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Why Go After the Depositors To Save 'the Taxpayers'
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Why Go After the Depositors To Save 'the Taxpayers?'
Jesse
Le Cafe Americain
Publié le 10 avril 2013
594 mots - Temps de lecture : 1 - 2 minutes
( 3 votes, 5/5 ) ,
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One thing that puzzled a couple of people is this.
Why go after depositors, in order to save the 'taxpayers.' Aren't they the same people?
Well, obviously in the case of the European Monetary Union this is not the case. And this is the great weakness of a single currency without more comprehensive provisions for fiscal union that makes it inherently unstable. Wealthy Germans feel no kinship with Cypriots, Greeks, or Spaniards.
But what about New Zealand and Canada, countries that have their own sovereign currencies and are viable political entities? Are the taxpayers and the depositors there essentially the same constituent base? And isn't the government responsible for regulation and policing the banks which they allow to act with a lack of transparency? Is this not the basis of trust that sustains the financial system?
And what about the rest of the G20 that seemingly has adopted the same template of sacrificing depositors to save the gambling bankers? What are they thinking?
When a major financial institution gets into trouble it is not usually a sudden event for the most part, but plays out over a period of time. This is true from MF Global to the Popular Bank of Cyprus to Lehman Brothers.
The public does not see what is going on because the financial system is opaque. But wealthy insiders often know what is going on in their interconnected world of money. Remember the stories of the uber-wealthy who managed to get their funds out of MF Global before it collapsed? I seem to recall those friends of the people, the Koch Brothers, being mentioned.
The monied interests and their political footmen have their
funds safely parked in offshore tax havens
, and can move the rest around at will based on the distribution of 'asymmetrical information.'
But to the extent that they are taxpayers, they are exposed to bank failures that they may even know about, if the bailout is financed by 'the taxpayers.'
And this is what really irked the wealthy who were caught up in MF Global and Cyprus bank. They thought they were insiders.
The G20 is a tale of two economies, with one set of rules for the one percent, and another set of rules for everyone else. This new template of confiscating the savings of common depositors is just another manifestation of the one percent looting the wealth of the rest.
It may be hard to accept, but the notion of everyone in a country pulling together for the common good is not a viable concept in a crony capital kleptocracy.
And as things get worse, and their schemes start falling apart, their antics may start becoming even more blatant and more brazen, and more incredibly 'unfair.' As you know, I said that MF Global was the 'watershed event' for me.
I don't blame people for being edgy for the reasons I have stated on many occasions. The enforcement of the law is almost incredibly uneven, and the government has hidden key information, and acted in very odd ways far too many times.
When one sees something like this how can one not feel uneasy?
Don't Panic, Financial Reform Will Come
- By Barney Frank. Are you kidding me? These jokers have publicly stated they don't enforce the laws they already have!
Sift everything and look at the evidence, and draw your conclusions and actions accordingly. Hysteria is contagious and has its dark attractions, but it is not helpful to you and your family's well being. Trust in God, but make everyone else show their data.
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SirJames
10/04/2013 à 19:24 GMT
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"Bail-in" has been in the cards since 2009. I have a series of papers eventually approved in final form by G-20 with BIS co-ordination. The wording has been consistent throughout. The Plan was that it would be made into law by members without fanfare. But of course the cat was let out of the bag re Cyprus. That no doubt frustrated the people who had put in so much effort. However, having buried and reference to it on Pg 140-47 in Canada's Action Plan 2013 (Budget), it was only found as a result of the template and bail-in references. What I have found sense is that nobody gets it straight and the MSM muddies the waters. The average person I have talked with has no clue of the implications of "other creditors", nor that derivative parties go to the front of the line. In short, with a majority government, it should pass.
And despite the efforts of people like Jim Sinclair, people will leave there money in the bank until it's not there any more. Cyprus is a distraction, as was Greece. In a bail-in, the company/bank or whatever does not go bankrupt...therefore depositors' insurance is not necessarily triggered - unless the Committee (think Troika). decides that it will. This essentially throws out all bankruptcy law and usual methods of trusteeship. They have been deemed too slow and inefficient.
The Committee can pounce on an institution if it deems it necessary; it can fire managers and the board; and they are covered from any and all liability for actions carried out in good faith. The US has it buried in Dodd Frank someplace; NZ has it period; Canada will have it when the budget passes; the EU was on the verge when it became public; and the UK, I gather, requires only minor tuning of it's Bank Act to ensure - as all involved must - that the courts and regulators are elbowed out of the game. I advise people to get hold of any of the documents starting with the Basil Committee (BIS link) in March 2010; a BOE document March 2012; an FSB one from July 2011; or take a closer look at Cyprus and what is being done. I'm sure there are other sources...basically all saying the same thing. They are vague, and they allow the "Resolution Committee" great flexibility --- but if done as intended, the Committee will trump the current method of resolution --- that is why they can rightly say, at risk financial institutions will be used resolved on a case-by-case basis.
I don't think anyone understands it because it is written vaguely. But the language used is not bedtime reading, and that is deliberate. What finally goes into legislation is short, sweet and would not normally set of any alarm bells. But it's implications are potentially huge in application. It has to do with a total change in the money system (nationally, and in terms of the global reserve currency). You have been warned...if Jim Sinclair hasn't gotten your attention already.
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"Bail-in" has been in the cards since 2009. I have a series of papers eventually approved in final form by G-20 with BIS co-ordination. The wording has been consistent throughout. The Plan was that it would be made into law by members without fanfare. Bu
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SirJames
- 10/04/2013 à 19:24 GMT
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chers Vladi,il est lor, oui, effectivement, et alors ? un fonctionnaire crée de la richesse ? creuser des trous crée de la richesse ? si nous arrêtions, pour voir, de payer nos impôts, vos 55, fonctionnaires compris, font quoi fin du mois ? merci d'expl
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ferzi
- 20/04/2013 à 20:03 GMT
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