In economics, everybody is in the same boat. Everybody has an oar, rowing in a different direction. Everybody’s oar is a different size. Oh, and there’s a wind. And strong currents. And the odd waterfall.

So it is in Cyprus this morning, as people rise to the knowledge that some of their savings are about to be taken to bail out their sinking banks. I feel sorry for the people of Cyprus, which include a large number of British service personnel. But the big danger is that this bailout (or rather, “bail-in”) will do just the opposite of what it intends: plunge Europe back into financial crisis. This is how…

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