“A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.” - Woodrow Wilson
Further we are informed that this decision by unelected and unaccountable bureaucrats will not be given the chance to be put before the democratically elected parliament, but will instead be forced on the supposedly independent nation of Cyprus by these unelected and unaccountable bureaucrats.
I know this blog is supposed to be on sound governance in organizations, but these events are such outrageous violations of sound governance principles that I feel I have to point them out.
This new development of subsidizing the bankers irresponsible behavior directly from the savings of the prudent and responsible is an abomination against natural law. The fact that unelected and unaccountable persons can direct sovereign nations to inflict punitive measures against savers is a terrible precedent which is only equalled by the precedent that these same bureaucrats can discard the need for such measures to be approved by the democratically elected representatives of the people in a sovereign nation’s parliament.
What can be done?
We need to amend the manner in which decisions are made.
It is unacceptable to have such measures decided by people who are neither elected or accountable. Further, sovereign nations must always be given the right to decide what happens to their own people.