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I think that the Cyprus crisis just shows what can happen to uninsured deposits.But Cyprus is a much different situation. First one has to consider that its GDP was comprised of 40% of banking with deposits at 7 times normal on average. Then the Greek bailout by ECB intent meant huge bond losses for Cyprus banks as holders of greek bonds.
its always a different situation. it can happen here given the right circumstances. currently, we arent there or near there i think. but nobody can say for sure it wont happen here and to say it cant i think is wrong.
like i mentioned in another thread, it would just make more sense to convert all 401k/IRA's into regular accounts and make everyone pay the income tax out of those accounts. thats a ton of one time money for the government and they were going to take it eventually anyway.
Maybe he meant Cypress Hill they were kinda gansta back in the 90's
It ain't gonna happen. The US is the world's reserve currency the euro isn't. We are not an offshore tax haven for Russian mobsters. We have the best military in the world. We have a printing press run by Bubble Ben. I think we just about covered it. Oh and because our dollar is worth shiate for the last few years our exports are up and our economy is slowly improving.
Cyprus is a joke. They bet big on Greek debt. Both countries have people that are known as the laziest in Europe.
To add to dweller's post
Our glorious govt. is requiring us to report our savings on our returns starting next year - heard that on Fox News Channel just this morning.
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