So have you been watching the catastrophe in Cyprus? It would be funny if it weren’t so tragic.
The abuse of language surrounding it would also be amusing if it weren’t so Orwellian. The original plan was for even the smallest bank depositors to pay a “tax,” a “levy,” or a “fee,” or “take a haircut” on their deposits. Nobody in the MSM ever used the proper term: confiscation.
Now that Ma and Pa Cypriot have been “allowed” to keep their allegedly insured deposits and the EU is free to take all they want from
the rich the moderately well-off Russian investors anyone with more than 100,000 euros in the bank, a few are beginning to call it what it is.
Oh, but it’s okay. Because those whose money is stolen will be given … um, bank shares. Yeah, really valuable bank shares in exchange.
Now nobody trusts the banks in Cyprus and currency controls are sure to follow, if they haven’t started already.
And all this, of course, we’ve been warned about for years. It’s just that nobody told us the trial run would be made in some obscure place most people couldn’t even find on a map.
Is this a harbinger? Can you doubt it?
That makes it an opportune time to talk about being unbanked. Or at least underbanked.
Excellent article at that link (thank you, G). I know from experience. I am no longer unbanked, but was “minimally banked” (with a checking account I got back in the days when, with some effort and knowhow, you could still get one without an SSN) for a long time. Even that was not easy; merely walking past a bank and knowing that the likes of me was not welcome there was constantly depressing.
Being an Outlaw is hard. Being unbanked is hard, getting harder all the time, and isn’t for everyone. If we don’t live in Cyprus, Greece, Italy, etc. our own bank runs may be a few years off. Perhaps we can afford to be complacent — for a while. Still, we shouldn’t make the mistake of thinking that what happened to Cyprus has nothing to do with us.
The world has just been given a cheap (for the rest of us) lesson in how our future is likely to unfold. It’s an ongoing lesson — still a lot to learn from what happens next to Cyprus, the PIIGS, the Eurozone, the euro, life, the universe, and everything.
It’s quite a show — as long as we have the comfort of watching from the sidelines. But are you willing to bet your hard-earned money that you and I will never become the show?