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.
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.