Cyprus: $17 Billion Isn’t Enough

Euro Death Spiral

Oh, but everyone believed that if Cyprus “came up with” $7 billion (by stealing deposits) and shutting down the banks, along with capital controls, the $10 billion was “enough.”

Oops — it’s not.  As I noted at the time the destruction of jobs that came from pilfering small and medium sized business bank accounts was going to lead to monstrous layoffs — and thus fewer tax receipts.

Now the number has gone up to $23 billion — six billion more — which incidentally is twice what the government was first told they had to find on their own.

Yet another abject fraud perpetrated on the people.

Are you learning yet America?

Probably not.

Your Representatives aren’t telling you the truth.  Neither Democrats or Republicans are doing so.  The Fed isn’t doing so.  And you’re not paying attention because “happy days are here again, the market is going up!

Uh huh.  It did in 1999 too.

It did in 2006 and 2007 too.

There were “rational” and “reasonable” views of why everything was going to be ok then too.

But the number didn’t add up then just like they don’t now.

Don’t say you weren’t warned, because you were.


Discussion (registration required to post)