Bail-In: The Birth of the New Financial (Dis)Order

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30/10/2014 by Don Quijones

Just how safe is the money in your bank account (assuming, that is, you have any)?

As laid out in the following episode of the Corbett Report — filmed in April, 2013, in the wake of the Cyprus bail-in — bank bail-ins are fast becoming the new solution du jour of banking crises. Since then “bail-in” provisions have been embraced by the UK and Canadian governments, the ECB and the US Federal Reserve.

Bank bail-ins are routinely sold to the general public and the business community as a fail-safe means to avoid future taxpayer-funded bailouts, while rather flimsy guarantees are pledged that the first 100,000 dollars, euros or pounds of customer deposits will not be include

In reality, as James Corbett warns, bank bail-ins have a much more sinister purpose at heart — namely to speed up the consolidation of the global financial industry through the selective confiscation of the “assets” (read: deposits) held by not-quite-too-big-to-fail entities.

If you want to find out more on the issue, I recommend reading this article by The Slog’s John Ward. To follow more episodes of the Corbett Report, click here.


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