Come on bears, is that all you've got?
It's getting so we can't even see the bottom on these 3-month charts and it takes us two days to drop half a point? You can't even get a proper correction at that rate! Cyprus "confiscates wealth" – so what? The Wealthy have lots of money and it's time for the people to take a little back – didn't the US just have an election that decided exactly that point?
As I said yesterday, Americans WISH only 10% of our wealth was confiscated through taxes and currency devaluation over the past 5 years but it was a lot more than that and there's a lot more to come before we even come close to balancing our own budget.
Cyprus is only a symbol – but it's more like a warning siren for those who have much, from those who have little and simply have no more to give. While the Conservative media may be telling you it's the end of the World as you know it, the World keeps turning for the bottom 80%, who could care less if someone "confiscates" 10% of what they have in the banks because, as the Wall Street Journal just realized this morning, 57% of US Workers have less than $25,000 in total household savings.
It's hard to get people all worked up about losing their savings when they don't have any and it's laughing to see the talking heads on Fox saying "a guy who only has $10,000 in the bank should be just as upset if the government takes 10% as a guy who has $10M." No, Mr. Idiot, he should not.
They guy who loses $1,000 loses the same 20 dinners for his family that you do – only his are at Olive Garden or Pizza hut but it's still a dinner to him. Only the guy who loses $1,000,000 loses – well, a Million Dollars – even for rich people – that stings.
So, the rich people are FREAKING OUT that a country would DARE to charge their deposits to balance the books. In the US, for example, there are about $140Tn of total Financial Assets in the US and, of all that, only $4Tn of that is insured (under the FDIC limit) and the rest is held by "rich people," who…