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Sunday, March 17, 2013
Bank Run in Cyprus: Could It Infect American Stock Markets?
The sheep may be approaching their slaughter. The bank accounts, the savings accounts of the responsible, the least profligate, the most penurious, are under imminent attack in the EuroZone. This is more than an attack on six or ten percent of your savings account. This is an attack on the most sacrificing, the most responsible, and the most righteously angry segment of the population. Nothing creates a moral hazard -- to steal and then to spend -- than the taxation of savings. Those who were irresponsible, or larcenous, converted their ill-gotten gains of yesterday or yesteryear into material goods which are ill-susceptible to taxation and only may be gotten through seizure (and later, through sale at discounted prices). All of this is being undertaken by the EuroZone -- subject, that is, to approval by the Cypriot government meeting on Monday during, coincidentally, a bank holiday in that island nation -- and will roil the world's investment markets. What are the implications for the United States, which remains considered -- despite its warts -- the cleanest of the dirtiest shirts in the closet?