{"id":15814,"date":"2015-12-30T09:24:30","date_gmt":"2015-12-30T14:24:30","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15814"},"modified":"2015-12-30T09:24:30","modified_gmt":"2015-12-30T14:24:30","slug":"happy-new-year-bail-in-passed-for-europes-banks","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15814","title":{"rendered":"Happy New Year \u2014 Bail-In Passed for Europe\u2019s Banks"},"content":{"rendered":"<header class=\"entry-header\">\n<h3 class=\"entry-title\"><a href=\"http:\/\/www.armstrongeconomics.com\/archives\/41170\" target=\"_blank\">Happy New Year \u2014 Bail-In Passed for Europe\u2019s Banks<\/a><\/h3>\n<div class=\"entry-meta\"><a href=\"http:\/\/armstrongeconomics-wp.s3.amazonaws.com\/2015\/12\/ECB.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-40000\" src=\"http:\/\/armstrongeconomics-wp.s3.amazonaws.com\/2015\/12\/ECB.jpg\" alt=\"ECB\" width=\"1000\" height=\"667\" \/><\/a><\/div>\n<\/header>\n<div class=\"entry-content\">\n<p>The mainstream media is not extensively reporting on the \u201cexperimental\u201d bail-in that the EU imposed on Cyrus. The bail-in, that they swore would never be applied to Europe, will officially begin in January. This new power will be in the interest of<span class=\"apple-converted-space\">\u00a0<\/span><strong>taxpayers<\/strong><span class=\"apple-converted-space\">\u00a0<\/span>as they will no longer be forced to pay for failed banks that were created by the childish structure of the euro that was created by lawyers who never understood the economy. But wait a minute \u2014 aren\u2019t taxpayers the people with deposits in banks? Hm. Moving to electronic money is also about preventing bank runs. The bottom-line here is that they will just take your money to save bankers. Eliminating cash accomplishes two things: (1) they get to tax everything, and (2) you cannot withdraw money from banks.<\/p>\n<p>The bail-in directive was agreed<span class=\"apple-converted-space\">\u00a0<\/span>upon on January 1, 2015, and the bail-in system will take effect on January 1, 2016. So here we are, just in case you missed this one. Their\u00a0<a href=\"http:\/\/www.europarl.europa.eu\/news\/en\/news-room\/20131212IPR30702\/Deal-reached-on-bank-%E2%80%9Cbail-in-directive%E2%80%9D\">website<\/a>\u00a0states:<\/p>\n<blockquote><p><strong>Parliament and Council Presidency negotiators reached a political agreement Wednesday on the draft bank recovery and resolution directive, the first step towards setting up an EU system to deal with struggling banks. This directive will introduce the \u201cbail-in\u201d principle by January 2016, thereby ensuring that taxpayers will not be first in line to pay for bank failures.<\/strong><\/p><\/blockquote>\n<p>The entire system of insuring banks after their collapse during the Great Depression was to<span class=\"apple-converted-space\">\u00a0<\/span><strong>restore<\/strong><span class=\"apple-converted-space\">\u00a0<\/span>confidence to end the hoarding and revitalize the economy. Now they have allowed bankers to do everything they did before, and they have reversed the insurance created to restore confidence in banking. They justify this by claiming taxpayers will not have to pay for the failed banks.<\/p>\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>Happy New Year \u2014 Bail-In Passed for Europe\u2019s Banks The mainstream media is not extensively reporting on the \u201cexperimental\u201d bail-in that the EU imposed on Cyrus. The bail-in, that they swore would never be applied to Europe, will officially begin in January. This new power will be in the interest of\u00a0taxpayers\u00a0as they will no longer [&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":[5496,1074,61,63,279,284,496,5479],"class_list":["post-15814","post","type-post","status-publish","format-standard","hentry","category-economics","tag-armstrong-economics","tag-bail-ins","tag-banking","tag-banks","tag-eu","tag-european-union","tag-mainstream-media","tag-martin-armstrong"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15814","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=15814"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15814\/revisions"}],"predecessor-version":[{"id":15815,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15814\/revisions\/15815"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}