If one thinks Cyprus is too small to matter there is the matter of another small island, called Japan, and that does matter and that’s a $5 trillion economy and 110,000,000 population that is screwing itself into the ground with Abenomics, another Keynesian clusterf*** of cosmic proportions that will kill the Japanese GDP and its people.
Dammit, wake the hell up. If you want to see a city in this country that is close to being Cyprussed, look at Detroit.
700,00 population, close to Cyprus size- $20 billion in due bills–close to the bail-in (thus far) in Cyprus.
What is the difference??? This is an American city.
Last Friday Kevyn Orr, Emergency Financial manager for this totally and completely bankrupt city that said to the world at large—GUESS WHAT–no one is getting paid!
I read the article 3 times and my words below paraphrase what he said in a 2 hour meeting with creditors:
$40 million due Friday NO PAYMENTS-PERIOD
$2,1 billion in unsecured creditors –NO PAYMENTS UNTIL FURTHER NOTICE
Retirees 90% haircut on your pensions—EAT SH** AND DIE OLD PEOPLE
Retirees, 90% haircut on health care funding—FORGET ABOUT EATING SH**, JUST DIE OLD PEOPLE.
$5.3 billion in secured bonds-EAT SH** AND DIE BOND HOLDERS, BOND INSURERS AND BOND BANKS
Sorry about the profanity but this continuing cluelessness due to Confirmation and Normalcy Bias is going to get people killed in this country.
We are already seeing deaths in Turkey due to their riots and certainly suicides and deaths in Spain due to their ongoing financial clusterfu**.
Is there some sort of competition here about how bad things can get financially in Cyprus, Greece, Spain, Italy and Detroit?
They all have the same sickness—a death signal where 50-60% of the youth are unemployed and 25-30% of all age groups unemployed.
Does that sound like a small beer; that the recent events in Cyprus do not matter?
No matter how small the country. Everything matters. If it does not impinge directly on the world stage, it sets precedent that leads politicians and central banks to conclude that if they can steal small, they can steal big. And if there is anything we have learned on SD, bankers love to steal big. A trillion dollars is not enough for these bastards. Thus the reason I am so passionate in being on this site and spend a lot of time opining here.
With all due respect to all those who post here, sometimes an assumption is wrong, just plain wrong and that can get people seriously killed.
If one thinks Cyprus is too small to matter there is the matter of another small island, called Japan, and that does matter and that’s a $5 trillion economy and 110,000,000 population that is screwing itself into the ground with Abenomics, another Keynesian clusterfu** of cosmic proportions that will kill the Japanese GDP and its people.
When the powers that be decide to take a page from the ECB, the IMF and the FED that bail-ins are the next best thing to save a dying country and its banksters, the people, the savers and the industrialists of Japan will get rotoscrewed into the next millennium.
There, I said it and I won’t take back one word because if there is something I am today, it’s pissed off. Of the 7 dwarfs, I ain’t Happy today And besides which, my mechanic just called and said I need new brakes on my truck.