Britain’s Banking Industry To Implement Depositor Bail-in Scheme? The Confiscation of Bank Deposits
By Graham Vanbergen
Global Research
January 10, 2016
Back in September we published an article “Grand Theft Auto – UK and EU Bank Depositor Bail-In Regime Implemented” in which we described how banks throughout the EU would simply steal your deposits if any of them failed.
The first paragraph stated:
“Shares and stocks are tumbling around the world, with investors worried that the next global crisis has already begun. There is considerable uncertainty and nervousness amongst economists and trend forecasters. Government’s sooth jittery markets with misinformation in the hope that confidence does not evaporate and their legitimacy with it.”
On the first day of 2016 all banks located within the EU follow the ‘Anglosphere’ nations of Britain, America, Australia, New Zealand and Canada into an agreement, where the next bank failure and bail-in could cost depositors all their money.
Think it won’t happen. Six years after the last financial calamity caused by reckless bankers aided by negligent politicians in late 2014, one in five European banks failed basic stress tests that would see bankruptcy on the first hint of trouble. What did they need to get past that stress test? Twenty four thousand million euros.
One should not forget that the Bank of Cyprus passed its stress test with flying colours just before it crashed and burned. That bail-out and bail-in came in at €23 billion to the taxpayer but it also took 47.5% of depositors money over €100k as well.
Think it won’t happen to British Banks? This from the Financial Times:
“The Bank of England’s stress tests of the banking sector have been attacked as “fatally flawed” for setting hurdles that are too easy to clear and giving false comfort about the safety of the financial system.”
A report published by the Adam Smith Institute, a free market think-tank, calls for the BoE annual stress tests to be scrapped, arguing they are “worse than useless” because they disguise weakness in the UK banking system.
The Rest…HERE
