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frankkarl
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EU’s Cyprus madness should be resisted

- Steve Keen - Debt Deflation

Steve, Has the damage already been done? What are Cypriot account holders going to think even if they are told this theft will not proceed? OK, everything is great now. Let's go on as if this threat had never happened, or? A bank run will likely occur in either regard. I think the worst of all will happen . The money will be stolen, and a bank run will occur. The banksters will figure out that it is better to steal the money before the bank run than after. The Troika have fired a small shot that may trigger a major avalanche.

Commented 4054 days ago

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Beginning of the headline :Of all the insane policies that politicians have crafted during this financial crisis, this decision to confiscate deposits is the worst. If it is proceeded with, then the trust the public must have to use the banking system for payments will evaporate–certainly in the Euro region itself, and especially in the states that are already suffering under the EU’s yoke of austerity. Though there are undoubtedly unique aspects to the Cypriot banking system (in scale only; I doubt that there is any Euro... Read More

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