Translation: “Cypriot bank robbery”
Imagine this: You wake up this morning to a note telling you you’re the victim of a bank robbery—but instead of the bank being robbed, the bank is robbing you.
Well, strictly speaking, the government is robbing you: every depositor in the country is having their bank account raided to help pay the government’s debt.
This is exactly what savers in Cyprus woke up to this morning—and it is exactly what can and undoubtedly will happen in every jurisdiction in the world.
Politics aside, the bottom line is that the Rubicon has been crossed, and deposits have now been forcefully confiscated in what Europe promises to be a standalone case. What is certain, is that nobody will wait to find out how long it takes before Europe's class of increasingly more desperate and ill-meaning despots is found to be have lied once more…
Let’s not laugh at the Europeans, because the same legislation allowing this theft exists here and everywhere else.