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BS Alert! Why Cyprus (Probably) Can't Happen in the US

[The comments are both amusing and illuminating.]
Published: Thursday, 28 Mar 2013 | 1:57 PM ET
By: Jeff Cox
CNBC.com Senior Writer

One of the reasons the crisis in Cyprus has had limited market effects is that something like that would be unlikely to be repeated in the U.S.

That's not to say it could never happen. The truth is, there have been bank runs pretty much as long as there have been banks, so a liquidity crisis certainly could hit American financial institutions and cause substantial damage. But as a matter of scale, the problems in Cyprus are far worse than anything likely to wash up on U.S. shores.

"All things considered, it is extremely unlikely that depositors at U.S. banks would ever suffer losses in the event of a bank failure," said Paul Ashworth, chief U.S. economist at Capital Economics. "For a start, U.S. banks are better capitalized and the banking sector is a much smaller part of the overall economy."

read more http://www.cnbc.com/id/100601303



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What are they talking about?

What are they talking about? Its been happening here since 1931. They mean theft from savers right? Here it goes by a different name...inflation, which has been rampant since the dollar was unhinged from the gold standard in 1931 domestically and 1971 internationally. The reason Cyprus didnt do this is because they dont have their own currency...since they dont control the printing presses of the euro they just did it directly. So no...it wont happen here in that form but yes it has been happening in some form for the last 100 years.

BS For Sure

The comments section following the article sums things up fairly well.

lol thanks for the post Bob.

lol thanks for the post Bob. Yea right it won't happen here... lmao.

The correct answer is:

because Americans have guns.

LOL!

Nice!

What would the Founders do?