Posts Tagged taxes

Cyprus fallout

Reblogged from: The Liberated Way

Savings are no longer sacred, they can be stolen by banker or bureaucrat.

I play chess, often that knowing experience arises when I see my doom, wherever I move I am checkmated.  It is my opinion that in the endgame

Cyprus faced a similar chess ending, they were going to lose whatever they did. Nobody will now invest in Cyprus, all the savers will run taking what is left of their savings with them.  The banking industry of Cyprus will collapse, the Russians will flee taking all their trade and money with them.  A main source of employment will evaporate for Cyprus citizens as the Russians flee on the back of loss of credit and their savings.

For me a citizen of Britain, a spectator of events in Cyprus, a person who looks to banks for his personal and business banking needs, a dread of what has just unfolded.  Ordinary citizens of Cyprus had worked hard to save, their earnings already taxed, what for some was their life savings, a third or more has been stolen from them on the whim of politician and banker.  The reported unfortunate business who was half way through a transaction, the proceeds of the selling of a restaurant will be grabbed before they could move to use those proceeds for investing in their business. From a business and a personal point of view I am aware that money may no longer be safe in banks.

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Only the Poor Pay Taxes

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Black Liquor

Black liquor is the refined waste from pulp and paper manufacturing, it is in fact a fuel. A bio-fuel recovered from the waste of production and it is used to produce power for the manufacturing process as well as excess power sold to the national grid.

So that’s good… isn’t it?

Well, it was until the government levied a $26bn tax on it.

“As a result of this foolishness every kilowatt of electricity sold into the grid by the paper makers just got more expensive. Every piece of paper you use just got more expensive. And every consumer product you buy, from cereal to light bulbs to laundry detergent, if it is packaged in paper or cardboard, it just go more expensive. Your children’s school supplies just got more expensive. Every administrative function in government and in business that requires a piece of paper just – got – more – expensive.”

Source: Running ‘Cause I Can’t Fly Read the rest, it explains it better than I can. I can just see the error of their ways. Now you decide.

Update

Having been categorised as an ‘idiot’ by the one commenter who omitted to leave a link to verify what he said, I decided to look further.

Vaguely he is right. Check here: http://www.millwatch.ca/home/22-news/109-paper-industry-pushed-further-into-the-black-by-black-liquor-tax-credits

(Sorry, WP isn’t allowing links at the moment.)

But then that’s not the whole story either. Check here: http://www.bnet.com/blog/clean-energy/paying-for-healthcare-how-democrats-closed-an-energy-tax-loophole-that-doesnt-exist/1431

Like all matters corporate and politic, it’s a mess. But it doesn’t stop the flow-on effect of prices rises in the offing for all paper products and some power production, which was more my concern than the ‘health & welfare’ of a greedy industry.

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