Compared to the Zero Interest rates imposed by the Fed. This is the tax that goes on indefinately and takes untold Billions out of the pocket of all savers that have cash in US institutions. As fixed income rolls over the reduction in income as new bonds or CD's are purchased amount to much more than the 10% being stolen in Cyprus. Also here it is an ongoing tax until rates go back up. The key quesiton is what market event could overcome the feds ability to hold ratest down considering they have unlimited firepower. Any guesses?
I would love to see Bernanke's whole group replaced. No he didn't cause the mortgage fiasco, but don't forget who was responsible for the incredible continuing monthly interest rate increases leading up to the 2008 crash. The injection of trillions of dollars of paper money into the economy by his group is eventually going to cause a never before seen inflation rate. Is there such a thing as a "saver" now-a-days? You're not saving, you're losing at the current RAI.
I guess not much to talk about with echo at the moment.