Global Looting: The New EU Bailin Law Was Passed on Aug. 1st ….Did You Notice?

With Europe’s insoluble financial problems almost certain to come to a head this autumn, the EU’s chief apparachniks have been busily scrambling around the continent this summer, desperately trying to cobble together a new framework for dealing with a bank collapse. And on 1st August, to minimal fanfare, the new EU-wide legislation was passed, enshrining in law the bail-in rescue of banking entities.

All of which means that we will all soon be “Cyprus.” As the Slogger explains in his usual irreverent style below, “no depositor big or small will in future be able to feel safe with money deposited in a bank.” The question is: where do you keep your loot?

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Three beaming eurocrats – Barroso, Van Rompuy and Lithuanian Dalia Grybauskaite – emerged triumphant from a session two days ago, in which they mapped out the biggest bank heist in world history. This is to put flesh on the eurozone law hastily passed on August 1st (while EU citizens were on holiday) to deal with theinevitability event of a bank collapse. Under this draft proposal – which many expect to be applied to the entire EU – no depositor big or small will in future be able to feel safe with money deposited in a bank. The Slog now calls for those who represent us, across the entire cultural spectrum of European society – to do something.

In a barely read piece a month ago, the International Business Times reported on the rapidly drafted new EU law for “overhauling its policy on how banks receive bumper bailouts”. Be aware: this is an EU move, not a eurozone move: it is already law (it passed on August 1st) and although for now it applies only to the eurozone, it is an EU law. Hardly anyone has commented on this, but the approach being taken matches word for word the 3-card trick George Osborne used six weeks ago when he said:

“In future, taxpayers will not be called upon to bail banks out. It will be down to the creditors and the owners”.

The most remarkable example of double-speak to date, at the time I pointed out that creditors are taxpayers (they’re account holders, simple as that) and so as the Establishments daren’t ask us for higher taxes to bail out their mates in the banking system, they will take it via, if you like, Direct Debit. It is exactly the same principle of stealing the Troika wishes to apply to Greek private pension funds.

The initial piece at the IBT website noted that ‘Eurozone leaders agreed upon the major policy shift and also confirmed that the new rules will help protect the taxpayer and move the burden of bailing out the banks onto shareholders and junior debt holders.” Again, more bollocks: how will ripping your money outprotect you? And note – junior debt holders…aka, you and I.

To read the rest of the article, click here

2 thoughts on “Global Looting: The New EU Bailin Law Was Passed on Aug. 1st ….Did You Notice?

  1. Best bet is to prepare now: get some emergency cash, buy some gold, some silver, and some bitcoin. Those all can be confiscated by a gun to your head, but they are much hard to take than just an electronic registry at the bank.

    Those who read your blog and take some prudent precautionary steps will be much better off whenever the power-hungry politicians act.

    I’d buy:
    1. 1-10 ounces of gold
    2. 2-20 ounces of silver
    3. 1-20 bitcoins

    Like

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