Wheeew! That makes me feel better.
That’ll prove a boon for US real estate. (in investment type areas) Florida has already seen a glut of EU and South American money.
Socialist confiscation. The wealthy won’t notice if they take a “haircut” from their bank accounts.
As Oli Rehn put, “don’t worry, we’re the EU and we’re here to help.”
Its legalized theft in the name of “austerity.” The banks are now being paid back with their own depositors’ money and the irony isn’t lost on people throughout Europe.
Cyprus was a successful trial balloon and now this offensive against depositors’ assets appears likely to broaden as the EU’s financial crisis spirals out of control.
Right up until 50,000 are sacred, overnight, then ...
It’s almost surreal how “the banks” are now spoken of as these amorphous all powerful god-like entities that must be resuscitated at all costs from financial ruin or utter doom will befall us as a planet, and not as privately owned businesses subject to the same free-market pressures as any other.
Nothing could be more effective in destroying the European banking system - the absolute cornerstones of which are safety and trust - than any such announcement.
The EU is rapidly disappearing down the hopper.
The only question, at this point, is, “Will America go, too?”
Unfortunately, with Obama at the helm, the answer to that question is only too likely to be a resounding, “YES!”
Right up there with:
1. We're not going to raise your taxes.
2. You have freedom of speech to criticize government, etc. if you wish.
3. Sign here, we'll put you in the department in the (pick one: Air Force, Army, Navy, Marines) where we told you we would.
4. We're going to cut the deficit.
5. We're going to stop the illegal drug trade.
6. We're going to pass stiffer laws to punish crime.
7. We will NOT take your guns away.
Okay, what next?