Cypriots Eat Cake For Breakfast
Many Russians & Brits Tuck In As WellEDITORIAL
The unprecedented mass plunder of private saving accounts in Cyprus demanded by the European Union - and currently being forced through the Cypriot parliament - should serve as a loud warning to all citizens of the free world - or at least to the remaining few who still have cash savings in bank accounts - no matter how small.
If you have not heeded the year long loud call by analysts to transfer your wealth from today's global fiat currencies and stock exchange casino chips into solid investments such as gold, silver and property you should take notice of what is happening in Cyprus today.
This morning thousands upon thousands of ordinary citizens in Cyprus face the destinct possibility of having between 6 and 10 percent of their savings confiscated by the Cypriot state and handed over to the European Union's masters; the bankers.
The reason? If Cypriots don't cough up a slice of their savings, two of Cyprus' biggest banks will fail - and everyone with money in those banks "will lose everything". Or so the story goes ... Of course it would be a far simpler matter to ditch the Euro and save the citizens - not the bankers.
Cyprus' democratic system offers the island version of Hobson's choice; one has the free choice of refusing to pay the "levy" and opt instead for a penalty; a mere fifty thousand Euro fine and five years in jail. (The firing squad option is only likely to be adopted later.)
You can expect other domino countries to take the tumble; Portugal is currently the most promising candidate, although Brussels is likely to tread more carefully with the Portuguese as a breakaway from the Euro would be the certain outcome.
In the midst of the current global currency war, with the US and Japan "printing" money with gay abandon, one currency has so far resisted the urge to devalue itself; the fickle Euro. The European Union has adopted a far more European approach to the global financial crash: take it from the peasants and if they go hungry "let them eat cake".
It is currently reported that over half of the savings held in Cypriot banks are "offshore" accounts belonging to Russian citizens and companies. In addition there is a large community of British permanent residents that will suffer the same "levy".
So it turns out that we should not be feeling sorry for the Cypriots alone but should rather offer the bulk of the sympathy to the ones who are footing the lion's share of the bill; the wealthy Russians and suntanned Brits.
A terrible precedent is being set in Cyprus today and everyone "with money in the bank" - anywhere in the world - should be taking note of how citizens (and expat residents) of a sovereign country can have their private and personal wealth plundered from under their noses by a self-appointed financial Mafia in Brussels.
From today, no private or business bank account is safe - anywhere.
Excluding Africa, of course, where "we've been having it..." for a very very long time.
Pass the cake ...