{"id":3039,"date":"2014-12-15T15:11:34","date_gmt":"2014-12-15T20:11:34","guid":{"rendered":"http:\/\/olduvai.ca\/?p=3039"},"modified":"2014-12-15T15:11:34","modified_gmt":"2014-12-15T20:11:34","slug":"the-global-bankers-coup-bail-in-and-the-shadowy-financial-stability-board-web-of-debt-blog","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=3039","title":{"rendered":"The Global Bankers\u2019 Coup: Bail-In and the Shadowy Financial Stability Board | WEB OF DEBT BLOG"},"content":{"rendered":"<p><a href=\"http:\/\/ellenbrown.com\/2014\/12\/12\/bail-in-and-the-financial-stability-board-the-global-bankers-coup\/\">The Global Bankers\u2019 Coup: Bail-In and the Shadowy Financial Stability Board | WEB OF DEBT BLOG<\/a>.<\/p>\n<p style=\"padding: 10px 0px 0px 0px; margin: 0px;\">On December 11, 2014,\u00a0<a style=\"text-decoration: underline; color: #105cb6;\" href=\"http:\/\/www.americanbanker.com\/news\/law-regulation\/why-citi-may-soon-regret-its-big-victory-on-capitol-hill-1071636-1.html?utm_campaign=abla%20daily%20briefing-dec%2012%202014&amp;utm_medium=email&amp;utm_source=newsletter&amp;ET=americanbanker%3Ae3481010%3A750932a%3A&amp;st=email\">the US House passed a bill<\/a>\u00a0repealing the Dodd-Frank requirement that risky derivatives be pushed into big-bank subsidiaries, leaving our deposits and pensions exposed to massive derivatives losses. The bill was vigorously challenged by Senator Elizabeth Warren; but the tide turned when Jamie Dimon, CEO of JPMorganChase, stepped into the ring. Perhaps what prompted his intervention was the unanticipated $40 drop in the price of oil.\u00a0<a style=\"text-decoration: underline; color: #105cb6;\" href=\"http:\/\/theeconomiccollapseblog.com\/archives\/new-law-make-taxpayers-potentially-liable-trillions-derivatives-losses\">As financial blogger Michael Snyder points out<\/a>, that drop could trigger a derivatives payout that could bankrupt the biggest banks. And if the G20\u2019s new \u201cbail-in\u201d rules are formalized, depositors and pensioners could be on the hook.<\/p>\n<p style=\"padding: 10px 0px 0px 0px; margin: 0px;\">The new bail-in rules were discussed in my last post\u00a0<a style=\"text-decoration: underline; color: #105cb6;\" href=\"http:\/\/ellenbrown.com\/2014\/12\/01\/new-rules-cyprus-style-bail-ins-to-hit-deposits-and-pensions\/\">here<\/a>. They are edicts of the Financial Stability Board (FSB), an unelected body of central bankers and finance ministers headquartered in the Bank for International Settlements in Basel, Switzerland. Where did the FSB get these sweeping powers, and is its mandate legally enforceable?<span id=\"more-8987\"><\/span><\/p>\n<p style=\"padding: 10px 0px 0px 0px; margin: 0px;\">Those questions were addressed in an article I wrote in June 2009, two months after the FSB was formed, titled \u201c<a style=\"text-decoration: underline; color: #105cb6;\" href=\"http:\/\/www.webofdebt.com\/articles\/big_brother_basel.php\">Big Brother in Basel<\/a>: BIS Financial Stability Board Undermines National Sovereignty.\u201d It linked the strange boot shape of the BIS to a line from Orwell\u2019s 1984: \u201ca boot stamping on a human face\u2014forever.\u201d The concerns raised there seem to be materializing, so I\u2019m republishing the bulk of that article here. We need to be paying attention, lest the bail-in juggernaut steamroll over us unchallenged.<\/p>\n<p style=\"padding: 10px 0px 0px 0px; margin: 0px;\"><!-- [if gte mso 9]><xml>\n <w:WordDocument>\n  <w:Zoom>0<\/w:Zoom>\n  <w:DisplayHorizontalDrawingGridEvery>0<\/w:DisplayHorizontalDrawingGridEvery>\n  <w:DisplayVerticalDrawingGridEvery>0<\/w:DisplayVerticalDrawingGridEvery>\n  <w:UseMarginsForDrawingGridOrigin\/>\n <\/w:WordDocument>\n<\/xml><![endif]--> <!--StartFragment--><\/p>\n<p class=\"MsoNormal\"><a name=\"OLE_LINK1\"><\/a><span style=\"font-size: 13.0pt; font-family: LucidaGrande; color: #282828;\">&#8230;click on the above link to read the rest of the article&#8230;<\/span><\/p>\n<p style=\"padding: 10px 0px 0px 0px; margin: 0px;\"><!--EndFragment--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Global Bankers\u2019 Coup: Bail-In and the Shadowy Financial Stability Board | WEB OF DEBT BLOG. On December 11, 2014,\u00a0the US House passed a bill\u00a0repealing the Dodd-Frank requirement that risky derivatives be pushed into big-bank subsidiaries, leaving our deposits and pensions exposed to massive derivatives losses. The bill was vigorously challenged by Senator Elizabeth Warren; [&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":[1269,1668,1845,1570,1941,1671],"class_list":["post-3039","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bis","tag-derivatives","tag-dodd-frank","tag-financial-stability-board","tag-fsb","tag-us-house"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3039","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=3039"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3039\/revisions"}],"predecessor-version":[{"id":3040,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/3039\/revisions\/3040"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}