Cyprus Takes Citizens Money, Obama Administration Calls It Necessary Steps

By Douglas V. Gibbs

The European Union and the banks decided on Saturday to confiscate between six and 10% of everybody's money in the Mediterranean nation of Cyprus.  They need the money, so they just went into everybody's accounts, and pulled it out.  A bank run began, so to stop it, they closed the banks.

And now they are considering doing it in Italy, as well.

Understand the significance of this.  The government in Cyprus, and the banks, just confiscated people's private property.  They took people's money.  Of course, the leftists don't see it that way, because they think that money belongs to the government.  It is finite, to them.  They believe that wealth is not created.  That is why they believe that when the rich get richer, the rich get poorer.  They can't believe that everyone can improve, because they can't believe that the pie grows.  It would fly in the face of their ideology.

Consider for a moment Pelosi's remark: "Tax cuts are spending. Tax expenditures, they are called. Subsidies for big oil, subsidies to send jobs overseas, breaks to send jobs overseas, breaks for corporate jets. They are called tax expenditures. Spending money on tax breaks." --House Minority Leader Nancy Pelosi (D-CA).

They believe that all money belongs to the government.

Could the confiscation of monies happen here in such a draconian manner?

Jay Carney was asked about it, and he said, "I would refer you to the Treasury department. We're obviously monitoring the situation, uhh, right now. The... Our general proposition (sic) is that we, uhhh, you know, believe it's very important for, uhh, Europe to take steps necessary, as they have been, to both grow and deal with, uh, sovereignty debt issues."

Doesn't it sound like he is refusing to denounce such a tyrannical action by a government?  In fact, he called it   taking steps that are necessary.

Why can't the Obama administration oppose such an action?

They can't.  They have to leave their options open.  We stand against the seizure of private property, but like Karl Marx, the democrats don't.

-- Political Pistachio Conservative News and Commentary

Cyprus banks to remain shut Tuesday and Wednesday - Reuters

White House 'closely monitoring' Cyprus bailout effort - The Hill