What happened to Cyprus will NOT happen to the US... It will be much worse.

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Comment by Russell S.Wyllie on March 27, 2013 at 1:25pm
Other factors are in play which ruin an economy.
In Britain the immigration and welfare bill go hand in hand. People from the EU and other countries have surged into Britain- and millions of Romanians and Bulgarians will have the green light to enter Britain next year.
Too much cash has been handed out in a multitude of benefits payments to foreign nationals, and now the austerity measures are kicking poor people out of rental homes, especially with the introduction of the new Govt bill, the 'bedroom tax' ( explained:- if a property has a spare room then the welfare tenant has to get another tenant to take the spare room or the tenant will be moved to a smaller house by Govt ).

A large percentage of people from the EU and others who are allowed to stay in the UK also send money back to families in other countries.
Another issue would be cyber-crime, with billions of pounds each year being syphoned off from businesses and banks.
Tax havens are a big part- with an estimated £70 Billion each year being banked outside the U.K.

Banks have been handed hundreds of billions of pounds in bailouts- but the banks will not lend to small businesses like they used to, and so local businesses, shops and local economies decline or close down.

Government has left the situation deteriorate slowly, knowing quite well that the economic and welfare problems would engulf the U.K economy eventually- and then they implemented the most harsh austerity measures like public sector wage freezes, benefit rate freezes etc. The Govt do not function to protect the economy until the worst starts to happen because that's how they get the most harsh austerity measures agreed in Parliament...

Of course the rich are not affected by the dire situation that Govt austerity brings- and so the circles of rich (the elite) grow stronger while a large percentage of the middle class are hurt by austerity and have to climb back up the ladder slowly.
The Conservative Party of Britain are the most extreme elite, and only want to strengthen their elite circles in business and Government to surge ahead with their wealth at the expense of the hard working majority, and by specifically crushing the poorest in society who get thrown off the ladder completely.
Comment by Ken Troxel on March 27, 2013 at 10:55am

Agree. I only keep enough money in my checking account to cover bills, the rest i keep in cash.

A banker holiday is inevitable.  Once that happens, we will see deflation, since most everyone uses electronic means of payment, they will not be able to purchase anything. Prices follow demand or the ability to purchase, the price of goods should fall, for a time until the shelves run dry. Whether its physical cash, metals or bitcoins, the ability to utilize a means of exchange in the challenging times ahead is key.  Also consider trade/barter items to stock up on.

Comment by Just Bill on March 27, 2013 at 3:01am

You guys do what you want ... I've been taking my money out. It wasn't earning any real interest so no harm to me. Next up, convert to small stuff.

Comment by Lloyd Sewell on March 26, 2013 at 9:54pm
Comment by ABRAHAM WEINSTEIN on March 26, 2013 at 8:12pm

There is a movie called ROLLOVER that was made some years ago that does an excellent job of showing what the BANKERS and WALL STREET have done, are doing and what the final end result will be. Really well done movie and I STRONGLY suggest to everyone to watch the film as soon as possible.

Comment by Ken Troxel on March 26, 2013 at 7:40pm

Cyprus purchased fraudulent securities from Greece that were created by Goldman Sachs. This was done to destroy the Cyprus economy to create the conditions where the resources of Cyprus could be procured far cheaper than had Cyprus economy been strong. This is an old tactic illustrated by:

“Confessions Of An Economic Hitman” John Perkins, Pt. 1-4 Link: http://www.youtube.com/watch?v=48Q0Igb6cd0&feature=player_embedded

The Russian money was taken out of the banks through Cyprus affiliates in other countries that did not have withdraw limits.  Russia is going along with the charade for some unknown point of interest, most likely resource rights in the long term.

Comment by Sweettina2 on March 26, 2013 at 4:56pm

Much worse!


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