[tomsaffell]

..which is interesting when you consider the uproar in Cyprus over the taxing of savings accounts. "Taxing savings" sounds so much worse than "printing money", but in fact it was better in some ways, because the tax could be applied progressively[1], so that wealthier individuals were taxed proportionately higher. It's probably worse in other ways, for example it probably does more to erode confidence in the banking system overall, which is perilous.

* - I realize this wont seem 'better' to everyone, but at-least taxing savings has the option of selective application. Printing money hits everyone the same.