You Will Be Plundered

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Cyprus locks their banks down without having the enabling legislation passed to steal 10% of deposits, violating not only the claims made by the head of their government but also the Euro-area deposit insurance law.

Of course they call it a "tax" to get around that law, but it's no more a tax than Obamacare is a tax -- oh wait -- our Supreme Court rewrote an unconstitutional law into an unconstitutional (direct and unapportioned!) tax too.  Hmmmm.

How bright are you?  Not very, if you don't see what's coming.

Long personal lubricant futures and talking about it today.