The Spanish Version of Banksta’s Paradise

First, the nations of the West quietly implemented “bail-in” laws, so that in the event of a banking crisis, account-holders will pay for the sins of their bankers. Citizens in Cyprus found out the hard way that the phrase “as good as cash in the bank” means nothing when your bankers are counterfeiting, gambling thieves.

Now, the next flag up the pole is a direct government theft from everyone with a bank account—a tax for the “foolishness” of keeping money in the bank.

Here is a rough translation of a Spanish news story, courtesy of “The government imposes a tax of 0.03% for bank deposits.”

The government approved on Friday a decree-law that economic momentum fixed 0.03% tax on bank deposits in the whole of Spain,with a tribute that had some autonomous communities and the Executive spread throughout the Spanish territory in 2013 , but until now had a rate of 0%.

The announcement was the Deputy Prime Minister Soraya Saenz de Santamaria, following the meeting of the Council of Ministers , which has given the green light to this Decree and other standards for economic, according to the minister, boost economic growth and job creation.

The government introduced the bill in the State Budget for 2013 a tax on bank deposits to zero to clear those dues in the three communities that were implemented (Extremadura, Andalusia and the Canary Islands), and later announced that it would establish a type very small in the whole of Spain to compensate for the collection of these three regions, levy had not noticed until this Friday.

How soon before people get the message, and stop keeping excess money in banks? Yeah, I know: normalcy bias and all. Most people are clueless. They believe it could never happen here.

Which is what they were saying in Spain… until last week.