An old thread that has an old booklet from 1939 that talks about FDR and the New Deal. It is happening again (Obama’s “rebuild America on a new foundation”):
http://www.freerepublic.com/focus/f-news/2185147/posts
Excerpt:
The word emergency was then understood to mean what the dictionaries said it meant — namely, a sudden juncture of events demanding immediate action. It was supposed to refer only to the panic and the banking crisis, both temporary.
But what it meant to the President, as nobody then knew, was a very different thing. Writing a year later, in his book, On Our Way, he said: “Strictly speaking, the banking crisis lasted only one week.... But the full meaning of that word emergency related to far more than banks; it covered the whole economic and therefore the whole social structure of the country. It was an emergency that went to the roots of our agriculture, our commerce, our industry....It could be cured only by a complete reorganization and measured control of the economic structure....It called for a long series of new laws, new administrative agencies. It required separate measures affecting different subjects; but all of them component parts of a fairly definite broad plan.”
So, what the New Deal really intended to do ....with war powers if necessary, was to reorganize and control the “whole economic and therefore the whole social structure of the country.” And therein lay the meaning — the only consistent meaning — of a series of acts touching money, banking and credit which, debated as monetary policy, made no sense whatever.
bk mrk
My bet:
The Russians, other gangsters and insiders have moved their money.
Banks looked at what is left and what the man on the street will withdraw when the bank opens and it does not compute.
Not enough cash left to take care of the man on the street.
So keep the banks closed while they try to speed up receipt of the cash they are promised by the EU.
Looks like their position is just as bad as before because now the EU will ask the Cyprus banks how they will come up with their share of the money when it has gone out of the country.
There is only one law of economics you can count on and that is the law of unintended consequences.