Mar 18, 2013

The end of banks in EU

When the EU leaders support a 10% tax of bank deposits, that is the end of banks in EU. Some called it government bank robbery:
Cyprus to raid private bank deposits, on orders from European Union.

Soon there will be bank runs in EU countries. Time to put your money under your pillow, or hide it in your garden if you have one. Or transfer to an Asia bank, where hopefully the EU leaders cannot reach them.

After using or misusing all your citizen-owned wealth, the governments are coming after your savings. And this is another regressive robbery dressed up as progressive tax. The rich don't put all their wealth in bank deposits.

More warning of a global disaster:
Why the Cyprus Bail In Is a Bigger Deal Than You Think

So, you can see, this little decision to seize a little money from bank depositors in the little island of Cyprus could be a much bigger deal than you think.
It could conceivably precipitate a run on weak European banks.
And a run on weak European banks could hammer the European economy and then the economy of Europe's trading partners. And it could cause global markets to crash.

No comments:

Post a Comment