Why Cyprus' cash crisis couldn't happen in America

This is a rush transcript from "The Five," March 18, 2013. This copy may not be in its final form and may be updated.

GREG GUTFELD, CO-HOST: So, Cyprus is mulling a plan to attack bank deposits in their country. The breakdown: below 100,000 euros are going to be taxed at

6.57 percent. Above 100,000 euros, you're taxed at 9.9 percent. Above

500,000 euros, you're taxed at 15 percent.

The wholesale robbery has caused citizens to rush to get their money out. The response, the banks close.

So, how can a government assume it can get away with this? Because they assume they can get away with it. While Cypriots can own guns, it's a bear to get them. There is no gun culture there, which then allows the government to wonder of its docile populist, what are they going to do?

Shoot us?

Well, in America, yes, we will shoot you.

Gun control advocates mocked gun owners over their belief that guns protect us from the government tyranny. But ask yourself this, what would happen if the government here tried to take over your bank account? War.

It would be on.

Cyprus just proved that Joe Biden's notion of all you need is a shotgun is deeply flawed. Sadly, though, the steal from the rich mentality is alive and well in America. Remember Occupy Wall Street? How different is the Cyprus solution from the class warfare rhetoric that demands your wealth gets spread around?

The defense against this toxic ideology isn't only reason but it's reason with a rifle.

So, yes, it will never happen here. You have the good sense of our Founding Fathers to thank for it.


GUTFELD: So, Eric, what are the odds of this happening? Cyprus, how is this not rob -- I mean, how are they taking to the street and waving their rakes?

ERIC BOLLING, CO-HOST: I think they will. This vote is supposed to happen either later tonight or tomorrow. So, at some point the Cypriots?


BOLLING: Cypriots will probably go and do what all, you know, good Europeans and riot in the streets with all the austerity, when stuff happens.

So, let's point something out, though. Russia has offered maybe to help them out. also, a couple of international banks offered to help them out.

And the reason why Cyprus is doing this because they are out of money. They can't print their own currency. They are part of the European Union.

We can print our own money. That's why it can't happen here. It would be like California saying, screw you, guys, we're going to print our own California currency -- well, you can't because the Fed insure the deposits of Californian banks.

So, it probably can't happen here, but I like your analogy of taking your stuff, government taking your stuff. It's just like if they came to take your house, you better shoot them.

GUTFELD: Yes, exactly.

GUILFOYLE: And your food.

GUTFELD: Especially your food, Dana.

But Russia is going to bail them out in exchange for gas exploration rights?

PERINO: Unbelievable. This is the thing that the Europeans need to figure out. So, the E.U., European Union is saying to the Cypriots, this is what you're going to need to do, so that we can do this bail-out, bail- in program for you.

So one of the things they have not done is dealt with their own energy independence. They could have done pipeline. They could have done their own exploration and instead they're going to let the Russians come and do it. The Russians are the problem in the first place, because they have all these people that put their money in to the banks there from Russia, into the Cypriot banks, the assets are too big and then they don't pay for the services. So, the country is -- no wonder it's going broke.

GUILFOYLE: But the Russians are smart. They're trying to take advantage of the situation. This is not you know, conduct out of order for them. It's like, we're going to do something for you and you do something for us.

Kind of like what Trump said, we're going to help all these other countries and troops there and lose American lives. Give us some oil. What are we going to get back? It's a business transaction. I'm not saying I admire it, but I understand it.

Best thing about this weekend I got a cartoon thing and it had a little leprechaun and he had, you know, a pot, except there was no gold in it. And they said, Mr. Leprechaun, what happened to your pot of gold?

He's like, Obama redistributed it.

PERINO: I thought you'd say that William Devane came to get it.


GUTFELD: Bob, OK, there is always a gun control argument in the American media that says, OK, gun advocates always talk about government tyranny. That is some kind of paranoid leftovers. We're in a civilized society now. This could never happen.

But don't we -- can't we look over at Cyprus and go, no, that's a civilized society and they are stealing from the people?

BOB BECKEL, CO-HOST: Well, first of all, let me make a point about the Russians.

The Russians are the largest controller of natural gas in Europe. They have been shown to use it for the political purposes, they shut off gas to the Georgians when they need to do it. It gives them a foothold of the natural gas, and you're asking for that much more trouble, one.

Two, let's remember that Cyprus went through in the '70s, went through a civil war between those who are aligning with the Turks, those that were aligning with the Greeks. There were a lot of guns there. They still have the eighth largest per capita owner of guns. And yet, a lot of guns were taken away.

I suspect that there will not be armed warfare over this. It will get bailed out. But the question is, could it happen here?

I'm not sure, as Eric pointed out we can always print money. But I just have a very real question about whether citizens can take up guns and take over the country.

BOLLING: Can I point something out? I asked those depositors, those Cypriotes, who would they rather have, would they rather give their money to the government or they like the Russians to literally buy their infrastructure and then they're made hole?

GUILFOYLE: It sounds like the Russians better that their government.

GUTFELD: Yes, it is.

PERINO: Yes, which is what the Russians want

BOLLING: Good. Let them have it.

GUILFOYLE: I agree. That's exactly what they want. They're the winner. Bingo.

PERINO: You work really hard your whole life and you put away $50,000 and all of a sudden they take 6.75 percent off the top.

GUILFOYLE: But guess what? Mattress time people.


GUTFELD: I have been waiting for you to say that all day.


BECKEL: You want go to the mattress?


BECKEL: That's what we're supposed to do.

GUTEFLD: Sorry about that. I couldn't resist it.

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