Glenn’s comment regarding Savings account seizure plan draws fury in Cyprus
WHO COULD HAVE SEEN THIS COMING? (emphasis added)
and he follows up with a suggestion for Republicans:
If I were a Republican in Congress, I’d introduce a bill — tomorrow! — banning, and, in fact, criminalizing, such seizures in the United States. That would be popular, and if the Democrats were dumb enough to oppose it, it would make people wonder what they were up to.
I disagree with Glenn. The Democrats, who believe we don’t have a debt problem, would ridicule Republicans as “financial wackos” trying to terrorize the American public about an event that is as unlikely to happen as the Sun not rising tomorrow. Laying out the story for the Democrats would be the main stream media.
Added:
Getting back to Glenn Reynold’s question “Who could have seen this coming”, Financial Times writer Wolfgang Münchau speculates in his article Europe is risking a bank run as follows:
The really puzzling thing is why did people not withdraw their money before? Did they not read the newspapers? Maybe they trusted the new president of Cyprus, who had promised them that he would never accept this? And why has there been so little deposit flight elsewhere in southern Europe? Did they, too, trust their governments? More importantly, will they continue to do so now?
In whatever country you happen to live you should ask yourself two questions:
- Do you trust your government?
- Do you trust your banking system and monetary authorities?
