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To: Fiscally Conservative who wrote (47314)	3/17/2013 10:52:12 PM
From: Copeland	3 Recommendations Respond to of 219471

I've been reading several articles about this over the weekend. Apparently, almost everyone on Cyprus knew that their banks were in serious trouble. In fact, the big Russian accounts are rumored to have moved the majority of their funds to the new loose banking hot spot -- Latvia. However, everyone was counting on ECB deposit insurance to kick in should their two big banks go down in flames and that only those with accounts greater than 100,000 Euros would be victims. This 6.75% levy on accounts under 100,000 and roughly 10% on accounts over 100K completely came out of left field, which means that the ECB doesn't plan on letting any bank fail without depositors (and not bond holders -- largely other euro banks) taking it up the tailpipe first. I guess they're sick of bailing out these spendthrift socialist havens that refuse to give in to austerity measures, but still want them in the eurozone for the cheap labor and consumer markets. Unbelievable. This could clearly happen here. Rather than have FDIC coverages kicking in, which would bankrupt the FDIC should enough of the small banks or any of the big banks fall, the President could simply enforce some sort of banking measure under the emergency banking statutes passed under FDR that would force account holders to take "equity" in a failing bank to recapitalize it through a mandatory haircut on their accounts. The moral of this cautionary tale -- don't put your money in a PIGS bank and don't trust the panacea of deposit insurance. We'll see if enough people heed this advice on Monday and cause a southern European bank run.

To: Fiscally Conservative who wrote (47314)	3/18/2013 9:37:48 AM
From: fred woodall	Read Replies (1) \| Respond to of 219471

Not likely. Government would have to abolish the 2nd amendment first. We're to smart to let that happen! I don't see how anyone could conceive the idea of keeping money in any European bank with the exception of Germany. Cyprus could be a non event if the EU cronies come up with a plan to protect deposit accounts under 100K. Institute a "tax only the rich" plan to silence the masses. Worked here!! That needs to happen quickly before evidence of a bank run in Portugal.