Cramer: Is Cyprus Our New Template?
Jim Cramer | [email protected]
But right now it is dawning on people that the U.S. could make its move and claim ascendancy over the rest of the world because Cyprus is not the template for KeyCorp (KEY) or Fifth Third (FITB) or PNC Financial (PNC) or Huntington Bancshares (HBAN). It's not the template for Citigroup (C) or Bank of America (BAC).
The European Central Bank has given American banks carte blanche to steal all the big clients they want.
Perhaps the Germans are so confident of Deutsche Bank (DB) getting all of the deposits that they are willing to wreck the competition with damning statements. But I would do my best to get out of the euro, too, not just out of the European banking system.
Maybe that's why people recognize that panicking out of U.S. stocks into U.S. bonds when they yield nothing isn't a good idea. What else can you panic into? Gold? Lots of sellers all over the place because what happened in Cyprus is deflationary.
Nah, there's nowhere to go, which is why there isn't a lot of big selling. Just doesn't happen like that anymore. When I was a sophomore at college, I decided to go buy a huge garbage can at the local hardware store. I then filled it with Hawaiian punch and fifth after fifth of vodka and rum.
Ben Bernanke? He's given equity investors a dumpster full of my concoction.
My parties after that were must-go-to.
So are Bernanke's.
DISCLOSURE: Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long KEY.