Growing Political Deception On Bank Deposits Theft

4 Jun

Truth-Lies

On All Fool’s Day 2013, this blog published the exposé — since cross-posted on globalresearch.ca — that G20 Governments All Agreed to Cyprus-Style Theft Of Bank Deposits In 2010.

It is telling to observe how politicians (and the media) worldwide are using the deceitful art of sophistry to obscure this truth.

As they all begin to pass the necessary legislation to enact what they have already agreed to — in secret, without providing clear and transparent advice to the public — they are seeking to subtly imply that these measures are needed as a result of what happened in Cyprus.

When the truth is, little Cyprus was just the first test case for implementing the Goldman Sachs-headed internationalist Financial Stability Board’s new bank “bail-in” regime, agreed to by all G20 Prime Ministers and Presidents nearly 3 years ago.

Ponder carefully the emphasised passage in the following Reuter’s news story:

EU draft bank rescue law would not shield big deposits

(Reuters) – A draft law that a group of European Union lawmakers voted for on Monday would shield small depositors from losing their savings in future bank rescues, but customers with more than 100,000 euros in savings when a bank failed could suffer losses.

A group of lawmakers in the European Parliament’s economics committee overwhelmingly voted that, from 2016, large depositors in the EU might suffer losses if a bank gets into serious trouble. The plan was similar to a deal in Cyprus, where wealthy depositors at two banks took hits to save the country from bankruptcy.

Under the EU proposal, a bank would dip into large deposits of over 100,000 euros once it had exhausted other avenues such as shareholders and bondholders. But deposits under 100,000 euros would be spared.

“The case in Cyprus showed how important it is to have clear procedures for making shareholders, bondholders and ultimately depositors foot the bill,” a press release from the committee said after the vote.

See what I mean? The Cyprus “bail-in” test case, deceitfully used as an example of why governments supposedly need to pass legislation for “similar” actions in their own countries … legislation that they already agreed to pass anyway, nearly 3 years ago.

EU finance ministers agreed last week that large, uninsured depositors should be subject to losses but some countries may still seek some flexibility on how they wind down their banks.

The “finance ministers” agreed, “last week”?

This is a deception.

As shown previously, the Prime Ministers and Presidents of the G20 nations all agreed to the policy framework laid down by the Financial Stability Board (FSB) at the Seoul G20 Summit, way back in 2010.

A framework that explicitly includes “bail-in” of banks, using the deposits (i.e, savings) of bank “creditors”:

“Carry out bail-in within resolution as a means to achieve or help achieve continuity of essential functions…”

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There is something else that is very important to note.

The FSB, politicians, bankers, and bureaucrats all want you to believe that these new procedures might only place at some risk the savings of so-called “large” or “big” depositors.

This is untrue.

The FSB-recommended “powers” for the G20 nations’ new bank “resolution authorities” exhibit Orwellian deception and moral relativism at their finest. Embedded within their recommended “Safeguards”, is a caveat allowing those “resolution authorities” to act with impunity when it comes to the theft of depositors’ money:

“Resolution powers should be exercised in a way that respects the hierarchy of claims while providing flexibility to depart from the general principle of equal (pari passu) treatment of creditors of the same class…”

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In other words, whether you have more than (say) 100,000 Euro/Dollars/Pounds deposited in a bank, or less, it is recommended (by Goldman Sachs’ FSB) that G20 governments legislate powers enabling their “resolution authorities” the “flexibility” to treat you any way they see fit.

“Equal treatment” is only a “general principle” to these people.

You may be wondering, if G20 governments all agreed to this way back in 2010, then why are we only now seeing nations from Canada to Europe beginning to draft and pass bank “bail-in” legislation, behind a smokescreen of lies and deceit?

As can be seen from the FSB press release of November 2011:

“Implementation of these measures will begin from 2012. Full implementation is targeted for 2019.”

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Some nations’ politicians are simply moving faster than others, in the coordinated drive towards the ultimate goal of stealing your savings, in order to “bail-in” so-called “systemically important” banks:

Earlier on Monday, Bank of England Deputy Governor Paul Tucker said the EU law on bank recovery and resolution would be a milestone towards a global system.

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One Response to “Growing Political Deception On Bank Deposits Theft”

  1. mick June 4, 2013 at 12:47 pm #

    The community always gets what it deserves. The way that governments will steal from bank accounts is by picking people off one at a time whilst the majority of investors remain untouched…..for a while anyway. Not too different to the short term holiday letting of family homes turned into function centres. Both work on the principle that it doesn’t much matter whether the action is legal or otherwise. What matters is that the media leaves it alone and that the action does not affect too many voters. This works because the public is apathetic and doesn’t much care about the pain of others provided they are not involved in the assault. A strategy made to order and worthy of the most corrupt amongst us.

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