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Posts Tagged ‘Cyprus and USA’

Could a “Cyprus-Like” Situation Happen in US? It Already Has

Posted by Larry Doyle on March 21st, 2013 8:00 AM |

The banks in Cyprus remain closed until at least next Tuesday out of fear that once the doors open a massive run on the banks will ensue.

The situation in Cyprus is clearly evidence of a financial system that remains on life support and that drastic situations precipitate drastic actions.

Before we lose our heads, though, isn’t this why free markets develop and implement rules of law? Indeed — or so we thought.

With the outcome of the situation in Cyprus remaining very much in question, many people in America wonder if a similar situation might unfold here. (more…)

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