John B. wrote:

Well, economics certainly must play a part in
the equation but I read that over 10,000
bikes were stolen in Stockholm last year.

Well, of course! Bikes get stolen all the time.
I don't live in Stockholm but it happens here
as well, for sure, every day.

Now this is getting too confusing... Let's try
to sort it out.

Yes, it is possible to cut the 12 mm cable
lock. No, with a "$50 bike" typically that
won't happen. Yes, without a lock altogether
the same bike will be stolen, or claimed by the
street life rather, in but a few days time.

--
underground experts united
http://user.it.uu.se/~embe8573