{"id":7012,"date":"2013-03-17T21:43:14","date_gmt":"2013-03-18T01:43:14","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=7012"},"modified":"2013-03-17T21:43:14","modified_gmt":"2013-03-18T01:43:14","slug":"zervos-this-is-a-nuclear-war-on-savings-and-wealth-business-insider","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/17\/zervos-this-is-a-nuclear-war-on-savings-and-wealth-business-insider\/","title":{"rendered":"ZERVOS: &#039;This Is A Nuclear War On Savings And Wealth&#039; &#8211; Business Insider"},"content":{"rendered":"<p>Joe Weisenthal reports on Jefferies strategist David Zervos&#8217; latest note:<\/p>\n<blockquote style=\"background-color:#ddddff;\">\n<p>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.<\/p>\n<\/blockquote>\n<p>Read more at <a href='http:\/\/www.businessinsider.com\/zervos-this-is-a-nuclear-war-on-savings-and-wealth-2013-3'>ZERVOS: &#039;This Is A Nuclear War On Savings And Wealth&#039; &#8211; Business Insider<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Joe Weisenthal reports on Jefferies strategist David Zervos&#8217; 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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/17\/zervos-this-is-a-nuclear-war-on-savings-and-wealth-business-insider\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;ZERVOS: &#039;This Is A Nuclear War On Savings And Wealth&#039; &#8211; Business Insider&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,5,33],"tags":[929,3342],"class_list":["post-7012","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-economy","category-uk-europe-countries-regions","tag-cyprus","tag-tax-on-savers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ZERVOS: &#039;This Is A Nuclear War On Savings And Wealth&#039; - Business Insider - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ZERVOS: &#039;This Is A Nuclear War On Savings And Wealth&#039; - Business Insider - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Joe Weisenthal reports on Jefferies strategist David Zervos&#8217; 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. 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No human agency has achieved so much economic destruction in such a short time without\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1481,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/24\/the-paradox-of-thrift-debunked\/","url_meta":{"origin":7012,"position":1},"title":"The Paradox of Thrift &#8212; debunked","author":"ColinTwiggs","date":"October 24, 2011","format":false,"excerpt":"Ever since John Maynard Keynes popularized the Paradox of Thrift, economists, central bankers and politicians have labored under the misapprehension that high levels of savings are bad for the economy and inhibit growth. The Paradox of Thrift: Increased savings means there are less buyers for goods produced, so the nation\u2026","rel":"","context":"In &quot;Economic Theory&quot;","block_context":{"text":"Economic Theory","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/economic-theory\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5631,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/10\/01\/bernanke-attempts-to-justify-screwing-savers\/","url_meta":{"origin":7012,"position":2},"title":"Bernanke attempts to justify screwing savers","author":"Colin Twiggs","date":"October 1, 2012","format":false,"excerpt":"This extract from Joe Weisenthal lauds Ben Bernanke's defense of monetary policy and its effect on savers. I would encourage you to remember that the current low levels of interest rates, while in the first instance a reflection of the Federal Reserve's monetary policy, are in a larger sense the\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7086,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/19\/big-trouble-from-little-cyprus-ft-com\/","url_meta":{"origin":7012,"position":3},"title":"Big trouble from little Cyprus &#8211; FT.com","author":"ColinTwiggs","date":"March 19, 2013","format":false,"excerpt":"I always enjoy Martin Wolf's objectivity: Many insist that any tax on deposits is theft. This is nonsense. Banks are not vaults. They are thinly capitalised asset managers that make a promise \u2013 to return depositors\u2019 money on demand and at par \u2013 that cannot always be kept without the\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7048,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-insurance-and-moral-hazard\/","url_meta":{"origin":7012,"position":4},"title":"Cyprus: Deposit insurance and moral hazard","author":"Colin Twiggs","date":"March 18, 2013","format":false,"excerpt":"The outcry over Cyprus levy on depositors in defaulting banks raises the question: Why were depositors not more wary of where they deposited their funds? Not all banks are created equal. The reason is deposit insurance for deposits under \u20ac100,000 implied that the government would stand behind its banks and\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10079,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-socialist-myth-of-economic-bubbles-iakovos-alhadeff\/","url_meta":{"origin":7012,"position":5},"title":"The Socialist Myth of Economic Bubbles | Iakovos Alhadeff","author":"ColinTwiggs","date":"June 22, 2014","format":false,"excerpt":"Essay on the underlying causes of asset bubbles, reproduced with kind permission from Iakovos Alhadeff. Introduction In my essay \u201cThe Causes of the Economic Crisis for non Economists\u201d, I explained why the American crisis was caused by government intervention and not by the free market. Since the housing bubble was\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=7012"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7012\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=7012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=7012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=7012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}