Father Of The Euro: "Italy Is Next After Cyprus"

"Cyprus is too small to fail.  Look out for contagion."

Solid 2 minute clip.

March 25 (Bloomberg) -- Columbia University Professor Dr. Robert Mundell discusses the banking crisis in Cyprus.  His comments on Italy are not shown in this clip (I found them in a much longer 22-minute version of this interview) but are highlighted by Sara Eisen, as Mundell's greatest fear.

Wikipedia on Robert Mundell...

Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.

Read more here...

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Sara Eisen bonus clip:

Start watching at the 1-minute mark.

Sara Eisen caught making embarrassing wardrobe adjustment on camera

Screenshot

Comments

[The Verve]

Father of the Euro needs an ascot. Bad.

[The Verve]

But Sara Eisen made up for the displeasure of watching Mundell.

[DailyBail]

Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.

http://www.telegraph.co.uk/finance/financialcrisis/9952979/Cyprus-bail-out-savers-will-be-raided-to-save-euro-in-future-crises-says-eurozone-chief.html

[DailyBail]

TRYING to avert a further ATM run on Cyprus’ banks, daily withdrawal limits were further limited yesterday across the two biggest banks.

http://www.cyprus-mail.com/atm/further-limits-atm-cash-withdrawals/20130325

[MachtNichts]

Financial system broke beyond repair due to gambling. So, what's a gambling addict to do? Scam his family and friends into giving him more money to continue gambling. And that's what's happening, folks. Just, unfortunately on a global scale.

When the Euro was introduced in 1999 (just turn those numbers upside down) German marks were exchanged 2:1. You loose.

Businesses were scrambling but basically kept the old prices, now in euros and not marks. You loose.

They kept the population quiet by keeping the price for groceries reasonable through subsidizing. You still loose.

With his rap sheet, Mundell probably never knew sh$t from shinola, and I sincerely hope he regrets being called the father of the euro.

Slice it as you will, the Cyprus effect is coming to an ATM near you pretty soon. Not that we have capital controls in place right now.

[DailyBail]

Cypriots face draconian controls over how they spend their money, use debit cards or access their savings lasting beyond May as Cyprus tries to stop capital flight ahead of inflicting major losses on depositors at the island’s biggest bank.

http://www.telegraph.co.uk/finance/financialcrisis/9955410/Cypriots-braced-for-harsh-banking-curbs.html

[SimpleDirect AnswerMan]

Instead Of Seeing People's Savings
Accounts Looted For The Folly Of
Bankers Across Half The World, With
Net Creditors In Europe Imposing
On The Sovereignty Of Those In
Neighboring States, Why Not End
The Grabbing.

People's Savings In Place Can
Remain In Tact If New Euros Can
Be Issued Pro Rata In Relation To
A Formula Agreed Upon Mutually
But Undoubtedly Heavily Weighing
Net Per Capita Debt To Respectively
Everywhere Else In The EU.

Also proposed: a mutual (Japan-U.S.)
debt cancellation party.

http://evernewecon.weebly.com/realty.html#debtcancellationparty

[SimpleDirect AnswerMan]

As The Formula Would Contain
Multiple Elements Of Trade Data
The Inflationary Impact, A One-
Off Event, Could Be Modest.

[DailyBail]

I sincerely hope he regrets being called the father of the euro.

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Don't hold your breath.