{"id":15787,"date":"2015-12-29T13:37:17","date_gmt":"2015-12-29T18:37:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15787"},"modified":"2015-12-29T13:37:17","modified_gmt":"2015-12-29T18:37:17","slug":"a-crisis-worse-than-isis-bail-ins-begin","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15787","title":{"rendered":"A Crisis Worse than ISIS? Bail-Ins Begin"},"content":{"rendered":"<h3><a title=\"A Crisis Worse than ISIS? Bail-Ins\u00a0Begin\" href=\"http:\/\/ellenbrown.com\/2015\/12\/29\/a-crisis-worse-than-isis-bail-ins-begin\/\" rel=\"bookmark\">A Crisis Worse than ISIS? Bail-Ins\u00a0Begin<\/a><\/h3>\n<div class=\"postinfo\"><em>While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US. \u00a0Poverty also kills.\u00a0<\/em><\/div>\n<div class=\"entry\">\n<p>At the end of November,\u00a0<a href=\"http:\/\/www.thelocal.it\/20151211\/italy-moves-to-bail-out-savers-hit-by-bank-plan\">an Italian pensioner hanged himself<\/a>\u00a0after his entire \u20ac100,000 savings were confiscated in a bank \u201crescue\u201d scheme. He left a suicide note blaming the bank, where he had been a customer for 50 years and had invested in bank-issued bonds. But he might better have blamed the EU and the G20\u2019s Financial Stability Board, which have imposed an \u201cOrderly Resolution\u201d regime that keeps insolvent banks afloat by confiscating the savings of investors and depositors. Some 130,000 shareholders and junior bond holders suffered losses in the \u201crescue.\u201d<span id=\"more-10686\"><\/span><\/p>\n<p>The pensioner\u2019s bank was one of four small regional banks that had been put under special administration over the past two\u00a0years. The \u20ac3.6 billion ($3.83 billion) rescue plan launched by the\u00a0Italian government uses a newly-formed National Resolution Fund, which is\u00a0fed by the country\u2019s healthy banks. But before the fund can be tapped, losses must be imposed on investors; and in January, EU rules will require that they also be imposed on depositors. According to\u00a0<a href=\"http:\/\/www.bbc.com\/news\/world-europe-35062239\">a December 10th article on BBC.com<\/a>:<\/p>\n<blockquote><p>The rescue was a \u201cbail-in\u201d \u2013 meaning bondholders suffered losses \u2013 unlike the hugely unpopular bank bailouts during the 2008 financial crisis, which cost ordinary EU taxpayers tens of billions of euros.<\/p>\n<p>Correspondents say [Italian Prime Minister] Renzi acted quickly because in January, the EU is tightening the rules on bank rescues \u2013\u00a0<em>they will force losses on depositors holding more than \u20ac100,000<\/em>, as well as bank shareholders and bondholders<em>.<\/em><\/p>\n<p>. . . [L]etting the four banks fail under those new EU rules next year would have meant \u201csacrificing the money of one million savers and the jobs of nearly 6,000 people\u201d.<\/p><\/blockquote>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A Crisis Worse than ISIS? Bail-Ins\u00a0Begin While the mainstream media focus on ISIS extremists, a threat that has gone virtually unreported is that your life savings could be wiped out in a massive derivatives collapse. Bank bail-ins have begun in Europe, and the infrastructure is in place in the US. \u00a0Poverty also kills.\u00a0 At the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1074,63,6716,279,281,284,1570,344,446,1464,7693],"class_list":["post-15787","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bail-ins","tag-banks","tag-ellen-brown","tag-eu","tag-europe","tag-european-union","tag-financial-stability-board","tag-g20","tag-isis","tag-italy","tag-web-of-debt"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15787"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15787\/revisions"}],"predecessor-version":[{"id":15788,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15787\/revisions\/15788"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}