In response to:

Can It Happen Here?

jdavis368 Wrote: Mar 26, 2013 6:56 AM
It has already happened here. What does anyone thing happened during the housing bubble collapse? Those who simply found themselves upside down or "underwater" in their homes and walked away....were not going to labor (slave away) to pay off notes on homes that would never again see the value of the mortgages they owed. How about those such as myself who had put hundreds of thousands of dollars (real money) DOWN on homes only to see that value (the equity which at one time was real money) vanish into thin air.....winding up in some bankers pockets?
dieseldriver Wrote: Mar 26, 2013 7:26 AM
Yep, me too. About $200K down the drain. I might as well have been paying rent.

The decision of the government in Cyprus to simply take money out of people's bank accounts there sent shock waves around the world. People far removed from that small island nation had to wonder: "Can this happen here?"

The economic repercussions of having people feel that their money is not safe in banks can be catastrophic. Banks are not just warehouses where money can be stored. They are crucial institutions for gathering individually modest amounts of money from millions of people and transferring that money to strangers whom those people would not directly entrust it to.

Multi-billion dollar corporations, whose economies...