I think I’m going to the bank today.
A prudent person would start going to their bank once a week. Kind of a slow motion run.
Just sayin.
March 26, 2013 12:00 A.M.
Cyprus: Can It Happen Here?
Quantitative easing is another way to steal your savings.
By Thomas Sowell
That is in fact already happening. When officials of the Federal Reserve System speak in vague and lofty terms about “quantitative easing,” what they are talking about is creating more money out of thin air, as the Federal Reserve is authorized to do — and has been doing in recent years, to the tune of tens of billions of dollars a month.
When the federal government spends far beyond the tax revenues it has, it gets the extra money by selling bonds. The Federal Reserve has become the biggest buyer of these bonds, since it costs them nothing to create more money.
This new money buys just as much as the money you sacrificed to save for years. More money in circulation, without a corresponding increase in output, means rising prices. Although the numbers in your bank book may remain the same, part of the purchasing power of your money is transferred to the government. Is that really different from what Cyprus has done?
http://www.nationalreview.com/articles/343890/cyprus-can-it-happen-here-thomas-sowell