What I know about Cyprus: (1) It’s an island; (2) It is the opening scene of Leon Uris’ Exodus, something about “Welcome to Cyprus, goats and monkeys.” Recent events there could bring the same results as the Creditanstalt bankruptcy in 1931.
“The one thing that went wrong for Cyprus was its bankers expecting that Euro zone politicians could be trusted to pay back their loans.
…
“There are very few limits to what you can do to people in the modern interpretation of democracy. A version where only majority rule is required, but where there is no longer a respect for personal negative rights – as we know them from the American Constitution.
“The easiest target will always be wealthy people, or even just working people and savers who did the right thing all their lives. As the bloated welfare states begin to collapse under their irresponsible promises, their crumbling value systems and their unsustainable demographics, it will be easy to convince more than 50 percent of voters that confiscating and stealing other people's money is OK for the greater good. Boston Consulting Group calculated that 28 percent of ALL private wealth is needed to meet just existing debts – not future obligations , mind you – and the money can only come from one place… Your pockets. Beware.”
http://www.zerohedge.com/news/2013-04-03/saxo-bank-ceo-blame-euro-not-cyprus
Found at maggiesfarm.
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