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Hi I'm Bill O'Reilly thanks for watching us and -- protecting your hard earned money.
That is -- subject of this evening's talking points memo as you may know.
Another European Union countries Cyprus.
And to keep that nation from completely falling apart.
The European Union has okayed a seizure.
A private money.
That's the positive in a bank on the Mediterranean island.
A side of Communist takeovers that's almost unprecedented.
But a member of the European Parliament says more private money could be sees in the future.
Now they've done it it one -- That quite capable of doing it.
In Italy Spain Portugal or anywhere else and the message that sends to people we've got savings.
In bags in those countries certainly -- I was them is get your money out.
-- -- -- Certainly a dire warning.
For everybody even Americans as the global economy begins to -- -- There is no question that the rise of the nanny state where politicians buy votes.
By promising to support people.
Has damage capitalism all over the world.
We're seeing right here in the USA.
No longer are we a self reliant nation now about half of American households half.
Receive some kind of government assistance.
Some of that has been -- but much of it simply -- hand out.
The Democratic Party is establish a firm hold on the entitlement culture.
People getting free stuff from the government are voting democratic because -- Republican Party wants a cut back the nanny state.
So -- engage in an economic civil war which it Democrats are now winning.
Most European countries are in significant in the global economy but America is the big dog and we are now.
Trillion dollars in debt.
Every day of the year.
The USA acts.
Billion dollars in more debt every day.
That is a frightening scenario.
Not using the care.
He says the -- is quote sustainable.
But it is not.
We are being misled.
If America collapses economically there will be violence in this country and all over the world.
That violence could lead to anarchy at once order breaks down.
Anything could happen.
If you watch -- factor even occasionally you know that I'm not kind of person would -- a situation like this.
-- what is happening in Cyprus and Europe is a contagion.
The simple truth it is the world had not support.
The Soviet Union collapsed under that weight and the rest of the so called socialist nations are a chaotic.
Pres Obama and liberal America need to wise up fast and the rest of us who do see the danger.
Should begin to speak with some urgency.
The US debt is a crisis it is not sustainable.
And these -- -- in Washington.
Better do some about it.
And that's the memo now for the top story tonight reaction to his Washington Fox's analyst Charles crap so am I over -- Charles.
Look I agree with you that the nanny staters unsustainable.
And in the end it collapses.
So what happened in Cyprus is not that the government.
Which is in any government in Cyprus is insolvent it's that the banks from insolvent.
And the banks had sort of grown.
To about six or seven times the size of the economy.
With a lot of influx of Russian money.
What happened was the banks.
Invested in Greek bonds which went from a hundred to essentially zero so the banks are wiped out.
Now Europe said we will help you out and at the beginning they made a fatal mistake.
They said we'll help you out if you steal money from all of your depositors.
Now that caused a sort of a revolution in Cyprus and it was stopped but then they made what was the only wise decision.
They decided that those people who I have under a 100000 euros which are insured.
They have their money intact.
But all the money that was put in.
Beyond insurance just like the FDIC insurance we have here is fair game if -- -- -- one of the TV to banks who probably lose at all.
In the other bank to bank of Cyprus you'll probably -- about a quarter but only the amount of money that is over the guarantee.
All right the -- that it is our right that distinction his a couple of things it's Cyprus itself -- is billions of dollars.
And if it were solvent country it -- prop the banks up because when banks school wonder in the USA as you know.
The government can come in and take them all they can't do it snipers and army money because as you said it's -- nanny state.
But the bigger picture is this.
We are seeing the future in Europe now we are seeing it all right yet our president and I'm not a guy.
That has been hammering Obama on every little thing but this is a big thing.
He sees it too this is what troubles me about Barack Obama he sees it.
Soto is -- they know what's happening in Europe they know what's happening in Greece and Spain and Italy in Cyprus they know.
Yet they are encouraging the same scenario in the United States Charles.
That to me is inexplicable.
It's why Barack Obama will not sit down with me for an interview.
He doesn't see seventeen trillion dollar debt.
As a problem he doesn't see it but it is a problem.
And everyone knows it's a problem so what is that dishonesty delusion what is it.
-- -- -- -- -- -- -- -- I responded it is clearly the fifteenth but I will not bring up anymore -- I think you love to make a distinction between.
And banks are banks are in fairly good shape.
Our problem is and it's a longer term problem that the government is headed towards insolvency that it's not gonna get there tomorrow.
And -- -- -- Europeans who are way advanced.
In terms of indebtedness and insolvency and I -- -- get there tomorrow.
And we have several years between now and then if we would start to make entitlement reforms if we would start today.
Tax reform if we would start to judge to begin to rein in the government and you then begin to bend the curve.
We can quite easily achieve solvency.
Gave away -- not doing that instead we're printing.
More money that's devaluing our currency.
And that is going to lead to Armageddon when this man leaves office Barack Obama.
We will have a national debt approaching -- -- -- trillion dollars we will have a badly damaged dollar because of all the money they're printing now.
You know what and I know.
And anything can happen in this world you start -- and knowing down country's going on there like Cyprus and stealing deposits you're gonna have a mass panic worldwide.
-- -- for all of that is true.
And I agree with you on -- general principles but not on the timetable.
Do you think everybody on Wall Street is out of his mind as it rises up to record highs.
I think -- deluding themselves into thinking -- -- some way somehow.
The United States is gonna get away from the nanny state.
But we're not -- -- get away from the nanny state because the people now want it.
Here -- they want it they're feeling it I can go get free stuff now.
Aguilera were seriously areas that we agree strip where we will never have.
A Republican administration.
We will always have you see -- try to balance really budget do you see any anti Obama now privacy no IC a GOP -- -- for three years in a row.
-- -- a budget which would to return us to 1% of GDP of debt.
Within four years but actually getting that done.
Well you really got to do is change administrations not unless you believe it's ridiculous for Democrats until -- -- I don't know I'm.
I'm -- the real world I'm worried about these people the voters now because the mentality is changing in this country.
And that worries me Charles very interesting as always we appreciate happy passover to you now.
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