In the USA, we just keep interest on savings at 0.1% to penalize people
Posted in the New York Forum
#1 Mar 20, 2013
If that doesn't work, they we'll skim the accounts.
Cypriot banks racked up huge losses in the past several years by issuing loans to businesses in Greece that are now virtually worthless as that country grapples with the fourth year of a severe recession. The banks also took huge financial losses on large holdings of Greek government debt, which they bought when times were good in order to profit from attractive interest rates.
The bailout crisis has outraged average Cypriots, many of whom oppose the government’s skimming their accounts to pay for the banks’ mistakes.
#2 Mar 20, 2013
Read G. Edward Griffin's 'The Creature From Jekyll Island' and you'll understand why and how what's happening in Cyprus is coming to YOUR local bank.
It's all about "too big to fail."
The big banks know that they are TBTF, and act as if. Specifically, they know that us tax payers will bail them out if anything goes wrong.
Hence, they have incentive to take unsustainable risks in the hopes of making profit... until it blows up... because when it inevitably blows up, they know that we taxpayers will get the clean-up bill... not them.
No, thanks to our corrupt Democrats & Republicans, the heads of the failed banks will get huge bonuses and us citizens will pay for it all...
Why? Because you partisan idiots will blame the "other party" even though they are both in on the scam.
Pretty good gig, huh? And it will continue as long as you sheep continue to pledge allegiance to party instead of country.
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