Cyprus – A Test Run
Predators feed on the small and weak … first.
I preaching to the choir hear but just in case someone didn’t get the memo …
This is why you don’t want all of your wealth in the banking system and Wall Street. Some emergency cash out of a bank or safe deposit box is a good idea. Hard assets and tangibles are also wise. There’s a saying, “If you don’t hold it, you don’t own it”. The Jon Corzine/MF Global debacle in this country was a wake-up call of things to come. There has been ongoing and growing government interest in retirement accounts whereby the US government (as was done in Argentina and elsewhere) will make it mandatory for you to invest in US Treasuries, “for your safety”, of course. This collectivist has increasingly had Congress’s ear.
They think they will be doing good. Think they are using your tax money wisely now? Think what will happen when they have your retirement money. Unless you like Treasuries as an investment, you may want to start considering your options. .
Mish’s Take On Cyprus
Here’s the link to Mike Shedlock’s blog about what happened in Cyprus. As zero Hedge said earlier today this is a game changer in a big way. This story is getting more attention as the day passes. An article written by a Boston Consulting company in 2011 lays out the percentage of money the IMF plans on take to restructure the debt from each country. The US is listed at 26%.
Here’s The Link To The Article On Zero Hedge