Perhaps you’re unaware of what took place over the weekend. Cyprus, an island in the Mediterranean went bust. Their banks required a life saving bailout from the European Central Bank. The help came with a steep price tag. In exchange for $13 billion in aid, account holders were required to forfeit up to 10 percent of their deposits. This is earth shattering. It is a major confidence destruction event. When it comes to fiat currency and fractional reserve banking, confidence is the mother’s milk of the system. Now that it’s dried up, the rest of the great unwinding has begun.
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