To keep the nation of Cyprus from completely falling apart, the European Union has OK'd a seizure of private money deposited in banks on the island. A member of the European Parliament says more private money could be seized in Italy, Spain, Portugal or other countries.
Bill O'Reilly
Tuesday, March 26, 2013
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"As you may know, Cyprus is bankrupt, and to keep that nation from completely falling apart, the European Union has okayed a seizure of private money deposited in banks on the Mediterranean island. A member of the European Parliament says more private money could be seized in Italy, Spain, Portugal or other countries. It's a dire warning for everybody, including Americans, as the global economy begins to totter. The rise of the nanny state, where politicians buy votes by promising to support people, has damaged capitalism all over the world. We're seeing it here in the USA where about half of American households receive some kind of government assistance. The Democratic Party has established a firm hold on the entitlement culture and we are engaged in an economic civil war that the Democrats are winning. Every day the USA adds $3.2 billion in more debt, but President Obama doesn't seem to care. He says the debt is 'sustainable,' but it is not. If America collapses economically there will be violence in this country and all over the world. You know I'm not the kind of person who would hype a situation like this, but what is happening in Cyprus and Europe is a contagion. The simple truth is that the world cannot support massive socialism. President Obama and liberal America need to wise up fast and the rest of us who do see the danger should begin to speak with some urgency. The U.S. debt is a crisis and these pinheads in Washington better do something about it."
Charles Krauthammer entered the No Spin Zone to assess the Talking Points Memo. "I agree with you that the nanny state is unsustainable," he began, "and in the end it collapses. But what happened in Cyprus is not that the government is insolvent, it's that the banks are insolvent. They invested in Greek bonds and got wiped out. You have to make a distinction between governments and banks. Our banks are in pretty good shape, but the government is headed towards insolvency. We have several years between now and then, and if we would start to rein in the government we could achieve solvency." The Factor took President Obama to task for failing to deal with the debt situation: "We are seeing our future in Europe and this is what troubles me about Barack Obama. He and his guys know what's happening in Greece and Spain and Italy and Cyprus, yet they are encouraging the same scenario in the United States."
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