Having pointed a gun at their foot without knowing whether or not it was loaded, pulled the trigger, and shot themselves in the foot, the eurocrats in charge of the EU have suddenly noticed that they have another foot. And pointed the same gun: EU to push for losses on big savers at failed banks: lawmaker.
And pulled the trigger. The English language may lack an adjective suitable to describe the degree of stupidity of these people
They just destroyed the banking system across the entire European periphery. And we thought that scorched-earth was an obsolete policy alternative – but apparently not.
And in case you didn’t get the implication, imagine you are a depositor with more than $100,000 in a Spanish/Portuguese/Irish/Italian/French (soon) bank. You will:
A) Shrug your shoulders and go to lunch,
B) Phone your investment advisor at your bank for reassurance that your money is safe, receive the reassurance, and go to lunch.
C) Wait and see if this is going to affect you. In the meantime, go to lunch.
D) Ignore the fact you just spewed coffee all over your desk, call a cab, go to your bank and arrange to transfer all except a few dollars of your money to a new account in the Cayman Islands, Liechtenstein, Canada, or some other much safer jurisdiction.
E) None of the above. This means you are a eurocrat or part of the monied elite that supports eurocrats, and will never have to worry about what’s coming next because you create it on a whim.
This is a self-marking quiz. You will receive the correct answer on your own shortly.