USA - Why the rifling of private accounts in Cyprus could happen here

When governments rob banks

By Chuck Bentley

Those taking comfort in the larger number of banks active in the United States should know that while 98.5 percent of all American banks are community banks, they hold only 12 percent of the banking assets. Megabanks, which make up only .21 percent of all banks, have 69 percent of all banking assets. Our economy also teeters on the brink of too-big-to-fail banks that could implode from too much debt. At this point in our national and personal conversations about debt, it is time to acknowledge that a terrible price eventually must be paid when too many resources are required to pay for past excesses.

Unlike the United States, Cyprus is tied to the confines of the European Union and the euro, making it impossible for that nation to print money without EU permission. Many so-called progressives have relied on the ability of the U.S. government to manipulate the money supply to deal with debt, but eventually, those options will come to an end. New York Mayor Michael R. Bloomberg’s famous quote that America “could owe an infinite amount of money,” implying that we don’t have to be overly concerned with our debt, will one day sound like insanity. For the record, we don’t have an infinite amount of taxpayers to support an infinite amount of debt.

Lessons can be learned by individuals in the United States who don’t want their assets seized through such drastic means:

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