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Spain looks next up for a bail-in. Its banking system is broke. It faces protracted Depression.
It's "logically irrational for any Spanish saver to keep even small amounts of savings in the Spanish banking system. There is no way that the Spanish state can guarantee the system without defaulting itself."
Spain's best chance is exiting the Eurozone. The same goes for Greece, Italy and Portugal. Economics may not be the main driver. "Politics may trump economics." Longterm, "you cannot operate a monetary union in the face of economic logic."
One size fits all Eurozone rules don't work. Imposing them reflects financial tyranny. Surrendering monetary and fiscal control assures trouble.
Cyprus' virus is spreading. Ordinary people will be harmed most. Insured savings aren't safe. Euroland looks most vulnerable. Take the money and run is policy.
Depositor haircuts are authorized. Canada did the same thing. It's a short leap to America. They're coming. Expect them.
Stephen Lendman lives in Chicago. He can be reached at Email address removed .
His new book is titled "Banker Occupation: Waging Financial War on Humanity."
http://www.claritypress.com/LendmanII.html
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