Sunday, March 30, 2014

Ellen Brown — Banking Union Time Bomb: Eurocrats Authorize Bailouts AND Bail-Ins

On March 20, 2014, European Union officials reached an historic agreement to create a single agency to handle failing banks. Media attention has focused on the agreement involving the single resolution mechanism (SRM), a uniform system for closing failed banks. But the real story for taxpayers and depositors is the heightened threat to their pocketbooks of a deal that now authorizes both bailouts and “bail-ins” – the confiscation of depositor funds. The deal involves multiple concessions to different countries and may be illegal under the rules of the EU Parliament; but it is being rushed through to lock taxpayer and depositor liability into place before the dire state of Eurozone banks is exposed....
Web of Debt
Banking Union Time Bomb: Eurocrats Authorize Bailouts AND Bail-Ins
Ellen Brown


Ralph Musgrave said...

Re the 55bn Euro fund to bail out banks, why no taxpayer funded bailouts for failing garages, restaurants, contractors, computer manufacturers, dentists, lawyers, vets, etc etc?

Kristjan said...

We have created a monster in Europe
"Asking what then can be done means failing to grasp the intractable difficulties that Europe faces. Large utopian projects are rarely deliberately and carefully dismantled. Normally they simply collapse when the strains on them become too much to sustain. There is no sign of that happening anytime soon in Europe. The ruling institutions have been stabilised at the cost of the underlying economies and societies. What we are left with is an unhealthy stasis. To imagine that a failed utopian project could be rationally deconstructed is itself an exercise in utopian thinking."