Talk about asymmetrical warfare. The European Empire conquers by wrecking economies of its member states and making them dependent on central economic government.
Empty vaults are the foundation of fractional reserve banking.
The people of Cyprus deserve exactly what they are getting. They’ve been voting for these big spending, bloated governments and the banks have acted as their enablers. Now the shareholders in at least one of these banks will be completely wiped out and uninsured deposits (over 100K Euro) will take a massive haircut across the board. This type of bailout actually avoids going directly after the tax payer as others have done. A lot of money streaming into Cyprus banks have been dirty anyway - and everyone knows it.
Wait until it comes out for sure that the banks vaults have been emptied!
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Yes, all the poor schlubs who didn’t have jet handy (cause unless you had cash, you couldn’t use credit cards to buy airfare) didn’t make it to London to suck it dry.
PING!
have small businesses started shutting down and letting go the younger workers?
I bet none of them are putting their cash into banks either.
This is the kind of thing you have warning people about
I have a feeling that finding cash in Cyprus will be like finding ammo here.
The bankers and the regulatory agencies are first in line for being responsible for what is happening here. They are allowed leverage to the gills with crap debt that was always bound to fail. Same thing that has and is happening here.
There were always rules in fractional reserve banking that pretty much made sure that they would stay solvent. Those rules are gone in the interest of greed and thin glass floor expansion. And this is where we have ended up.
Eventually, bond investors then pensioners will take haircuts, and our US currency will also suddenly be adjusted downward to reflect the levels of manufacturing on our own soil (not only “American-based” manufacturing, much of which happens elsewhere). Many useless employees of debt will be laid off in the process.
They’ll huff, puff, screech and do nothing but be as poor as the real producers they’ve connived against for decades: the many who did well, when we had a large, real private sector. They’ll be helpless and scorned even by the the folks they previously sucked up to (environmentalist, politically correct, anti-American, most influential constituents in politics).