Akp, I have this discussion with my cousin about how the US govt can screw the american people out of their money if the economy completely collapsed & he says that no matter what, your money is safe but I don't believe it.
What we saw in Cyprus is the beginning of the end to what you will see in the rest of the world within the next 10 years.
What we saw in Cyprus is a template of how to scam people out of there money & for these international bankers to walk away with a smile on their faces.
I think we will see more events like we saw in Cyprus in the rest of the world in the next 10 years.
These biionaires draw something up, e ecute their plan on a small country & if it works to their liking, move on & do it again to a bigger country.
Like I said, you have to understand how monetary systems work to understand the difference between Cyprus and the US. Not even mentioning the fact Cyprus is a little ass country with a $23b GDP.
This is one of the reasons the gold standard failed and one of the reasons why we would never use a currency like Bitcoin. The difference between being revenue restrained. Cyprus is part of the EU, which means banks in Cyprus that had investments in Euros and lost them after the collapse of the world economy, mathematically could not pay off all their depositors.
The US does not have that problem as was shown during the crisis. The Federal Reserve can always make sure that people have access to their money and can always make sure that banks can exchange money for deposits. There is literally no mathematical case in which we depositors would ever lose money (outside of the FDIC insurance).
That's why the Euro is a disaster. What the IMF has said is that plans are in the works to turn the EU in to a system replicating the US where there would be one bonding/taxing agent. This would allow them to make sure countries like Cyprus can fulfill their obligations even in the case of a crisis. The problem is the EU countries still want some sovereignty. Like the German's do not want to sacrifice the value of the Euro to help out other countries. Basically what they have done is turned these EU countries in to states, like California or Wyoming. If Wyoming can't pay their debts, they are screwed just like Cyprus. The difference is we have federal regulations that protect Wyoming residents unlike the EU.
Cyprus is not an example of whats going to happen in the future, there an example of why we have the current system we currently do and why almost every developed country in the world is migrating to it. If you have the US system, situations like Cyprus wouldn't exist.
