Comments about ‘Dan Liljenquist: Cyprus' lack of political will sounds too familiar’

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Published: Thursday, April 4 2013 12:00 a.m. MDT

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Roland Kayser
Cottonwood Heights, UT

This editorial misses the mark in so many places. The money in Cypriot banks did indeed come mainly from wealthy Russians. They use Cyprus as a tax haven to avoid paying Russian taxes. It is also a haven for money laundering for Russian gangsters. The deposits in the their banks far exceed their GDP. It is not the Cypriot government that is bankrupt. It is the Cypriot banks. They had so much hot money coming in that they put it into highly risky investments like Greek bonds.

This tragedy has little to do with the government of Cyprus living beyond its means, and everything to do with Casino Capitalism run amuck. It does hold a lesson for us although not the lesson it claims: Rein in the banks.

george of the jungle
goshen, UT

There is a difference between Object [what you bout] and Objective [where your money should go]. There is a limit or a boundary to spending. A person has to know his limitations.

Res Novae
Ashburn, VA

This analysis of the Cyprus crisis fails to discuss a couple of key items, instead choosing to simplistically blame Cypriots for living beyond their means. A couple of years ago, Cyprus's government debt-to-GDP ratio was quite healthy, certainly much better than that of the US. But a cascading series of issues have led to the current situation, including the poor timing for joining the Euro, sharp downturns in major industries of tourism and shipping, and the reliance on major banks as an overly-large sector of the economy.

Not to mention the biggest issue of all, which is that Cypriot banks invested heavily in Greek bonds, which obviously didn't work out very well.

But those facts are a distraction from simply pointing the finger at government spending.

50% of the deposits in Cypriot banks belong to Russian oligarchs and their businesses, many with ties to the Russian mafia. Their money was there because Cyprus is a tax haven for the wealthy. Pardon me for not shedding many tears that they're gettting a haircut.

And frankly the comparison of this situation with the treatment of the Kulaks is risible. No one is being liquidated here.

iron&clay
RIVERTON, UT

Thanks for the insight DN and Dan.

Let's not forget that these BRIC countries are totally owned and controlled by central bankers of Europe ever since the bankers bankrolled Lenin and Stalin in Russia and Mao in China.

You see, the ultimate monopoly is government ownership and control of a nations means of production, resources and etc. you know, basic Marxist philosophy, then it is really the bankers who hold the notes on these countries and their national debt who have complete control of impounding the accumulated wealth of individuals who may attempt to compete against the banker/government monopoly of power and money.

KDave
Moab, UT

The real story here has nothing to do with Cyprus. The BRICS coalition is poising to take over the international money standard from the dollar (USA). Mainly because of our incesant printing of dollars. If and when this happens it will be ugly, real ugly for us.

Steve Cottrell
Centerville, UT

With all these editorial letters to keep his name in public view, Dan must be planning a political run again soon.

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