Extreme wealth is not just subject to virtually no tax; it is a magnet for public funds.
“Punishment Interest” Germans call it with Teutonic precision. Bank: “Just stop saving.”
“We are crushed by our country’s debt.”
There are a lot of tax havens in Europe. But they pale against the power of the City of London.
While the Rajoy government fiddles in its culture of corruption, the people simmer with anger, and Spain is about to enter a whole new world of pain.
The German government draws a line. If Britain steps over it, it doesn’t belong in the EU. And it’s not about money.
Resistance not only from certain quarters of the largely disenfranchised public but also from the least likely national governments.
“Punishment Interest” it’s lovingly called in Germany, as the ECB intends to flog savers until their mood improves.
The new Eurocratic elite is worried. Deep cracks are spreading.
The policy of the Spanish government has been to threaten Catalonia and sow seeds of discord in its fragile coalition government. Now it’s reaping the spoils.