EU Orders Cyprus to Levy Bank Accounts
"Euro zone finance ministers want people holding bank deposits in Cyprus to forfeit a portion of their accounts -- 9.9 percent on accounts over 100,000 euros and 6.7 below that amount -- in return for a $13 billion bailout for the island, which has been financially crippled by its exposure to neighboring Greece. The decision, announced Saturday, stunned Cypriots and caused a run on ATM machines, most of which were depleted within hours. "I'm furious," said Chris Drake, a former correspondent for the BBC who lives in Cyprus. "There were plenty of opportunities to take our money out; we didn't because we were promised it was a red line which would not be crossed."
Trillion dollar a year deficit, 16 trillion + debt coupled with private Fed Bed Bernanke announcing 40+ billion a month increase of money supply through Quantitative Easing last quarter makes me wonder...
I've been worrying about hyperinflation since 2008, and wonder how long it will be before our government follows suit.
--it is about the previous paragraph.
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