Posted on 03/20/2013 10:26:36 AM PDT by Starman417
The volume of ink and airtime being propelled our way on the country of the week, dissecting and analyzing its past, present, and future, may well catapult the name of a small island at the eastern end of the Mediterranean into a verb. How long before North Americans get “Cyprussed”?
The details of the Cyprus predicament, such as they are, or such as authorities will allow them to be known, are now burdens of discussions from San Francisco’s Market Street to Paris’ Champs Élysées.
We are spectators to the consequences when a country has surrendered control over its currency, the final vestige of its sovereignty, to a foreign entity. As we witness the beginning of an endgame when debt is out of control, we passively observe an inquisition and remain impotent bystanders as the inquisition evolves into an imposition. On this imposition, there cannot be enough light shed.
Bank depositors are an ideal low hanging fruit and with a government’s help, become easy targets. Rationalizing the ‘plucking’ is performed with reasonable dexterity, as we are informed that, well, after all, those are corrupt banks who launder cash, and tose deposits are half owned by Russian oligarchs, and other unscrupulous individuals from the Ukraine, or elsewhere across Europe, and we won’t hurt the little depositors too much. And oh by the way, Russia uses these bank accounts to send arms to Syria. Of course we shouldn’t here ask why these banks received any bailout money in the first place, or why they will receive more under any conditions, given that they are so fraudulent, . . . no point making the Euro leadership queasy.
We will hear much in the coming days about accelerated ‘restructuring’ of debt and deleveraging of the worst banks and sovereigns, and we will be told that, “this is a good thing so don’t worry too much about that ten percent (10%) being stolen outright from depositors. We’re cleaning up bank balance sheets, so we’re charging a small fee. It could be worse, we could let the banks just close their doors and the depositors would really be out tens of billions in cash.”
My personal favorite rationalization is the one that presents this decision by the EU as reducing the need to further tax the overburdened taxpayers, and diminishing reductions to the beneficiaries of public spending. Sure. No point reducing spending, just go after the rich, especially the corrupt foreign rich holding cash in Cyprus.
All of the once-sovereign nations who adopted the Euro must go along with decisions made on their behalf by bureaucrats in Brussels, which to no-one’s surprise are supported by the IMF and its managing director Christine Lagarde, Ms. Statist Liberal herself. The bankers are in control of the biggest game on earth and governments will tow the line guided by ideologically entrenched self-righteous and uninformed politicians and bureaucrats.
(excerpt) Read more at floppingaces.net...
Outright theft.
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