The individual has always had to struggle to keep from being overwhelmed by the tribe. If you try it, you will be lonely often, and sometimes frightened. But no price is too high to pay for the privilege of owning yourself. - Friedrich NietzscheI thought it would be interesting to take a poll of a cross-section of Americans and find out just how many actually know what went down in Cyprus over these last two weeks. I would bet good money that, at most, 20% could tell you that "something" happened with the banks, that another 30% have heard of Cyprus and a full 50% have no clue. It would be interesting to see what percentage of those that have no clue are part of the now 48 million Americans receiving food stamps as of the end of December (which means the real number is closer to 49 million now)
At any rate, I'm sure the readers of blogs like this one are well aware of the bank stress tests that have been performed by western Central Banks on the big banks in their respective countries. I'm also sure most you are aware of just what joke those stress tests are.
Well, for those you who think the stress tests have merit, here's a headline from the July 16, 2011 Cyprus Mail, which is Cyprus' leading newspaper:
Cyprus banks pass EU stress test