Let me tell you a story:
In ancient Greece, in line with the primary goal
of one knowing himself and finding harmony and balance, Hubris (Ύβρις) was considered a major unethical act.
One committed Hubris when he arrogantly overestimated his abilities or strength, defied his
mortal nature and other weaknesses, and used his power to humiliate his
victim(s) for personal gratification.
Germany has been preaching their superior
business model for quite some time now to the point that German politicians,
and the German public at large, think by now that Cyprus’ business model is
inferior and should be dismantled. They
think that every country should have a high corporate tax rate and that a large
international banking and financial services sector, like Cyprus’ is
“unsustainable”. They conveniently forget that their own industrial sector is
many times multiple of their own domestic demand which means that it is
dependent on exports to other countries. In general, they conveniently forget
that if Germany is to be making a trade surplus some other countries, like
Cyprus, must be making a trade deficit and that if they insist to keeping that
surplus to themselves they will be aggravating world (and Eurozone) trade imbalances.
If you feel you need to understand what I am talking about a bit better check
this or this. Any way, they feel so much superior that they derive pleasure at
any opportunity to humiliate weaker countries like Cyprus. They would not care
if by giving a haircut to the Greek sovereign debt, in the way they wanted the
private sector to participate, they would cause the Cypriot banks a huge loss
of €4.5 billion. They would not care if by blackmailing the government of Cyprus to accept their proposals they would damage the reputation of the Cypriot banking sector or set the stage for a bank run, multiplying the original liquidity problem. which was caused by their own previous bad decisions. In this sense they have
been committing Hubris.
The Gods would send to the one committing
Hubris the Hatei (Άτη) which
meant the blinding of the mind. Hatei looks surprisingly similar and fits the modern day concept of
“hate”. Hatei would make the one committing Hubris to
indulge into more of such acts until he would make a major foolishness or
mistake.
The Eurogroup’s bail out plan for Cyprus
was a major foolish mistake. In their indifferent and malevolent attitude towards the damage inflicted to Cyprus, they forgot they were damaging the trust of depositors necessary for the functioning of the modern banking system, whereby deposits are lent to long term debtors. If you do not believe me you may read this or this
(and watch the related video).
Such a mistake would cause Nemesis, the
rage and revenge of the Gods.
The reaction of the worldwide markets and
press expresses the rage and revenge of the Gods. Again, if you do not believe
me, then watch this or read this.
The Nemesis would then result in the Tisis
(Τίσις), the punishment and the destruction of the one committing Hubris.
That remains to be revealed!
So, our German and brethren satellite
partners. Beware how far you want to push this. You may manage to humiliate
Cyprus and its people to your gratification, in the same way you have been humiliating Ireland, Portugal and Greece. But your turn will not be far
away. We have come a long way since ancient Greece, but the nature of neither human
beings nor Gods has really changed!
I will fill in the missing links later today.
Update 22.3.2013: Most Cypriot politicians are in complete confusion and disarray. I have to focus on how I can be of some help. I will not be filling the missing links but this is a general assortment: http://economcy.blogspot.com/2013/03/in-cyprus-europe-sets-new-standard-for.html
Update 23.3.2013: Cypriot politicians have finally realized that Cypriots have to cut our losses and carry on. Just in case in all this noise you missed the signal here it is what happened:
- German politicians continue to be making a big fuss about the "inferior" Cyprus business model and in their "superior" logic consider it a big sacrifice for the German people to contribute to the bail out package for Cyprus.
- The EU decided to contribute to the bail out package for Cyprus €10 billion and blackmailed the government of Cyprus into inflicting a €6 billion deposit haircut on Cyprus. This caused a bank run in Cyprus and continues to be a threat for bank runs across the whole of the euro-area periphery.
- The contribution of Germany to this package is 30% of the €10 billion, i.e. €3 billion. Germany has a population of more than 80 million. The contribution of Germany amounts to less than €40 / citizen. Morons like this German politician (?) think that the German citizen was asked to pay €2000 each: http://www.youtube.com/watch?v=aETfqi9OREA
- In the EU bailout for Greece, Cyprus Banks were inflicted a haircut on their assets of Greek sovereign debt amounting €4.5 billion. Cyprus has a population of one million. That came to a contribution of €4500 per Cypriot citizen, which they paid without a breath about their loss. That is in addition to the Cyprus' government contribution which I assume was a minor two digit contribution per citizen.
- In the bailout package for Cyprus, Cyprus' blackmailed contribution of €6 billion amounts to €6000 per Cypriot citizen!
- Here is what is wrong with this world: http://economcy.blogspot.com/2012/12/the-solution-to-euro-zone-troubles-just.html
- What is next Germany? Rebuilding the
crematoriums to burn all Cypriots because they can make money as well as you can???
Just wondering. Could this whole mess be the result of communication failure in the modern-day multilingual babel-tower project, the EU? In the Anglo-Saxon sphere of influence one billion means one thousand million. In Germany and continental Europe one billion means one million million! I hope this is an honest ignorant mistake and they now have the courage to admit it and walk it back!
