Cyprus...now we Know!

Bye Bye Laiki!

Well the deal that the EU, the European Central Bank and the International Monetary Fund cobbled together with the Cypriot Government to 'steal' money from rich depositors has finally come to fruition.

If this had been a story  taken from a novel 10 years ago it would have been dismissed as farcical.
Governments and banks forcibly 'stealing' money from depositors to keep a country in an organisation funded by public money but never audited! What a joke!

My question is  what happens now? If I was a Russian oligarch who had just had a huge chunk of money relieved from my account without my permission my wealth would not stay too long in a Cypriot bank!  The Cypriot government still has to pay back the 'bail-out' so how will they do that if their wealthiest depositors withdraw what is left of their savings?

I stated previously that I am sure the Russians will challenge this act of treachery because it must somewhere contradict international agreements.  It just cannot be honest.  It also illustrates that we cannot trust the international banking system.  What they have done once they will do again and again and clearly nobody is safe.

Just remember we (here in the UK) have been printing money to manipulate the economy for some considerable time now.  They have given it a high sounding name 'quantitative easing' but it is still cheating the people. As a result of what has happened in Cyprus I no longer trust banks.  We all need bank accounts but I shall only be keeping sufficient in my current accounts to meet the bills because I believe that one day it will all come crashing down.

In addition is the proposed 'Mansion Tax' not another way to forcibly confiscate wealth? It is not directly robbing bank accounts but it is indirectly confiscating wealth. We must begin to oppose this morally bankrupt political class or else we will all lose our savings one way or another!