Keith Fitz-Gerald: Cyprus is "The First of the Dominoes to Fall"

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With guards outside Cyprus banks Friday and depositors reeling after suffering huge losses, the nation's central bank reassured residents they wouldn't face restrictions on using their debit and credit cards.

But according to Money Morning Chief Investment Strategist Keith Fitz-Gerald, the reverberations and possible implications of the Cyprus bailout extend well beyond the island nation.

Appearing on the FOX Business Network, Fitz-Gerald said Cyprus had "achieved every central banker's dream. They have privatized gains and socialized losses, and this is the first of the dominoes to fall."

He said "any nation in the world is subject to this now that politicians have figured out they've gotten away with it."

To see why it matters and what else Keith had to say, check out the video below.

Join the conversation. Click here to jump to comments…

  1. H. Craig Bradley | March 31, 2013

    'YES' MEN

    All humor aside (frog gif), there is a bit of crowd following going on here. I see three guests on Neil Cavuto who are very anxious to be in agreement with whatever the Fox anchor is saying (heads nodding, in such a brownie-nose manner). In effect, "yes" Men. Its rather repulsive (to me).

    Don't forget we still have a constitution and Bill of Rights which says there can be no "loss of life, liberty or property" without due process. Therefore, in order to seize depositor monies there would have to be some kind of "due process". Edicts are not constitutionally adequate by themselves. Its a matter of common sense. As it currently stands, the FDIC is legally required to insure all individual bank account up to $250,000 Dollars. Whether they are "good for it" remains to be seen and is another question entirely.

    If the Federal government becomes untrustworthy and disregards the Constitution too many times, they may face a large number of noncompliant individuals and organizations that may choose to fight in the end. That means a civil war. The compliant vs. the noncompliant. Some Americans are not likely to stand for it (go along) so peaceably as the old retirees pictured in the video standing in long lines in front of the affected Cypress Banks.

    • Andy Schuck | April 1, 2013

      And how many times will it take before we say that it's too many violations of our constitutional rights?

      If you can't see where this country is going……well, the handwriting is on the wall, just takes a little reading and comprehension, although our HS graduates these days are ill-prepared to do those two important things.

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