The Cyprus banking collapse has started the era of government broken promises. While the smaller depositors will not have to bail-in the banking system, the more important result is that government will now routinely break promises that it should have never been making in the first place. This will lead to civil unrest and many negative consequences that will have a profund affect upon society and people’s relationships between themselves and government. As the crisis progressed, this result became more and more unavoidable. And perhaps now is the time to move to a low-tax state as Wayne Allyn Root recommended on the show a few weeks back. The hedge fund industry is moving down to Palm Beach County Florida en masse.
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