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Fox News alert and what a busy news day we have for you folks a stunning statement first up from a leader of one of the world's largest economies.
As he suggests countries now running an economic trouble.
Should follow the -- Cyprus and possibly consider just taking the money they need.
Who bank with them.
Welcome to America live everyone I'm Megyn Kelly they said it -- happen is that it was going to be only in Cyprus and not to worry well.
The statement I just mentioned came earlier from the finance minister of the Euro -- he's the head.
The head finance minister.
That's Europe's economic union and another European leader was so upset by those comments he came out in in a rare showing a public dissension.
Called the earlier statements just plain wrong.
Now this dust up comes as new protests erupted Cyprus.
Demonstrators there outrage over the deal that effectively steals money just takes it.
From the wealthy and for businesses that cannot pay salaries and suppliers.
Protesters urging their fellow countrymen and women to fight back chanting that lawmakers are quote sucking your blood.
Simon constable of the Wall Street Journal columnist and author of the Wall Street Journal guide to the -- economic indicators that really matter.
And this is pretty amazing sign when you see it's this isn't that the guy who comes out says this is is the real deal -- this -- important is the head of the finance ministers.
And he comes out owners get.
It's his name is -- -- pronouncement it's it's.
Does sell -- And he is the top Central Bank official.
And he's saying look I like what we did in Cyprus and not only is it good there this could serve as a model for us.
Not around though it's -- back at arms down and now it's so back a -- while it's it's that's right it's that all private property.
-- -- that's the first thing and we know that economies that don't have property rights do very badly.
This is you know it's not infringing on -- -- back -- Hillary sent.
If people know this is coming back and -- ankle and running out of the banks.
And then the banks all going to be in worse shape you need the money in the banks.
And it's taxing -- -- -- is a virtue it's personal responsibility right I mean and so on so many levels this is so dumb.
I we weren't gonna see this though because when we talk about -- it was -- -- me first of all have to be more like who Cyprus where flat -- -- care.
Is -- little island nation they've got some issues I don't know the Russians are laundering money through there so -- -- care.
But given -- and then there was discussion of moral hazard and whether there was a precedent being set.
Because in the United States of America doesn't have its balance.
-- all then who shored up either and certainly our friends in Europe are in greater trouble than we are today show and so now we see after people dismiss this as you know.
It's just Cyprus not to worry.
The head of the eurozone comes out says I think it's great I think it's a -- and now the number two guys say.
Or did it -- I don't exactly agree -- I could lead -- the market started tanking.
Well that I'm and that that tells you everything -- reaction was only because of the market but it -- -- you're right everything you say is rice and now it's an outrage.
If you look right now at at things like bases you try it was somewhat small and insignificant then it gets to you eventually and very quickly amassed just -- another example of this.
-- out -- because about Cyprus but then it could be Spain Italy Germany everywhere or else no -- Britain didn't want to be in the Arizona.
Yeah we're talking you're talking 48%.
Now people's savings if they have over basically a 130000 dollars it would be in in what is -- the money for little.
What's the money flow out of backs fan of this in Southern Europe and -- the circle pay export -- I'll agree with -- think island might be okay but those on -- conferees.
Money we'll just -- out in May go into safe deposit boxes or sites that -- and I think companies selling sites are gonna do very very well.
This is just bad bad bad news and we see that and come countries and economies lab you have -- is that just -- wealth from people.
That you see those economies do very very badly think about dictate as sound of old enough and North Africa places the -- -- grow.
When you don't have this -- then you got a disaster that -- about trust -- -- try something new in your banker otherwise you wouldn't stash your money there just wild -- would have fit your mattress not absolutely or pedestals site.
Because you know it could -- wrong with that I think it -- a pretty crazy on -- -- about a moral hazard if you wanted that people to be aware of moral hazards and you know.
But investing in a -- -- putting their money in a dog she bank.
Then you let the bank go through bankruptcy and I realize that's a -- points but really that's what what should have happened this idea of snatching money Willy Nilly.
I'm just because you might not like some -- -- is -- The updates to its banks -- really doubt that the that the bankruptcy is sort of the natural coming up with a lot natural consequences would have taken place but this is not natural I'm.
And your ability depositors are extremely unhappy the banks I guess open back up on Thursday in -- IRS and watch for the run our -- I -- think you just.
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