Expropriation, Global-Style

Recent actions by the U.K. and North Korean governments indicate that the desire to expropriate the assets of people who are politically out of favor thrives in the world.

In the U.K., the Labour government announced its plan to impose a 50% tax on bonuses paid to bank employees above $40,000. The shockingly punitive rate, directed at certain workers but not all, is a disgrace to the nation that has done so much to advance freedom in the world.

North Korea, who can't claim such an honor, has issued a new currency - but limited the amount of money per person which can be converted to the new currency (about $50-75 worth), and the old currency will no longer be legal tender. So anyone with more than $50-75 in cash, and $100-150 in a savings account, will see their entire savings above those amounts wiped out.

It appears this despicable act is directed against those who have earned some money in the limited markets that have sprung up in the heavily socialized nation, and the totalitarian regime is seeking to make the people even more dependent on the government.

While many disregard the relationship between private property, the reality is that the growth of wealth provides the motivation and means to seek to change oppressive government policies.

The dictatorship in North Korea understands this all to well. Do we?