Via translation from Libre Mercado, Spain will retroactively tax bank deposits to January 1, 2014 stating the move will boost growth and job creation.

Guru Huky correctly labeled the tax for what it is “More than a tax, this looks like a mini seizure of deposits. Someone likely needs a few million and to balance the books.”

The notion that a tax increase will boost the economy is of course absurd. But don’t worry, it’s only 0.03%, nudge nudge, wink wink … for now.

Mike “Mish” Shedlock