Letter: The Cypress template

April 21, 2013 

It's now official, sizable deposits of euros are now being seized from depositors accounts and converted to "stock" in bankrupt Cypriot banks.

As of Dec. 10, "too big to fail" became the policy of the Federal Deposit Insurance Corp. and the Bank of England and is being used now here to seize your money.

These shenanigans were tried prior to 1933, by the same speculative interests, using the same methods and for the same purpose -- to take your money.

In response to this looting scheme, Glass-Steagall legislation was signed by FDR in 1933, creating a firewall between legitimate commercial banking activity and the gambling activity of hedge funds, insurance companies and real estate speculators.

Glass-Steagall served well for 60 years only to be repealed in 1994 after a dozen attempts and millions of dollars were spent lobbying Congress to remove these restrictions.

Since 1994, the ever-increasing gambling losses of banks have been shifted from them onto you, the public.

Face the fact, your bank deposits are now being used in a vain attempt to keep a dead financial system afloat.

For your survival, demand immediate reinstatement of The Return to Prudent Banking Act, HR-129.

ROB DUPUY, Pasco

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