Poof, half your money just disappeared into a Euroweenie bailout fund.
The Cypriot government says depositors at the country’s largest bank will lose 47.5 percent of their savings over the 100,000-euro ($132,000) insurance limit.
Large depositors in Cyprus’ two biggest lenders were forced to take losses as a condition of a 23 billion-euro ($30.5 billion) rescue package the country agreed on with its eurozone partners and the International Monetary Fund in March.
When Obama says he wants America to be more like Europe, you have to wonder if this isn’t the kind of thing he has in mind.
Our debt-to-GDP ratio is now 3 to 1. Sooner or later all that debt is gonna come due. And as the saying goes, banks are where the money’s at.