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vox kadavergehorsamkeit
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EU’s Cyprus madness should be resisted

- Steve Keen - Debt Deflation

In one form or another, be it to bail out the banks or government, this will be coming to a theatre near you soon. My suspicion is that it will be in slightly different form than what the Cypriots are experiencing. In the case of banks, they will grab your cash and give you shares in the bank. With governments, they will give you a bond. And why not? It has been done before and from their perspective, it is a far better thing that you be impoverished than having to face the consequences of their own stupidity.

Commented 4055 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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