
California – The Cyprus Of America
There is no doubt that Americans owe a great deal to ancient Greek civilization that once dominated the Eastern Mediterranean, including the island of Cyprus. It is to them and their experiment with democracy that we can trace the roots of our own democratic institutions.
Of course, a lot can change in 2,500 years and, today, we fear that our leaders may be tempted to follow the modern Greek example of governance and taxation. Greece, itself has become the poster child for overpaying underperforming government workers and for creating an unsustainable entitlement-based society. Sound familiar?
When the government attempted to rein in spending and limit benefits to remain solvent, the result was rioting in the streets. Greece is classified as one of the PIIGS that constitute Portugal, Ireland, Italy, Greece and Spain, all mismanaged nations teetering on the brink of economic collapse and threatening to bring down the viability of the European Union.
The Republic of Cyprus has now joined the PIIGS. The government – under pressure from the European Union – has proposed to immediately tax all bank deposits to qualify the nation for a bailout.… Read More