global Economy
IMF: The New Global Fed

IMF: The New Global Fed

Politicians and Wall Street insiders are scheming to give the IMF unprecedented powers as the “system-wide policeman” of the planet. ...
William F. Jasper

“A lot of us just can’t believe it,” Alexandra Christofi, of the Cypriot coastal town of Larnaca, told Britain’s Guardian. “I had put my money there for a rainy day. It’s absolutely all I have and I cannot understand how Cyprus is being singled out.” Christofi was but one of the many distraught and panicked depositors on the Island of Cyprus who had rushed to bank ATMs on the morning of March 16, 2013, a Saturday, to withdraw what savings they could — before their deposits were confiscated.

“It is robbery,” said Maria Zembyla, from Nicosia. “People like us have been working for years, saving to pay for our children’s studies and pensions and suddenly they steal a big share of this money.”

“You sit down after a lifetime of [labor] at 60, and find half of all you worked for has gone,” Larnaca resident Panikos Demetriou told the BBC. “I thought I would be comfortable and a lot of the money could also have gone to my son,” he said. Demetriou had 80,000 euros ($86,000) seized from his savings account. “This wasn’t dirty Russian cash — it came from my solicitor after the sale of my house,” he protested.

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