Wednesday, March 20, 2013

Yay, Cyprus!

How very nice that the Cypriot Parliament decided that abdicating the guarantee on deposits under €100,000 was unacceptable.  Take that, fucking Angela, and if you have political problems with your anal retentive base, that's your problem.

Stop and think about it.  One of the greatest contributions of the Roosevelt administration was the FDIC, the government guarantee of deposits into saving and checking accounts.  Europe emulated the Roosevelt initiative, and banks suddenly felt a hell of a lot safer.

The German recommendation for how to bail out Cyprus strips away that depositor confidence.  I can't be any happier that the Cypriot Parliament told the Germans to go fuck themselves.

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