Tuesday, 26 March 2013

Events, events, events

My next post was going to involve expansions to the Be That Person post and was going to include the comments by Witterings from Witney, regarding things Harrogate and the observations by James over at Nourishing Obscurity / OoL.

All that said, my intention to do so has been somewhat turned on its end following this post over at John Ward's place.  The general gist as I've understood the Cyprus bailout is that the level of cash in its banks was regarded with suspicion as to the means with which it was earned.  Many considered it to be of nefarious provenance and as such it was felt fair by the scheme's designers to extract a levy on it in order to facilitate a bailout agreement.  If I read John's post correctly and some of the comments, there are rumours emerging that the big and allegedly questionable money is taking flight from Cyprus and that the capital controls are only really affecting the everyday folk, in effect saddling them with the bill.  In addition, this potentially means there will be a shortfall in the overall take that is raked in and one wonders where that leaves the people of Cyprus.

There is something else that worries me though.  We now seem to have a precedent set in which everyday people can have their hard earned cash locked down and plundered by others to fund political hubris / financial speculation gone wrong.  At the same time (if the above post is true) parallel arrangements exist (which those with access to extremely smart financial advice) to act as a back door for the big powerful money.  It seems to be another tool by which a group, privatise the wins and socialise the losses.

Why it worries me, is that this tool exists at all and that having thought it up, Pandora's box has been opened.  If it were a one off, my concern might be slightly less.  Having been designed and seen across the world, I am concerned that the government financial institutions might begin to turn their lusty eyes to this tool to access pots of money, never before available to them as part of what has become an unquenchable thirst for money that belongs to others.

Now such a tool exists, you cannot unimagine it and once such covetous ideas exist they tend to grow and become widely adopted.  In fact I see that already, one politician has already commented that this could be a model going forward to solve similar issues.  With Cyprus having rolled over for the scheme. some governments might feel emboldened to look at such tools for their nation.  It's not like they don't have form for raiding investments pots such as pensions.  I also find myself worried if it does become implemented more widely, that hybrid tools will be developed as creative ways to access even more money which will saddle the everyday person with even more debt.

But what is it that's really worrying me.  It's worrying me because as just an everyday person, events are overtaking not only me, but many others.  Its worrying me because as an everyday person, there are ever increasing ways in which I can be put in fiscal headlock and my pockets picked and then tossed to one side whilst my muggers warn me, they'll probably be back for more.  Governments and politicians have an appetite for cash that makes Monsieur Creosote look like he's at a finger buffet. What worries me, is whilst all this is happening I'm making an inconsequential noise out in cyberspace where no one is hearing me scream.  As a result I just find myself wondering what I'm really doing here, whether it's all just too big for me an whether its time I got about my own business as events toss us about like wood on an ocean wave.

1 comment:

  1. We now seem to have a precedent set in which everyday people can have their hard earned cash locked down and plundered by others to fund political hubris / financial speculation gone wrong.

    We seriously have to go back to centuries old ways and take it out of banks and put it where no one will find it.