This can't happen to us?
POSTED: Monday, March 18, 2013 - 6:48pm
UPDATED: Sunday, March 24, 2013 - 3:26pm
Tyler, TX (KETK) — Just last week, I hear a lot of liberals on the chat shows and interviewes by the press saying there is no reason to worry about out $17 trillion debt.
Michigan liberal John Conyers said last week, "the debt is not endangering us a bit."
So, what do we get a pass when the rest of the world is starting to crumble?
The latest country to just about go belly-up is Cypress. What did they do? Start charging people taxes who actually saved money and had some cash in their bank account.
This from Reuters:
The surprise decision by eurozone leaders to part-fund a bailout of Cyprus by taxing bank deposits sent shock waves through financial markets on Monday, with shares and the bonds of struggling eurozone governments tumbling.
The bloc struck a deal on Saturday to hand Cyprus rescue loans worth 10 billion Euros ($13 billion), but defied warnings - including from the European Central Bank - and imposed a levy that would see those with cash in the island's banks lose between 7 and 10 % of their money.
Parliament in Cyprus put off a vote on the measure - which has shaken depositors' confidence in banks across the continent - until Tuesday, however, and with public anger at the deal widespread the government said it was already looking to ease the pain for small savers.
Without the rescue, Cyprus would have be unable to avoid a default.
We just keep spending and printing money. We don't think this can happen to us?
That's my point of view, what's yours?