“It is a war without guns”

Posted: March 28, 2013 in Uncategorized
Tags: , , , , ,

It is hard to miss news about, the Cyprus financial crisis. However in case somehow you have missed the story and do not want to follow and read the story behind the link, let me quickly try to explain what happened.

The island country of Cyprus does not have the most fertile land and due to the hostile land and lack of natural resources the country has since its inception depended on both finance and fishing for most of it’s GDP. The banks in Cyprsus have become somewhat of major institutions in Europe. They have spread out merging with and buying foreign banks and the island has also become a type of “tax haven” for off shore investors. One investments the banks of the island made were in the island itself. Turns out the banks investing in the island was a very bad investment. the island bonds tanked and because of said tanking the banks began to see the loss of significant funds. Cyprus is part of the Euro Zone. As part of the Euro Zone, Cyprus asked for a bailout. The bailout was granted but the stipulations of the bailout are very tough. Some may even say Draconian in nature. The title of this post was a quote taken from a women who feels as though the bailout from the Euro Zone was like being involved in a “war without guns.”

The woman who said this is an employee of one of the many banks forced as part of the bailout to close its doors. Besides the shuttering of many financial institutions which are the life blood of the ailing economy in Cyprus many investors both foreign and domestic are being forced to surrender to the country a tax of up to 40% of their deposits in the Cyrus banks.

These actions by the Euro Zone and Cyprus coupled with the womans quote made me think about the old Woody Gutherie song “Pretty Boy Floyd”

If you’ll gather ’round me, childrenA story I will tell’Bout pretty boy Floyd, an outlawOklahoma knew him well
It was in the town of Shawnee A Saturday afternoon His wife beside him in his wagon As into town they rode
There a deputy sheriff approached him In a manner rather rude Vulgar words of anger An’ his wife she overheard
Pretty boy grabbed a log chain And the deputy grabbed his gun In the fight that followed He laid that deputy down
Then he took to the trees and timber To live a life of shame Every crime in Oklahoma Was added to his name
But a many a starving farmer The same old story told How the outlaw paid their mortgage And saved their little homes
Others tell you ’bout a stranger That come to beg a meal Underneath his napkin Left a thousand dollar bill
It was in Oklahoma city It was on a Christmas day There was a whole car load of groceries Come with a note to say
“Well, you say that I’m an outlaw You say that I’m a thief Here’s a Christmas dinner For the families on relief”
Yes, as through this world I’ve wandered I’ve seen lots of funny men Some will rob you with a six-gun And some with a fountain pen
And as through your life you travel Yes, as through your life you roam You won’t never see an outlaw Drive a family from their home”
The lyrics celebrate the bank robber Pretty boy Floyd. A criminal because he robbed the banks but a hero because he used the money that he stole with a gun to help the people now being robbed with a pen.

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