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Taking Money from the Public to Bail out the Banks

Far be it from bondholders or banks that caused the debt crisis to be punished for their sins, German 'Wise Men' push for wealth seizure to fund EMU bail-outs.

Two top advisers to German Chancellor Angela Merkel have called for a tax on private wealth and property in eurozone debtor states to force the rich to fund rescue costs, marking a radical new departure for EMU crisis strategy.

Professors Lars Feld and Peter Bofinger said states in trouble must pay more for their own salvation, said arguing that there is enough wealth in homes and private assets across the Mediterranean to cover bail-out costs. “The rich must give up part of their wealth over the next ten years,” said Prof Bofinger.

The two economists are members of the Germany’s Council of Economic Experts or “Five Wise Men”, a body that advises the Chancellor on major issues. There is no formal plan to launch a wealth tax but the council is often used to fly kites for new policies.

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  • Virginia on April 16 2013 said:
    For America, we separated from the British because of fiat banking and it's Magna Carta legalism of piracy, evident at no. 13. We explained our grievance in the Declaration of Rights, 1765, no. 8, etc. Article I, Section 10 of the constitution required gold and silver only as payment of debt by Any state, including the federal city state called the United States. All of that has been violated since at least 1791, US Bank Act, off and on, on the land, until the Civil War 1863 bank act tried to make the piracy permanent. Just weights and measures are essential for following the 10 commandments of the "creator" addressed in the Declaration of Independance, 1776, for rights for life, liberty, and pursuit of happiness of a people, FREE of property pirates of fiat banking.

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