I’m not sure that people are awake enough and smart enough to really grasp what this means. Normalcy bias takes over and people think “it won’t happen here”. Or they are authoritarian followers and think the PTB can do what they like “for our good”. The PTB, on the other side, are just doing this as a test – because they are pretty sure they can get away with it for the mentioned reasons. They’ll start with 10% and then go to 50% to 75% to 80%. But really, if I were you and had savings, I’d remove them from banks. It will happen; they do not want anyone to have any resources to resist their full-spectrum dominance.
The crazy theft of depositor savings in Cyprus could start a European bank run on Monday
You can be forgiven for thinking that you don’t need to give a hoot about what’s going on in Cyprus this weekend.
After all, it’s just a little island somewhere in the Mediterranean.
But what’s going on in Cyprus could actually matter – not just to the rest of Europe, but to the rest of the world.
Here’s the short version of what’s happening:
Cyprus’s banks, like many banks in Europe, are bankrupt.
Cyprus went to the Eurozone to get a bailout, the same way Ireland, Greece, and other European countries have.
The Eurozone powers-that-be gave Cyprus a bailout – but with a startling condition that has never before been imposed on any major banking system since the start of the global financial crisis in 2008.
The Eurozone powers-that-be (mainly, Germany) insisted that the depositors in Cyprus’s banks pay part of the tab.
Not the bondholders.
The depositors. The folks who had their money in the banks for safe-keeping.