Big trouble from little Cyprus – FT.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"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 assistance of a solvent state. … <\/p>\n
Continue reading “Big trouble from little Cyprus – FT.com”<\/span><\/a><\/p>\n","protected":false},"author":2,"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":[31,33],"tags":[351,929,1001,3341],"class_list":["post-7086","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-uk-europe-countries-regions","tag-bank-debt","tag-cyprus","tag-deposit-insurance","tag-tax-on-deposits"],"yoast_head":"\nBig trouble from little Cyprus - FT.com - 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=\"Big trouble from little Cyprus - FT.com - the patient investor\" \/>\n<meta property=\"og:description\" content=\"I always enjoy Martin Wolf’s objectivity: Many insist that any tax on deposits is theft. This is nonsense. Banks are not vaults. 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To tax the bank deposits of savers sends an ominous message to the entire global investment community.\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & 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":7086,"position":1},"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 "Banks & Interest Rates"","block_context":{"text":"Banks & 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":7047,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/18\/cyprus-deposit-levy-no-panic-yet-but-scary-long-term-consequences-forbes\/","url_meta":{"origin":7086,"position":2},"title":"Cyprus Deposit Levy: No Panic Yet But Scary Long-Term Consequences – Forbes","author":"Colin Twiggs","date":"March 18, 2013","format":false,"excerpt":"Karl Whelan, Professor of Economics at University College, Dublin reminds us: ....the fact that we don\u2019t see lines at ATMs in Spain and Italy doesn\u2019t mean there isn\u2019t a bank run going on. The Northern Rock episode was a complete anomaly. Modern bank runs stem from people pushing buttons to\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & 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":7144,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/03\/24\/cyprus-the-operation-was-a-success-shame-the-patient-died-some-of-it-was-true\/","url_meta":{"origin":7086,"position":3},"title":"Cyprus: The Operation Was a Success. Shame the Patient Died. | Some of it was true…","author":"ColinTwiggs","date":"March 24, 2013","format":false,"excerpt":"Pawelmorski (pseudonym for a london-based fund manager) gives this opinion of the EU 'rescue' of Cyprus : How bad is the damage?Bloody appalling...... Take a moment to realise the scale of what\u2019s been done here. No human agency has achieved so much economic destruction in such a short time without\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9738,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/04\/26\/fractional-reserve-banking-the-chief-loose-screw-house-of-debt\/","url_meta":{"origin":7086,"position":4},"title":"Fractional reserve banking: ‘the chief loose screw’ | House of Debt","author":"ColinTwiggs","date":"April 26, 2014","format":false,"excerpt":"By Atif Mian and Amir Sufi quote from The Chicago Plan (1933-1939) of which Irving Fisher was a strong supporter: \u201cA chief loose screw in our present American money and banking system is the requirement of only fractional reserves behind demand deposits. Fractional reserves give our thousands of commercial banks\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & 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":2289,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/11\/22\/eu-banks-struggle-to-attract-deposits-wsj-com\/","url_meta":{"origin":7086,"position":5},"title":"EU Banks Struggle to Attract Deposits – WSJ.com","author":"ColinTwiggs","date":"November 22, 2011","format":false,"excerpt":"Deposit levels at five of Spain's top six banks declined in the third quarter, while five of Italy's largest lenders also reported declines, according to a report by analysts at Citigroup. In some cases, individuals pulling their money out of a bank are instead buying the bank's bonds, which have\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7086","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=7086"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/7086\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=7086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=7086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=7086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}