Posted on 03/21/2013 4:56:05 AM PDT by John W
You don’t need to worry about the financial crisis in Cyprus sparking trouble for the U.S., according to Federal Reserve Chairman Ben Bernanke.
European officials’ marathon efforts this week to head off a collapse of the tiny island nation’s banking system have raised fears that the renewed turmoil in the euro zone could threaten the gathering momentum in the U.S. housing and job markets.
But Bernanke said that’s not likely.
“We are monitoring very carefully but at this point we’re not seeing major risk to the U.S. financial system or the U.S. economy,” he told reporters Wednesday.
(Excerpt) Read more at nbcnews.com ...
“The markets are up today,” he said. “I don’t think the impact has been enormous.”
This is a recording that can, has and will be played every day until such day as it is not the case.
Says the academic who told us that the sub-prime issue would be “contained.”
geeeeze how I miss Greenspan and Volcker
Cyprus is a small flame about to set off a big fire. And, Bernanke's lie about it is also part of the problem. Or, with the hyperinflation you create by printing boatloads of cash, you'll give them their money back all right. However, when they get the money back, a loaf of bread to buy with the same amount of money they had will now cost $20 per loaf so to speak.
It’s like the canary in the coal mine. As long as it’s alive you can safely ignore the gas fumes building up around you. But when it’s dead? Well then, if you aren’t already rushing for an exit you probably won’t make it out alive.
the upside of that of course is... you can then use that wheelbarrow of cash to pay off your mortgage :)
Both the finance minister and and energy minister from Cyprus were seen in Moscow yesterday. The word on the street is that Cyprus is looking for bailout money from Russia. In turn, the Cypriots would give the Russians a stake in the natural gas fields discovered in the Mediterranean Sea.
I wish he just wouldn’t have said anything.....
This economic bubble is getting enormous, and will burst, one day very soon, as an over-inflated balloon does. It’s an illusion. SHTF for sure.
The events surrounding the Arch Duke Francis Ferdinand really had no bearing on America in 1914.
as a student of the Great Depression Bernanke is positive that Cyprus could never turn into Credit-Anstalt 2.0
Obama communist and democrats are already taxing our savings . they do it by printing a lot money , and what is REAL inflation, 10%? they don’t even count gas or food in it do they? inflation is a tax on our savings , and we are getting almost no return for it as interest rates are so low.
I'd be stockpiling food, water and PMs if I were you guys.
> The events surrounding the Arch Duke Francis Ferdinand really had no bearing on America in 1914.
Great example. We don’t want the government to rebrand theft as taxation anymore than they already have. There’s a huge different when you have the option to pay it as opposed to having the ability to freeze bank accounts and siphon them.
>>> Bernanke: Cyprus poses ‘no major risk’ to U.S. banks, economy
And he (Bernanke) would be right, but not for his reason.
The Major Risk to U.S. banks, economy (and indeed our society) is our ‘ruling class’ and fellow low-info citizens/non-countrymen.
The Cyprus thing is a ‘sneak a tax’
Define “MAJOR”
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