Cavuto: Why you should care about what's happening in Cyprus

Cyprus. Not us.

If I had a dime for every time I heard a so-called expert call Cyprus an isolated incident, I'd have long ago isolated a million dimes on this TV set.

The fact is, Cyprus is not an isolated case. To hear a top European Union official, more like a test case.

They have succeeded in raiding some folks' bank deposits, but since they're rich folks -- for now -- who cares for now?

I do and you should too. Here's why.

What makes you think large depositors losing up to 40 percent of their savings, won't lead to you losing maybe 10 percent of yours? Especially when the government doing the seizing, realizes even after burning through that dough, it needs still more dough? Maybe your dough.

Because I'm telling you, my friends, unless governments cut back on spending, their only other option is taxing. And since governments don't seem keen on getting spending under control, get ready for taxes to get out of control.

I don't see any way around it.

Don't believe me? Look at them. Look at all the governments in all the countries that are coming up with all these creative ways to raise money, but not a one to save money.

You don't have to live on an island in the Mediterranean to know we're all up a creek without a paddle.

I mean, think about what they did there. What they're doing there. They seized bank accounts. And what's worse, they did it without anyone pointing the finger at them.

They've made the banks the boogeymen. The banks they ordered shut. The banks they ordered not to reopen. And the banks they demanded put a limit on how much their customers can withdraw once they do reopen.

The banks -- following orders from the government. The same government now probing them for criminal behavior.

What's the Greek word for chutzpah? Because it's a brilliant distraction: Financiers versus folks while the government happily steals from both.