Submitted by Bill Holter:
Confidence also allows business transactions to evolve and to consummate. The kid down the street will cut your lawn because he is “confident” that you will pay him when he is done. You go to work with the confidence that your employer will pay you at the end of the week. This same confidence exists between producers and consumers, manufacturers and distributors and end users. It exists between…depositors and bankers (or at least it did). “Confidence” exists only because we have laws, laws that are followed and enforced from top to bottom and everywhere in between. Confidence can also exist because one’s “character” is known and respected. It takes time for this “known and respected” character to be built, it only takes one bad act to destroy it. The current Cyprus affair is probably the millionth public screwing that the populace has witnessed, but it will surely be the one that they wake up to because bank money “supposed” to be sacrosanct.
This Cyprus heist negates totally ALL rule of law.