Make banks pay for their own mistakes.
Position | List - Brief article |
The $30 billion bailout of Cypriot banks that began in March is the latest in a series of high-stakes financial rescues in Europe. Philip Booth of the London-based Institute of Economic Affairs offers three lessons from the Cyprus bailout and the broader euro-zone crisis.
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1 Taxpayers shouldn't pay. The major characteristic of recent debt crises--sub-prime, the problems in euro-zone banks, and the various government debt crises--is that individuals and financial institutions have lent money that will not be re paid. The question is who should suffer when this happens. It should be those who lent the money and not taxpayers in general. We should not print money to bail out the banks.
2 Banks, bondholders, and depositors should take the first hit. There are...
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