Sunday, April 07, 2013

Coming soon to a bank near you

"Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief" (The Telegraph, March 25, 2013): "Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.... Ditching a three-year-old policy of protecting senior bondholders and large depositors, over €100,000, in banks, Mr Dijsselbloem argued that the lack of market contagion surrounding Cyprus showed that private investors could now be hit to pay for bad banking debts."


1 comments:








Ralph Roister-Doister

said...

At the moment it is only the "rich" who are being affected. That will change. And Obama democrats will be watching: if it works in Cyprus, maybe it will work here -- especially if there are restrictive gun control laws in place and the government has bought up all the bullets.

I used to consider this sort of thing right wing paranoia. But Obama has been elected president twice now, and it is clear that he has changed the national consensus from the belief that a person has a right to what he has earned, into a moral imperative that not having something confers upon one the right to take it from somebody else. In other words, muggers, thieves, lazy bums and liberals have had it right all of these years!