The economic collapse that struck panic into the heart of U.S. political and financial institutions gave birth to a popular movement that continues to this day.
Timothy Geithner’s new book about the financial crisis, “Stress Test,” is basically an argument that the Wall Street bailout succeeded.
Confiscating customer deposits in Cyprus banks was not a one-off, desperate idea of a few eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the U.S. Federal Deposit Insurance Corporation and the Bank of England, dated Dec. 10, 2012, shows these plans have been long in the making.
For now, the government of Cyprus has overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout. But if technocrat bankers can push through their confiscation scheme, precedent will be established for doing it elsewhere when bank bailouts become prohibitive for governments.