David Morgan: The Fiat Iceberg Emerges in Cyprus

In this interview with Ellis Martin, David Morgan reviews a prediction he made a month ago to subscribers of The Morgan Report. “Not to belabor Banking 101, but our quote from Eric Sprott is correct. From a legal and financial accounting standpoint, the term “deposit” is used by the banking industry in financial statements to describe the liability owed by the bank to its depositor, and not the funds that the bank holds as a result of the deposit, which are shown as an asset of the bank. (It is now the bank’s money, not yours.)”
The iceberg commeth in Europe and Cypress is just the tip of this Titanic ride.

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