I've seen two posts today that put paid to the notion that Cyprus can't happen here. In fact it is possible (if not probable) that it will happen again somewhere in Euro-World.
Now just for the record, I am not a fan of hyperventilating shock scenarios and predictions of disaster. I am perpetually amused at the commercials for gold sellers that flood the radio waves when I'm out running errands at lunch time. Well, I'm not one of them. Each blip in the economy is not the end.
But this post in ETF Daily News and this one at Seeking Alpha give very detailed and technical explanations of how, in fact, in can happen here.
Again, I want to say that I do not believe this will happen just that it can happen within the legal framework that sits atop our financial system. My money is still in the bank and my retirement account is still at eTrade.
Still, as the ETF Daily News author says, "If you want to see who is going to guarantee your funds, look in the nearest mirror." This will win the award as my favorite quote of the week.
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