[Nightrider]

Extracting money from people's bank accounts without even an acknowledgment is akin to foraging through their purses and wallets without consent.

Can't you see the larger issue here? This shortsighted measure will backfire.

Imagine you saved just enough money to cover rent, or see a dentist. You counted on that money being there. Wouldn't this be upsetting and a betrayal of your trust? Would you be so quick to leave money in a bank account ever again?

Edit: Actually, re-reading your comment, you went both ways and waffled like a politician. You didn't actually say anything.

[markdown]

It's the cost of living in a group. Your receive all the benefits of living in the group, and when the group as a whole is in trouble, you need to do your part.

If you want to be libertarian, go be a hermit in the mountains. You'll be the master of your domain there, and won't have to pay taxes or pay a penalty when other people screw up.

[martinced]

Which benefits? Education level going down the drain in France? Police force unable to stop rising crime? Army fighting wars in Africa and Middle East just to put dictators in place? Crazy high taxing of the private sector, so high that it's nearly killing the private sector and then taxing 21% on everything I consume? And then yet taking another 10% on what I managed to save?

The problem with "doing your part" is that once you reach a certain level of taxation you have diminishing returns: that's the Laffer curve and, sadly, socialists don't seem to be able to understand that.

And I can tell you that in many countries of the eurozone the private sector is "doing its part" since decades, only to pay for the lifestyle and entitlements of the ever growing number of public servants.

F^ck socialism. We're witnessing the failure of socialism and I can tell you that I love it. What I don't love is all the states running at deficit since decades trying to wag the dog and pretend the problem is not that states are indebted at crazy high levels.

The public sector is way too important in Europe. That's the Laffer curve and you can't do anything about it besides lowering taxation on the private sector and citizen if you want an efficient economy.

Socialists always end up with state default. There's no other way. Because socialist economies do not work. Even Sweden lowered it's public sector from 67% of the GDP to 49% in 20 years, realizing they were otherwise going into a wall.

Some countries, like Switzerland, have a constitution forbidding the state to run with a deficit too important.

This is what the eurozone should do. We should beat the socialists who are ruining our economy and destroy the entrepreneurship spirit...

[subsystem]

Please stop polluting discussions with your own agenda.

[Nightrider]

You miss the larger picture too markdown. I pointed straight at it and you're still squinting.

This won't work. When the government undermines the trust of the people so that they will no longer use the financial system they are trying to protect, that's called "shooting yourself in the foot".

A bank is only in business if people trust it. Money only works if people trust it. Governments only work if the people trust it.

[markdown]

No, I'm not missing the larger picture. I just choose to acknowledge that the people who chose this course of action have dedicated their lives to the financial sector, are highly educated, and have access to the brightest minds in the world.

Considering that we learn about bank runs and trust in the financial system in high school economics class, I highly doubt that these people don't know about them.

In all likelihood, they chose the option that with the information they had, appeared to have the highest chance of success.

[Pro_bity]

Agreed