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by
Rick Moran

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March 23, 2013 - 7:15 am
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Grabbing retirement money seems to be all the rage among the socialist kleptocrats. It’s making their mouths water thinking about what they could do with all that cash. At the moment, your 401K might not be worth what it once was, but at least its safe. Whether it will be tomorrow is an open question.

These are all short-term fixes for Cyprus’s overfed, undercapitalized banks.

Cypriot leaders fear the damage the levy would do to the country’s offshore banking industry. The tottering banks hold 68 billion euros in deposits, including 38 billion in accounts of more than 100,000 euros – enormous sums for an island of 1.1 million people which could never sustain such a big financial system on its own.

With the Island’s GDP at $24 billion, there are almost 3 times as much in bank deposits as the entire economy is worth. They are going to have to address that fundamental problem if they expect to put their financial house in order.

The parliament has the ability to throw a monkey wrench into the proceedings and blow up the deal. But since the alternative is unthinkable, they will likely swallow hard and pass the legislation.

Related: 

Europe Attempts to Tax Bank Accounts in Cyprus. Is America Next?

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Rick Moran is PJ Media's Chicago editor and Blog editor at The American Thinker. He is also host of the"RINO Hour of Power" on Blog Talk Radio. His own blog is Right Wing Nut House.

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All Comments   (7)
All Comments   (7)
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50 weeks ago
50 weeks ago Link To Comment
Why don't they just pull an iceland?
1 year ago
1 year ago Link To Comment
Boy, I'd hate to be a Cypriot banker next Tuesday.Flak jackets anyone?
1 year ago
1 year ago Link To Comment
Worst case, one must write off all electronic assets accessible to the Federal
government, live in / move to a State which will protect physical assets from
Federal confiscation, and plan for a future in which one has to earn enough
to cover one's expenses; Work or die. Use it up, wear it out, make it do,
or do without. Oh, yes, and take an interest in politics, to prevent it taking
all your interest, again.
1 year ago
1 year ago Link To Comment
Regretfully, in such an environment, the only really safe assets are those you have physical possession of. Even real estate could be in jeopardy, because it depends on paper titles and the willingness of the state to defend your property interest. What happens when it's the state that wants to whack some off?

I've never been a gold bug, but burying a little stash in the backyard is beginning to look a little more rational.
1 year ago
1 year ago Link To Comment
I find it interesting what leftists will do in places where citizens are not allowed to possess firearms. I hope the current rash of gun control legislation is not lost on this readership. Even innocent background checks, which Colorado says it does not keep, are meant to intimidate gun owners. Digital records are never completely erased. They exist on backup tapes made the weekend before they were deleted.
1 year ago
1 year ago Link To Comment
Such a graphic example of the ease with which powerful men can reassign one's electronically recorded "wealth" or just make it disappear seems likely to erode men's estimate of the value of such "wealth." It also seems likely to provoke strong defensive reactions hereafter. Moreover, the case seems to have a bearing on electronically recorded "wealth" of many sorts, not just fiat money. For example, the case seems not very different when the "precious metal" one "owns" is really just a flimsy electronic record of such ownership.
1 year ago
1 year ago Link To Comment
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