{"id":2319,"date":"2014-12-02T07:35:12","date_gmt":"2014-12-02T12:35:12","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2319"},"modified":"2014-12-02T07:35:13","modified_gmt":"2014-12-02T12:35:13","slug":"new-g20-rules-cyprus-style-bail-ins-to-hit-depositors-and-pensioners-web-of-debt-blog","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2319","title":{"rendered":"New G20 Rules: Cyprus-style Bail-ins to Hit Depositors AND Pensioners | WEB OF DEBT BLOG"},"content":{"rendered":"<p><a href=\"http:\/\/ellenbrown.com\/2014\/12\/01\/new-rules-cyprus-style-bail-ins-to-hit-deposits-and-pensions\/\">New G20 Rules: Cyprus-style Bail-ins to Hit Depositors AND Pensioners | WEB OF DEBT BLOG<\/a>.<\/p>\n<p style=\"padding: 10px 0px 0px 0px; margin: 0px;\">On the weekend of November 16<sup>th<\/sup>, the G20 leaders whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again. It was all so fast, they may not have known what they were endorsing when they rubber-stamped the Financial Stability Board\u2019s \u201cAdequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution,\u201d which completely changes the rules of banking.<span id=\"more-8968\"><\/span><\/p>\n<p style=\"padding: 10px 0px 0px 0px; margin: 0px;\"><a style=\"text-decoration: underline; color: #105cb6;\" href=\"http:\/\/www.zerohedge.com\/news\/2014-11-12\/russell-napier-declares-november-16-2014-day-money-dies\">Russell Napier, writing in ZeroHedge<\/a>, called it \u201cthe day money died.\u201d In any case, it may have been the day deposits died as money. Unlike coins and paper bills, which cannot be written down or given a \u201chaircut,\u201d says Napier, deposits are now \u201cjust part of commercial banks\u2019 capital structure.\u201d That means they can be \u201cbailed in\u201d or confiscated to save the megabanks from derivative bets gone wrong.<\/p>\n<p style=\"padding: 10px 0px 0px 0px; margin: 0px;\">Rather than reining in the massive and risky derivatives casino, the new rules\u00a0<a style=\"text-decoration: underline; color: #105cb6;\" href=\"http:\/\/barnabyisright.com\/2013\/08\/08\/australian-banks-demand-protection-from-derivatives-losses-under-bailin-plan\/\">prioritize the payment of banks\u2019 derivatives obligations to each other<\/a>, ahead of everyone else. That includes not only depositors, public and private, but the pension funds that are the target market for the latest bail-in play, called \u201cbail-inable\u201d bonds.<\/p>\n<p style=\"padding: 10px 0px 0px 0px; margin: 0px;\">\u201cBail in\u201d has been sold as avoiding future government bailouts and eliminating too big to fail (TBTF). But it actually institutionalizes TBTF, since the big banks are kept in business by expropriating the funds of their creditors.<\/p>\n<p style=\"padding: 10px 0px 0px 0px; margin: 0px;\">&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New G20 Rules: Cyprus-style Bail-ins to Hit Depositors AND Pensioners | WEB OF DEBT BLOG. On the weekend of November 16th, the G20 leaders whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again. It was all so fast, [&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":[2,6],"tags":[1074,63,1570,344],"class_list":["post-2319","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-bail-ins","tag-banks","tag-financial-stability-board","tag-g20"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2319","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=2319"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2319\/revisions"}],"predecessor-version":[{"id":2320,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2319\/revisions\/2320"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}