by Ellen Brown
“As things stand, the banks are the permanent government of the country, whichever party is in power.”
– Lord Skidelsky, House of Lords, UK Parliament, 31 March 2011)
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.
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