There is an old saying, “no man is an island.” What affects my neighbor also affects me. If we take a look around the United States and Europe, we see one thing in common, the banks driving the nations into bankruptcy.
Whether its the United States, Cyprus, Spain,,, banks have made so many bad loans they have to be bailed out, and at the expense of the tax payer.
In the long run this spells out two things – the banks end up with property is made bad loans on and later repossessed, and then the tax payer is in debt to the banks for their bad loans.
Cyprus – We should all be concerned about bank bailouts, and we should especially be concerned about what is happening in Cyprus. Instead of taxing the organizations who can afford it, the government is going to take 10% from all savings accounts across the nation.
Saving to buy a home? Saving to put your kids through college? Well, 10% of your money just disappeared.