Cyprus disaster could happen here

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The events unfolding in Cyprus are examples of deja vu happening all over again (“Bank of Cyprus depositors get costly ‘haircut’; Bailout could shave off 60 percent,” Web, Sunday).

I remind the poorly informed citizens oblivious to the historical record of tyrannical machinations of government bureaucrats — including the bank closings in the United States in 1933 and President Roosevelt’s Executive Order 6102 requiring all gold coins, bullion and certificates to be delivered to the Federal Reserve.

I am surprised that few realize that what is happening in Cyprus is gaining momentum and acceptance here in America. Our wealth and assets are being devalued by the Federal Reserve’s quantitative easing, the Fed’s inflationary printing policies and the Affordable Care Act, which imposes an additional 3.8 percent tax on real estate transactions.

A more ominous and potentially destructive policy was proposed by economics professor Teresa Ghilarducci at a congressional hearing. She proposed the following: that “Congress establish universal retirement accounts. Every worker would save 5 percent of their pay into their guaranteed retirement account, to which the government pays a 3 percent inflation-indexed guaranteed return.”

Here’s the kicker: At retirement, the assets of the plan would be turned over to the U.S. government, which would then pay an annuity to the retiree. The retiree’s heirs would not receive the residual assets upon the death of the retiree.

The governments of Argentina and Hungary already have nationalized private retirement accounts. Our government’s policies and legacy do not inspire confidence that the same couldn’t happen here.


Flushing, N.Y.

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