Cypriot Quantitative Easing

Remember JFK standing before the throngs of Germans and declaring "Ich bin ein Berliner"? Now imagine Ben Bernanke standing before the throngs of Cypriots and declaring that he was a Cypriot, a Cypriot politician sticking his hand into your savings account. Or maybe it was the other way around. Maybe the Cypriots knew the short cut to Bernanke's Quantitative Easing end game.  They just bluntly proposed taking the money from the accounts rather than fiddle with the cover up of printing money and devaluing the currency in question.  Quicker, shorter and to the point. Simplicity is poetic, isn't it?  Recall the old joke about foreplay. "Bertha, are you ready?" Milton Freidman many times said Inflation is the invisible tax. And the oldest game on earth is knicking a multitude (dollar holders) just a little, so they don't notice immediately.  Raise large sums of money with just a few drops of blood at a time.  Bernanke's way.  The Cypriots will just take a...(Read Full Post)