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Depositor Haircuts: The New Norman

By       Message Stephen Lendman       (Page 1 of 10 pages)     Permalink    (# of views)   1 comment

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Depositor Haircuts: The New Normal

by Stephen Lendman

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Grand theft is official policy.

On March 29, Cyprus Mail said banks opened Thursday. They did so amid calm. 

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Long lines queued. People waited patiently. A feared stampede didn't materialize. Whether it's the calm before the storm remains to be seen.

Looting Cypriot bank accounts reflects the new normal. It set a precedent. It did so for Europe.  More on that below.

Wall Street banks operate the same way. So did MF Global. 

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Grand theft reflects official policy. Money is made the old-fashioned way. It's stolen. Nothing's done to stop it. Corrupt politicians and regulators permit it. They do so for benefits they derive.

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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.

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