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"Why on earth do you think these people are my friends, or that I'd have anything to do with them?"

Because you are watching about their interests, and smear the most harmless efforts to let them bear the results of their misguided investments.

And you clearly don't understand what fascism is, where it comes from, who it affects, or how damaging it is.

Oh come on. Compared to your primitive "uh huh corporations" nonsense even Dimitroff had a good fascism theory. No, your fascism is anything I dom't like rhetoric hides perfectly any knpwledge you might have.

"It's fine to write off Ireland and Cyprus as tax havens if you want to."

But that was and is exactly their economic strategy of the last decade, if not longer.

"But if they're bust - which is arguable in the case of Cyprus, given its alleged resources -"

Oh, in this case they can save their banks themselves.

"I doubt it's because widows and orphans were spending money they couldn't afford."

What the hell are you talking about? I didn't say anything about widows and orphans.

 I'd be perfectly happy to see the senior bond holders scalped in Cyprus.

The way I see it we are talking about on ore two insolvent banks. It would be right to pay out the amounts guaranteed by the deposit insurance and let all other creditors - junior bondholders, senior bondholders, depositors, other creditors, suffer the consequences of an insolvency. In other words you get 23.5% of your money

Now an actual insolvency isn't possible because an insolvency of any bank of some size would be to damaging. Then Cyprus should make a law that creditors of rescued but insolvent banks should be treated as if an insolvency has has happened. So losses being borne first by share-holders, then by junior bond-holders, then equally by senior bond-holders and depositors. So that the bigger depositors would get 23.5% in the end. (or 33.6% or 0.2% or whatever)

Now you may call that fascism. I think that is quite just.

Now ECB, EU and the cypriots, being not fascist at all but rather much to soft, will let escape the creditors with 90.1% instead of 34.5% or whatever of their money.  

That the protected smaller depositors are hit too seems to be mostly the fault of the cypriot government, being like you to soft on big creditors.  

 

by IM on Mon Mar 18th, 2013 at 12:17:03 PM EST
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