I live outside of the heart-of-empire (Washington, DC). A friend at church is high-level bureaucrat with one of the large government pension administrations, one that manages money in the "mainstream way".
I asked this person about the importance of Cyprus and the seizure of depositor's money. The response was something like: "Are you kidding? Cyprus is a completely in-consequential pip-squeek.".
Meanwhile, the respected Mr. Gold (Jim Sinclair), is saying that this is Cyprus is the beginning of the biggest disaster of our lifetimes, e.g. "There’s absolutely no question that when it’s confirmed that the depositors’ loss of money is not a tax, not a new way of making things whole, but in fact the actual disaster that the global banking system is currently in, you will have a move toward physical gold greater than anyone on this planet now believes is possible. We will also witness the beginning of a level of fear and panic not seen in this world since 1929."
I synthesize this justaposition as follows:
- The mainstream has discounted and basically forgotten about Cyprus.
- Its going to be a while before anything really crazy starts ripping the financial world apart.
- Sinclair is right about crazy things happening, but as usual with him, but just not right away.