After 2 days of headlines, it becomes difficult to get the actual facts and details. Writers begin to use hip phrases instead of factual details.
What exactly is the government confiscating in Cyprus and from who? Has it even been determined yet?
Has anything been confiscated yet? Are all bank accounts locked down in Cyprus? By government or banks or both?
russian gangsters ldo
... just as the State
has no money of its own, so it has no power of its own - Albert Jay Nock
Simple, anyone who has a deposit in a Cyprus Fractional Reserve Bank. The government of Cyprus can not steal money through inflation and so must do this through outright confiscation. And to make matters worse there is no other legal currency than the Euro. So the poor people there are stuck.
Isn't a better name fictional reserve banking?