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Capital controls at best buy time. Underlying problems remain unresolved. Failure to address them wages the wrong war. Bad outcomes are assured. Hard times get harder.
FT contributor Tony Barber headlined "Cyprus tremors could shake the world." More than its solvency is at at stake. Legislators shift from one bad plan to another.
Doing so risks spinning things out of control. The island state lies in a combustible region. Military, diplomatic, energy, and financial interests collide. Half a dozen or more countries are involved.
"Perhaps the thought that next year marks the 100th anniversary of the shooting of the Archduke Franz Ferdinand will concentrate minds."
Predatory finance reflects new world order warfare. It does so by other means. It's more destructive than standing armies. It wrecks millions of lives. It's done for private enrichment.
It accumulates wealth the old fashioned way. It steals it. It does so at the expense of ordinary people.
Cyprus heads for life support. Businesses aren't sure how to operate. Many demand cash payments. Hospitals are running out of medications. Other vital services risk breaking down.
Eurocrats control things. They have final say. Ordinary Cypriots face hard times. Financial tyranny threatens them. They'll end up on their own out of luck.
Force-fed austerity assures it. Prioritizing banker payments causes debt bondage, human misery, economic wreckage, and eventual collapse.
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