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    Stealing Private Property: Cyprus and the EU

    03/27/2013
    Personal Freedom and Prosperity 103: Private Property

    ….private property, production, and voluntary exchange … are the ultimate sources of human civilization. —Hans-Hermann Hoppe

    Utilizing property greatly advances a person’s opportunities to investment their time, intellect, labor and money. Coupled with limitless and competitive exchanges of ideas and products, these investments propel commerce, science, art and charity. Civilization advances.

    Stealing Private Property:  Cyprus and the EU

    Because of years of excessive spending, Cyprus created enormous government debt.  To avoid a financial and societal collapse, the Cypriot government has decreed to confiscate approximately 40% of all bank accounts over 100,000 euros.  This coercive taking of private property violates the primary duty of government dedicated to freedom – protecting people and the property from the force and fraud of others – especially the enormous power of government.  Even with this coercive stealing, the failure to protect private property will have terrible, on-going consequences as Cypriots and account holders throughout the world divert, horde, hide and seek jurisdiction that protect private property.  Without consistent and predictable rules protecting property in Cyprus, the free exchange of products and ideas will severely diminish and their standard of living will surely decline.  

    The European Union will also be negatively impacted.  The European Commission, the European Central Bank, and the International Monetary Fund condoned – actually coerced - the stealing of private money held in the banks of Cyprus.  The world knows that the three most powerful financial institutions of Europe cannot be trusted to protect private property violating the core element that advanced western civilization –  private property. 

    Again,

    ….private property, production, and voluntary exchange … are the ultimate sources of human civilization.