The proposed tax on deposits in Cyprus is really telling of the the European's refusal to print more Euros. In America, we are just printing our way out of our debt crisis. Yet, Europe refuses to print, in fear of inflation. Anyone betting that the Euro will inflate has been dead wrong, since they continue to resist the easy temptation to print money. Germany remembers, all to well, the lesson they learn after WWI and they printed way to many Germany Marks to pay for the War. Now that lesson, means tight controls on the Euro. Eventually, they will realize that they will have no choice, but to start the Euro printing presses.
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