Cyprus strikes a deal with the EU; decides to eat the rich

(Via the Drudge Report)

In what I would characterize as a deal with the devil, Cyprus has struck a deal with the EU for a bailout (the first of many, I suspect).  The terms are the closure of the nation’s second largest bank, mostly owned by the government, and a 40% “levy” (isn’t that a civilized term for “grand theft”) on accounts holding over $100,000 euros are among the terms that Cyprus has agreed to.  While not a totally done deal, I think this one will go through.

I now fully expect a bank run as soon as account holders are allowed to get at their money.  After all, 60% is better than 0% if you’re “rich”, and the little folks are bound to be smart enough to see that they’re next, just as soon as that money runs out.

Watch this carefully.  You don’t get to see slow-motion train wrecks all that often, and they’re always informative.  If nothing else, we’ll get clues how our lords and masters intend to do it to us.