"Nobody got rich by putting all their money in a bank for interest. They won't get poor that way, but you won't get the triple-your-assets rate every 10 years that they should be getting if they're investing wisely. The only people who should have their money in "safe" investments are the very old who have no need - and no time - to be aggressive with their investments."
Well Bill you are fortunate enough to be educated financially, many are not. effectively their savings are being taxed because the interest rate is below the level of inflation, so they are losing money on what they believe is a safe investment, and it doesn't just affect them it affects any body who needs to move money through the banking system such as large businesses or even your salary, and it is not safe. Bail ins are a real possibility. Cyprus was not alone. Ireland had a similar thing happen, but under the terms orf their agreement with the IMF they are not allowed to speak about it, we had it with the UK and the Co Op bank in this case it was bondholders....the reason they were bondholders in many cases was they were getting some interest on their money, which they would not get in a bank.
People do not understand the difference between money and Fiat currencey, they also do not understand that Banks create money out of thin air, then lend it with interest.they cannot lose, and yet they were so greedy they had to take it even further
............and they came unstuck........they should have been allowed to fail, that is capitalism, they should not have been allowed to be bailed out by taxpayers money, they can screw the people for interest then when they make mistakes it is the same taxpayers who are asked to bail them out. Banks produce nothing, they help no one . people who can work but are on benefits or food stamps are useless unproductive members of society, but they are nothing compared to bankers ...folks on welfare do not get the same salary as somebody like Jamie Dimon the head of J.P.Morgan $28 million.........for producing nothing, just shuffling paper around.
check this clip out, the people here are a lot more eloquent than I am.....BTW ..in no way am I a socialist.but I think it very wrong that a group of private banks i.e the Federal Reserve have so much influence on a world wide basis.....there is a revolving door between the politicians and the banking system which should be closed.http://www.youtube.com/watch?v=iSntUK8oCWg