Sunday, March 17, 2013

Can't trust central banks and governments

Folks in Cyprus are learning the hard way.
Early Saturday, the nation reached an agreement with international lenders for bailout help. Part of the agreement: Bank depositors with more than 100,000 euros ($131,000) in their accounts will take a 9.9 percent haircut. Even those with less in savings will see their accounts reduced by 6.75 percent. 
Got that? Responsible savers are seeing wealth confiscated to bail out the "too big to fail" crowd.

Any lessons here for Americans as we watch our government amass trillions upon trillions in national debt?

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