News out of Europe may be . . . interesting next week. A "bailout" deal for Cyprus was approved. It did not kill the speculative investors, and it only changes things by a few billions of Euros. The interesting part is that they
taxed all Cypriot bank deposits at 10%
Yes, you lose 10% for keeping your money in a bank in Cyprus this week. Because fuck you.
Expect bank runs if they let the banks re-open. A bank holiday was declared until Tuesday and will possibly be extended indefinitely. Cypriots with savings and a lick of sense will be emptying their bank accounts immediately. Spaniards, Italians, and Greeks, Irish, Portuguese and probably French depositors had better get their money out while it is still available, and many of them will. European banks are bankrupt as it is but it is very hard to kick the can down the road when you suddenly have a NEGATIVE accounts balance!
So. Look for either some fairly disastrous-sounding news out of Europe this week, or look for a scandal of any degree (none to huge) to be widely reported by the corrupt press in the USA to try to keep the Dow Jones average in record territory until (at least) 2014.
This is one of those rare times it actually DOES pay to be cash-poor. Ouch.
P.S. for those who don't already know? Michael Shedlock is about the only current economic analyst who consistently gets it right. MSNBC is not the place to get economic news. Mish is.