“What Cyprus makes clear is the realization that there is not enough money in the world to bail out the banks. So to keep the political experiment called the European Union alive, the oligarchs in Brussels have now resorted to stealing depositor money.
The important point here is if they can steal it in Cyprus, they can do the same in Spain, Italy or any other country where the banks are insolvent, and the reality is that most of the global banking system is insolvent. But sometimes it takes a while for a lesson to sink in. Some people began recognizing the counterparty risk that comes with bank deposits when Northern Rock collapsed in 2007, and the point was driven home again in 2008 with the Lehman debacle.
This crucial lesson is again being made clear from Cyprus, and the key point here is the one you and I have made time and again over the years: It is essential to have money outside the banking system, and the best way to do that is to own physical gold and silver."
- James Turk via a recent King World News interview, read the full interview here: