Bank Holiday Extended in Cyprus

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Things continue to go badly in Cyprus, and other EU citizens are warned that their deposits may be taken as well. So here is a possible opportunity for entrepreneurs: set up 100% reserve institutions that have no connection to the central bank. Don’t call them banks; call them trust companies. People and businesses would pay a small fee for the safekeeping of their money, and its easy transfer, with no worries about seizure. Safe deposit boxes could be offered as well. Banksters and their intellectuals have always pooh-poohed such an idea as impossible. But with interest rates near zero, and deposits openly at risk in fractional-reserve banks, surely now is the time for Rothbard Trust Companies all across the continent.

7:39 am on March 26, 2013