Monday, March 25, 2013

Ladies and Gentlemen! Introducing...A NEW ECONOMIC TERM!

I've coined a new term for unstable, one trick pony financial economies like Iceland and Cyprus: A Bank Branch Republic.

And how about that Malta? From Wikipedia:

Lombard Bank is one of Malta's major banks. Today, Cyprus Popular Bank of Cyprus is the largest shareholder with an equity stake of about 49%. Over 1,200 shareholders, including investment funds, hold the remaining shares. The Bank has a 60% stake in Maltapost plc., the Maltese postal service.


Now that banks no longer offer interest OR security, they have basically just become mattresses with fees...

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