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And live for us let's go to petered out -- Pacific capital -- get his take.
On all of this is rich is reporting on what's happening on the ground.
In this tiny little nation of Cyprus but what's your take back here you when this campuses all -- -- worried even though our markets -- an all time highs and hovers around and that it could happen here are just so I think it's just a European story I could care less and what's your take Peter.
Well I think look I think the people -- ignoring the broader infant -- implications of what's going on here.
And that you know that -- the banks -- or the governments are realizing that they can't simply -- stop.
All the losses that did the moral hazard is too great.
-- in that respect we cannot have people are operating -- -- the pretense that no matter where they put their money.
Right -- matter how recklessly banks all act would that money that they're gonna be protected you think twice about their decisions -- highest yield.
Without any regard to how much risk.
Banks are taking in pursuit of those deals sure people may be naturally watching the start to think wealth -- money.
But then you start to make actual comparisons between say what happens over there and what we deal with and are.
Systems here and I think it's worth pointing out the differences as well as and you know as the others bringing up the issue that.
You know our money saving for some Iran until differences or similarities and there's lower size for example served as president -- its -- -- right -- was Cyprus is an -- on currency we did they don't have their own.
Central Bank they have to deal with the basically the winds of the European Central Bank where we have the Federal Reserve System here in the United States so that yet but I did today that that would make it a situation.
Like Cyprus less likely to happen in a country like this or in this country.
Well -- it it it made my it may mean that were less likely to do the right thing.
And to print money instead what is -- the that we -- means that people have money on deposit in US banks.
Are gonna lose even more of their purchasing power.
Then people who had money.
On deposit at Cypriot banks because of we had the attitude that it doesn't matter that we are our banks can make all the dumb loans they want.
Because the Federal Reserve will always print money to bail out their depositors.
At the end you might get your money back but you're not gonna get your purchasing power back because the value of the dollar will plunge and you'll have a bank account -- -- worthless money.
Little bit of a different argument though isn't it because we haven't seen the we haven't seen for example that -- -- plunging that you talk about the dollar over the last few years when the Fed has basically done nothing you have to print money and we don't -- I didn't -- had a legitimate concern into a false sense of complacency like the people I would tell you -- excited -- saying all -- -- -- -- the what's the -- about the housing market until we had a crisis throughout the world there's already -- America up and more money that he can ever possibly -- a but right now nobody cares they keep letting -- more are just because they think we can keep -- try to -- one question -- -- ones are going -- behind -- the printing -- money is gonna be -- -- -- it's not gonna be our salvation -- that's -- I would have gotten the point -- I'm not worried -- going to -- ATM today and not getting the money -- which is I try to -- four times -- -- -- while many relatives validated your radio show -- let's get back -- firm still talk -- that my leadership going to joining us from Connecticut as always -- -- Well cricket how.
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