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Monday, March 18, 2013

Euro Mad

The Best and the Brightest policymakers of Europe are stumbling badly again, probably trying to out-dumb the Best and Brightest of US policymakers.

The part of the Cyprus bail-out requiring a tax on savers' bank deposits seems like an open invitation to stage a run on the banks, and is a power grab that it unsettling enough to make people want to jump the European Union ship.

I think it is a lot like playing Russian Roulette with 5 bullets in the revolver, and only 1 empty chamber.

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