An excellent commentary on what is going on in Cyprus and why the EU was a horrible idea. Two thoughts from the article:
This should remind residents in other countries that, first, what is theirs isn't, and second, relying on logic (e.g., "the government wouldn't do that, it would be shooting itself in the foot") is not a wise path to self-preservation.
…Those with assets in the U.S. are well aware of resourceful money grabs by the government in recent years. Theft from General Motors bondholders is an example. When the Federal Reserve is buying 100% of the U.S. Treasury issues and bond yields are rising, the U.S. government will probably apply new confiscatory taxes on savings, investments, and assets. (U.S. Treasury gold holdings will become a point of contention, to express this vaguely, at some point.)
This is a bad virus that we don’t know what the repercussions will lead towards. Interestingly, Milton Friedman was correct. He pointed out European regulations were a killer. http://euobserver.com/economic/16030