by Ian McLeod
Welp, this is the beginning of the end of the end.
As you may or may not have heard, Cyprus is “exchanging” shares in their banks for cash in a forced transaction that might, in saner times, be called “theft” but in our day and age, is just a bailout. All bailouts are theft–whether from taxpayers or, in an unprecedented move, the “customers” themselves.
While my Economics For Fun And (Not Much) Profit series exists only as a distant memory in ANF’s previous incarnation, I’m pretty sure somewhere back there I made it clear that bailouts were the work of the Devil. Or Cthulhu. I’ve slept since then. Continue reading