Share on Google Plus Share on Twitter 1 Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend 1 (3 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   1 comment
OpEdNews Op Eds

Cyprus Update

By       Message Stephen Lendman     Permalink
      (Page 1 of 5 pages)
Related Topic(s): ; ; ; , Add Tags Add to My Group(s)

View Ratings | Rate It

Author 194
Become a Fan
  (191 fans)
- Advertisement -

Cyprus Update

by Stephen Lendman

- Advertisement -

Cypriots face harder than ever hard times.

It's all over but the post mortems. Eurocrats demanded their pound of flesh. Cypriot officials surrendered. 

They sold out their people. They deserve better. Expect greater than ever hard times. Expect growing poverty, unemployment and despair. Expect public anger. At issue is whether it'll bubble up and explode.

Zero Hedge headlined "Next Up For Cyprus: Depression." It forecasts real GDP declining over 20% by 2017. "Risks are clearly on the downside." Ahead expect more bailout help needed.

- Advertisement -

With tongue in cheek perhaps, European Commission economic chief Olli Rehn said "It's clear the depth of the financial crisis in Cyprus means the near future will be very difficult for the country and its people."

He omitted saying Cyprus' trouble is protracted. Ordinary people will suffer most. Responsible solutions weren't chosen. 

They'd have softened crisis conditions if implemented. They'd have hastened recovery. They'd have mitigated pain and suffering. Bailing out bankers matters most.

"Congratulations Cyprus." Sacrificing sovereign rights benefits German Chancellor Angela Merkel. Her September reelection chances improved.

Der Spiegal commentator Armin Mahler headlined "Euro Bailouts: Savers Be Warned - Your Money's Not Safe."

Germans are worried for good reason. Banker bailouts harm their security. "At times like these, the only thing that is certain is that nothing is certain."

Even savings accounts aren't safe. Nations teetering on bankruptcy may seize them. Guarantees protecting them aren't worth the paper they're written on.

- Advertisement -

Post-WW II, Germans learned lessons the hard way. They were charged extra real estate taxes. Compulsory mortgages reflected them. They had no say.

Governments prohibit owning gold during currency crises. People are forced to exchange it for depreciating fiat money.

Other troubled Eurozone countries may levy asset charges. Doing so makes ordinary people bear burdens they didn't cause.

Next Page  1  |  2  |  3  |  4  |  5


- Advertisement -

View Ratings | Rate It

I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon

Go To Commenting
/* The Petition Site */
The views expressed in this article are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Related Topic(s): ; ; ; , Add Tags
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The McCain-Lieberman Police State Act

Daniel Estulin's "True Story of the Bilderberg Group" and What They May Be Planning Now

Continuity of Government: Coup d'Etat Authority in America

America Facing Depression and Bankruptcy

Lies, Damn Lies and the Murdoch Empire

Mandatory Swine Flu Vaccine Alert