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Continue Reading: Regrets Pour In; Cyprus Parliament Passes Bailout Plan; Will Her Highness Approve?
The understatement of the day comes from Fed chairman Ben Bernanke who essentially says: I’m Dispensable . “I don’t think that I’m the only person in the world who can manage the exit,” Bernanke said when asked at a news conference in Washington if he’s discussed his plans with President Barack Obama. What Bernanke said is best translated as ” I’ll get while the gettin’ is good.
Le Monde Headline "No, France is Not Bankrupt" This amusing headline story by Bruno Moschetto, a professor of economics at the University of Paris in the French newspaper Le Monde has me laughing out loud this morning: " No, France is Not Bankrupt " No, France is not bankrupt …
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Here’s one for the thick book of EU lies and hypocritical statements " Deposit guarantees only protect against bankruptcy, not levies " Guarantees on deposits in the European Union are only there if a bank completely collapses, and does not protect from fiscal steps decided by parliaments, the European Commission said on Tuesday, defending a decision to impose a levy in Cyprus. Excuse Me! What are the Cyprus banks, if not shutdown, collapsed, and bankrupt
Direct robbery of Spanish citizens would net Spain about €120 Billion according to economist Niño Becerra who says ” Cyprus Solution is Feasible, Can Be Extrapolated to Spain ” Santiago Niño Becerra, Professor of Economics at the University Ramon Llull in Barcelona, says a tax as imposed on Cyprus in exchange for bailout, would be possible and that “it is very clean, unlike a freeze all balances, which would be a mess.” Through his twitter account, Niño Becerra says it would be more painful for Cypriots if “the bailout were to occur in the form of public debt.” The Spanish government was quick yesterday to claim the Cyprus solution was not applicable to other countries.
EU officials are now swarming over Cyprus threatening to cut off funds to Laiki , Cyprus’ second largest bank if the deal does not go through. Nonetheless, Cypriot politicians are balking because they know what will happen to those who go along with EU blackmail threats
The pertinent question for today is “How many lies will people believe?” I ask that because a German government spokesman says The compulsory levy to pay the depositors in Cyprus, was a special case as Merkel guarantees German deposits for the first time since 2008. The compulsory levy to pay the depositors in Cyprus, is a “special case”, says the Chancellor.