IMF/EU just pulled a full Ryan Eagle
I'm a little shocked at how many people are actually surprised by this. It's a screwed up situation, but it's clear people have not studied history, and therefore are destined to repeat it:
"When provisions are transported at great distances, the citizens will be impoverished. Those in proximity to the army will sell goods at high prices. When goods are expensive, the citizens' wealth will be exhausted. When their wealth [nation] is exhausted, the peasantry will be afflicted with increased taxes. When all strength has been exhausted and resources depleted, all houses in the central plains utterly impoverished, seven-tenths of the citizens' wealth dissipated, the government's expenses […], will be six-tenths of its reserves." - The Art of War
Basically, don't put your money in a bankrupt system. This is excerpted from a book written over 2400 years ago. Whenever government's expense become more than that revenue, they'll tax their people, peasants first. (Kind of like playing Sim City, first people you tax are the low-class citizens since they are less likely to leave versus the rich).
It's not hard to see the correlation in Cyprus and EWA.
EWA = Cyprus country
Eagle = IMF
affiliates = bank depositors
EWA was bankrupt cause of their own doing but also due to Big affiliates (rich depositors) using EWA for risk management. Even Obey CEO admitted he didn't take on several products because of risk, and decided to run it through EWA. Then he claimed he wanted to sue EWA cause of non-payment. I was like, "WTF? you knew the advertiser was in the middle of nowhere and high risk, so instead of taking them on directly, you decided to run it through EWA?" He stated "Yeah, everyone did that."
WTF? So everyone knew that eventually EWA might collapse with one or two non-paying advertisers, and now they want to sue EWA for non-payment, knowing there was risk. Exactly what the bank depositors (the big ones) did. They were putting their money into the nation knowing it was bankrupt but wanted the better interest rate. At some point, it's time to pay the piper. The big affiliates = Rich non-residents, small affiliates = residents. No matter what everyone is going to get screwed. IMF is doing what it has to do, and taking a 10% tax (Eagle took 100%), to keep the debtors at bay.
No matter what, in both scenarios, there are unknown rippling effects that will result. Read, history people, read books of the past, and learn from the mistakes taken, even if the story is from 2,400 years ago. Don't put your money in a bankrupt nation, company, or anything unless there is a SOUND return to profitability plan, otherwise, you might wind up holding the bag.
Good luck bro.
