Insanity has come to life.

There is a man in Austria whose name is Professor Erich Streissler.
The wonder is that he is a Professor of Economics.
He has come up with the most incredibly brilliant idea how Austria can repay its debts. Unfortunately this seems to be a case where the "cure" is worse than the "desease".
Even though the rating agencies still rate Austria as AAA, the country's debt is significant and everybody comes up with new ideas, except with the right one: The Socialist Party wants to "Tax the Rich". They have quite obviously not yet heard the story of the drop of water onto a hot rock, or as we say; A drop in a bucket... both sayings have the same meaning, which the Socialists have not yet figured out. The Conservatives want to raise all kinds of taxes and introduce many many new ones. That this will prevent any growth of the Economy is something the conservatives have also not yet figured out.
But back to Professor Streissler:
His brilliant idea is to simply "tax away" all interest paid by Banks on Savings Accounts. He figures that Austrians collectively have about 1,200 Billion Euros in Saving Accounts and he then indulges in some mathematics showing how fast the Debt of Austria could be retired.
Now I wonder: How long would it take me to transfer all my money which I have in an Austrian Bank to Canada? How long would it take any Austrian to transfer his/her funds from an Austrian Bank to a Bank in Germany, Swizzerland or any other of its neighbouring countries?
The run on the Banks by its depositors would likely make the run in 1928 onto American Banks look like a gentle stroll. Not a panicky run.
Professor Streissler is quoted: "Who needs Interests on their Savings?"
And this strange fellow calls himself and is called by others a "Professor of Economics"
God help Austria....

I have another idea which Professor Streissler would probably like:
"Who needs Savings ?"
Why not grab the 1,200 Billion Euros and pay all Debts?

Bertstravels.