Cyprus again

Great news. We have stumbled into a way to get rid of national debt around the world. Last week the powers to be decided to take money from the bank depositors in Cyprus and use that to pay down the countries debt. Now we have news from the wise people in charge that this may be the way of the future. Jeroen Dijsselbloem, the head of the Eurogroup of euro finance ministers, that forcing losses on banks shareholders, bondholders and even large depositors could become the template for future rescues. Since our banks have government insurance to cover up to $250,000 per account, this grabbing of funds from bank depositors will only affect the rich and we can use this to redistribute the wealth which is much faster and far more efficient than using the progressive income tax. I am certain that our elected officials, who are mostly rich, will gladly go for this idea since they realize it will help the country out of the current financial mess. Closer to home our governor here in MN has propose a special 10% state income tax bracket for couples earning more than $250,000. When he hears about the proposed plan from Europe he may change is mind and go for the bank accounts instead of income tax.