Posted Mar 26, 2013 by Martin Armstrong
Merkel said on TV: “On the one hand, the banks must take responsibility for themselves. That’s what we have always said. We don’t want taxpayers having to save banks but that banks save themselves.”
It was the politicians who created the Euro when I warned them this would happen because you cannot have a single currency without a single national debt. Hello? The banks help themselves? The banks used the debt of all member states as RESERVES because that was POLITICALLY CORRECT. She is ONLY interested in winning the election and will destroy the entire EU because of this insanity. She advocated stealing the money from the depositors who are the taxpayers. That is not the banks saving themselves – IMPOSSIBLE! She lied into the face of the TV and is threatening to bring down the entire Eurozone because politicians and academics have NO experience in financial markets and should be BARRED from ever trying to manipulate such things. I can read all the books on brain surgery – it does not make me a brain surgeon without experience.
If Cyprus opens the banks, it will be disaster.