Warning signs for sure, we here in the US should take heed. Personally I thing Cyprus is merely the tip of the iceburg and that the dominoes will continue to fall. If you think that we will not be affected by what happens in Europe, you should think again.
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You bet it could and probably will. New Zealand also has a “plan” worked out where depositors of a failing bank will have money automatically “shaved” out of their accounts in order to keep the bank(s) afloat. Our money is backed by nothing more than the “full faith and credit of the U.S.” and anyone that believes we are not headed straight into a brick wall doing 80+ is just playing ostrich.
I am not nearly as concerned with the government confiscating money to pay debts as is being proposed in Cyprus. If the U.S. government took such an action today, it has a huge potential to turn full blown revolution overnight and the politicians know this. The more likely scenario here is devaluation of the currency because the powers that be cannot pull their heads out of their tails long enough to realize the debt will be our downfall.
Either way, the end result is the same, go to bed tonight with “x” in the bank and wake up tomorrow with “y” or zero in the bank.
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I concur, any real “confiscation” of funds here will be done through the back door via taxes (and hidden price hikes). Like you said either way it means less for everyone…except the global elite.