The following walks through the events in Cyprus and helps explain why the model of looting bank accounts will continue to be used as the sovereign debt crisis continues around the world. Some of the topics discussed are surprising to many people:
- When you put your money into a bank, the money is no longer yours.
- The FDIC in America can only cover 0.25% of deposits if there was a bank run.
I reviewed this topic in: Cyprus Citizens Bank Accounts Looted By Government: Is Your Money Safe?