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View Diary: Bank Run in Cyprus, Will it Spread to Southern Europe? (322 comments)

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  •  Exactly right. This is just (3+ / 0-)
    Recommended by:
    nchristine, Dburn, Cliss

    Europe's version of the Great Generational Cash-Out that's been going on over here since the turn of the millennium. Only here they've so far limited their takings to real property holdings. Which they can do because in the US home ownership was/is the primary asset of average people, rather than large savings accounts in banks. Other than pensions and 401Ks and such, which have been dinged to death since the fall of 2008. They don't call it a "savings levy" here. They call it raiding the retirement savings of entire generations. Lord knows we're quite used to that.

    Somehow I don't think Europe is going to take it lying down like we have. At least, I hope not.

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