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Anyone with a savings over 100K will have their money confiscated. I can see it happening soon. IRS can do sheet like this and there is nothing anybody can do about it. In the US anymore you are punished for being responsible. Pay your mortgage watch others get bailed out. Try and save money you see the interest rates slashed to nothing and watch the fed hand the banks that money in return. Its pathetic.
What you produced was not a confirmation of your previous post, which claimed that Krugman "predicted bankruptcy for Latvia. [see post #46]" I said he did not and asked you to cite. What you cited was Krugman's blog where he didn't predicted bankruptcy for Latvia but said,
Just comparing Latvia to Argentina classify as a total failure. Argentina had a massive bank crisis, with bank holidays, confiscation, etc. This lasted over 5 years. Latvia was not like that. They had a sharp recession and then a strong recovery.
In Latvia the current account deficit was up in 20%. So of course the intial fall is going to be big. Even with a Krugman solution Latvia would have seen its economy collapse. It would just take much longer time to balance the budget, and in that period the economy would keep contracting.
The difference is in recovery. You can not start a proper recovery before investors are certain the worst is over. No one in their right mind would invest in Greece today, but when Greece has balanced its budgets then investors will come back as they now can get cheap property and cheap labour. Demand will increase instead of decrease, and so will property values.
Also, Krugman's reccomendations to the slowdown in 2001 was to increase house investments. That guy has no credibility. You can listen to him, but don't expect that we will.
Just comparing Latvia to Argentina classify as a total failure. Argentina had a massive bank crisis, with bank holidays, confiscation, etc. This lasted over 5 years. Latvia was not like that. They had a sharp recession and then a strong recovery.
In Latvia the current account deficit was up in 20%. So of course the intial fall is going to be big. Even with a Krugman solution Latvia would have seen its economy collapse. It would just take much longer time to balance the budget, and in that period the economy would keep contracting.
The difference is in recovery. You can not start a proper recovery before investors are certain the worst is over. No one in their right mind would invest in Greece today, but when Greece has balanced its budgets then investors will come back as they now can get cheap property and cheap labour. Demand will increase instead of decrease, and so will property values.
Also, Krugman's reccomendations to the slowdown in 2001 was to increase house investments. That guy has no credibility. You can listen to him, but don't expect that we will.
Obama is so bad at investing I'm surprised he doesn't invest in Greece. If he did I would bet Obama followers would think it was a great investment.
Stealing money from the people..... quite like conscripted union dues and taxation rationalized by dedicated taxes that end up in the general fund. Ah, the slippery slope...remeber when Tim the tax cheat swore the debt would never be monitized..... anyone from the press care to ask him about that astaement.... of course not.
Cyprus is the perefect example of the ultimate dream that Obama's wealth distribution scam hopes to achieve.
Evidently quite a few British expatriates due to It being a British colony. Britain already said they'll guarantee the deposits if British soldiers stationed there.
The biggest tie is that the UK continues to maintain several large bases in Cyprus so you end up with lots of UK nationals living in the country. You also get a lot of retired former service members retiring there because land is cheap, the climate nice, and even though the local economy has never been great (it's a small island after all) they still get their military pensions paid for by the UK government so they weren't dependent upon the local economy for basic financial needs.
Anyone with a savings over 100K will have their money confiscated. I can see it happening soon. IRS can do sheet like this and there is nothing anybody can do about it. In the US anymore you are punished for being responsible. Pay your mortgage watch others get bailed out. Try and save money you see the interest rates slashed to nothing and watch the fed hand the banks that money in return. Its pathetic.
Sure there is, but we are a nation of cowards, so... we will stand by and do nothing.
Oh, what do you think can be done about? It's the German government pushing this because Merkal is up for reelection next year and having German taxpayers bailout troubled Southern European countries is very unpopular in Germany. Thus she's trying to force the locals to come up with ways to help pay for their own bailouts so that Germany doesn't have to pay so much. Yes, this is a boneheaded move but remember the government of Cyprus could just refuse and default, thus getting kicked out of the Euro Zone, suffering all the consequences that would entail.
The basic problem is still that private banks lend carelessly and now they need to be bailed out by taxpayers. THAT is what caused all this. Where Cyprus messed up is instead of letting the private banks go bust they bailed them out via a nationalization which made the debts of those private banks public debt. That is how the national government got into financial trouble; they were trying to prop up private banks. They should have followed the Iceland model of just letting those banks go bust.
While it hasn't hit the MSM yet, looks like Italy is now looking at doing the same for bank deposits, at a rate of 15%. Since there's no holiday, can we say "bank run" in 3... 2... 1...
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