Not only is the bail-in a direct theft of depositors’ money, the entire bailout of Cyprus is essentially a wholesale theft of national assets.
by Charles H. Smith, Of Two Minds:
Here is Part 2 of our comprehensive account of the banking/debt crisis in Cyprus. As noted yesterday, the debt crisis in Cyprus and the subsequent “bail-in” confiscation of bank depositors’ money matter for two reasons:
1. The banking/debt crisis in Cyprus shares many characteristics with other banking/debt crises.
2. The official Eurozone resolution of the crisis may provide a template for future resolutions of other banking/debt crises.
It also matters for another reason: not only is the bail-in a direct theft of depositors’ money, the entire bailout is essentially a wholesale theft of national assets. This is the inevitable result of political Elites swearing allegiance to the European Monetary Union.
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