Banking Union Time Bomb: Eurocrats Authorize Bailouts AND Bail-Ins by Ellen Brown

Read full article on Common Dreams website

On March 20, 2014, European Union officials reached an historic agreement to create a single agency to handle failing banks. Media attention has focused on the agreement involving the single resolution mechanism (SRM), a uniform system for closing failed banks. But the real story for taxpayers and depositors is the heightened threat to their pocketbooks of a deal that now authorizes both bailouts and “bail-ins” – the confiscation of depositor funds. The deal involves multiple concessions to different countries and may be illegal under the rules of the EU Parliament; but it is being rushed through to lock taxpayer and depositor liability into place before the dire state of Eurozone banks is exposed.(Frederick Florin/AFP/Getty Images)

The bail-in provisions were agreed to last summer.According to Bruno Waterfield, writing in the UK Telegraph in June 2013:

  • What the Eurocrats Don’t Want You to Know
  •  What Happened to Nationalizing Failed Banks?
  • A Third Alternative – Turn the Government Money Tap Back On

Read full article on Common Dreams website

 

 

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Alex Templeton speaking at ECOBATE - UK - 2013

Councils should "bring local banks into being" so they can become "powerful partners" and promote economic, social and environmental benefits to their communities.

Published on Mar 21, 2013 Speaking at the 2nd European Conference on Banking and the Economy (ECOBATE) in Winchester, Alex Templeton, Director of the Farm Energy Project, explains how a disfunctional financial system has made it harder to lend to small businesses which in turn impacts communities.

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