Editorial
Another crash coming
THE BANKING crisis in Cyprus is the first chink of a new round of big bank crises within western capitalism. The blatant seizure of depositors’ savings has sent big savers all round the world into a state of extreme nervousness. They know that the Cypriot bank is not the only bank in dire trouble. Most western banks are still seriously under-capitalised. They keep up their shiny facades but behind there is very little in the way of resources and a sudden loss of confidence by savers, who may want to withdraw their money and put it under the mattress or invest it in something more solid like gold, land or art treasures, will see these banks crashing like dominoes.
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[ Another crash coming ]
