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Depositor Haircuts: The New Norman

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When their bets pay off, they win. When they don't, we pay. Wealth confiscation is now policy. Commerzbank chief economist Joerg Kraemer urges a "tax rate of 15 percent on (Italian) financial assets."

It's "probably enough to push (government) debt below the critical level of 100 percent of gross domestic product," he said.

New Zealand Finance Minister Bill English proposed across the board depositor "haircut(s)" in case of major bank failures.

Britain's Daily Mail headlined "One of the nastiest and most immoral political acts in modern times," saying:

"People who rob old ladies in the street, or hold up security vans, are branded as thieves." 

"Yet when Germany presides over a heist of billions of pounds from private savers' Cyprus bank accounts, to 'save the euro' for the hundredth time, this is claimed as high statesmanship."

"It is nothing of the sort".It has struck fear into the hearts of hundreds of millions of European citizens, because it establishes a dire precedent.

If Eurocrats can loot Cyprus, why not anywhere. 

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