by Giuseppe Monticelli — Italian banks have been ordered by the Italian government to withhold a 20% “tax” on all inbound wire transfers. This confiscation order is retroactive and put into force from 1 February. Il Sole reports, that “the deductions will be automatic (unless there is a prior request for exclusion), and then it will be up to the taxpayer to prove that the money is not of the nature of compensation ‘income.’” The ruling means that all Italians are now suspected to be money launderers and tax evaders, unless proven innocent. On top of the retroactivity of the executive decree, it is interesting to note that common legal principles, rooted in European culture as deep as 1215, are singlehandedly turned on their heads by some pressed-for-money government. The development comes roughly a year after European bureaucrats set a precedent for stealing private households’ monies in Cyprus where a “bail-in” was executed forcibly taking half of people’s savings out of their bank accounts. In light of the overall mentality of helping themselves on the expense of taxpayers (instead of serving their citizens), it is likely that governments will commit further attempts on even more money they don’t own. Citizens of Cyprus and now Italy are confirmed to be slaves of their governments, with bureaucrats taking what they want, when they want it. Europe has chosen a financial time bomb for its continent: overt confiscation of savings, debilitating taxes, a government-induced depression. Other continents will follow.
Photo by Mark Mage, ©2014 Mark Mage. All rights resereved.