Cyprus Confiscation and Bank Run

There are so many exciting stories that I don't have time to write all of them, but this one seemed more important than the others for the time being.

A couple of days ago one of my friends who trades with me in the FOREX market told me something about a freezing and confiscation of cyprus bank accounts. Today I saw the news actually being reported and some of the market reaction. What this has to say about the euro is one thing, but what this has to say about about fiat money is another. Almost all of the currencies in the world are basically paper backed by nothing of tangible value. In other words, today "money is debt," as they ...

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