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I see the EU is again showing how well they can handle banking risks in Cyprus, but this is actually a global phenomenon. From how I read it, the taxpayer (aka depositor), and now the wealthier depositor, will fund the bailout for Cyprus banks that were over extended. This is like the buyers of drugs from the corner salesman bailing out the dealer for his/her incompetence, not because they like him/her but because the government told them to fork over the cash.

It is amazing how bankruptcy exists to bring sanity to the marketplace but for some reason international banks never seek this protection and are always bailed out by politicians and bureaucrats who ironically want more money for their vote buying schemes. So in today’s world what is money? The old adage says that banks are the best at privatizing gains and socializing losses so the 99% (Occupy Wall Street) crowd should be proud of these organizations and not vilify them as they practice the socialism of academia along with the best government organizations the world over, especially the UN.

The average bank is a fine upstanding institution; it seems to be the top 20% (Pareto Principle) and then the top 20% of that who are ironically the most politically protected that seem to wreak all the financial havoc and the proletariat end up paying the price (aka tax).

The Kansas Kracker