Tuesday, March 19, 2013

Cyprus: why so timid?

Now that the Cypriot government, at the behest of its European masters, seems about to confiscate a portion of depositors' money, the question arises: why stop there?

Why not take 100% to shore up bank reserves, compensate the former savers by making them the joint shareholders (one share per Euro forfeited), pay the banks' managements a monster bonus to extract all remaining capital value and sell the whole shebang to some large international banking concern for a dollar (to be divided among shareholders)?

Isn't that what is happening all around the West anyway, by degrees and by means of inflation and forced subventions from governments whose members have an eye to their future post-democratic employment selling their contact books to stateless plutocrats?

Why are the Cypriot pussycats so afraid of wetting their paws?


Paddington said...

Because a great deal of the money on deposit is Russian mob money?

Sackerson said...

Possibly. Reportedly, Schauble was pressing for up to 40%.