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Guest Post: The "It Can't Happen Here" Syndrome

Guest Post: The "It Can't Happen Here" Syndrome

Submitted by Tyler Durden on 04/09/2013 09:35 -0400

Here is a short quiz for you. Ready?

What’s the current situation with Lindsay Lohan’s rehab?
Who won the latest “Dancing With the Stars”?
Name five celebrities with “baby bumps.”

Explain how the Cypriot banking crisis could impact the European economy.

If you answered the first three questions but are clueless on the fourth, you’re in good company. Estimates are that up to half the population in America is ignorant about the situation in Cyprus. Oh sure, they hear snippets on the evening news, but since it’s far away and happening to other people, they don’t worry about it.

Read more: http://www.zerohedge.com/news/2013-04-09/guest-post-it-cant-...

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I honestly don't know the

I honestly don't know the answer to the first three questions. But I do know what's going on in Cyprus.

When I was younger, I used to

When I was younger, I used to think people that said "I never thought it would happen here" were idiots.

As for the topic, can that happen here? Yes. Will it happen next week? Very unlikely. I think we have a ways to go before bank accounts start being stolen.

To climb the mountain, you must believe you can.

Bank Robbery

If you have money in a bank, it's being stolen constantly. Its value is going down maybe 10% every year. Inflation. How is that so different from what happened in Cyprus?

And don't forget that the practice of "fractional reserve" banking means that your bank is legally permitted to take your money and "invest" it, keeping less than 10% actual cash in reserve. They play games with derivatives and other weird financial shenanigans, and POOF, it's all gone. Let the FDIC and the taxpayers pick up the wreckage.

"Bank robbery" isn't something done TO banks. Its their everyday business model.

Recommended reading: The Most Dangerous Superstition by Larken Rose