|
|
Bail-In Bank Heist Coup D’etat
15 May 2013
(LPAC)—"Bank resolution" for the imminent failure of the entire Eurozone’s banks was "debated" May 14, at the EU Finance Ministers’ meeting in Brussels. The debate focussed on what degree of bail-in could be agreed upon in the — to use bankers’ jargon — "recovery and resolution" of failing banks. This is the main pillar of a "European Banking Union," the next step in the dictatorial rule the EU is now desperately pushing. Although, as EIR has documented, the EU, Bank of England, and FDIC, as well as Dodd Frank, all directed, albeit in mumbojumbo-veiled language, a bail-in policy since at least 2010, now, the Cyprus template bail-in is being applied to all of the Eurozone. Various EU Finance Ministers at today’s meeting made debaters’ points about which funds should or shouldn’t be bailed-in. Irish Finance Minister Michael Noonan, in his presiding role in the rotating EU presidency, played soft-cop, saying, "I would like the political agreement that the 100,000-euro deposit was sacrosanct in the future, and that this would be eventually written in stone as part of any bail-in procedure." But of course, the 100,000-euro cut off is (1) a necessary political expediency to be able to get the bail-in through, as was necessary in the second parliamentary vote in Cyprus, and (2) a way to efficiently grab the "low-hanging fruit" of the middle class, through the life savings of pensioners, operating capital of small to medium-sized businesses, rotating farm loans, etc. These depositers are not "Daddy Warbucks," but the economic lifeblood of a nation. Many arguments also broke out about whether it would be necessary to have member nations vote on treaty changes in order to get the "banking union" through. Some said referenda would be necessary. "Mudflap" Noonan said no changes in treaty relationships would be necessary. The infamous "Cyprus Template’s" Dijsselbloem said that he would prefer that everything be left "flexible." Schaeble said he didn’t see how the Banking Union could be implemented with member states voting. Many others said many other things, and the meeting ended early, in disarray. We should unite to endure that they end their crazy meetings once and for all. |