Bernanke's actions worse than Cypriot confiscation

Andrew Ross Sorkin, writing in NYT about why the scandalous confiscation of a portion of deposits in Cypriot banks should be viewed as "no big deal," mentions almost as an afterthought:

Would you have been better off leaving your money in a bank in the United States or in Cyprus over the last five years? The answer: You would have been better off in Cyprus, even after the bailout, when your money was “confiscated.” If you had 100,000 euros in a Cypriot bank account over the last five years, where the interest rate has averaged about 5 percent, you would have about 127,600 euros today. Even after the bailout, which would require you to give up 10 percent of your deposit — 12,760 euros — you would be left with 114,840 euros. The American bank? The $100,000 you deposited at Bank of America five years ago is about $105,100, at the going rate of about 1 percent interest a year.

Or, put another way, the actions of the Federal Reserve (buying up so much of the Treasury issuance, keeping interest rates at historical lows, enabling Mr Obama's obscene deficit spending), have been more deleterious for American depositors than if the American government simply had confiscated a portion of the deposits after they had earned a more normal rate.