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

Ellen Brown

“As things stand, the banks are the permanent government of the country, whichever party is in power.” – Lord Skidelsky, House of Lords, UK Parliament, 31 March 2011)

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.

The bail-in provisions were agreed to last summer. According to Bruno Waterfield, writing in the UK Telegraph in June 2013:

Under the deal, after 2018 bank shareholders will be first in line for assuming the losses of a failed bank before bondholders and certain large depositors. Insured deposits under £85,000 (€100,000) are exempt and, with specific exemptions, uninsured deposits of individuals and small companies are given preferred status in the bail-in pecking order for taking losses . . . Under the deal all unsecured bondholders must be hit for losses before a bank can be eligible to receive capital injections directly from the ESM, with no retrospective use of the fund before 2018.


Planned Turkish False Flag Exposed

Stephen Lendman

Welcome to police state Turkey. It's no democracy. Claiming otherwise is a convenient illusion.

Prime Minister Recep Tayyip Erdogan is tyrannical. He's ruthless. He blames victims for his crimes. He's unapologetic. He heads Ankara's rogue government. Turkey is one of 28 NATO countries. Erdogan partners with Washington's imperial wars.

He's part of Obama's agenda to ravage and destroy Syria. At issue is ousting Assad. It's replacing him with pro-Western puppet leadership. It's denying Syrians all rights. It's exploiting them ruthlessly. It's stealing Syrian resources. It's eliminating an Israeli rival. It's isolating Iran before targeting its government the same way.

It's reckless. It's lawless. It's out-of-control. It risks regional war. It risks expanding it globally. It risks what no responsible leader would dare. It's happening in real time.

Obama wants a pretext for full-scale US-led NATO intervention. Last summer's false flag Ghouta chemical weapons attack failed. Hoped for popular US support didn't follow. Mass opposition emerged. Libya 2.0 was postponed. It wasn't cancelled. It remains another major false flag incident ahead.


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