Originally posted by WhiteAlice
Hmmmm, Greece also is "privatizing" its state assets. Can anybody say land grab? What kind of sickens me is that who screwed up in Cyprus was
privately held banks and yet, the government of Cyprus has to cover for their mistakes...why? Isn't failure a hazard of doing business? And yet,
Cyprus' state held assets are going to be sold (ahem, I mean "privatized") because of privately held banks' misbehaviors kind of like how we
bailed out our banking system that screwed itself over a few years ago. That baffled me back then, even comprehending how big of a role our financial
system plays in our country's GDP. In this case, letting the banks go bankrupt and the deposits over $130k get liquidated to pay off debts isn't
enough. Have to fleece the Cypriot people of their state assets for something that privately held banks did...NO sense whatsoever.
Oh and for the record, Cyprus' public debt is $15 billion euros....
edit on 25/3/13 by WhiteAlice because: added the public debt of
In a society, there will always be rulers, either tyrants who rule alone by his own selfish will, or by a democracy made up of ELECTED
representatives, whom will represent the will of the people and speak out without fear or favor in the congregation of fellow representatives of their
state, to discuss, debate and find solutions to the issues of governance for the nation to progress and evolve.
Simply put, more heads are better than one, for we are all flawed mortals and alone, may not be able to come up with the right answers and solutions.
With being elected to represent the People, it comes with a Power, and with power comes responsibilities to his voters and the nation, to act on
behalf of them or at least the majority of them, instead of acting on his own or his cronies agendas.
Banking is an institution necessary for the progress and evolution of a nation. With a trusted bank whereby all citizens can place their money to earn
interest instead of keeping it at home, those money sitting there can be put to good use through loans - circulating of wealth to all and earn
interest to pay off depositors annually.
Banking is a private enterprise, funded alone by the individual whom is trusted to look after those depositors money and give honest returns, to
protect those money. Govts are not in the biz of running private enterprise, for their sole function is to ensure the smooth running of society based
upon equal laws applicable to all, to achieve common goals for prosperity and progress.
To ensure smooth running, it must oversee private enterprises as well, to ensure they are sustainable, honest, and well managed - regulatory controls,
so that no one be scammed by the dishonest.
As banking is critical to society, more so those checks and regulation.
In the case of Cyprus, both the bankers and govt had failed in its management, checks and regulation, despite warnings on its unsustanible model in
the event of dire circumstances.
The problem became real and cypriots faced those consequences today. As banks are a private enterprise, if they fail, they take the blame and pay off
creditors. But the problem is that both banks and govts have NO money to pay anyone back.
The govt and bankers can resign, go bankrupt and be sued. But in the end, they can NEVER pay back in full of what despositors had placed in those
banks, to the tune of billions.
So, is the nation to suffer, investors lost everything, retirees go hungry, enterprises close down as their reserves are all gone when the banks are
bankrupt? No. It would only destroy everything, even the Hope and Chance of starting all over again, as there is NO money, no capital to restart.
Thus, in such times of disasters, the People must step up to SHARE wealth - whatever they have, so that MORE may survive, with none left behind, to
progress and evolve.
And so, the decision by the cypriot govt to determine the amount of bailout funds to give back the depositors, and the troika to share and make the
balance to ensure majority of depositors will still get something back to pool their resources and start all over again.
Money is not everything. We came with nothing and will leave with nothing. What is lost today, can be gained back tomorrow, by honest intelligence,
hardwork or both.
No one stays rich forever, or stays poor forever. It is only our will and the intelligent use of freedom of choice to determine where we stand today
and in our future.