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1) To repeat, Dr. Krugman was not advocating either and your own link confirms that.
I posted the link. I think those who read it and know the recent history of Argentina and their economic crises of a decade ago can understand that is what Krugman was predicting for Latvia. He is wrong.
Cyprus doesn't insure deposits and in fact its main attraction is that it doesn't report banking information to any other countries thus why it is one of the banking locations of choice for Russian mobsters, South American drug dealers, corrupt dictators, American billionaire tax cheats, and just about everyone else who is corrupt and wants to hide their ill gotten gains.
I'm not sure stealing from those kind of people, rich powerful corrupt criminals, will not come with painful consequences.
I'm so sorry for the the average people who have been saving all their lives to have this happen. These are the people who do have insured accounts, just believing they were doing the safe thing by keeping their hard earned money in a savings account. This is just sickening.
Scary crap isn't it. Stealing money from the people right out of there bank accounts. Notice how you have to go to Zero Hedge to find news like this. Not a word from our MSM. Just another reason I don't waste my time with them.
But the idiots in this forum can care less about this stuff, it's way above there comprehension level.
I was going through the threads and every subject is really stupid, not even worth responding to.
I'm going to reserve judgement until Jay Carney comments about it If Obama says this is okay, then it must be a non-issue, which is why the mainstream media would have ignored it.
I'm not sure stealing from those kind of people, rich powerful corrupt criminals, will not come with painful consequences.
I'm so sorry for the the average people who have been saving all their lives to have this happen. These are the people who do have insured accounts, just believing they were doing the safe thing by keeping their hard earned money in a savings account. This is just sickening.
I mean if you're a politician would you rather upset an elderly widow or some Russian gangster that can think of a whole host of imaginative ways to kill you?
I'm not sure stealing from those kind of people, rich powerful corrupt criminals, will not come with painful consequences.
I'm so sorry for the the average people who have been saving all their lives to have this happen. These are the people who do have insured accounts, just believing they were doing the safe thing by keeping their hard earned money in a savings account. This is just sickening.
I find it amazing that Cyprus has not been kicked out of the EU, yet, since its shady banking mess is no secret.
What's the difference except "partial one time dispossession" sounds nicer? It's a one time "donation" at the end of a gun. If they're willing to go that far what would make one think they wouldn't go farther later on? More to the point, if it doesn't ignite a violent response from the public wouldn't that give others the idea that they could get away with it?
This could very well light a fire of bank runs in other troubled countries with ripples all the way to our economy. Anyone with half a brain in these countries has got to be thinking "hmmm, I'll bet our leaders have thought about the same solution, they're not going to take mine".
Once one country breaks this cardinal rule and gets away with it you can bet others will look seriously at doing the same thing kind of like a rolling blackout.
This is going to fuel the fears of the already afraid, validate those that think we're already doomed and further enrich the gun/ammo/emergency food industry causing many of the people who were once on the fence to tip over and join the fray. While the odds of confiscation of U.S. accounts are slim to none the psychological effects of what's going on in Cyprus (especially if it spreads to other countries) on the population here could be very bad.
Gonna be a bumpy ride for a few days/weeks.
Good post.
Anything is possible, especially when there is very little trust in our government at this time. With the combination of lack of trust in the government and the "fear" that may overcome people, we could see a slow, light bank run.
I mean if you're a politician would you rather upset an elderly widow or some Russian gangster that can think of a whole host of imaginative ways to kill you?
The Russian mobsters and their billions will be hit the hardest as far as the amounts seized. That's the bread and butter of all this. The little old ladies have to put in too of course. We can't only punish the criminals. Otherwise they would tax only the uninsured accounts, but this scheme is equal opportunity.
I find it amazing that Cyprus has not been kicked out of the EU, yet, since its shady banking mess is no secret.
Because no country can be "kicked out". A country has to leave on it's own.
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