At some time, all the hundreds of trillions of world debt needs to be balanced. In the U.S. alone we are at $19 trillion dollars and this country makes nothing but war. Our obligated debt is in the hundreds of trillions (whatever that means).
AS you can read below, the EU union is taking to court countries banks who DO NOT allow customers deposts t be stolen from them by the banksters who created all the debt in the first place! Soon it will be your bank that will be closed, and days, weeks, later you will find a “haircut” in what you thought you had “electronically” in the bank.
Did you ever consider why you have to fill out an application to give the bank your money?? It’s because you are joining a corporation! That is why you submit (beg) to join their “club” and your statement you receive is a “promissory note”with your name in ALL CAPITAL LETTERS. They have your money and you have a piece of paper, now they are slowly, systematically taking everyones money, starting with Cyprus, Greece, Spain and now the rest of the EU…and the U.S. is next!
The European Commission is taking legal action against six European countries, including the Netherlands and Luxembourg, after they failed to implement rules that would allow for depositors to have their cash confiscated.
Six countries will be referred to the European Court of Justice (ECJ) for their continued failure to transpose the EU’s “bail-in” laws into national legislation, the European Commission said last Thursday, according to The Telegraph.
Taxpayers bailed out banks in the first global financial crisis. Depositors will be in the firing line the next time. Photo: AFP
Most EU countries, UK, the U.S., Canada, Australia and New Zealand all have plans for bail-ins in the event of banks and other large financial institutions getting into difficulty. It is now the case that in the event of bank failure, personal and corporate deposits could be confiscated.
The referral comes after the EU issued a warning against Poland, the Netherlands, Luxembourg, Sweden, Romania and the Czech Republic for their non-compliance earlier this year.
The rules – known as the Bank Recovery and Resolution Directive (BRRD) – are designed to stop governments from having to foot the bill for saving banks from going bust by instead forcing savers and deposit holders to foot the bill in an attempt to further protect banks from insolvency.
Brussels will refer six countries to the European Court of Justice over their failure to apply the new, very radical “bail-in” rules. Deposits of less than €100,000 should be protected under the new regime but in reality these limits are arbitrary and would likely be reduced to lower levels in the event of banks being insolvent again in another European and global financial crisis.