Has anyone read this story yet?

Basically, the EU is bailing out cyprus, but taking money out of the banks of citizens first.

As an American, it is sobering. A surefire sign that the $16.7 trillion piper will come calling sooner or later.


Anyway, this can have very dangerous repercussions accross the globe! If people see this happening, and in turn lose faith in banking institutions, then banking as we know it will die away. This will not be an easy process.

If you are curious as to how it affects you, then look at your local markets.

Here in the united states, it has been making news that our DOW index has been soaring on a more powerful rally than it has seen in years. Now, it has hit it's plateau and is already rebounding to the red quite strongly, and as of writing this article, it was 14476.78 -37.33 (-0.26%)
For those of you not market literate, ending a strong rally so abruptly, and turning about face into the red (or turning sharply "bearish" if you speak market lingo) is NOT a good sign, especially when this occurs on an large index such as DOW or NASDAQ.

If you are still lost, then in laymens terms says it best:

All markets around the world are interwoven, and dependent on the other markets around the world symbiotically. It is not possible for one of the other larger markets to tank without your market getting hit hard by it in some way.

In our case, the EU is playing a dangerous game here. Sure, they are in trouble, and need a solution. Something had to happen, this we know. BUT just blatantly going in and raiding the savings accounts of so many people (IMO) is going to have terrible consequences on banking institutions.. Think about it. If you live in cyprus, and they just took a few thousand dollars from your bank account, and shut the bank down for a week so you couldnt get to the rest...

what are you going to do when you finally get access to the rest of your money?

We are witnesing the death of the Euro. There have already been talk in England of dropping it and reverting it back to Pounds. Imo, things have gone way past the point of a possible recovery in the next 40 years.

England use the Euro? Or do you mean something else...

I was going to say the same Andy Sorry to say so Ferret but you seem horribly misinformed!

Thanks for making me feel stupid.. XD

Yeah, it must have been another country.. I just swear I remember something about a country considering dropping out, thought it was the UK o.o

BLAME MY EDUCATION

It might have actually been the Netherlands, since there has been talk about that for a while here. However it might also have been Finland since from what I heard the consensus is becoming increasingly anti-EU there too, and there has even been a poll in Germany that concluded the Germans do not want to give money to Cyprus and would rather exit the EU than that, I believe.

So pick one and feel less stupid

Yeah......It was one of them XD

wow this is terrible.. taking out money from citizen's bank a/c.. This EU crisis has gone way out of hand.
Looks like in future people would be back to old barter system again or something else.. The concept of money is itself full of flaws..

"WE NEED MONEY!!"

"How about we steal it from these guys?"

"OK, LET ME JUST GET A STATE-SANCTIONED STAMP!!"

*press*

"YAY NOW WE HAVE OTHER PEOPLES MONEY TO WASTE!!"


#government