The Cyprus “deposit haircut”

posted at 12:31 pm on March 17, 2013 by Jazz Shaw

In the ongoing debate over how to deal with our national debt there have been plenty of idea put forward, but not much action. Many plans focus on the idea of everybody pitching in together to combat the problem, but here’s one idea which likely never occurred to you. How about if the government just went around and confiscated up to 10% of everyone’s life savings to help cover the gap? What could possibly go wrong? We might be about to find out by studying the situation in Cyprus.

Cyprus’ savers bear brunt of unprecedented bailout

The eastern Mediterranean island becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help during the region’s debt crisis.

In a radical departure from previous aid packages – and one that gave rise to incredulity and anger across the country – euro zone finance ministers forced Cyprus’ savers to pay up to 10 percent of their deposits to raise almost 6 billion euros.

Parliament was due to meet on Sunday to vote on the measure, and approval was far from assured.

People’s savings would be garnished at a rate of 9.9% for those having more than 100,000 Euros in the bank under the plan, with 6.7% being pilfered from those having less than that. Now, I’m no economist or anything, but if you suggest that the government might come around and start siphoning off a significant chunk of the life savings of workers, that sounds like a perfect formula for a bank run, doesn’t it?

The decision prompted a run on cashpoints, most of which were depleted by mid afternoon, and co-operative credit societies closed to prevent angry savers withdrawing deposits.

Almost half Cyprus’s bank depositors are believed to be non-resident Russians, but most queuing on Saturday at automatic teller machines appeared to be Cypriots.

But don’t you worry. It could never happen here, at least if you listen to Paul Krugman and company. Just keep on running up the debt and I’m sure everything will work out just fine.

When I was a child, one of the earliest stories I remember reading was The Ant and the Grasshopper. The ant works hard all summer to save up food for the winter while the lazy grasshopper sings and plays in the fields. When winter comes, the grasshopper is freezing and starving, so he goes to the ant to ask for shelter and food. The ant tells him he should have thought of that back when food was plentiful and turns him away, presumably to die of exposure and starvation in the fields.

Today the grasshopper can simply have the government take the ant’s food. So… progress.


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The EU is the powderkeg.
PIIGS is the fuse.
Is Cyprus going to be the match??

Popcorn ready!!

dddave on March 17, 2013 at 3:54 PM

When winter comes, the grasshopper is freezing and starving, so he goes to the ant to ask for shelter and food. The ant tells him he should have thought of that back when food was plentiful and turns him away, presumably to die of exposure and starvation in the fields.

It was when the second winter came that the ant turned the grasshopper away. Your version loses at least half of the lesson.

VorDaj on March 17, 2013 at 4:16 PM

You do know that there are Democrat pols with their eyes on taxing our 401Ks, not too dissimilar to taxing bank deposits. Bad enough that today’s geezers get near 0 interest from savings accounts. The transfer of wealth from the workers and savers to the entitled has been progressing well.

philw1776 on March 17, 2013 at 12:59 PM

Actually, the Progressive Rat plan is to seize the 401(k)s and give you a “government-guaranteed” retirement annuity.

Steve Eggleston on March 17, 2013 at 4:25 PM

Actually, the Progressive Rat plan is to seize the 401(k)s and give you a “government-guaranteed” retirement annuity.

Steve Eggleston on March 17, 2013 at 4:25 PM

I addressed that earlier in a small way. Worse– a ‘hidden’ –is that if the recipient dies before all the money is spent, the government keeps the balance. The account can’t be bequeathed to survivors.

Liam on March 17, 2013 at 4:28 PM

ThePrimordialOrderedPair on March 17, 2013 at 3:48 PM

I voted for the puke anyways, last month change of heart on Obama, not the disgusting worthless scum Romney though. I still think he would have been worse for America LONG TERM than an Obama 2nd term.

astonerii on March 17, 2013 at 4:59 PM

I still think he would have been worse for America LONG TERM than an Obama 2nd term.

astonerii on March 17, 2013 at 4:59 PM

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Cleombrotus on March 17, 2013 at 5:34 PM

Bush did that.

Bush went to congress several times to do something about teh impending bubble burst.

But it is much more fun to blame him for everything, like a liberal.

tom daschle concerned on March 17, 2013 at 3:33 PM

williamg on March 17, 2013 at 3:46 PMThePrimordialOrderedPair on March 17, 2013 at 3:27 PM

Bush went to congress and then punted, but not happy with that, he then began pushing the paperwork free home loans. You know, the ones that ended up being called NINJA loans. No Income No Job Approved! He loved to talk about how awesomely awesome his awesomeness was because his ownership society had the highest home ownership rate of any previous president, but even better, minority home ownership was way up!

Sorry, but Bush did not put any brakes on defending this nation from terrorists, he should have attacked the housing bubble just as fervently and probably laid off on some of the “defense” items like wireless phone tapping of American Citizens.

astonerii on March 17, 2013 at 5:36 PM

ThePrimordialOrderedPair on March 17, 2013 at 3:48 PM

I never said it was not leftists policies. It is just that Bush was in power during 95% of the build up in home prices (above base line 60 year trends). He saw it coming, but did nothing to stop it. He was a compassionate “conservative” also known as a progressive Republican. Like Gay Conservative, it is an oxymoron. You cannot serve two masters. You are either in service to compassion or you are in service to intellect.

astonerii on March 17, 2013 at 5:39 PM

http://4.bp.blogspot.com/-kjOHoEKbH7A/ULQgiAZ45RI/AAAAAAAABh4/8U-RJx1-pGg/s1600/Inflation-Adjusted+U.S.+Home+Prices+Since+1900.jpg

Go look at that and tell me what you see between 1970 and 2001. Do you see that massively huge unprecedented spike in the housing bubble? No? Me either. somewhere between 1998 and 1999 the prices started up, but America Voted in a new president, and he did NOTHING TO FIX IT when it became blatantly obvious by 2003 that house prices were at an unprecedented level and not sustainable.

astonerii on March 17, 2013 at 6:15 PM

Expect to see US bank stocks take a tumble on Monday. Wait a few days then snatch up some shares.

Labamigo on March 17, 2013 at 6:35 PM

Sorry, but Bush did not put any brakes on defending this nation from terrorists,

astonerii on March 17, 2013 at 5:36 PM

And Thank God he didn’t

Your post is the most incoherent, spittle-drenched, shrieking diatribe of hatred that I have seen since the last time I visite The Daily Kos.

However – it’s what I would expect from someone who voted for Obama twice and is taking money from George Soros to troll sites like this.

As far as the Housing Crisis – there are two names who primarily caused it: Barney Frank and Chris Dodd – BOTH Democrats. They pushed their agenda through when Democrats controlled their respective houses of Congress.

williamg on March 17, 2013 at 7:06 PM

If they try this here, I suspect they will be very, very sorry indeed.

Midas on March 17, 2013 at 7:08 PM

Bush went to congress and then punted, but not happy with that, he then began pushing the paperwork free home loans.

astonerii on March 17, 2013 at 5:36 PM

Do you just spout off and facts be damned? Why don’t you google the 2003 hearings where Bush admin foretold the collapse of easy loans and asked Congress to act before its too late, liberals did not go along. Look at Maxine Waters video, in particular. And then stop posting obvious BS.

I am not a huge fan of Bush and his admin, but we should give them props where they are due.

riddick on March 17, 2013 at 7:16 PM

BTW, make no mistake, this already happened here. It happened in the criminal and Constitutionally offensive GM bailout when the secured creditors had their money taken from them and told to go pound sand.
ThePrimordialOrderedPair on March 17, 2013 at 1:29 PM

and o add insult to injury, GM UAW just got profit sharing bonuses between $10K to $12K last week.

8 weight on March 17, 2013 at 7:23 PM

You are such a liar…

tom daschle concerned on March 17, 2013 at 7:54 PM

A shocking turn of events. God be with Europe and Europeans during this confusing time.

tartan on March 17, 2013 at 8:13 PM

Well, what about a Wealth Tax?
Not a one time 10% confiscation, but 1% of your total assets, including cash and real estate, every year?
The libs are going to propose it, don’t worry. And it won’t just be 1%. Maybe at first, but it will move to 5% or higher, a high rate designed for true leveling socialist redistribution. Can’t afford it? Sell off your real estate to the state. That would happen to much real estate, and the state could rent out its properties for the public good, or as patronage favors to the priveleged and favored supporters of The State.

anotherJoe on March 17, 2013 at 12:46 PM

Agree, it’s inevitable. Progs have also suggested an ‘unrealized income tax’. You are a childless couple in a three-bedroom home. You will have to pay income tax on an amount you would get from renting out those two vacant rooms. You’re not actually renting out those rooms? Too bad for you.

Ditto that third car you own.

slickwillie2001 on March 17, 2013 at 8:24 PM

Beyond the unwelcome noise sometimes in a public spot, this is real troublesome for a growing number that have a limited data plan, and these auto-play videos suck up data. So does page auto-reload.

Why not just let people reload a page when they want?

For me, I’ve got to make sure I close my hotair tabs out so I don’t end up using up a ton a data when I’m using my phone as my modem.

But I don’t think hotair can do anything about. Don’t blame the management. They are surely locked into an automated blogging system that they have no control over. That I must assume, because it doesn’t make any sense to diss their website visitors that way otherwise.

anotherJoe on March 17, 2013 at 12:54 PM

Guys, it’s your computer, and your browser. Take control of it. Firefox allows you to block auto-reloading of websites. Adblocker blocks all ads. NoScript allows you to block scripts from running like Youtube and ytimg so even on the first load big files like videos do not load.

DoNotTrack blocks websites from tracking you. Hotair allows SEVEN different companies to track you on this page.

Hotair has complete control. Don’t excuse them.

slickwillie2001 on March 17, 2013 at 8:33 PM

Bob Beckel said that “Greece is the size of Las Angeles.” It was reminiscent of “Iran, Venezuela, N Korea are tiny countries” by BHO. Apparently threats and debts are only bad if square miles add up.

Jackalope on March 17, 2013 at 8:45 PM

And Thank God he didn’t

He should have. He took many of our rights away and has damaged our nations morals.

Your post is the most incoherent, spittle-drenched, shrieking diatribe of hatred that I have seen since the last time I visite The Daily Kos.

You seem to be the only person so effected by it. Lets see… One troll, YOU, and the rest read and move on. Does not seem as though it is anywhere near as detestable as you claim… Perhaps you imagine the vitriol you throw is going to just make people believe it?

However – it’s what I would expect from someone who voted for Obama twice and is taking money from George Soros to troll sites like this.

Well, I have a long history of being a conservative. More conservative than Bush in fact. Who are you again?

As far as the Housing Crisis – there are two names who primarily caused it: Barney Frank and Chris Dodd – BOTH Democrats. They pushed their agenda through when Democrats controlled their respective houses of Congress.

williamg on March 17, 2013 at 7:06 PM

No, those are the easy targets. Really Bawney Fwank out flanked Bush? What kind of complete freaking moron does it take to allow Bawney Fwank to out smart you? Chris Dodd seems to have a few more IQ points than Bawney, but not a large number more. But still, seriously? 55 Republican Senators and the Majority in the house and Bush could not do anything?

From his earliest days in office, Mr. Bush paired his belief that Americans do best when they own their own home with his conviction that markets do best when let alone.

He pushed hard to expand homeownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.

As early as 2006, top advisers to Mr. Bush dismissed warnings from people inside and outside the White House that housing prices were inflated and that a foreclosure crisis was looming. And when the economy deteriorated, Mr. Bush and his team misdiagnosed the reasons and scope of the downturn; as recently as February, for example, Mr. Bush was still calling it a “rough patch.”

“There is no question we did not recognize the severity of the problems,” said Al Hubbard, Mr. Bush’s former chief economics adviser, who left the White House in December 2007. “Had we, we would have attacked them.”

“The Bush administration took a lot of pride that homeownership had reached historic highs,” Mr. Snow said in an interview. “But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost.”

“No one wanted to stop that bubble,” Mr. Lindsey said. “It would have conflicted with the president’s own policies.”

The president also leaned on mortgage brokers and lenders to devise their own innovations. “Corporate America,” he said, “has a responsibility to work to make America a compassionate place.”

Bush was happy to push that bubble. In fact, I would argue that he planned to leave it to his successor to clean up. The only problem is the Henry Paulson chose the perfect moment to spring the trap on Bush and hold America hostage.

Well, I would argue that TARP was the nail that sealed McCain’s campaign. TARP, Bush creating it, promoting and pushing it to fruition is why we have Obama today. It set the stage for a near Trillion dollar stimuless and a Trillion dollar Obamacare. It set the new starting price for taking action in this nation.

astonerii on March 17, 2013 at 8:56 PM

Actually, the Progressive Rat plan is to seize the 401(k)s and give you a “government-guaranteed” retirement annuity.

Steve Eggleston on March 17, 2013 at 4:25 PM

AKA, an IOU, backed by basically nothing. The government would give itself an unsecured loan from the retirement savings of the nations citizens, and hand the proceeds over to others.

Great way to ignite a second revolution.

farsighted on March 17, 2013 at 9:03 PM

I bought some land down in Texas, undeveloped, no roads or any services. The taxes were high enough to repay for the price of the land in about 20 years. The next year I got a bill that was fully half the original price of the land. Now every two years I repurchase the land.

astonerii on March 17, 2013 at 1:18 PM

An intelligent person would protest the taxes and almost assuredly get them reduced, if this were the case.

Midas on March 17, 2013 at 9:13 PM

A possible change in the terms of the bailout deposit-levy

http://www.marketwatch.com/story/cyprus-creditors-may-alter-bailout-deposit-levy-2013-03-17

tartan on March 17, 2013 at 9:16 PM

An intelligent person would protest the taxes and almost assuredly get them reduced, if this were the case.

Midas on March 17, 2013 at 9:13 PM

I did protest. Apparently they said they had not reassessed property values for a decade. Now the land is “worth” 10 times what I can sell it for.

Live and learn, live and learn.

astonerii on March 17, 2013 at 9:17 PM

astonerii on March 17, 2013 at 8:56 PM

Um, will all due respect, you just spouted a very large steaming pile of crap there, bub.

Midas on March 17, 2013 at 9:18 PM

Great way to ignite a second revolution.

farsighted on March 17, 2013 at 9:03 PM

You will not see me fighting to protect the retirement accounts of any baby boomers. If they can live on government confiscated wealth transfers, they can live with the results of said government confiscation.

astonerii on March 17, 2013 at 9:19 PM

I did protest. Apparently they said they had not reassessed property values for a decade. Now the land is “worth” 10 times what I can sell it for.

Live and learn, live and learn.

astonerii on March 17, 2013 at 9:17 PM

Again, don’t know you, but if the land is not worth that, you merely have to prove that by showing that comparable local properties have sold for significantly less, and you can get it reduced. You’ve either not tried hard enough, or… well, you’re making it up to support a point.

I live in Texas. I own property in different counties here. I’ve been through this process a number of times, and *never* been unable to get property taxes reduced when it was appropriate. I know this doesn’t mean that everyone can in every case, just that what you’re saying rings somewhat incorrectly from my perspective.

Midas on March 17, 2013 at 9:20 PM

Um, will all due respect, you just spouted a very large steaming pile of crap there, bub. You are totally right, but I have no way to argue against you.
Midas on March 17, 2013 at 9:18 PM

I see you made a statement and followed up with nothing. So, I put there what you were thinking as you typed it out.

astonerii on March 17, 2013 at 9:22 PM

From what I read, they have not done it yet, because their parliament has to vote on it. They probably won’t agree, so the European Central Bank will have to come up with another idea. Meanwhile there will be a run on all Cypriot banks (and any others that resemble them in other debtor nations).

It was a nice touch that corrupt Russian emigrees may stand to lose some of their gains.

European political incompetence knows no bounds.

This is how wars begin.

tom daschle concerned on March 17, 2013 at 12:33 PM

So true. You can either have an orderly system or a chaotic one. Since the politicians seem to be courting chaos, then violence will eventually follow.

virgo on March 17, 2013 at 9:49 PM

It’s a Cyprian Life?

profitsbeard on March 17, 2013 at 10:31 PM

Go look at that and tell me what you see between 1970 and 2001. Do you see that massively huge unprecedented spike in the housing bubble? No? Me either. somewhere between 1998 and 1999 the prices started up, but America Voted in a new president, and he did NOTHING TO FIX IT when it became blatantly obvious by 2003 that house prices were at an unprecedented level and not sustainable.

astonerii on March 17, 2013 at 6:15 PM

I’m not sure that we can infinitely build houses. Capitalism is built on infinity-infinite mineral resources, infinite land, infinite water, infinite energy, infinite capacity to maintain an infinitely large human population.

American Capitalism is built on all of the above and the idea that we can always get the resources we need and too bad for other countries. The tables are turning…and on top of that, no, there aren’t infinite resources.

As for fiscal policies, both parties buy into Keynesian economics…because it does work. If they infuse billions into the economy, the Market always eats that up. If the Fed lowers interest rates and cheap money floods the system, it makes corporations’ bottom lines look very good to their stockholders and other investors. These companies can then buy up “real” things like precious metals, mineral rights, property, weaker companies, and so on.

The Republicans are much stingier with Federal dollars because they realize that it must be paid back at some point down the line, that the Fed has to manage interest rates with impeccable timing, and that taxes must go up to pay for it all. Republicans rarely repeal or lower existing taxes, but they are against raising them too much. Something has to distinguish them from the Dems after all.

The Dems believe that the Ponzi scheme can be carried out indefinitely…because if society flourishes, more wealth will magically appear that finance the next few rounds and keep the debt rating agencies at bay like the proverbial wolf at the door.

Dr. ZhivBlago on March 17, 2013 at 11:11 PM

Ponzi schemes eventually run out of other people’s money, see Bernie Madoff, or SS. The people who had their money confiscated by the govt in Greece will never get paid back. Has that happened, ever, in the history of the world. Big Sis doesn’t have enough ammo to protect the elites if they tried that here.

Kissmygrits on March 18, 2013 at 8:50 AM

Sorry, Cyprus. No wonder the Patriarch left the country for Rome.

Kissmygrits on March 18, 2013 at 8:51 AM

Count me as confused regarding people’s anger at the “banks”. Sure they are a good strawman for the real culprit, government. But they are not being asked to comply, they are being compelled under government threat.

This is theft by the government, pure and simple. It is despotism at it’s worse and simply a temporary measure that does not fix the long-term spending problem.

Think it can’t happen here? Well, take a look at the Democrats proposals to grab your 401k. That’s only the first scheme they are considering.

Onama’s policies and that of the Federal Reserve are not achieving the results needed to turn this economy around. Mostly because they are anti-capitalist and unfamiliar to the American people. As a result, consumer debt has not decreased and consumer spending has not picked up. So what’s next? Desperate moves such as this to artificially manipulate the market through dictatorial and anti-democratic moves. Get ready, because these tactics are coming to America cloaked in nice sounding phrases and of course “for the greater good.”

Marcus Traianus on March 18, 2013 at 8:54 AM

‘Appeared to be Cypriots?’

Reuters isn’t above a bit of racial profiling when it suits their needs, eh?

jangle12 on March 18, 2013 at 9:21 AM

Coming soon to your 401K

stenwin77 on March 18, 2013 at 9:22 AM

but America Voted in a new president, and he did NOTHING TO FIX IT when it became blatantly obvious by 2003 that house prices were at an unprecedented level and not sustainable.

Bush (and McCain) tried to reform Fannie Mae/Freddie Mac a couple of times. Their proposals were shot down by an alliance of Democrats and Republican “moderates”.

18-1 on March 18, 2013 at 9:26 AM

The Cyprus situation is great example of why we have the Second Amendment. If our leaders were to attempt such a thing here they’ll quickly realize the purpose of the Second Amendment also. Although I’m certain such a situation is one of the reason’s behind gun banning.

bgibbs1000 on March 18, 2013 at 9:29 AM

Midas on March 17, 2013 at 9:20 PM

Not much you can do unless you go there in person many times over. In the end, the cost of fixing it seems to be more than the cost of just paying it, at the moment. I got my plot of land for when things blow up and Texas becomes a country of its own.

astonerii on March 18, 2013 at 9:31 AM

Bush (and McCain) tried to reform Fannie Mae/Freddie Mac a couple of times. Their proposals were shot down by an alliance of Democrats and Republican “moderates”.

18-1 on March 18, 2013 at 9:26 AM

Well then, there you go. Nothing that has happened with Obama in office is his fault. Because we all know that all the bills passed were due to Pelosi and Reid. Funny how easy this blame game is…

Then again, as we have discovered under Obama, the President has WIDE latitude with how he operates the executive branch, which, regulations completely and totally fall under. Just go look at the 20,000 pages of Obamacare adjustments made at the executive level to see that.

Bush demanded more home ownership, under any cost, he got it! That was his goal, it is the outcome, and the cost began being repaid while he was still in office.

astonerii on March 18, 2013 at 9:35 AM

This is like watching Atlas Shrugged in real time. Each move get’s the economy further out on the limb as the lefties try to shift blame and manipulate perceptions. I find myself always wondering at points like these, don’t they see what they’re doing, don’t they understand anything about economics and human psychology? But, throughout human history there is never a lack of people at the top that believe they can fool all of the people all of the time.

claudius on March 18, 2013 at 9:36 AM

Brought to you by the gun-grabbing, money-grabbing, land-grabbing so-called party of the peeps. They’ve already grabbed a s***-bucket of just about everyone’s cash, though you won’t feel it until the full effects of Oafbamacare kick in. Talk about a power grab. They’re busily snatching up land under various guises by interior as well. You can’t trust these bastages any farther than you can throw a lead refrigerator. They’re busily running coal-fired power plants out of business, as well as many mining operations, through overzealous and unscrupulous use of regulatory authority. These guys want to lock in a permanent progressive regime, and they’re getting closer by the day.

hillbillyjim on March 18, 2013 at 9:40 AM

I addressed that earlier in a small way. Worse– a ‘hidden’ –is that if the recipient dies before all the money is spent, the government keeps the balance. The account can’t be bequeathed to survivors.

Liam on March 17, 2013 at 4:28 PM

This is where the GOP could be targeting social security. People would get this.

Right now someone dies and all the family gets is something like a $250. death benifit. Why not give back all the money they put into it all those years? Why not go after Social Security piece by piece?

Yeah, the house of cards would start to fall… it’s going to fall anyway.

JellyToast on March 18, 2013 at 9:42 AM

This is like watching Atlas Shrugged in real time. Each move get’s the economy further out on the limb as the lefties try to shift blame and manipulate perceptions. I find myself always wondering at points like these, don’t they see what they’re doing, don’t they understand anything about economics and human psychology? But, throughout human history there is never a lack of people at the top that believe they can fool all of the people all of the time.

claudius on March 18, 2013 at 9:36 AM

You are not understanding the intent of the true leftist. They actually want to crash the system. It’s the only way in their mind to sent up their socialistic utopia. It’s why they want to get rid of guns. They need the guns out of the hands of the people before they crash the system so nobody can resist what will follow.

bgibbs1000 on March 18, 2013 at 9:44 AM

The Ant and the Grasshopper

In my children’s book written in the 60′s the ants take pity on the grasshopper and take him in from the cold. I guess you could say the story’s “evolved”

I have many British friends who retired to Cyprus but I remember they kept their funds in British banks because they didn’t trust “foreign banks”. Sounds like that particular form of “British Superiority complex” paid off.

E9RET on March 18, 2013 at 10:10 AM

written in the 60′s

oops, written in the 70′s

E9RET on March 18, 2013 at 10:11 AM

Maybe EU social democracies do too much, has that occurred to anybody?

Speakup on March 18, 2013 at 10:11 AM

It was when the second winter came that the ant turned the grasshopper away. Your version loses at least half of the lesson.

VorDaj on March 17, 2013 at 4:16 PM

Agreed. Once I saw this, I knew instantly that this was a Jazz Shaw article.

dominigan on March 18, 2013 at 10:19 AM

I’m not sure that we can infinitely build houses. Capitalism is built on infinity-infinite mineral resources, infinite land, infinite water, infinite energy, infinite capacity to maintain an infinitely large human population

I believe you’re mistaken.

Capitalism is based upon the “price system” which is a method in which to distribute limited goods and services.

Scarcity is built into the price system.

Defenestratus on March 18, 2013 at 10:39 AM

I’m not sure that we can infinitely build houses. Capitalism is built on infinity-infinite mineral resources, infinite land, infinite water, infinite energy, infinite capacity to maintain an infinitely large human population

No idea what you are talking about. That is not capitalism.

Capitalism creates resources where there were none before. It creates new resources when old ones dry up or become obsolete. Capitists create things that never existed before.

When a capitalist looks around the world and realizes something useful is limited… they either create a new product that uses less or no longer needs that resource…or look to the stars and proclaim “We can expand.”

The world has everything we need… more than enough for billions and billion more people…. as long as they are free. Free to live, discover and realize their own dreams.

If the poplation of the world was only 500 people and a marxist was in charge…. there still wouldn’t be enough food to feed them. He and his minions would be fat while the rest of them would be starving. And all the while they’d be whining about “overpopulation.”

JellyToast on March 18, 2013 at 11:03 AM

BobMbx on March 17, 2013 at 12:44 PM

FYI – no need (unless you just want to) install Chrome (aka quite a bit more memory heavy than standard Firefox) – AdBlock plus works AOK without installing Chrome……..

I’ve not seen any advertisements in YEARS!

Katfish on March 18, 2013 at 11:10 AM

When I saw this I showed my wife and asked how long she thought it would be before they try this here in the US. First seize our guns, then seize our bank accounts.

As for the ads on HotAir, until now I have not attempted to block them, I wanted to support advertisers. But they have now gone far beyond merely obnoxious and are actually making it impossible to visit this site on my iPad. So I have had to change to a browser that includes ad blocking. Now I see no ads.

I would have preferred not to block all ads but I was really left with two choices: stop visiting or start blocking.

Aodhan on March 18, 2013 at 11:27 AM

stop visiting or start blocking.

Aodhan

Does anyone else get the video/audio ads that start and can’t be turned off? I’m regularly (not every time) bombarded by video/audio ads that have no on/off switch.

Aodhan,

change to a browser that includes ad blocking

Could you elaborate please?

E9RET on March 18, 2013 at 11:36 AM

P.S.re: ads

Ed only has himself to blame, I’ve sent him several emails complaining that the ads on his site was making it almost an unpleasant chore to visit it.

E9RET on March 18, 2013 at 11:39 AM

Could you elaborate please?

E9RET on March 18, 2013 at 11:36 AM

Firefox with ad block plus.

astonerii on March 18, 2013 at 12:55 PM

Mind-bogglingly stupid. If you want to destroy a fiat currency, which our world economy is based upon, pull stunts like this and you will do so pretty quickly. What did they expect would happen? That the sheeple would just grumble and go along with it? I guess they did think that but anyone with a lick of sense could have told them exactly what would happen. If they carry through with this then those Cypriot banks, along with others in Europe, are in serious trouble. The precedent will be set and folks will not trust the banks anymore. Unbelievable.

JohnAGJ on March 18, 2013 at 1:04 PM

Great, they just gave Obama a new idea for “deficit reduction”.

Ward Cleaver on March 18, 2013 at 1:17 PM

Firefox with ad block plus.

astonerii on March 18, 2013 at 12:55 PM

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Ward Cleaver on March 18, 2013 at 1:20 PM

Great, they just gave Obama a new idea for “deficit reduction”.

Ward Cleaver on March 18, 2013 at 1:17 PM

I say go for debt elimination. The people with deposits in this nation drove up the debt, they can pay it and not expect my daughter to. I am sure there are 16 trillion dollars worth of deposits here or more…

astonerii on March 18, 2013 at 1:37 PM

If they start to try to seize my 401K or anything, then I plan on cashing it in and buying gold and silver. As things get worse, we will move to the country with my in-laws. We will have plenty of guns, farmland, and cattle.

jeffn21 on March 19, 2013 at 9:17 AM

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