A Safe and a Shotgun or Publicly-owned Banks? The Battle of Cyprus

Edited to expand on the original comments. .

Sorry for the dots and spacing in between sections. This is to compensate for what seems to be an attempt by WordPress, to control the presentation.

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WordPress is unstable and seems more so, including behaving very sluggish, at the moment.

You put your money in the bank, you should know that all you have is an IOU. It is not your money until you have it back, safely in your own 2 hands… Like everything else, it is yours as long as you are ready, willing and able to defend it. … …
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Do not take this as an endorsement of the author of this piece. It is entirely possible that she and me are diametrically opposed in ideology. She is a smart girl, no doubt. Lots of smart people out there, that are also wrong, whether wittingly or otherwise.



The basis for the caveat is a piece by Gary North on November 23, 2010.

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In a review of Ellen Brown’s book, The Web of Debt, North quotes the reviewer as saying that

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“Brown proposes to entrench the very same system she’s been “shocking” us with. This is not “how we can break free” — it’s the same trap.”

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North further states that Brown has proven the reviewer’s case.

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She never had a clue about economic theory or monetary theory. She has therefore switched sides with ease — we might call this intellectual quantitative easing.

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There is no intent to become embroiled in this little shindig. North’s article should be read slowly, as he can be a little confusing, as indicated, below.

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She has just switched sides. Instead of becoming an Austrian School critic of the Federal Reserve, she has become its cheerleader.

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That is clear enough, but this part is confusing. It would seem that North got this little bit a bit backward:

This is Bernanke’s loss and the Tea Party’s gain.

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You are on your own. Here is the link to North’s piece:
http://www.lewrockwell.com/north/north910.html

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Sorry for the dots between sections. WordPress is unstable and seems to want to dictate spacing and other issues, including behaving very sluggish, at the moment.

WEB OF DEBT BLOG

If these worries become really serious, . . . [s]mall savers will take their money out of banks and resort to household safes and a shotgun.

Martin Hutchinson on the attempted EU raid on deposits in Cyprus banks

The deposit confiscation scheme has long been in the making.  US depositors could be next . . . .

On Tuesday, March 19, the national legislature of Cyprus overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout.  Reuters called it “a stunning setback for the 17-nation currency bloc,” but it was a stunning victory for democracy. As Reuters quoted one 65-year-old pensioner, “The voice of the people was heard.”

The EU had warned that it would withhold €10 billion in bailout loans, and the European Central Bank (ECB) had threatened to end emergency lending assistance for distressed Cypriot banks, unless depositors – including small savers…

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About ace5ace

60, roaming the Ozarks.
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