Unlike the bank bailouts for other parts of Europe,
Germany has insisted that in order to bail out
the banks of Cyprus
the depositors, none of whom are responsible for problems, must lose part of their
deposits. The reasons for imposing this
on Cyprus are (1) German
politicians are trying to suck up to an electorate in advance of the fall
elections and (2) Cyprus
is sufficiently small and insignificant that it can be bullied by the Germans.
But the people of
Cyprus have stood up and said
no. This was not an easy thing to
do. A failure of the banking system in Cyprus could
doom the island nation to an economic disaster for years. But the German policy is so unfair, and so
blatantly wrong that the Cypriot people needed to make a statement to Germans
regardless of the consequences. And they
the Germans need to revisit the history of the 20th century and the
atrocities that nation imposed on the world.
And no, the people in charge and the electorate today are not the ones who did
those horrific things, but still, it was their country and they bear some
responsibility. Even more relevant, the
current prosperity of the German nation is in large part a result of massive
allied aid following World War II, along with the military protection provided
by the United States, Britain, France
and others that kept the Soviet Union from turning West
Germany into the economic and political basket case that
was East Germany.
you still owe the rest of the world, you owe it a lot. And in case
you have forgotten why we recommend just one book, William Shirer’s
history of Nazi Germany will do fine.
Read it and weep.