Eurozone bailout of Cyprus includes seizing portion of individual savings accounts

How well is socialism working in Cyprus? The Financial Times explains what happened. (H/T ECM)

Excerpt:

International lenders agreed to a €10bn bailout of Cyprus early on Saturday morning after 10 hours of fraught negotiations, which included convincing Nicosia to seize €5.8bn from Cypriot bank deposits to help pay for the rescue, a first for any eurozone bailout.

However an emergency parliamentary session on Sunday to discuss the levy on bank savings was postponed until Monday, according to the Cyprus News Agency. Earlier, Cyprus president Nicos Anastasiades postponed an informal meeting of lawmakers also scheduled for Sunday morning.

The cash from Cypriot account holders will come in the form of a one-time 9.9 per cent levy on all deposits over €100,000 that will be slashed from their savings before banks reopen Tuesday, a day after a Cypriot holiday. An additional 6.75 per cent levy will be imposed on deposits below that level.

Cypriot finance minister Michalis Sarris said his government had already moved to ensure deposit holders could not make large withdrawals electronically before Tuesday’s open; Jörg Asmussen, a member of the European Central Bank executive board, said a portion of deposits equivalent to the levies would likely be frozen immediately.

[...]Mr Asmussen justified the measure by saying it broadened the number of people who will shoulder the burden of the bailout. Without the measures, he said, much of it would fall on Cypriot taxpayers; by going after all large deposit holders – many of whom are Russian or British – outsiders would help fund the rescue.

[...]While Jeroen Dijsselbloem, the Dutch finance minister who chairs the group of eurozone finance ministers that hashed out the deal in all-night talks, declined to categorically rule out hitting depositors in future bank bailouts, he insisted that it was not being currently considered for any other country.

Got that? Even Russian and British depositors are having their funds confiscated, and all electronic transfers have been frozen to stop them from getting their money out. My prediction is that anyone with any money in these poor-performing socialist countries will be pulling it out in the next few days. Property rights are not respected by European socialists – that’s the clear message to people who earn and save their money.

Filed under: News, Austerity, Bailout, Bank, Bank Account, Cyprus, Debt, Deficit, Economics, Europe, European Union, Eurozone, Greece, Italy, Keynes, Keynesian Economics, Nicos Anastasiades, Paul Krugman, Seize, Socialism, Spain, World

Marriage was weakened in countries that legalized same-sex marriage

A sociologist summarizes what can be known about the effects of gay marriage on society by appealing to evidence from other countries. (H/T Dina)

Excerpt:

Gay marriage will further destabilise marriage and family life in Britain, a leading sociologist has warned Parliament.

Dr Patricia Morgan told the House of Commons that same-sex marriage reinforced the idea that marriage is irrelevant to parenthood.

This was the principle factor, she said, that has caused the collapse in marriage rates between heterosexuals in countries where gay marriage had been introduced – as well as a sharp rise in cohabitation and the numbers of children born out of wedlock.

She said there was no evidence whatsoever to prove the Coalition Government’s assertions that gay marriage would bolster the institution.

She made her claims in a 22-page paper submitted at the Committee Stage of the Marriage (Same Sex Couples) Bill.

It contained a detailed analysis of marriage trends in Sweden, Norway, Denmark, Spain, Belgium, Canada and some U.S. states were gay marriage has been legalised.

[...]Spain in particular, she said, saw a “precipitous” downward acceleration in the numbers of all marriages by a 15,000 a year in first three years that followed the legalisation of same-sex marriage by the Socialist government in 2005.

The rate of decline later more than doubled to 34,000 fewer marriages a year in between 2008 and 2010.

Dr Morgan also produced evidence to show that heterosexual marriages were less stable in those countries where same-sex marriage had been introduced because they were expected to conform to the values of gay couples whose unions were often open, rather than exclusive, and far more likely to break down.

Cohabiting gay couples were 12 times more likely to separate that married heterosexual couples, she said.

Dr Morgan also predicted the widespread victimisation of individuals and institutions who dared to resist the redefinition of marriage.

“Some clearly hope that compulsion to perform same sex weddings will sever Church and state and further push Christianity out of the public arena and, therefore, consciousness,” she said.

“Undermined and stigmatised for their unreasonableness and prejudice, the moral authority of religious institutions will further retreat in favour of a narrow secular ideology, particularly as sexual behaviour at odds with traditional norms is further encouraged and advanced.”

Why can’t we stop talking about abstract concepts like “tolerance” and “homophobia” and just look at the results of legalizing same-sex marriage? We want to strengthen marriage, because marriage is better for children emotionally and financially. If we look at the results of legalizing same-sex marriage in other countries, we can know for certain whether it strengthened marriage, and therefore helped children. Rhetoric and insults doesn’t tell us anything. We need to look at the data that we have from other countries.

Filed under: News, Belgium, Canada, Children, Definition of Marriage, Denmark, Equality, Gay Activism, Gay Marriage, Gay Rights, Homosexuality, Law, Legal, Marriage, Natural Marriage, Norway, Patricia Morgan, Redefinition of Marriage, Same-Sex Marriage, Sociology, Spain, Sweden, Traditional Marriage, World

After legalizing gay marriage, France set to ban ‘mother’ and ‘father’ from official documents

From the UK Telegraph.

Excerpt:

France is set to ban the words “mother” and “father” from all official documents under controversial plans to legalise gay marriage.

The move… means only the word “parents” would be used in identical marriage ceremonies for all heterosexual and same-sex couples.

The draft law states that “marriage is a union of two people, of different or the same gender”.

It says all references to “mothers and fathers” in the civil code – which enshrines French law – will be swapped for simply “parents”.

The law would also give equal adoption rights to homosexual and heterosexual couples.

[...]President Francois Hollande pledged in his manifesto to legalise gay marriage. The draft law will be presented to his cabinet for approval on October 31.

Hollande is a socialist, just like Barack Obama, who also favors gay marriage, and infanticide, too. Not just abortion, infanticide.

This is not surprising – the same thing has been done in other countries, like Spain:

Ironically, the Socialist government claims that although it pushed through legislation to benefit a small minority of the population – and in the process changed the definition of marriage – that this could in no way be construed as an attack on the traditional family. Indeed, the government claims that it is in truth pro-family.

So now, jump fast forward to last Friday.

That’s when the Spanish government announced a ministerial order that new births would have to be registered at the State Civil Registries in the Family Book under the headings of Parent (progenitor) A, and Parent (progenitor) B.

In other words, the terms “Father” and “Mother” were to be no longer used.

In Spain, marriages, births and deaths are all recorded at Civil Registries, with most of those actions being noted in a Family Book (Libro de Familia). While the example isn’t perfect, think of the Family Book as an extended birth certificate.

Juan Fernando López Aguilar, Spanish Minister of Justice, excused the ministerial order by claiming since the government modified “the status of civil marriages, to allow the union of same-sex couples, it was necessary for a new format for the Family Book (Libro de Familia) and one that used terms such as “Parent A” and “Parent B” instead of “Father” and “Mother.”

That’s right. To match up it’s same-sex marriage legislation to the Civil Registry, the government deemed that Spaniards could no longer qualify themselves as either “Fathers” or “Mothers” of their children.

Canada does the same thing:

In Canada, they’ve already done this. Following the passing of the Civil Marriage Act, all official documentation and legislation was amended, erasing “husbands” and “wives”. And because same-sex couples primarily use reproductive technology to procreate, some Canadian legislation has been amended to replace the term “natural parent” with “legal parent”. As one report describes it: “In short, the adoption exception – that who is a child’s parent is established by legal fiat, not biological connection – becomes the norm for all children.” Most strikingly, on birth certificates some Canadian provinces have replaced the term “father” and “mother” with “Parent 1″ and “Parent 2″.

That policy was put in place by the Liberal party, which is the socialist party in Canada, and with the full support of the communist party of Canada, the New Democrat Party.

It’s important to understand what effects these leftist, anti-family, anti-marriage policies have, especially on children. This is what Barack Obama and his socialist friends in other countries want. Leftists are anti-marriage and anti-family. They don’t like mothers and fathers raising children. They want the children to be alone in the world, and shuffled around to various people, and eventually raised by the state and brainwashed to serve the state. Feminism has so poisoned people against the traditional family – and especially the traditional male roles of protector, provider and moral/spiritual leader – that no one is willing to resist the push by socialists to destroy marriage and family.

Imagine being a child and growing up with no access to your biological mother or your biological father, or both of them. This is the horror that the left unleashes on little children, assuming they don’t murder you in the womb. As if it isn’t bad enough to push feminist policies like no-fault divorce and subsidized single motherhood, now they have to go even further. Let me be clear. We should be putting into place policies that promote the nuclear family – a mother and a father being chaste, marrying once for life, and having children who grow up in a loving, stable environment. We should not be promoting recreational sex and promiscuity as equivalent to marriage. Children deserve better.

Related posts

• Some supporters of gay marriage favor normalizing pedophilia and incest
• Law professor uses same-sex marriage law to argue for legalizing polygamy
• Queen’s University feminist says that polygamy should be permitted
• British Columbia Supreme Court considers striking down ban on polygamy
• Will Canada add polgygamy and polyamory on top of same-sex marriage?
• Taxpayer-funded polygamy in the UK, France and Canada
• Mark Regnerus’s research vindicated by University of Texas at Austin
• Growing up with two lesbian mothers: a child’s perspective
• Mark Regnerus and the progressive war against science
• More social scientists stepping forward to defend Regnerus study
• Do children of gay parents perform as well as those of heterosexual parents?
• Are gay relationships typically stable and monogamous?
• The American Psychological Association (APA) on lesbian and gay parenting
• Do children raised by gays and lesbians do as well as those of married parents?
• New study finds that children do best in traditional mother-father families
• Obama openly supports gay marriage: 48 hours after top gay donors cut off funding
• Democrat introduces bill to defund adoption agencies that favor married couples
• A secular case against same-sex marriage

Filed under: News, Canada, Children, Court, Family, Family Court, Feminism, France, Gay Marriage, Government, Health, Marriage, Parenting, Parents, Polyamory, Polygamy, Same-Sex Marriage, Sex, Slippery Slope, Society, Spain, State, Status of Women, Study

Europe is going socialist – what’s the worst that could happen?

European Debt to GDP and Credit Rating

From MSN Money.

Excerpt:

European finance officials have discussed as a worst-case scenario limiting the size of withdrawals from ATM machines, imposing border checks and introducing capital controls in at least Greece should Athens decide to leave the euro.

EU officials have told Reuters the ideas are part of a range of contingency plans. They emphasized that the discussions were merely about being prepared for any eventuality rather than planning for something they expect to happen – no one Reuters has spoken to expects Greece to leave the single currency area.

[...]The discussions have taken place in conference calls over the past six weeks, as concerns have grown that a radical-left coalition, SYRIZA, may win the second election, increasing the risk that Greece could renege on its EU/IMF bailout and therefore move closer to abandoning the currency.

No decisions have been taken on the calls, but members of the Eurogroup Working Group, which consists of euro zone deputy finance ministers and heads of treasury departments, have discussed the options in some detail, the sources said.

As well as limiting cash withdrawals and imposing capital controls, they have discussed the possibility of suspending the Schengen agreement, which allows for visa-free travel among 26 countries, including most of the European Union.

[...]Another source confirmed the discussions, including that the suspension of Schengen was among the options raised.

“These are not political discussions, these are discussions among finance experts who need to be prepared for any eventuality,” the second source said. “It is sensible planning, that is all, planning for the worst-case scenario.”

I noticed an article that came out in CNN Money that explained how American households had lost almost 40% of their net worth since 2007 – the exact year that Nancy Pelosi took control of the House and Harry Reid took control of the Senate. The Democrats have been running the European playbook since they took over in 2007. We are just a few steps behind the Europeans thanks to the borrow and spend policies of the Democrats.

Filed under: News, Crisis, Debt, Europe, Failure, Greece, Italy, Keynesianism, Leftism, Marxism, Portugal, Socialism, Spain, Welfare State

Moody’s downgrades credit rating of 26 Italian banks, Spain is next

European Debt to GDP and Credit Rating

From Yahoo News.

Excerpt:

Moody’s Investors Service has downgraded the ratings on 26 Italian banks as they struggled with the effect of government austerity measures.

The rating agency said Monday that the banks are suffering because Italy is back in recession and government austerity measures are cutting demand for loans.

The banks are struggling with more loan losses, limited access to funding and weaker profits.

Moody’s noted that support of the European Central Bank lowered the default risk of many banks.

Its outlook for all 26 banks is negative.

From the Wall Street Journal.

Excerpt:

The ratings for Italian banks are now among the lowest within advanced European countries, reflecting these banks’ susceptibility to the adverse operating environments in Italy and Europe, Moody’s said in a statement. Two of the country’s largest institutions, UniCredit SpA (UCG.MI, UNCFF) and Intesa Sanpaolo SpA (ISP.MI, ISNPY), were included.

Moody’s move came hours after the firm raised an alarm on Spain, arguing the country’s banks remain vulnerable even after Madrid moved to increase the banks’ cushions against potential losses from real-estate loans.

[...]Italy, saddled with EUR1.9 trillion ($2.44 trillion) debt, has signed onto the EU’s fiscal compact that sets strict limits on the country’s deficit levels. In recent weeks, Mr. Monti has begun pressing Germany to give Italy more fiscal slack to stimulate its economy and create jobs. Mr. Monti has recently proposed that the EU create special exemptions to the budget rules when countries target their public spending on projects like broadband investments and infrastructure.

Moody’s downgrades come after the ratings firm in February placed various ratings of 114 financial institutions in 16 European countries on review for possible downgrade, highlighting the region’s banks’ vulnerability to the euro-zone sovereign debt crisis.

Moody’s is expected to follow the downgrade of Italian banks by cutting the ratings of Spanish banks. By the end of June, more than 100 European banks, as well as Wall Street giants like Bank of America Corp. (BAC) and Citigroup Inc. (C), are likely to have ratings that are at least one notch lower.

[...]Moody’s also alluded to J.P. Morgan Chase & Co.’s (JPM) recent disclosures of more than $2 billion in trading losses as a reminder of potential problems lurking at some European banks.

“Recent events highlight the risks for creditors from potential weaknesses in governance, controls and risk management, especially at some smaller, privately-held banks,” Moody’s said in its news release.

Moody’s says it will conclude its reviews by the end of June. In coming weeks, major U.S. financial institutions, Bank of America Corp., Citigroup Inc., Goldman Sachs and Morgan Stanley are likely to face downgrades.

Banks in Austria and Sweden are expected to see downgrades after Spain.

Italy’s debt is $2.44 trillion, ours is nearly $16 trillion.

Filed under: News, Banks, Credit Downgrade, Debt, Deficit, Dependency, Downgrade, EU, Europe, European Union, Government, Greece, Italy, Keynes, Left, Marxism, Socialism, Socialist, Spain, Spending, Stimulus, Welfare State