By Bill O'Reilly

As you may know, another European Union country Cyprus is bankrupt. And to keep that nation from completely falling apart, the European Union has ok'd a seizure, a seizure of private money, that's deposited in a bank on the Mediterranean island.

Outside of communist takeovers, that's almost unprecedented. But a member of the European Parliament says more private money could be seized in the future.

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NIGEL FARAGE: Now they have done it in one country. They are quite capable of doing it in Italy, Spain, Portugal or anywhere else. And the message that sends to people who've got savings in banks in those countries, certainly if I was them, is get your money out while you can.

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O'REILLY: Certainly a dire warning for everybody, even Americans as the global economy begins to totter. There is no question that the rise of the nanny state where politicians buy votes by promising to support people has damaged capitalism all over the world. We are seeing it right here in the USA.

No longer are we a self-reliant nation. Now about half of the households, half, receive some kind of government assistance. Some of that has been earned, but much of it simply a hand out. The Democratic Party has established a firm hold on the entitlement culture. People getting free stuff from the government are voting Democratic because the Republican Party wants to cut back the nanny state. So we're engaged in an economic civil war, which the Democrats are now winning.

Most European countries are insignificant in the global economy, but America is the big dog and we are now $17 trillion in debt. Every day of the year the USA adds $3.2 billion in more debt every day. That is a frightening scenario. President Obama doesn't seem to care. He says the debt is, quote, "sustainable". But it is not. We are being misled. If America collapses economically, there will be violence in this country and all over the world. And that violence could lead to anarchy and once order breaks down, anything could happen.

If you watch The Factor even occasionally, you know that I'm not the kind of person who would hype a situation like this. But what is happening in Cyprus and Europe is a contagion. The simple truth is, the world cannot support massive socialism. The Soviet Union collapsed under that weight. And the rest of the so-called socialist nations are a chaotic mess.

President Obama and liberal America need to wise up fast and the rest of us who do see the danger should begin to speak with some urgency. The U.S. debt is a crisis. It is not sustainable. And these pinheads in Washington better do something about it.

And that's "The Memo."

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