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Re: Cypriots Feel Betrayed by European Union
Dear Sirs:
The frustration felt by ordinary Cypriots is illustrative of the myth that Europe is moving toward solidarity, prosperity, and greater social cohesion. The Cypriot crisis revealed the reality that lies beneath the Brussels rhetoric. The Cypriots were fools to believe that they could engage in reckless economic practices, moving away from agriculture and into services, and depend upon the EU to bail them out of any setbacks along the way. Just as each individual must rely upon himself and his own resources, the same is true of nations. Just as in Greece, the Germans are being blamed for not coming to the Cypriots' aid. But why should they? Would the Cypriots bail out the Germans, if the shoe were on the other foot? Of course not. Rather than build amity and good will, the EU has triggered massive misallocation of resources that has engendered enmity, distrust, and hatred. This is to be expected from any government-run, socialistic wealth transfer union.
Another Blogger has commented on this poignantly:
ReplyDeletehttp://www.economicnoise.com/2013/04/05/the-country-is-over/
lead in:
http://tartanmarine.blogspot.com/
Comment from reference:
"There will not be an economic recovery
given the economic policies of this
country. A recovery is not unlikely, I
would argue it is closer to impossible
if not impossible. The reasons for this
position are not complicated. In short,
the nation has become an out-of-control
welfare state that is rapidly destroying
the incentives to work or create jobs."
"The depositors in Cyprus believed they
owned what was in their bank accounts.
They found out otherwise. Bondholders
of General Motors believed they were
protected by bankruptcy laws when GM
was bankrupted by the government. They
found out otherwise. Do you own your
pension plans and IRAs. Well you always
believed you did except now there is talk
about confiscating a portion or all of
these funds."