Remember four years ago when many analysts were predicting the demise of the US dollar to be replaced by the euro as the new global reserve currency? Well, one huge Greek debt crisis later, European banks are virtually insolvent, a deepening recession sweeps across the continent and many are questioning the long-term viability of the euro. I continue to believe that, just as I wrote in this column three years ago, by the year 2020 we will not recognize the euro in its current form.
What easier way to bail out the system than by stealing from innocent depositors? Basically what has happened in Cyprus is that in the dead of the night, when banks were closed, the European Union decided to enact a “tax” on deposits of more than 100,000 euros. While it seemed that the “tax” would be around 10 percent, we know have learned that it will be 40%. Yikes.
I am sure this will go a long way in providing confidence for citizens in the banking sector. Who in their right mind will deposit more than 100,000 euros in any bank? Don’t think this will stop just with Cyprus. It appears that bankrupt banks in Spain are going to join the theft party.
In Jewish law, there is a discussion about the definition of theft and robbery. The law is that a thief has to pay double what he took, whereas a robber only has to pay back what was taken.
依瑞兹Hemda有一个解释，他说，“根据塔木德（巴巴卡马79B），问题是，当一个小偷被认为是ganav [小偷]的，当他被认为是一个gazlan [强盗。这个问题是非常重要的，因为只有一个小偷是谁，根据法律规定，视为ganav，被罚款支付双倍他偷走了。一个gazlan，在另一方面，有义务只回了他偷，不承担超出任何罚款。
“In general, it appears from the Gemara that the main difference between a ganav and a gazlan is that a ganav tries to conceal his actions, whereas a gazlan commits his act in the open.”
Can it happen here?
许多投资者问这是否s money grab can happen in other places? Well there are those who have their heads in the sand and believe that in places like Israel or even in the US, it could never happen.
别那么肯定。在美国，乔治·米勒，来自加州的民主党众议员，是导致正在获得一些牵引政府购买你的退休计划中的电荷（无论是401K或IRA），然后保证每年1-3％的利率(meaning you won’t have the chance to grow your retirement savings) on the money but eliminate the tax deduction you get for contributing to your plan.
What I think we will see is a big move by investors to open multiple bank accounts all over the world in an attempt to be less exposed to one over-zealous government deposit grab, and protect themselves that way. Not a great solution but in an era of government unpredictability, what choice do you have? Future So what does this all mean for the future of the euro as a single currency? Well, as I said at the beginning of this column, I don’t think in 10 years it will look like it does now. The strong nations may force out the weaker, more problematic nations. Or the stronger nations, i.e. Germany, may decide to opt out of the union and go it alone. Or the real possibility exists that the whole endeavor will fall apart.
Aaron Katsman is a licensed financial professional both in the United States and Israel, and helps people who open investment accounts in the United States. Securities are offered through Portfolio Resources Group, Inc. a registered broker dealer, Member FINRA, SIPC, MSRB, SIFMA. For more information visitwww.sisoftball.com, call (02) 624-0995 or email firstname.lastname@example.org.