Cyprus GDP

Cyprus with a GDP of 25 billion is being forced to turn over 6 billion to the European Central bank in order to stay in the Union. This money comes from bank savings accounts of wealthy people. All accounts over $130,000 will be frozen and up to 40% will be taken from those accounts to pay off some of the country’s debt. The important factor here is that the government is not taking part of people’s income in the form of taxation but they are taking assets from people. This is the ultimate in redistribution. This is where the big bucks are. Don’t go for incomes, go straight for assets. To get a feel for how much money we are talking about. The US economy at 15 trillion is 600 times larger and that equates to the government taking 3.6 trillion in assets from the people. That would be taking $36,000 from every man, women and child or $144,000 from a family of four. For most families this would mean all they have and then some