The dollar’s still the global currency. The Federal Reserve has an
extremely broad set of tools at its disposal (although it’s choosy about
where and how to use them). A Cyprus-like incursion on people’s
savings seems unlikely here. But if the past several years have taught
us anything, it’s to “never say never.”
Whatever happens, the Cyprus story holds important lessons for every economy, including our own: Austerity has failed. So has bank deregulation. The ‘fair share’ principle of progressive taxation, which has guided the tax policies of Western nations for generations, is under assault.
And this may be the most important lesson of all: The people who led us into this mess are the wrong ones to lead us out of it. In fact, they’re beginning to look downright scary.
Read more: http://blog.ourfuture.org/20130318/cyprus-bank-panic-it-cant-happen-here-can-it
Whatever happens, the Cyprus story holds important lessons for every economy, including our own: Austerity has failed. So has bank deregulation. The ‘fair share’ principle of progressive taxation, which has guided the tax policies of Western nations for generations, is under assault.
And this may be the most important lesson of all: The people who led us into this mess are the wrong ones to lead us out of it. In fact, they’re beginning to look downright scary.
Read more: http://blog.ourfuture.org/20130318/cyprus-bank-panic-it-cant-happen-here-can-it
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