The Cyprus Parliament appeared poised Tuesday to reject the $13 billion international bailout that would force bank depositors to pay a levy.
So what happens now?
Will Russia step up to offer money in exchange for oil and gas? Will China offer a similar deal to Cyprus?
Will those with money in Cyprus banks withdraw it and deposit it elsewhere, leading to a run on the banks?
Will investors flock to gold as a safe-haven investment?
Money Morning Chief Investment Strategist Keith Fitz-Gerald appeared Tuesday on Fox Business to talk about the fast-developing story in Cyprus and the potential fallout in Europe and well beyond, including in the United States.
Fitz-Gerald said a vote in the Cyprus Parliament to reject the bailout "is a big deal because it sets the stage for a very, very dangerous precedent."
Check out this video to hear Fitz-Gerald's perspective on the Cyprus situation - and whether the U.S. government could come after your bank deposits.
So what happens now?
Will Russia step up to offer money in exchange for oil and gas? Will China offer a similar deal to Cyprus?
Will those with money in Cyprus banks withdraw it and deposit it elsewhere, leading to a run on the banks?
Will investors flock to gold as a safe-haven investment?
Money Morning Chief Investment Strategist Keith Fitz-Gerald appeared Tuesday on Fox Business to talk about the fast-developing story in Cyprus and the potential fallout in Europe and well beyond, including in the United States.
Fitz-Gerald said a vote in the Cyprus Parliament to reject the bailout "is a big deal because it sets the stage for a very, very dangerous precedent."
Check out this video to hear Fitz-Gerald's perspective on the Cyprus situation - and whether the U.S. government could come after your bank deposits.
Iceland's Alþingí have rejected the bailout and their economy is stronger than before and their economy is based more on tourism than before due to króna's devaluation from pre-recession of $1 = 60 kr. to $1 = 127 kr. today.
SPREAD YOUR BETS ACROSS THE BOARD: The Late COLLIS HUNINGTON, (President Southern Pacific Railroad.)
If you are afraid of the U.S. Government coming after your private property (bank deposits), then you have a big problem. You have to do SOMETHING. Either keep your cash hidden in a stash at home ("under the mattress") or send it overseas.
One way wealthy individuals have been moving their assets overseas is by buying property and homes overseas. Don't have to report foreign owned property, only bank accounts. Pretty hard to repossess someone's property when you can not get access to it. Keep some assets beyond the reach of your home country or anyone else and don't put all your net worth in any single country or its currency. Spread your bets across the board. Diversify your risks.
THE TABLES HAVE TURNED
http://media.townhall.com/Townhall/Car/b/mrz032013dAPR20130320014520.jpg
(Picture of bank teller holding-up a customer at the teller window with a handgun).
What's your breaking point?