Joe Weisenthal reports on Jefferies strategist David Zervos’ latest note:
What happened to Cyprus on Friday evening was one of the most significant developments in the Eurozone since the Greek election last summer. To tax the bank deposits of savers sends an ominous message to the entire global investment community. All of us should really take a moment to consider what the governments of Europe have done. To be clear, they initiated a surprise assault on the precautionary savings of their own people. Such a move should send shock waves across the entire population of the developed world.
Read more at ZERVOS: 'This Is A Nuclear War On Savings And Wealth' – Business Insider.
Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients.
Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter.
Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit.
Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008/2009 and 2020 bear markets well ahead of actual events.
The words that come to mind are ” It’s the rich that live on clover it’s the poor that get the blame’. The poor an average citizens’ savings have all their savings in banks while the rich have their money assets i other forms such as shares, bonds, or perhaps swiss bank deposits. Surely there are fairer ways of sharing the burden. Who could blame the populous at large from at resorting to revolution- hopefully non-violent.
Garth WENCK.