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Depositor Haircuts: The New Normal
by Stephen Lendman
Grand theft is official policy.
On March 29, Cyprus Mail said banks opened Thursday. They did so amid calm.
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.
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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