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Art Cashin – After-math of Cyprus, Fear, Contagion & Crisis

Cashin:  “I am very, very concerned about that.  What has happened there, luckily, because it is a relatively small nation, they are finding ways to slightly defuse some of the tension, so you are not seeing it (more chaos) immediately.  But think about it, here was a nation where without a legislative vote, without an order from the judiciary, without any of the normal courses of rule of law, people saw their deposits in banks invaded and part of it wiped away.  And the amount that’s wiped away is still up for question.

So I think it will continue to lead to monetary shifts as people in Europe say, ‘Now wait a minute, do I really want to risk going to bed and waking up that I have only 70% or 50% of the money I think I have?  Or maybe no access to the money I think I have?’

So, defensively, I think we are going to begin to see currency and monetary shifts beginning to develop.  I think European leadership made a very, very serious mistake in this matter.  They violated the rule of law, and you could see it in Mr. Draghi’s press conference.  He was very quick to distance himself.  He said, ‘This was not a good idea.  This was not smart and I had nothing to do with it.’

I think he (Draghi) realized that history will tell us that this was one of the major pieces of economic stupidity we will (ever) see in a period of crisis.”

Read the complete article at King World News here.

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