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- #41
Insurance won't cover valid taxing authority.
So when they suck the money out of peoples' accounts they call it a tax, or a loan, or a voluntary gift, or a stabilization fee, or some other creative name, but it's still a default. My personal favorite in name-fudging is Cardinal Wolsey's "Amicable Grant" of 1525. That is, the people all had to grant the money to him and Henry VIII for his usual French wars. Amicably.
I guess you are probably right, that this is what will happen, but it's not just. It's like the "voluntary haircut" that Greek bondholders had to take perforce did not trigger off the credit deposit insurance supposed to be paid on bond losses.........because, see, they were voluntary.
Sure they were.