nbruno322
03-26-2013, 07:10 AM
Worth reading, thought I would share:
The Top 4 Lessons of the Cyprus Debacle You Shouldn’t Have to Re-learn
"The events in Cyprus have given us an opportunity to re-learn some valuable lessons.
Lesson #1 - Do Not Trust Politicians
Nicos Anastasiades, the current president of Cyprus, had made it a campaign promise during the previous election that bank deposits would be safe. Like nearly everything a government official will tell you, the opposite is usually true; Anastasiades’ promise turned out to be worthless. To put salt in the wound, it has been alleged that Anastasiades tipped off his close friends about the impending crisis. According to Italian media, they were then able to move 4.5 billion euros out of the country in the week before the banks closed.
Lesson #2 - Ditch the “This Can’t Happen Here” Mentality
Of course it can. What happened in Cyprus can happen to any country for any number of pretexts, and has throughout history. But could it happen in the US? According to Judge Andrew Napolitano, it could. The Judge says, “People who have more than $100,000 in the bank are targets for any government that's looking for money to shore up its own inability to manage its finances.” Click below for a quick interview with the Judge on the topic."
http://www.internationalman.com/global-perspectives/the-top-4-lessons-of-the-cyprus-debacle-you-shouldn-t-have-to-re-learn
The Top 4 Lessons of the Cyprus Debacle You Shouldn’t Have to Re-learn
"The events in Cyprus have given us an opportunity to re-learn some valuable lessons.
Lesson #1 - Do Not Trust Politicians
Nicos Anastasiades, the current president of Cyprus, had made it a campaign promise during the previous election that bank deposits would be safe. Like nearly everything a government official will tell you, the opposite is usually true; Anastasiades’ promise turned out to be worthless. To put salt in the wound, it has been alleged that Anastasiades tipped off his close friends about the impending crisis. According to Italian media, they were then able to move 4.5 billion euros out of the country in the week before the banks closed.
Lesson #2 - Ditch the “This Can’t Happen Here” Mentality
Of course it can. What happened in Cyprus can happen to any country for any number of pretexts, and has throughout history. But could it happen in the US? According to Judge Andrew Napolitano, it could. The Judge says, “People who have more than $100,000 in the bank are targets for any government that's looking for money to shore up its own inability to manage its finances.” Click below for a quick interview with the Judge on the topic."
http://www.internationalman.com/global-perspectives/the-top-4-lessons-of-the-cyprus-debacle-you-shouldn-t-have-to-re-learn