Confiscation of savings accounts proposed in US

The Cyprus President, in cahoots with the EU, proposed a one-time tax on money in savings and deposit accounts.  The tax would range from 6% to 10% depending on the amount in the account.  If the proposal was approved the government of Cyprus would take the funds from peoples’ bank accounts.

How fantastically efficient and simple?  For some reason this has outraged many people who are correctly calling this action robbery.  Strange that taking money from peoples’ bank accounts is theft but taking it from their paychecks is just fine.

Why have other governments not thought of this approach?

They have.

Can the FED have 2% inflation AND low interest rates?

Bernanke has stated the FED is targeting a 2% inflation rate.

The FED has also stated it will take action to keep interest rates low.

Can the FED have 2% inflation and low rates?

Can it do so without bankrupting the US government?

FED sees inflation as transitory

I expect the term "transitory inflation" to be used more and more by the FED as the FED continues to cover its ears and loudly utter "LA-LA-LA-LA-LA-LA....I CAN'T HEAR YOU!" while the data continues to indicate substantial inflation.

Federal Reserve Discount Window

A spreadsheet was posted here that contains the details of the discount window lending that was done by the Federal Reserve during the financial crisis.

I took the spreadsheet and used it to determine the amount of credit that was extended by the FED at the end of every day. I took every loan in the spreadsheet and assumed it was open until maturity. I then used that data to calculate how much credit was extended by the FED at the close of each day.