Sunday, April 7, 2013

Bank on It

Trey Smith

When I first heard about what is going on in Cyprus -- another bank bailout -- I was alarmed. As I understand it, rather than simply handing over monies from the public treasury, the funds were "raised" by raiding people's bank accounts. A tax was imposed on deposits and so Cypriots -- rich and poor -- lost a bit of money as if by magic!

Well, Gaius Publius thinks this is a new universal strategy cooked up by Wall Street. He doesn't think what happened in Cyprus will turn out to be an isolated case. I hadn't really thought about until just now, but he's probably correct. The wealthy elite are bound and determined to get their hands on as much of our meager resources as possible...come hell or high water.


  1. Does this mean it's no longer safe to keep our money in the bank?

  2. That's the idea! Sooner or later there will be another need to bail out Wall Street from its own self-destructive behavior and, instead of an official "bailout" -- something that might cause average folks to become irate -- our leaders will sell this idea as a non-bailout [bailout].


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