Cypriot Banks May Not Reopen

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The government-bankster combine continues to hold for ransom 100% of the people’s savings, because Cypriot banks, like all banks, are inherently bankrupt thanks to fractional reserves. Add to that their crazed dealings during the boom, and we’re told they deserve even vaster transfusions from the public. There is a lesson here: do not keep any more money in a bank–at near zero interest!–than you need for day-to-day transactions. The US would pull such a stunt in a Chicago minute, to prop up its crony banks.

10:31 am on March 20, 2013