Cyprus was the first nation to see its banks looted by governments, and since no politicians, bureaucrats or bankers were strung up in the public square, citizens in other neutered nations may be the next to see their savings raided to save socialist governments:
The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.
The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.
Socialism is great, until you have to pay for all the graft and corruption and the pain is going to get worse.
It is happening in Europe, and it is going to happen here as well, and probably a lot faster than we might have anticipated, considering the interconnected economies we now have. I just don’t pretend to know when such drastic measures will be attempted here, nor what the American people will do in return when the bill comes due here.