A run on Cyprus banks: Your ATM transaction has been canceled due to a technical issue.

Congratulations Cyprus savers – you were just betrayed by both your politicians, and by Europe – sorry, but you are the “creeping impairments” in the game known as European bankruptcy. And so is anywhere between 6.75% and 9.9% of your money, which you were foolish enough to keep with your banks (where at least you were compensated with a savings yield of… 0%).

More importantly, as of this morning Europe has finally grasped that there is a 6.75% to 9.9% premium to holding physical cash in your mattress rather than having it stored with your local friendly insolvent bank.

Luckily Cyrpus is so “small” what just happened there will never happen anywhere else: after all in Europe nobody has ever heard of “setting an example”. Or so the thinking among Europe’s unthinking political elite goes.

And congratulations Europe: just when people almost believed you things are “fixed” you go ahead and prove to the world that you are as disunified (because size doesn’t matter in a true union), as confused, as stupid and as broke as ever.

Text and photos

Editor’s note: Coming soon to a bank in your neighborhood?

Illinois is a Lefty Microcosm of the Nation

Here in Illinois…home of Barack Obama and The Squid…we’re on the lip of the precipice that overlooks the chaos that is Greece. Our government is completely Squid from top to bottom: Squid governor, Squid legislature, all Squid constitutional officers.  In fact it’s a good test laboratory for the nation and deserves a look-see at all its imponderable squishy-ness for it is nothing more than a microcosm of the nation.

The Squid legislature has just adjourned without having the guts to face up to the problem. The gap in our budget…as result of (a) a liberal Republican governor now doing time in the penitentiary…and (b) two Squid Democratic governors, one of whom may well join the GOPer in stir, Rod Blagojevich who is currently trying to taint the jury pool (he needs one dissenter to walk free) and who is trying to rope in Obama so as to pull the national administration down with him to get even  with fancied injustice… and the current Pat Quinn, as inconstant in belief as an airport windsock….is $12.7 billion in the red, $6.2 billion to get rid of the structural deficit and another $6.5 billion to pay off past due bills.
This hideous overspending is due to an outrageous plethora of “services”—huge salaries and pensions to public officials,  near criminal waste and abject media sympathy for anything remotely approaching “public services.”  High taxes have driven out industry. Undue tolerance for waste has turned stomachs. Result: the quality of candidates is abysmal and the mainstream media xx’s out all those as “reactionary and unelectable” who want to institute true spending reform.
Read more at Tom Roeser’s site