The Confiscation of Bank Savings to “Save the Banks”: The Diabolical Bank “Bail-In” Proposal
By Prof Michel Chossudovsky
July 20, 2013
Is the Cyprus Bank “Bail-in” a “dress rehearsal” for things to come?
Is a “Savings Heist” in the European Union and North America envisaged which could result in the outright confiscation of bank deposits?
In Cyprus, the entire payments system has been disrupted leading to the demise of the real economy.
Pensions and wages are no longer paid. Purchasing power has collapsed.
The population is impoverished.
Small and medium sized enterprises are spearheaded into bankruptcy.
Cyprus is a country with a population of one million.
What would happen if similar ‘hair cut” procedures were to be applied in the U.S. or the European Union?
According to the Washington based Institute of International Finance (IIF) (right) which represents the consensus of the global financial establishment, “the Cyprus approach of hitting depositors and creditors when banks fail, would likely become a model for dealing with collapses elsewhere in Europe.” (Economic Times, March 27, 2013).
It should be understood that prior to the Cyprus onslaught, the confiscation of bank deposits had been contemplated in several countries. Moreover, the powerful financial actors who triggered the bank crisis in Cyprus, are also the architects of the socially devastating austerity measures imposed in the European Union and North America.
Does Cyprus constitute a “model” or scenario?
Are there “lessons to be learned” by these powerful financial actors, to be applied elsewhere, at some later stage, in the Eurozone’s banking landscape?