Sunday, 17 March 2013


We have been telling you and telling you about the NAZI TAKEOVER of PLANET EARTH!


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The Botching of the Cyprus Bailout: Worse Than Lehman Brothers
Barack and Michelle Obama with Angela Merkel and her husband Professor Joachim Sauer: let's get past the pleasantries.

English: President Barack Obama and First Lady...(Photo credit: Wikipedia)

Everyone now agrees that Treasury Secretary Hank Paulson badly botched the Lehman Brothers crisis of 2009. But at least he had an excuse. Panicked by the speed of Lehman’s meltdown, he had no time for second thoughts. By comparison the German-led group of EU officials who engineered this weekend’s Cyprus bank bailout don’t have a leg to stand on. Although they had years to consider their options (Cyprus’s problems are closely related to those of Greece and have long been almost as obvious), they have opted for a “solution” that amounts to probably the single most inexplicably irresponsible decision in banking supervision in the advanced world since the 1930s.

As my colleague Tim Worstall has pointed out in a well argued contributionyesterday, they have weakened – perhaps catastrophically – the principal pillar sustaining modern banking. This pillar is deposit insurance. Ordinary savers who had received a solemn assurance that deposits up to 100,000 euros were safe are now being asked to take a haircut. This raises questions about deposit insurance throughout the EU and invites runs on banks not only in the most “financially-challenged” nations such as Greece and Spain but even in Italy and France.

Let’s hope that, with reasonable luck,
European regulators hold the line tomorrow (and if a commentator were to predict otherwise it would be like crying “Fire!” in a crowded theater). But it is a fair bet that the botching of the Cypriot bailout has ensured that the agonizing economic malaise afflicting much of Europe for four years now will be further prolonged.

It is time for plain words.
The ultimate source of Europe’s financial malaise is Germany. "


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