When is a guarantee no guarantee? When you are doing business with liars and thieves — i.e., the government and banksters. Cypriots learned this the hard way over the weekend when the EU elites froze their bank accounts and announced plans to plunder savers’ accounts by up to 13 percent.
The money being stolen from Cypriot savers will be transferred to the banksters to bail them out to the tune of 10 billion euros ($13 billion). The elites hoped to pull off the crime over the weekend, but the Cyprus Parliament put off a vote on the measure. This caused a run on the banks and a bank “holiday” that will last until at least Thursday. This means Cypriots will not have access to their own money for days.
The plunder shocked Europeans and set up the potential for bank runs across the continent. It just proves what I have been telling you for a long time: There is great risk in holding paper money. The money creators, not you, own your paper money. They can (and do) take it at their will, either through overt theft or more subtly through inflation.
In fact, the EU plunder of Cyprus is really no different from the plunder of Americans’ savings accounts during the 2008 bailout and the subsequent QEs 1, 2 and 3 to infinity. It doesn’t matter if your savings are in a bank account, beneath your mattress or buried 40 miles deep, banksters can and do steal it.
The Eurozone is collapsing economically. The shock waves will spread around the world.
Remember that the government always favors the banks over the people. I have long advised not to keep money in banks beyond what is needed to pay the bills. Keep cash on hand to defend against any banking holidays. Buy gold and silver — the only real store of value — and keep it in your possession.
Many say a banking holidays can’t happen here. They are ignoring history. It happened in 1933, when banks were closed for four days and gold was revalued and looted from safe deposit boxes. It can happen again at any time.