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I was joking about "virtual" currency. But if you want real world examples banks get "nationalized" all the time, even in "free" countries. You could look at what happened recently in Cyprus, for example, where due to government mismanagement everyone with a bank account in that country was given a "haircut". This idea of stealing people's money was so appealing that even Stephen Harper was considering doing it in Canada:

The Government proposes to implement a bail-in regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants. "

Taken from the 2013 Economic Action Plan, pp 144-5

I think Canada is arguably a "free country" still. And let's not forget all the times a bank is allowed to "freeze" your account, indefinitely, on judicial orders that can be as vague as "you're from a country our government is currently miffed at, fuck you". Virtual currency controlled by a central authority would be even easier to grab, since technically even if you don't have it stored "in the bank" they can just flag it as invalid and boom, your own electronic wallet is suddenly useless.

See the thing you have to remember about Robin Hood economics is that you can't steal from poor people because they don't have anything worth stealing. It makes for GREAT politics, because there are lots of poor people, they all have a vote, and they love it when the rich get fucked. But it makes for SHITTY economics because you're punishing the people who are cautious enough to manage their money wisely to reward the foolish who were reckless enough to squander their wealth.

Both.

Down when it should be (0.01, 0.02, 0.06, 0.07) and up when it should be (0.03, 0.04, 0.08, 0.09).

Funny, Canada has a balanced budget and we have a more robust welfare system.

We do not. We currently have a C$ 21.1 Billion deficit.

Go check the national debt (in any country) for the last couple of centuries. It's an exponential growth curve.

Are you looking at debt in real dollars or debt/GDP? Because if not, even a tiny constant deficit in real dollars would look like an exponential growth curve thanks to inflation. Here's what my country's debt looks like when you plot it as a percentage of GDP over the last 15 years. Hardly an exponential curve.

Your figures for Canada's debt ratio are really out of date. http://www.budget.gc.ca/2007/bp/bpa2e.html

On a total government, National Accounts basis:

• o Canada was the only G7 country in surplus in 2006, according to OECD estimates.
• o The OECD projects that Canada will be the only G7 country to record a surplus in both 2007 and 2008.
• o Canada's total government net debt-to-GDP (gross domestic product) ratio, which has been the lowest in the G7 since 2004, is estimated at 27.6 per cent for 2006. The OECD expects Canada's debt burden to continue to decline in future years.
• o Canada is on track to eliminate its net debt by 2021. By doing so, Canada will be able to count itself among the very few OECD countries that are in a net asset position.

This annex also compares the fiscal situation of the federal governments in Canada and the United States:

• o In 2005-06, the Canadian federal government posted a surplus of C$13.2 billion or 1.0 per cent of GDP, while the U.S. federal government incurred an on-budget deficit of US$434 billion or 3.3 per cent of GDP.
• o For 2006-07, the Canadian federal government is forecasting a surplus of C$9.2 billion or 0.6 per cent of GDP, while the U.S. government is projecting an on-budget deficit of US$427 billion or 3.1 per cent of GDP.
• o The federal market debt-to-GDP ratio in Canada has been below the U.S. figure since 2003-04, with the gap expected to widen further in 2006-07.

27.6%, not 64.5%.

That's what running surpluses for 10 years does.

And unlike the US, which doesn't include the debts owed to Social Security, etc., this includes the Canada and Quebec pension plans, and universal medicaire.

We'll be net asset positive in 2021 - 15 years. (In other words, the government will have more cash on hand than debt). Same as Australia, New Zealand, and Sweden.

Sanctions had Saddam contained. 10 years, it worked, and eventually, he would have died or been offed, or Iran would have invaded, and that would have been the end of that. One of the reasons the US acted was because they didn't want Iran to become a regional superpower.