not like bitcoin is the only other alternative option though.

What are alternatives besides Bitcoin?

I have no idea what's he's talking about. I wouldn't trust anything but a cryptocoin there days.

[Keyara]

WTF, this post title is SO full of bullshit.

Spain isn't confiscating anything, nor are they touching bank deposits.

The central government is unifying and ALREADY EXISTING tax in many regions "comunidades autónomas" aimed at banks NOT customers. Not only are they not touching customers deposits, they are further protecting them by making it illegal with this new law for banks to transfer the tax to their customers deposits, it's expressly prohibited in the same law. Now, maybe the banks still try to transfer part of this tax to their customers indirectly via fees or whatever, but that is the same with any other private/public business that is taxed and has to figure out how to balance a new tax with their margins.

Hence taxing the bank is no difference than taxing the bank customer.

Government should just let all the banks compete with each other to lower fee and offer better benefit. Not taxing the entire industry into oblivion.

[zimmah]

It's really time that people see the benefit of Bitcoin.

put your money in the bank, trust us, it's safe.

[tee-rex]

The more they confiscate, the higher the price of bitcoin will be. When the Cyprus events began unfolding, the Bitcoin rate surged significantly in several waves, ultimately reaching +1100 dollars per coin as people became more and more aware of it.

[cr1776]

WTF, this post title is SO full of bullshit.

Spain isn't confiscating anything, nor are they touching bank deposits.

The central government is unifying and ALREADY EXISTING tax in many regions "comunidades autónomas" aimed at banks NOT customers. Not only are they not touching customers deposits, they are further protecting them by making it illegal with this new law for banks to transfer the tax to their customers deposits, it's expressly prohibited in the same law. Now, maybe the banks still try to transfer part of this tax to their customers indirectly via fees or whatever, but that is the same with any other private/public business that is taxed and has to figure out how to balance a new tax with their margins.

The law is meaningless in regard to making it illegal to transfer the tax.  Taxing banks like this is a stealth way to tax people while looking like they are making someone else pay.  Banks will just pay less interest to depositors to make it up, or charge more for loans etc.

PEOPLE pay the taxes, the money only comes from the effort of people, but politicians want the naive to see them saying "oh, we are protecting you" when in reality they just want to have extra money without calling it a tax on people and having the bank be the (hidden) tax collector for them.

[Ron~Popeil]

Come to think of it, I wonder when they'll start thinking that holding cryptocurrency in your own wallet is basically a "deposit" in the wider cryptocurrency network? Don't laugh please...If they can do this to banking accounts, it won't be a far stretch to do it to Bitcoin.

Umm how would they do that exactly? Any attempt to tax crypto holdings would have to be completely voluntary and fail miserably.

[beetcoin]

they're so knee-deep in shit that there's not really much else they can do.

It's really time that people see the benefit of Bitcoin.

it's not like bitcoin is the only other alternative option though.

What are alternatives besides Bitcoin?

you mean what other hedge vs. the dollar is available? oil, gold, or other raw materials. maybe they don't have the kind of room for growth that bitcoin has, but they are at least more stable.. and that's an important thing when you want to protect your investments.

[yayayo]

0.03% is such a small amount for all the bad publicity that comes

That is just the foot in the door.

It should have more bad publicity! It's no coincidence that it is happening in summer while world cup is still running...

That's just the beginning, it's merely a test run. People are acclimatized with small amounts, then bigger amounts will follow.

ya.ya.yo!

[Ron~Popeil]

0.03% is such a small amount for all the bad publicity that comes

That is just the foot in the door.

It should have more bad publicity! It's no coincidence that it is happening in summer while world cup is still running...

That's just the beginning, it's merely a test run. People are acclimatized with small amounts, then bigger amounts will follow.

ya.ya.yo!

The saying about the frog in a pot of water comes to mind. They won't suddenly take our freedoms, they will simply evaporate a little bit here and there while we go on about our business.

[Erdogan]

How long before this happens in the US?

Bank accounts are private property. I think the bigger question is how much longer will the US government respect private property rights.

Not exactly. It is an agreement, you give the bank the money and you have a claim to redeem them. Important difference in case of bankruptcy.

[Cluster2k]

It is not right to penalise those who worked hard and save up for retirement, over those who spend every penny they earn.

Funny thing is, I've spoken with people who regard savers as selfish pricks that are hoarding money instead of spending it and helping to keep others employed.  The person commenting is usually young, without any savings, and with huge debts for rapidly value depreciating products.

[Cicero2.0]

It is not right to penalise those who worked hard and save up for retirement, over those who spend every penny they earn.

Funny thing is, I've spoken with people who regard savers as selfish pricks that are hoarding money instead of spending it and helping to keep others employed.  The person commenting is usually young, without any savings, and with huge debts for rapidly value depreciating products.

It is just another form of the "fair share" garbage that politicians are spewing to demonize the well to do. It makes it easier to take their wealth if the average voter buys into the lies.

[beetcoin]

It is not right to penalise those who worked hard and save up for retirement, over those who spend every penny they earn.

Funny thing is, I've spoken with people who regard savers as selfish pricks that are hoarding money instead of spending it and helping to keep others employed.  The person commenting is usually young, without any savings, and with huge debts for rapidly value depreciating products.

maybe it's one of those people who have a decent amount of savings but never pitch in. i know plenty of those as well.