03/27/13

Permalink "Cyprus Proves Your Money Isn't Really Yours If It's Needed By The State"


(Serious Episodes Outside Parliament)

Jim Grant: The importance of the Cyprus news is an idea. And that idea is that to the authorities, your money is not necessarily yours, if it is needed for the good of the state. So, in a pinch, what has been demonstrated in Cyprus is that there will be an event over the weekend, it seems over the weekend, there will be capital controls. There will be this Orwellian and truly chilling phrase, a stability contribution. A contribution, mind you. so I think that idea is now out, and it cannot easily be put back and people ought to take the measure of this.

Reggie Middleton: Economic Depression Is The New Success - As I stated in Mainstream Media Says Cyprus Salvaged By EU Deal, I Say Cyprus Is Sacrificed By Said Deal - Thrown Into Depression, locking up a country's liquidity for an unspecified amount of time, then removing up to 40% of a nations small/medium/large business liquidity (permanently, they're catching haircuts) as well as that of your wealthy depositors, is tantamount to economic genocide! How in the hell do you calculate "The danger of Cyprus' bankruptcy is definitively overcome and the tragic consequences for the economy and society are averted”? If anything, "The danger of Cyprus' bankruptcy... and the tragic consequences for the economy and society" are just getting started!

Stephen Lendman: Cyprus Postmortems - Cyprus reflects a watershed moment. Confiscating personal wealth becomes official government policy. Eurocrats and Cypriot officials bypassed parliament. Ordinary people had no say. Euro Group head Jeroen Dijsselbloem said extracting wealth from depositors becomes a model for other troubled economies. He left no doubt what he means. He wants grand theft made official policy.

PressEurop: Merkel’s pawn considers Cypriot "haircuts" elsewhere
Daily Bail: Father Of The Euro: "Italy Is Next After Cyprus"
Cyprus Mail: Rush to quell panic over BoC
InvestmentWatch: Historic Events Are Unfolding In Europe

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