This morning I heard a lot about Russian oligarchs while listening to the morning news. The “oligarchs” of Russia have invested their money in Cypress. Naturally they thought that their money would be safe there, but unfortunately Cypress is having a bit of a hard time with their buy in to the Euro, and rather than have all the European tax payers foot the bill, the combined leaders of the Western European governments decided that Cypriot residents and folks using their banks would have to contribute some money to saving their own skins.
The banks went on an official holiday, and the ATM’s have only allowed limited withdrawals- so that is causing a minor uproar in the banking community. The real problem is that Cypress is sort of the smallest problem the EU is facing. Spain and Italy have similar issues but they are much bigger financial players, so how will their economies fare if their investors have the money they’ve put into their local banks frozen?!
To me, it’s all a big fat mess, but the part I’m most fascinated with is hearing this term “oligarch” tossed around about the Russians. It sounds sort of like saying “Russian mobsters”, but instead it’s like saying ” Russian business magnates” or ” Russian Big Businesses”. So that made me wonder about the US- would our business leaders qualify as ” oligarchs”? Does our country have political leaders who are sometimes pressured by big businesses to make policy for the nation?
Hmmm, I’m going to have to cogitate on that one for a bit. What do you think?