Panic Grips Europe as Cyprus, EU, and IMF Confiscate Savings
Panic-stricken bank depositors in Cyprus emptied ATM machines across the nation after the surprise announcement Saturday that, as part of an extremely controversial European Union and International Monetary Fund bailout deal, authorities would seize up to 15 percent of all savings deposited in Cypriot banks. Markets across Europe plunged as fears of contagion or even a large-scale bank run in the region plagued investors, with the single euro currency falling to multi-month lows and gold rising back above $1,600 following news of the $13 billion scheme.
Critics ranging from banks and market analysts to politicians and even establishment media outlets lambasted the EU and IMF plan, saying it creates uncertainty and amounts to brazen wealth confiscation. Citizens and foreigners with money deposited in Cyprus, meanwhile, expressed outrage over the controversial scheme as well, demanding that it be...
Of course folks get upset with taxation of bank accounts. But who gets as upset when their assets are slowly devalued over years of inflationary monetary policy driven by deficit spending? It's still theft, either way. At least the Cypriot version is plainly seen.
How far the dollar has fallen in purchasing power over my lifetime: 1963 Corvette: ~$4K (pre Vietnam, Great Society) 2013 Corvette: ~$49K Now such comparisons aren't foolproof, e.g. changes in manufacturing efficiencies & product content.
Cliff Leckey wrote: Would anyone run their household budget the way these criminals & crooks run a Nation`s economy? & then want the poorest to bale out the banks? You couldn`t write a script like that if you tried.
That's right Cliff.
In fact even now, if the British found out quite how bad the situation is there would be a mad panic and I am sure that heads would roll- literally!
Would anyone run their household budget the way these criminals & crooks run a Nation`s economy? & then want the poorest to bale out the banks? You couldn`t write a script like that if you tried.
I would have never voted for Mr Obama because of what he supports, not because I am a racist. : / Anyway, with the deficit being where it is, and double by the time Mr Obama bids a fond farewell, I have a feeling that our childrens, childrens, children will still be paying for what these administrations have accomplished.
Kyle wrote: I heard it mentioned by Stuart Crane in the follow on lectures to "Wheat Receipts". That's a fantastic lecture that everyone should listen to. Google it.
I had not heard of Stuart Crane previous to your post. Downloaded the lecture and went for a walk. I still have some to go but what I've heard thus far is exceptional. The recording I downloaded was pretty poor especially at the beginning. Did I gather correctly this lecture was given at BJU? What do you know about Dr. Crane's religion?
I heard it mentioned by Stuart Crane in the follow on lectures to "Wheat Receipts". That's a fantastic lecture that everyone should listen to. Google it.
Dr. Alan Cairns | 3/9/2009
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