Readers may recall the video embedded early in the establishment of this blog, concerning the situation in Cyprus popularly referred to now as the "bail-in template".
That video by the way was chosen for the wildly appropriate backdrop of Merkel's rolling fist (as the consummate Brünnehilde) followed by Christine Lagard looking incredulously at an unknown individual, then a trio of old money insider-looking chaps chortling over the whole affair, all during a youthful English bird's voice-over describing the particulars, in typical Reuters fashion.
I found the video masterfully comical on a very dark level which I do not expect to be comprehensible to the little people, however do review it if you wish to be informed of Roacheforque's acid-esque sense of operatic humor.
Nonetheless, and to the point of contention:
The precedent that was set in Cyprus is being used as a template for establishing bail-in procedures in New Zealand, Canada and all over Europe. It is only a matter of time before we see this exact same type of thing happen in the United States as well.Perhaps, Mr. Snyder, but not in the "exact same" way that you may think, for the fact that bail-ins are the next resort of all BUT the Federal Reserves "reserve currency" is a function of that central bank's "privilege" to "print-in, not bail-in".
Still, it does the dollar no good to thumb its nose at those whose printing does them harm today. That dollar printing may come back to harm the FED another day.
And the little people can come to harm under its wing in more ways than just a bail-in, by any other name.