- Jim Grant: Cyprus Fired A Warning Shot Across The Globe- Your Money is Not Really Yours if its Needed by the State!
Jim Grant was back on CNBC comparing the ticking shot-clock in a March Madness game to the artificially low interest rates via manipulation by the Federal Reserve, allowing the Fed to stall the game without any real recovery.
Grant also discusses his belief that the problems in Cyprus cannot be contained, and stresses the point that Your money in the Western banking system is not really yours if it is needed by the state! Grant goes on to state that This is the greatest and most perilous experiment in the history of paper money! and This will end in immense destruction of wealth!