Cyprus, Greece and Beyond: The “Bail-in” and Confiscation of Bank Deposits: The Birth of the New Financial Order

Wednesday, July 8, 2015
By Paul Martin

By James Corbett and Prof Michel Chossudovsky
Global Research
July 08, 2015

In the light of recent developments in Greece, we bring to the attention of our readers this April 2013 GRTV report on the confiscation of bank deposits by major creditor institutions.

The recent bail-in in Cyprus has given the world a glimpse at the future of the banking landscape. Now, as Canada gets set to hardwire the bail-in process into law, analysts like Michel Chossudovsky are warning how the big banks can use this template to further consolidate their monopoly of economic control. This is the GRTV Backgrounder on Global Research TV.

Those who follow the markets closely know that, at base, the current financial system is founded not on the bedrock of sound economic principles but instead upon the quicksand of public perception. All it takes is one large bump in the road to upset even the largest of economic bandwagons and usher in a new financial paradigm.

In the ongoing meltdown of the European Union, perhaps the greatest single bump in the road so far just took place in Cyprus. In the immediate aftermath of the dramatic bank holiday and bail-in events of last month, many in the financial media began asking whether Cyprus represents a template for future bail-ins across the European Union or elsewhere around the globe.

If we are going to seriously ask this question, however, it is vital that we understand exactly what happened, and what kind of template this might represent.

The Rest…HERE

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