This is a republishing of an article from last week which now includes some revisions and expansions and clarifications that my editor at The New American suggested before it is published in an upcoming print edition of that magazine.
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The German model highly touted as the perfect solution to reviving economies has now been shown to be not only a myth but a fraud.
This is speculation on my part, but it does seem reasonable. Wall Street is anticipating something positive and it’s not in the economy. Maybe the Tobin tax has something to do with it.
There is a direct connection between fractional reserve banking and corruption. It’s playing out in full view in Cyprus today.
It’s awfully easy to make glib comments about these comparisons. So, call me easy.
The details of the deal are ugly. But the real cost is the loss of national sovereignty. Cyprus is now ruled by the Eurogroup, and is now just a vassal state.
I like this guy even if he writes for a liberal paper. Perhaps they keep him on as a token of common sense in a world gone crazy.
There’s the story behind the story. Rich Russians have stashed billions in Cyprus. They want to get it out. A bank holiday gives them time to do so.
My sarcasm here scarcely hides my anger and contempt for these thugs.
In an audacious move – “de l’audace, encore de l’audace, et toujours de l’audace” – an unelected and unaccountable cabal has dictated the terms of its loan to bail out Cyprus: loss of the country’s sovereignty.