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Why Is The EU Forcing European Nations To Adopt ‘Bail-In’ Legislation By The End Of The Summer?

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Question Smiley - Public DomainAre they expecting something to happen?  As you will read about below, the European Union says that any nation within the EU that does not enact “bail-in” legislation within the next two months will face legal action.  The countries that are being threatened in this manner include Italy and France.  If you fast forward two months from this moment, that puts us in early August.  So clearly the European Union wants everything to be squared away by the end of the summer.  Is there a reason for this?  Are they anticipating that something really bad will happen in September or thereafter?  Why such a rush?

We all remember what happened when major banks were “bailed out” during the last financial crisis.  A tremendous amount of taxpayer money was given to the big banks to help prop them up so they wouldn’t fail.  This greatly upset a lot of people.

Well, when the next great financial crisis hits Europe, banks are not going to get “bailed out” this time.  Instead, we are going to see “bail-ins”.

So precisely what is a “bail-in”?  Essentially, what happens is that wealth is transferred from the “stakeholders” in the bank to the bank itself in order to keep it solvent.  That means that creditors and shareholders could potentially lose everything if a major bank in Europe fails.  And if their “contributions” are not enough to save the bank, those holding private bank accounts will have to take “haircuts” just like we saw in Cyprus.  In fact, the travesty that we witnessed in Cyprus is being used as a “template” for much of the new legislation that is being enacted all over Europe.

The bottom line is that not a single bank account in the European Union will ever be truly safe again.

By this time, everyone in the EU was already supposed to have enacted “bail-in” legislation, but some countries in Europe have been dragging their feet.  So now the European Commission (the executive body of the European Union) is giving them a hard deadline.  According to Reuters, any nation that has not passed “bail-in” legislation within two months will be subject to legal action…

The European Commission on Thursday gave France, Italy and nine other EU countries two months to adopt new EU rules on propping up failed banks or face legal action.

The rules, known as the bank recovery and resolution directive (BRRD), seek to shield taxpayers from having to bail out troubled lenders, forcing creditors and shareholders to contribute to the rescue in a process known as “bail-in”.

So which countries are being threatened?

It turns out that there are 11 of them.  The following comes from Mark O’Byrne

The article “EU regulators tell 11 countries to adopt bank bail-in rules” reported how 11 countries are under pressure from the EC and had yet “to fall in line”. The countries were Bulgaria, the Czech Republic, Lithuania, Malta, Poland, Romania, Sweden, Luxembourg, the Netherlands, France and Italy.

France and Italy are two countries who are regarded as having particularly fragile banking systems.

But why only two months to get this done?

When I was in law school, I took an entire course on European Union law.  Normally, things in Europe take a very long time to get done.  It is out of character for the European Commission to rush to get something like this done so quickly.

Could they be anticipating that this legislation will need to be put into use very soon?

What we do know is that bonds in Europe have already been crashing, and it appears that the European Central Bank is starting to lose control over European financial markets.

And we also know that there has been a sustained bank run in Greece.  In fact, it is being reported that 700 million euros were pulled out of Greek banks on Friday alone.  Personally, I think that anyone that still has any money in Greek banks is absolutely insane.  Some day in the not too distant future, Greek bank account holders are going to be in for a “haircut” just like we saw in Cyprus.  The following comes from Zero Hedge

While the Greek government believes it may have won the battle, if not the war with Europe, the reality is that every additional day in which Athens does not have a funding backstop, be it the ECB (or the BRIC bank), is a day which brings the local banking system to total collapse.

As a reminder, Greek banks already depends on the ECB for some €80.7 billion in Emergency Liquidity Assistance which was about 60% of total deposits in the Greek financial system as of April 30. In other words, they are woefully insolvent and only the day to day generosity of the ECB prevents a roughly 40% forced “bail in” deposit haircut a la Cyprus.

But of course Greece will only be just the beginning.  In the end, I expect major banks to fail all over Europe as we head into the greatest financial crisis that Europe has ever seen.  Bank account holders all over the continent could end up having to take “haircuts”, and that would just make the coming deflationary cycle in Europe a lot worse.

And I actually expect events in Europe to start accelerating greatly by the end of this calendar year.  Apparently the top dogs in the European Union are also concerned about the immediate future, because they are rushing to get “bail-in” legislation passed in every nation in the EU by the end of the summer.

Fortunately, the United States has not moved in a similar direction – at least not yet.  It is always possible that during an “emergency situation” anything can happen.  We saw that in Cyprus.  But for the moment, European bank accounts appear to be more vulnerable than U.S. bank accounts.

Not that any of us should have much confidence in the major banks in the United States either.  Since the end of the last financial crisis they have become more reckless than ever.  At this point, the six largest banks in this country collectively have 278 trillion dollars of exposure to derivatives.  A day is coming when the “too big to fail” banks will actually start failing, and that will absolutely cripple our economy.

We are moving into a time of great financial instability.  During such a time, one of the keys will be to not have all of your eggs in one basket.  That way it will be more difficult for your wealth to be wiped out by a single event.

So what other advice would you give to people that are wondering how to deal with the coming global banking crisis?  Please feel free to add to the discussion by posting a comment below…

  • Albert8184

    So really, the main difference between a bail-out and a bail-in is that the former features cash pulled from the public trough, and the latter features cash robbed from one particular class of people while exempting all others.

    • gfmucci

      Sounds about right.

    • David_R59

      One particular class of people?
      Try everyone who has any amount of money in any bank.

      • Albert8184

        That would be the one particular class of people I’m talking about. And it’s a small class in America.

      • El mico

        I think those higher up the chain might get a little heads up.

        • none

          I think the best analogy is the one about miss Clintons
          presidential campaign.
          The more she talks about it, the further it sinks.
          It’s full of hot air.

    • GSOB

      Stakeholders is ambiguous

  • Yooper

    Perhaps buying into hard assets now is the only way to preserve the value money has on today’s terms? Start with the basics your family is likely going to need and consume anyway, no matter what is to happen. This might mean products coming from abroad, especially China. Shoes, boots, clothing, etc…

    • Gay Veteran

      also items to barter, like booze, sugar, etc.

  • gfmucci

    What are your thoughts about Greece’s outreach to Russia to cover their near term debt payments? Will Russia oblige, and if they do, what are the consequences?

    • Mike Smithy

      In my humble opinion, Russia will absolutely oblige for several reasons. Russia needs Greece as a hub for the Turkish Stream Pipeline. As a result, our proxy war utilizing ISIS to oust President Assad will prove fruitless along with our proxy war in the Ukraine. Turkey and Greece will prove to be a buffer for any attempt by the Western Central Banksters to run the Qatar pipeline into Europe. Putin is playing chess and he is winning. Well played Mr. Putin.

      • alan

        For this reason I think Mr. Yellen may hand deliver a check to Greece so not to be out played by Putin. Sadly we fall into the trap like the Ukraine. They got IMF’d bad, but we keep paying their gas bill to Russia. Pretty soon America will be printing money for the entire Western world.

        No matter how we play the game we’re going to loose. Its now just a matter of time until we fold and turn the lights off.

        • Gay Veteran

          and Russia will continue buying gold

      • Nemnor

        One can KNOW that WW-III will become an increasing possibility, once one realize that, in this decadent world-wide Capitalist system, the “rise” of Russia, China, etc. DIRECTLY translates to the DEMISE of the USA (and other leading Capitalist countries).

        It is a world-wide economic system in which MANY must FAIL (at the national and international level) so that a FEW might “win” (at the national and international level). This has ALWAYS been the TRUE nature of the world-wide Capitalist system (at the nationally and internationally level).

  • jsmith

    For those of you that are in denial of what Michael has been writing about for all these years, do you need more proof? Not only do the banks not pay you a decent return on your savings, that is, if anyone is foolish enough to even have a savings account, but now the banks as in Cyprus will be raiding your accounts and pensions. Oh yes, just Europe right now, but knowing the banking mafia and how they act together, I can see our leader from Washington District of Corruption giving us a “we are doing this to save our economy and the American Way of Life” just like the bankster bail outs from the past. It will be goooooood for us. Besides, it’s is temporary. Trust us!

  • GetReal4U2

    Is there a reason for this? Are they anticipating that something
    really bad will happen in September or thereafter? Why such a rush?
    get ready…September approaches quickly…

    • df NJ

      Whatever the reason is it’s not good.

    • wbcausey

      If you’ll check the writings of Rabbi Jonathan Cahn, a Messianic Jew, you’ll understand why September. This nation is being judged every seventh September–based on the Shemitah year of the Jewish calendar. There has been an economic crash every seven years since 1973–the year this country turned away from God and began killing 55 million innocent children. Since then it has taken the Bible and prayer out of public schools, removed the Ten Commandments from public places and is about to fully legalize Sodomy. This country is going down, soon, under God’s judgement. An economic crash will be only the beginning of the troubles. Elul 29 (the day of remission) occurs on Sept. 13-14 of our pagan calendar (Jewish days are from from sundown to sundown). Look for a major economic collapse and much worse beyond beginning Sept. 14.

      • Nemnor

        wbcausey, there was NO time in the history of the USA, when the USA was with OR without God, any more or less than the USA is currently with OR without God.

        Also, economic crisis/collapse are happening NOT because of some “Shemitah” year. This 7-year cycle that was DREAMED UP, as the basis why economic collapse/crisis is happening, is simply NOT true.

        With the last 2 or 3 deepened-crisis/”recovery” cycle, the cycle is getting SHORTER and SHORTER (i.e. LESS than 7 years) – as the decadent world-wide Capitalist system continue to sink towards total economic collapse/chaos.

        Also, the now SHORTER (less than 7 years) deep-crisis/”recovery” cycle is qualitatively different – in that the SHORTER “recovery” phase is WEAK and JOBLESS – compared to “recovery” periods of about 2 or more decades ago.”

      • GetReal4U2

        I completely agree…

  • df NJ

    All government is a boondoggle for billionaires.

    Government by the rich, for the rich, screw the worker.

    If you have money then good for you. For everyone else just suck it.

    • Nemnor

      EXACTLY!!!

      And while Governments PRETEND to be in the best interest of the mass of people, they have the Police and the Army – whose PRIMARY purpose is to be the “violent arm” of the Ruling Class (“the 1%”), and this can include killing ANY number of people (as much as the mass of the people remain DIVIDED and not take meaningful action to make the change they want/need).

  • Mike Smithy

    The implications of Dodd-Frank aka Consumer Protection and Wall Street Reform Act have been revealed to not be in the best interest of the American people. Title II of the Act establish an orderly liquidation authority which vests the FDIC to conduct European style bail-ins. See Title 12 USC 5383. Once again, our sociopathic politicians are very misleading when it comes to naming their legislative initiatives. If the politicians were intellectually honest, they should have named it “The Fascist Sell-out of the American People Act”. The preamble of the Dodd-Frank Act claims to protect the American taxpayer by ending bail-outs. This is done, however, through bail-ins, a critical feature of the internationally regime of what is called cross border bank resolution. I.E. The fallout of when derivitives go bad.

    • Albert8184

      They don’t even have to be “intellectually” honest. If politicians could just be “basically” honest or even “Minimally Normal IQ Honest”, that would be an improvement of a thousand fold. It’s scary to think that the people running the world are supposed to be the cream of the crop Ivy Leaguers. I guess it just goes to show that IQ and Wisdom are two different things.

      • David_R59

        Far too many people equate education with intelligence.

        • Albert8184

          That’s particularly dangerous in cultures, like ours, where ideological bandits have robbed the education system and turned it into an indoctrination assembly line to mold revolutionaries and activists with a skewed view of reality.

          • Nemnor

            Albert8184, Your statement seems to imply that the education system was more or less “right” and “proper” in the first place (?).

            Please keep in mind that it were (and always will be) the “revolutionaries and activists” (in ALL spheres of life) that are most responsible for all of the “advances” (good or bad) of the Human Race, throughout the history of our Planet.

          • Albert8184

            I am stating emphatically that the state education system is corrupted, nearly morally and intellectually bankrupted and rededicated to indoctrination of values that are hostile to the founding intent. It was never perfect before, but it is in a dismal state now.

          • gamegetter II

            U.S. K-12 public schools have been nothing but leftist indoctrination centers since the early/mid 1070’s,as the leftover hippes,Yippies,Weather Underground,professional anti-war protesters,peaceniks,and other assorted leftist/socialist/communist zealots infiltrated the schools.

          • Nige Palmer

            what’s wrong with hippy’s and anti war protesters. there th best of ppl

          • floydschrammeck

            Right-on nothing but a bunch of DEMS like Illinois, Calif NY most corrupt, broke and common core in schools with idiots coming out cant pass tests in 17 other countrys which has higher education scores. We are dumbed down to let in all
            minorites. lost just printing money, no gold behind it. Done !

          • brainbiter

            And you should keep in mind that the ‘Human Race’ is more like three or four and that only one part of it can justly lay claim to those advances you mention. Did the ‘human race’ invent jet propulsion or map the human genome? What you grandiloquently refer to as ‘the history of our planet’, and what you think you know, are themselves attributable to the sausage machine called ‘education’ alluded to in Albert’s post. Maybe you also think cow’s farting in India threaten the eco-system. :)

        • Econ1

          And too many believe attending a university educates.

      • rmc9

        …I think the ‘wisdom” part, comes from God alone…

        • Albert8184

          It does… but as always, one must elect to accept the gift in order to use it, I think. That’s where pride can get in the way.

        • GSOB

          Job 38:36

      • Catman

        I think most politicians these days are individuals with average IQs, no social phobias, and a basic understanding of a lot of issues but have no deep understanding of anything in particular. These folks love the microphone and camera, and usually look nice. Willingness to sell your influence to your big donors is a major priority. Being principled about anything is a big career buster if one actually acts on them. That describes nearly every person in elected office in the US, and that’s why this country is not doing well nor on the right side of hardly anything anymore. There are very few statesmen.

      • Dawn

        The goons are the ones who rise to the top and not the ones that should to be there. And goons, intelligent or not are never honest.
        Somebody split the word politics into “poli” meaning many and “tics” meaning tics LOL.

  • Annoyingandlovingit

    Let it die. If you all wanted to fix it; you would’ve.

    • Mike Smithy

      We would love to fix it if we could. However, our numbers are few and we are merely lone voices crying out in the wilderness.

      • Annoyingandlovingit

        The Revolutionary war was won with less than 10% of the colonial population. You’re the majority – act like it!

        • Mike Smithy

          OK, so what is your plan General. I am here reporting for orders.

          • Annoyingandlovingit

            I told you; I’m letting it die. :)

    • Nemnor

      Part of the issue is that the mass of people have been brainwashed and misdirected into NOT identifying the main root cause of the major issues facing the USA and the World.

      Without right knowledge and understanding of the main root cause of an issue, one has little chance of solving that issue, even if they FEEL the problem and WISH for a change.

      The main root cause of the major issues facing the USA and the World is – the world-wide Capitalist system itself – which is now decadent (due to reaching a state of general over-production), and is now NOT able to generate long-term recovery by economic means alone

      • Malcolm Reynolds

        Part of the issue is that the mass of people have been brainwashed and misdirected into NOT identifying the main root cause of the major issues facing the USA and the World.

        Yup, sorta like you keep identifying “the capitalist system” as the problem. You’re failing to property identify this system as Fascism.

        • Jerry C

          Please show me how I can hide Nemnor’s comments. America became the great nation by Capitalism giving people the fruits of their labor. As you accurately stated, this corruption is Fascism. So, Nemnor is a Fascist.

          • Malcolm Reynolds

            you cannot hide them

  • chilller

    If I were in any Eueee country I’d be taking out everything right now.

  • tom

    I guess September is the new date they you guys rally behind. Then, once September passes you will find a new month that the bible tells you. You guys have been doing this for years.

    • Plextt .

      You can shear a sheep many times, but skin it only once:-)

      • XSANDIEGOCA

        Well stated.

    • Albert8184

      What have the corrupt elites running the world been telling people for years? Who’s fictions are the worst? I think the lies of those who manipulate the nation for their own benefit are the worst.

    • Stardust

      The government is expecting it and now Europe due to many warnings like Greece. They don’t go by the Bible. I make sure I am prepared for any emergency, and like many who do prepare, it makes us less dependent on gov’t and more self-sufficient. So what if no crash happens? I have a lot of food storage to eat that cost me a fraction of what inflation will bring in the future. The rest of my supplies I use camping and when the power goes out often.

    • Sierra Dave

      True. But you need to admit that financially it keeps getting worse. The financial situation is going to collapse at some point.

    • ter ber

      Right. And 2008 was just an illusion?

      • tom

        there will always be recessions. we are do for another one soon, but it won’t make you right.

        • ter ber

          So Tom, your assignment is to read and comment on The Economic Collapse Blog? 3 years? And only 22 comments? How much are they paying you for the disinfo? Because -news flash- we never came out of the 2008 recession. So they next collapse is just going to be layered upon this one we are still in. And since you are so trusting of the powers that be, don’t forget to take your flu shot again next fall, and ask for the senior one, the xtra toxins in it has caused the senior culling to work so much faster.

          • tom

            I have not gotten a flu shot in years! let me guess you have been working class your whole entire life and live in the middle of nowhere. Newsflash: the economy could have been doing great (it’s not)and you would still be kinda poor. Maybe the problem is life got too easy and dumb people multiplied too fast.

          • ter ber

            Unless your a child of the 1% or living in your parents basement or on disability/welfare, are we not all working class? Good for you on the flu shot. I am from the USA. Born and raised in Minnesota, spent 12 years in beautiful SanDiego Ca, lived for a year in Spain, 3 months in Chile, worked for the airlines for 18 years, and now I work for a senior facility, where I am watching the death rate soar to 300% higher due to this hyper- senior flu shot. Culling? Nah. Move along now, nothing to see here. And guess what Tom, you will never be apart of the elite, so you are expandable too.

        • Jerry C

          All fiat currencies have collapsed. I believe the timeline is about 200 years, so we’re long over due.

  • Christoph Weise

    It is naive to assume that money on a bank account is safe, be it in Europe or the US. It is eaten up by inflation and threatened by the potential bankruptcy of the bank. This has been the case for a very long time in history. Only in recent decades governments pretended banks were safe and built a safety net to avoid bank collapses. That was partially reversed in Cyprus but the EU said it is one time event to damage Russian interest (you will recall very many russian companies had accounts on Cyprus to be outside the russian danger zone only to learn that the real danger was from the EU) and it would never happen elsewhere. If the bail-in legislation should be followed by bail-ins in other EU countries the hell will break loose and system stability will be endangered.

    • alan

      Russia got punished for backing Syria, they got Cyprus’d.

      Things seem to be accelerating a bit, more and more things happening more often. I wake up every day wondering what will be going on today.
      I am siting here in Korea wondering where the hell this MERS crap came from. Nothing one day now 1150 schools closed in our area. If I hear anyone cough at work I am going to yell “quarantine”!

      • David_R59

        Not true!
        The Russian mafia and others, along with friends of the Cyprus government (one of them being a certain ex-prime minister of Cyprus) were given about a one month warning so they could get their cash out of Cyprus banks. Most of them moved their assets to German banks.

  • JailBanksters

    Homer: You know, one day, honest citizens are gonna stand up to you crooked cops [bankers]!
    Wiggum: They are? Oh no! Have they set a date?

  • krinks

    The ‘bail ins’ are for when a nation runs out of money to borrow a la Cyprus or Argentina. When that happens the banks close and all bank accounts get confiscated to pay outstanding debts or to keep the gov’t afloat for a time. The provision to do so here in the states is already in place. A smart person has cash on hand but doesn’t openly carry it around lest local law enforcement confiscate it. This is the real reason local law enforcement confiscate innocent people’s money and no one seems to care. They want all money to pass through a bank so they can take it when they need to.

    • algol2000

      Cash on hand will actually be useless when the hammer falls, because they will still attempt to confiscate it, or it will be rendered useless by inflation. You need to convert it to land (for growing food) and water resources now , and stock some food to last a few months before it is too late

      • Horiboyable .

        We have not seen inflation for years, this is a deflationary collapse of the west. People will always want to trade so local currency will work fine. Don’t listen to the gold bugs unless you have mega bucks to protect but the average joe that is working pay check to pay check local currency will work fine. After the collapse is when you will see inflation.

        • algol2000

          I concur. However, I think that they would want to mitigate deflationary collapse by controlling disposable cash.

          • Horiboyable .

            Folks are already hoarding cash, hence all the capital control laws throughout Europe. Can I assume that you are from the USA because the pain in Europe is far more advanced, USA pain will come later. When Empires collapse they collapse from the outer edges then gradually inwards. People will deal with each other with what is familiar so their local currency will be acceptable or they will accept US$. I have visited the Ukraine many times and over there if you are buying milk or cheese or any other minor products you will use the local currency but if you are buying something substantial, like a car, boat, a house, they will ALWAYS conduct the transaction in US$. The gold bugs are wrong, gold is a hedge against bad or radical government. If you buy gold now, how will you pay for your milk? Shave a bit off at the counter! Gold is for those whom need to store large values. The state can TRY and control what ever they want but folks will always trade and find a currency that is acceptable., even tobacco has been used as currency. The state tries to control all types of activity and they think they can just pass a law and things will be so. Did the Volstead Act achieve its objectives or did it cause more damage in society. Meyer Lansky and Lucky Luciano created Les Vegas. Tell me how the war on drugs is getting on since they declared war in the 60’s; its got a lot worse, just look at Mexico now.

          • algol2000

            I reside in africa, but I catch your drift.

          • Horiboyable .

            You reside in Africa but may I ask what country you were born in and which country you consider home. I was born in NZ and I have taken UK citizenship and because I have resided in the UK for so long in my mature years, I consider myself British rather than a New Zealander. Let me expand, I find myself identifying more with UK traditional values rather than NZ values.

          • algol2000

            I was born in Nigeria, I reside in Nigeria. And I am glad. He that is down need fear no fall.

          • Mike Smithy

            CONFIDENTIAL
            TRANSFER OF $38 MILLION U.S DOLLARS.
            From the desk of: Mr Mike Smithy.

            I am making this contact with you on behalf of my company after a satisfactory information we gathered from the Ghana Chamber of commerce and industries.

            I am a member of (Tender Board Committee) of the Ghana National Petroleum Corporation (GNPC). My duties include award evaluation, and review of contracts. In the Year 2014, the committee awarded me a contract of 350-000.000 (THREE HUNDRED AND
            FIFTY MILLION U.S DOLLARS), for an engineering procurement, construction of pipeline network at the Tema oil refinery plant . The actual contract sum was deliberately paid over invoice. The project was executed and the contract paid accordingly. My colleagues and I have made every arrangement to move this fund into your personal account in Nigeria, for an investment plan. 30% is for you as the sole beneficiary and owner of account,
            and 70% left for us the officials GNPC.

            I will appreciate if this transaction will be treated with utmost confidentiality. I do hope i can trust you, as a regard. In light of this, i would like you to forward to the following information.

            1) YOUR BANK NAME AND ADDRESS.
            2)YOUR ACCOUNT NUMBER.
            3) YOUR PERSONAL TEL AND FAX NUMBERS.
            4) NAME AND ADDRESS OF BENEFICIARY COMPANY CORPORATION.

            This will enable us to forward the information to our apex bank, Bank of Ghana for the purpose of processing and immediate transfer of this fund into your account as the sole beneficiary.

            Please note that after this transaction you will be receiving an invitation.
            Your quick response will be highly appreciated. (Sarc).

          • jakartaman

            You are 100% correct.
            Third world countries will not feel too much if any effect of a world economic collapse

          • Gayelyn Luckie

            well that statement is the only solid thing i have read yet

          • T.

            Silver coins are for small transactions. Our coins were 90% silver here (USA) until Johnson had it removed in 1965.
            Gold is for large transactions. Both are and always have been Money.
            When currencies collapse (ie. Zimbabwe or Weimer Germany) both suffered from No Confidence and this is what lit the Inflation fuse. Also, goods and products become scarce in stores. This is why people should always store staples of food, meds and things needed for trade.
            The loss of Confidence in currencies is what sparks inflation and hyperinflation.

          • Horiboyable .

            What is interesting this time is their old understanding of how economies work is not working. Their efforts to cause inflation has been a failure. America is different to the rest of the world because it is the default currency which means it not only effects its local economy but the world and you can see its effects everywhere. For instance housing in parts of the world have gone mental. When you look at prices in Auckland, New Zealand house prices there are nearly the same as London and prices in Sydney & Melbourne are quite clearly in a bubble but they will all say that its different this time. Here in Europe with all the QE that has been going on we are still seeing deflation and they are desperate, they have even added prostitution & drug dealing to their GDP figures now!! How the hell do you even quantify that?
            I remember in the USA when they made it illegal to own gold and you had to hand it in and was bought at a certain rate and then re-valued the buck under the guise of a “Banking Holiday”
            One thing is for sure is there will be a loss of freedoms and liberties.

          • T.

            Yes. Total “Control” over our lives is the goal of these megalomaniac devils, whereby We the people lose the greatest intangible asset on earth – The loss of our Freedom and Liberty.

          • Horiboyable .

            That is exactly right. I don’t know what it is about me but I have always distrusted authority from a very early age. I can remember the first time I filled out a census form at the age of about 1516. I never put down I was a catholic from birth, not now because I am an atheist. I remembered reading that the Nazi’s tracked down Jews from census forms so I was always careful about what information I put out there. I also knew from an early age that I needed more options to countries I could reside in so I have always married foreigners. I have choices of many countries in the Northern and southern hemisphere so at least I have a choice of where to reside if things get a bit crazy.

          • C-Ann-C

            ” Fed was given power over our currency” — interesting that you brought that up,not that I argue with you, as you are right when the Fed somehow got the power of our (US) currency. Why was that? I don’t know, but in our US Constitution, in the first Article (Article 1), Section 8, it states, “The Congress hsall have Power TO law and collect Taxes, Duties, Imposts and Excises to pay the Debts and provide for the common Defense and general Welfare of the United States;….”, “To Coin Money. regulate the value thereof, and of foreign coin, and fix the Standard of Weights and Measures.” So when was all that lost to the “Feds” and why? Look at the dollar bill in circulation now, it’s not exactly at its face value because it is a “Reserve Note”, not a “Silver Certificate” which we used to have because I remember that then, and the Silver Certificate was at the face value it has, not the current one dollar bill in circulation. Why is that? Probably because it is a “Federal Reserve Note”, and as you stated back in 1913, it was changed to a Federal Reserve Note, meaning, it’s like a “promissory note”, a “promise” by the Federal Reserve to pay it back at the face value it currently holds. But when did they (the Feds) ever pay back these promissory notes? They just kept printing and printing them, hence, we got inflation and the devalue of our dollar. They stopped printing the US dollar coins – there are some still around, I guess, once in a while I come up with one, but their in circulation, not “coined” like the Constitution says. As someone noted above, keep a hold of all the “coins” you collect, since the Fed’s dollar bill will be a useless piece of paper its written on, coins may be the staple of US money. Unless one has a “silver certificate” on hand, they are worth a little bit more now.

          • Dawn

            I read that today each dollar bill is worth about 4 cents.

          • John Byde

            Hi Horiboyable. I hope you managed to find some traditional values left in the UK (not being cynical here, either!)

          • Rebel

            I don’t agree.
            When the money will be worth nothing, people will be more than happy to accept payment in gold. (You can buy 1gram and three grams gold coins for smaller transactions)
            If one can pay with tobacco, one can pay with gold.
            When everything else collapses, your gold will still be there.

          • Peter

            Problem is no one trusts what you give them is real gold or silver. Back in the USSR days, booze was the number one thing, you can smell taste it and know if its real.

          • Nige Palmer

            Gold is two heavy, you be better of buying oxxo;s or any other food flavouring. and ppl will give you a share of th pot if you can make it tast like something.

          • Dan Aldrich

            Small gold coins (1/10) ounce are currently worth about $120. Silver 1 ounce coins are worth about $17. However, if the crap hits the fan, their value will probably skyrocket. Better to have some tangible assets just in case besides just paper dollars.

        • Rebel

          A deflationary collapse?
          What about quantitative easing? Both in the States and in Europe.
          Buy gold by all means?

          • Horiboyable .

            What is interesting this time is their old understanding of how economies work is not working. Their efforts to cause inflation has been a failure. America is different to the rest of the world because it is the default currency which means it not only effects its local economy but the world and you can see its effects everywhere. For instance housing in parts of the world have gone mental. When you look at prices in Auckland, New Zealand house prices there are nearly the same as London and prices in Sydney & Melbourne are quite clearly in a bubble but they will all say that its different this time. I have a brother in Singapore and he secured a mortgage in US$ at a couple of per cent and there have been estimates that there is about 15 trillion US$ out there in emerging markets and when the dollar rises, these guys are going to be wiped out like all the eastern Europeans who had Swissy loans and they broke the peg. This will be a very interesting ride indeed.

          • johnyreb

            The Reserve Bank here in NZ has stated openly that the housing bubble will not last long, and has urged Parliament to enact a capital gains tax. In hopes of keeping the out of control housing market in check . They even state that the power needed to control the housing market was not in their hands. So for now the interest rates will be kept in the basement …

          • tom

            or buy yuan.

        • jaxon64

          “We have not seen inflation for years,”….quoted…….If inflation were calculated using the same criteria we had in 1982, then our average annual inflation for the past decade would have been at OVER 10%.
          Since we no longer factor in food, clothing, gasoline, health care costs, prescriptions, rent, electricity or heating/cooling one’s home–yes, then we can say there has hardly been any inflation on yachts, cars, designer furniture, home equity, savings accounts, retirement funds etc etc…..
          Sometimes I just feel like giving up with the level of info the average American has and how assured they are of what they think they know……..

          • Horiboyable .

            I am not American and I live in the UK where I see deflation everyday. Everything from bread, cheese, sour cream to meat. In Europe we definitely have deflation hence the negative interest rates too.

          • Peter

            Historically Deflation, is always short lived.
            Then its followed by Hyper-inflation.

        • Jane The Plummer

          Hyper-inflation caused by rising interest rates [its coming] is the only logical conclusion at this point.
          Your brother’s cousin’s roomates cheese buying episodes in Transylvania have no bearing on US financial anything.
          We, as a nation, are nothing like other countries.

          But ‘our old outdated mentality concerning today’s finance’ is getting in the way of your brillant thesis of MY COUNTRY.
          Well, I have to go take some Geritol…

          • Horiboyable .

            The only thing that is going hyper is you sweet cheeks

        • Peter

          True but keep real cash at home, when the bank is in trouble its haircut time.

        • floydschrammeck

          You dont think somebody will take my us silver 1964 quarter before your 10.00 paper dollar. You have alot to learn !

      • SunnyFlaSnotress

        Krinks has his facts wrong about Cyprus. Not all bank accounts were confiscated. No insured deposit of €100,000 of it’s citizens was affected.

        And so would likely be the case in the USA. That’s where the term “FDIC insured”, and the amount that it applies to, makes a difference.

        • jaxon64

          FACT:
          A) FDIC ( Federal Deposit Insurance Corporation) holds 25 billion dollars in its insurance fund——
          B) American citizens private bank accounts have appx 9 trillion 286 billion dollars in deposits…..
          —and the most shocking fact of all…………………………..most Americans think that the FDIC fund will protect their deposits if the banks fail

          • SunnyFlaSnotress

            Government agencies and it’s “protectorates” don’t work in a vacuum. We already saw that in the last fiscal crisis when the government came to the aid of even private agencies. If one division is in desperate need, it becomes aided from a different agencies.
            YOU ARE MERELY SPECULATING about what would happen if the FDIC ran out of funds.
            Believe it or not, leaving it’s citizens starving is not favored by the government, or haven’t you noticed that with the bloated foodstamp program.

        • Jane The Plummer

          Ummm..”no 100k was affected” so, whew..I feel safe now. Long live the corporate thugs!
          “FDIC” went bankrupt years ago. They maintain the customary ‘ scam appearance’ i.e..”FDIC”stickers on bank doors. Its o.k. suckers, we gotcha covered. lol.

          • SunnyFlaSnotress

            It’s understandable to feel unsafe after the government allowed banks to run like wild hogs, and let it’s deficit go up like a rocket w/seeming no return mechanisms, but as I mention below, the government does tend to prioritize citizen safety and basic needs, as pointed out w/the bloated foodstamp program. And note that the government came to the aid of even certain types of private companies. I don’t think it takes a great leap of faith to realize that government agencies would come to the aid of the FDIC as needed.
            Sadly, the government may be paving the road to hell with good intentions, but the country’s strengths tend to be downplayed on this blog, such as when nobody mentions that while we have a huge deficit, other nations hold huge debts to us, too.

          • bobrsta

            food stamps and other welfare programs are the way the pols buy votes to maintain power

            “government came to aid of private business…” do you mean the bailout of GM to allow the unions to keep their pensions and perks at the expense of bondholders?

            “government agencies would come to the aid of the FDIC…” with what? by printing yet more worthless paper

            aiyaiyai… ignorance + hope = delusion

          • floydschrammeck

            You are mistaken, We have no money owed us. China has 4 trillion owed them .
            2 trillion of that is ours, WE dont have any
            money owed us WE are a Broke country.
            Japan has more of our debt then China
            cause last yr china got scared of us ever paying them back and has been buying GOLD like mad and SELLING our worthless bonds that are long term. Stupid
            Japan has been buying them. WE ARE
            18, 000,000 000,000 in debt. That is 18
            thousand Million. Can you keep up.??

          • floydschrammeck

            they have 5% of us dollar insurred if you ck on the amount of money in INS fund,
            They dont even know how much money is in circulation, they guess, what about 20k your father has in under the bed.

        • Peter

          Europe’s eqivillent of “FDIC insured” has been done away with. Just like the bail in bill, that went around the world, into law, so will this, give it time.

      • Jane The Plummer

        Whoa. The very thing everyone will need is cash, in small denominations. Plus lots of loose change, half-dollars, maybe some silver dimes..thats it. Seeds are the new gold.

        Has anyone here studied, or read personal accounts of financial collapse in Argentina? Or Germany? Or Rome? I’m not talking google.

        We live in a first world country with the dollar in first place. You and I have no clue as to what will happen in a financial meltdown. But I know the power players do. All over the world, tptb are positioning themselves for something. In the form of safe rooms, bunkers..real wealth is moving out of the US..and countries are distancing themselves from the dollar, and business as well.

        How will you know when REAL financial trouble is here? Interest Rates. Keep your eyes open for a rise in the rates. Watch what the Fed is doing. That is the key to out-of-control inflation..the pre-cursor to financial meltdown. Yellen is holding rates down because THEY KNOW it will sling us into hyper-inflation.

        There are tons of people that think talking about US collapse is baloney. Think about how big and connected the US is. It would take awhile to see the damage already done. Outsourcing jobs, high corporate taxes..ect.

        I see the damage every time I go to Walmart, in the form of homeless living in their vehicles. Now I am seeing women and children. They think I don’t see. I wish I didn’t care..

      • SunnyFlaSnotress

        Maybe, but you know what? I still like to keep some just in case 😉 House/land are good to have too.
        Nothing is certain but death and taxes.

      • Peter

        Actually no, it all depends on how it goes down.
        During the great depression silver went through the floor. People were melting silver ware to eat.
        Gold was ok but the dollar was backed by it, (not so today),so it will have the same fate as silver. Millions will lose their homes and farms, land can be got for pennies on the dollar. Even with inflation you need cash to eat and buy gas. Banks will no longer have it. This is why they said back then, cash is king. If you had it, you could buy whatever you wanted.The key was to have real cash, and not the numbers in a bank account handy.

        • algol2000

          With (hyper) inflation, you will need a wheelbarrow of cash to buy a loaf of bread. Better to have the wheel barrow shoving manure on the land you own to grow wheat, than queuing with it on breadlines. Convert the remaining money to gold. It will come in handy.

        • floydschrammeck

          I am reading that US will go digital on money so EVERYTHING goes thru your smart phone and no dollars used, so gov can track everything, even a 5.00 dollar and pay tax on 100%. Here in Florida 50% is under table, that will stop.

  • Nicholas Fowler

    I think the least we can do have say ten thousand dollars equivalent in cash in the house, have a lot of food, say six to ten weeks worth at least, and other supplies, and be ready to take more out of the bank subject to the developing crisis. I can never ever understand why some gurus say invest in gold and silver If you are hungry and the shops are empty, gold does not taste nice nor does silver

    • LAWD

      PMs are merely a hedge against inflation, not to eat or to get rich. Storing your savings in an asset that does not depreciate, expire or be subject to confiscation is only part of the game. The savvy stacker will also have beans bullets and band aids.

      • Gay Veteran

        plus no counter party risk, no bank that can go bankrupt

        • Annoyingandlovingit

          You can teach them moral bankruptcy

          • Gay Veteran

            nah, that’s your mom’s job

          • Annoyingandlovingit

            She did a better job raising me than your’s obviously did.

          • Gay Veteran

            I was raised by wolves

          • Annoyingandlovingit

            No wonder you’re anti-science, feral, and like to hunt down weaker people than yourself, pedo.

      • David_R59

        Gold is NOT a hedge against inflation.
        If you look back a few decades you’ll see that gold does better during times of DEflation.
        Gold is for times when society disintegrates and becomes very dangerous (which is exactly what we’re looking at in the near future).

    • Gay Veteran

      Don’t forget water and items to barter (booze, sugar, tobacco, etc.).
      Unless there is a TOTAL collapse people will be willing to barter for silver and gold

      • Annoyingandlovingit

        And little boys, in your case…

        • Gay Veteran

          and little animals, in your case…

          • Annoyingandlovingit

            Oh, you’re into that too!

    • Ex Deo

      Yes, but you can’t eat cash either. At least Gold and Silver are tangible assets. One of the few assets that isn’t someone else’s liability. When there is a currency crisis and the dollar tanks, do you honestly think people will accept fiat dollars? You don’t know your history, kind sir. Gold and Silver have been around for over 3,000 years as real money. It has stood the test of time, over and over again. In the end Gold and silver have won throughout history. Do you think this time around its any different. Currencies have come and gone, but Gold and Silver have stood the test of time. Trying cashing in or converting an old Italian Lira, French Franc, or other extinct currency. You will be laughed at out of the bank, but you could still use Gold and Silver coins from Roman or Greek times and its still Gold and Silver, get it? During a STHF scenario it will be used as a barter and exchange mechanism. I seriously Doubt cash will be, especially if it’s hyperinflated. Go ask the Germans of the Weimar Republic after WWI or more recently the people of Zimbabwe about cash. It was useless. They resorted to Gold and Silver as money. Look it up.

      “Those who don’t remember the past, are condemned to repeat it.”
      -George Santayana

      • David_R59

        Actually it was Edmund Burke (1729-1797) who first said that.
        I believe Santayana said “Those who don’t know history are condemned to COMPLETE it.”

        • floydschrammeck

          REPETE IT haha

    • Stardust

      Most gurus say put “some” of your cash in precious metals, not all your assets. When cash has no value or lost most of it, PM’s go up in value. Besides, I haven’t found a power company, phone company, or property tax government accepting “will work for trade” or food to barter for the bills if fiat money goes south, you lose your job, or pension due to the crash with no more income, or the banks take your money accounts for a bail-in.

    • Rick

      Nicholas, you just recommended keeping 10 grand of cash equivalent in the house, then you bash gold and silver??? What better cash equivalent are you talking about? It seems throughout history when currencies fail, these metals have found value and for at least brief periods have been used as money for trading goods and services. Please give us your Paul Harvey… The rest of the story. Thanks.

      • Catman

        In a collapse you would want lots of cigarettes, alcohol, cans of soup, water, etc. to barter, and the human resources to manage one’s bartering without being killed and robbed of everything. Let’s hope there’s not a collapse for the sake of the millions of disabled physically and cognitively, the elderly, those who live alone, etc. who would be the low hanging fruit for a gang of desperate, hungry people. Please watch a realistic movie of the civil war and how people treated each other to see how bad it can get. I’m thinking of the one with Nicole Kidman.

        • watchmanonthetower

          “…see how bad it can get. I’m thinking of the one with Nicole Kidman.”

          Catman, are you referencing the Civil War drama, “Cold Mountain” (2003 – B. Luhrmann, Miramax) with Law, Kidman, Zellweger & Hoffman?

          ~Watchman

          • Catman

            Yes.

        • Avner

          Skills go a long way too. Everyone gets all loosey goosey about being able to shoot a rifle and have nylon.. but what other skills are present? Electrical? Medical? Mechanical? Welding? Chemistry?

    • David_R59

      If the stores are empty it won’t matter if you have cash or gold; you can’t eat either of them.
      Start growing your own!

      • AlwaysPursueTruth

        Unless you have a ton of land, you would eat all of your plants before they could regrow…
        And if the government shuts off your water, you’d be out of luck, unless you can live by a stream or something…

        • jakartaman

          Ton of land?
          1 acre would feed a family of 5 easily

          • John

            Yes, with good soil, sufficient water, unobstructed sunlight, protection from pests eating your crops (insects, animals and other people), and a knowledge of farming…

          • Peter

            No to mention you have to have a stockpile saved. As you will get years where nothing grows. People look at numbers in a book or “new technology like hydroponics to save them.” In a downturn they don’t work. Where will you get the equipment chemicals supplies in a broken system.

          • gamegetter II

            Chickens take care of the insects,provide manure for fertilizer,and don’t really need to be fed-they can live off of insects and grass/plants that they eat.

        • Catman

          Well said. The live off the land/grow your own scenario is not a realistic option for the vast majority of Americans. I dare say in a real crisis most would never get to enjoy their first crop. Marauding gangs of hungry folks well able to overcome resistance would pick their neighbors clean and then kill the ones that grew it. This is what people do who think their physical survival trumps yours or any sense of accountability to God.

          • gamegetter II

            There are also many people who have enough land,beans,bullets and bandaids stocked up,and are good enough shots that any bunch of said self-serving folks would go away and look for easier targets.
            Having a defendable piece of property with access to water and the means to make it potable also helps immensely.

      • Catman

        And how many can do that? With GMO seeds one will have to barter for more seeds. Best course of action is to have an emergency supply of whatever is needed for six weeks, stay armed with plenty of ammo, and hope for some real leadership to rise out of the crisis. If that doesn’t happen then be prepared to die. That’s the part very few make any preparation for and yet it’s the one thing that will happen to all of us.

        • gamegetter II

          There are zero “GMO” seeds sold in seed packets-the only “GMO” seeds are sold in bulk to farmers.
          Hybrid seeds are no good,as they only produce one crop-if you save seeds and re-plant,you get no,or very few veggies.
          Heirloom seeds are available at Lowe’s,Home Depot,Tractor Supply,your local feed store,etc in spring,or you can order from Burpee,etc.
          You can save seeds from plants grown with heirloom seeds,and when you -replant,you get a good harvest.

        • floydschrammeck

          Keep seeds from last year.

      • Peter

        Do you have 180,000 thousand for a tractor?
        Plowing the field by hand simply wont grow enough food to survive.

        • gamegetter II

          All you need is a $250.00-$300.00 front tine tiller,once the soil’s been tilled one time,it’s easy every subsequent year.
          I till a 25’x50’garden,and 15’x30′ garden,and a 15×15′ garden every year.
          The soil in the 2 smaller gardens is great,it’s had peat,manure,perlite,lime,and compost added for years,the 25’xs50′ is on the 3rd year,but I put a 4″ thick layer of composted chicken manure,mixed with regular compost on it before tilling last month.
          Sure it takes a little work,but once the soil is fertile,all you need is some compost and manure every spring and fall-no need for chemical fertilizers,and the chickens eat the bugs.
          I could still plant all 3 gardens even without tilling them,the soil is easy enough to just use a garden trowel to plant each seedling or seed.
          We can a ton of stuff,sell a lot of it,and give some away to the local food pantry.

          • Peter

            Interesting…I have tried lots of high tech stuff, mainly for the experience. Hydroponics, aquaponics, lighting high tech computer systems and found the input costs, are really not worth what you get out of them. Also in a crash Hydroponic supplies simply will not be available.My gardening is on a 15×15 plot. Last years cabbage a rabbit ate them all. The Tomatoes this year simply wont grow, its been way too cold. This leads me to.. where do you live?. I assume someplace warm, to get that kind of output. Chickens are nice but not allowed in the town here.

        • GPackers

          apparently you have never had a garden or canned anything!

    • floydschrammeck

      With the dollar crashing in Oct 20 when The dollar will be replaced with SDR s which will be China yen, Euro, dollar.
      England, and GOLD. everybody will be dumping dollars

      cause wont be using them. Then go to a grocery store with a silver dime worth 1.90 today and see if he will take a worthless 10.00 PAPER dollar, Dime might be worth 300.00 paper dollar. Since time began gold is money .
      Rome did just like us started with 100 gold, then 50% then none just like we did in 1964. worthess, we will pay the piper now. Better get a few silver old pre64 UScoins

    • God’s dad

      I would like ten grand full stop!

  • Albert8184

    So, with a Bail Out, the government dumps the salvation of the banks on all the taxpayers. Bail IN means the salvation of the banks will be the burden of a specific category of taxpayers… those who save and invest their money responsibly. So, it’s MORE incentives for people to NOT save money… and all because the politicians and their masters in finance need someone to “Bail them IN”…. or do I mean “Bail them out”?

    • Nemnor

      The politicians, while they have to take some blame for NOT truly being FOR the mass of the people, are also at the MERCY of the DECLINING world-wide Capitalist system – which is now decadent and at a “dead end”, and is now NOT able to generate long-term recovery by economic means alone.

      Eventually, the world-wide Capitalist system is likely to bring about WW-III (for the similar reasons the system brought about WW-I and WW-II).

      • Albert8184

        No. You might as well take that used car to another buyer, because I’m not in the market for the Marxist Lemon. Capitalism is all there is, like photosynthesis. The problem with capitalism is the people who run the show, whether they are communist overlords or laissez faire robber barons. And if there ever comes a day when communism conquers the world… it will be run by the central bankers and the financiers, using the “radical activists” as their political stooges and secret police.

  • Rukander

    Everyone over the world will be moving the money to the USA Bank and Wall Street, and fiat money is debt. America will be the creditor.

    • Mike Smithy

      I would love to have some of whatever it is you are smoking. Why would anyone bother to jump from one sinking ship and swim to another sinking ship.

      • df NJ

        The sinking ship on the other side of the ocean always looks more buoyant..

      • David_R59

        It’s already happening! Europeans are dumping their Euros for US$.
        From their point-of-view it makes sense!

  • retired22

    If they implement this deal in Europe it will spread to America!
    There will be bank runs everywhere around the world followed by ‘bank holidays’.This will destroy the present financial system & will be the beginning of the end for our present society!

    • Mike Smithy

      They already have. It’s called Dodd-Frank.

    • Stardust

      The big US banks have already gave option to a bail in when FDIC can’t cover their trillions in losses.

  • G.

    The U.S. Passed this last December.

    • Avner

      Yep…. we’re “unsecured creditors”

  • David_R59

    The G7, in Dec. 2013 in Basel, all agreed to pass the same legislation in each country. Canada passed it in Jan. 2014, with the opposition parties all voting for it (while keeping their mouths shut).

    • Nemnor

      In virtually every country in the World, Opposition and Government alike, already came to the conclusion that, irrespective to the action of Governments in power, the system is relentlessly DECLINING. Hence, Opposition and Governments are now essentially one and the SAME – but need to give the APPEARANCE of being different, to keep the people believing in the electoral system for the change they want.

  • Nicholas Fowler

    I’ll add some clarity here. Now, this is my thinking and understanding. assuming, you have spare cash, I would say have five to ten grand in cash in the house. Now, I understand cash may have a limited lifetime in the new world we are moving to, but if/whilst the banks collapse, and the ATM’s stop working, there will still be a use for cash.. all be it short term. so, imagine you have a bag of gold coins or gold bars.. how can you buy a tank of gas with a gold bar? who decides the value of the bar and how do you give the garage attendant enough of the gold to cover the gas? but, if there is food available at least you have a sense of values common to all of us whilst cash is still being used……so, we need a balance Cash, water yes, and a means of purifying a water source, we need easy food to store, beans, sprouting seeds, tinned food but most of all we are in dire need of simple common sense. I hope this helps…

    • David_R59

      You don’t use a gold bar to buy a pair of work-boots, you use silver coins. (or even a bag of vegetables)

    • jakartaman

      Gold/silver is not for the civil unrest/martial law time frame.
      It will be for the years following the mayhem.
      Food, water, booze, guns, ammo, seeds, bible etc is for the crazy times.

  • Kent Harris

    Top trend forecaster Gerald Celente has said for years that currency wars turn into trade wars … which in turn lead to hot wars.

  • Chris

    … Because things are just falling into place in preparation for… ? and rather quickly too.

  • Nemnor

    You stated – “… A tremendous amount of taxpayer money was given to the big banks to help prop them up so they wouldn’t fail..”.

    That was indeed the general response/reaction (“intervention”) of Governments and Central Banks, as they VAINLY try to bring about (long-term) economic recovery – following the deepened economic crisis of 2007-2008.

    Some people mistakenly view/label the various “interventions” of Governments and Central Banks as “socialist”, and then erroneously conclude that the reason we are not having any real recovery is – mainly because of Governments’ (“socialist”) “interventions”. That Governments should allow the “too big to fail”, to actually FAIL (as they may), and let the (Capitalist) Market “correct” and recover itself – just like the Capitalist (“free market”) system has done in the past. They erroneously conclude that, the (main) reason the USA (for example) is sinking is, because we no longer have “free market” Capitalism.

    However, what is not understood by those who erroneously put a “socialist” label on the current decadent world-wide Capitalist system is that – it was the SAME “free market” Capitalism or whatever Capitalism was in the past that (due to an internal contradiction in Capitalism), NATURALLY and inevitably decayed into its current decadent forms today, and that there is NO going back to “free market” Capitalism.

    Additionally, those who erroneously put a “socialist” label on the current decadent economic system, are clearly showing “intellectually dishonesty”, because the economy in virtually every country in the World today is still ESSENTIALLY Capitalism, and especially so, because the means of production and distribution of goods and services are MOSTLY PRIVATELY owned. (right?)

    Finally, there are those who seem to really believe in “laissez-faire”/“free market” Capitalism (and usually, they read writings from the likes of Ayn Rand and Adam Smith), but are honest enough to accept that the current world-wide system is still basically/essentially Capitalism (but not “laissez-faire”/“free market” enough). And, they seem to believe that the main cause for our economic woes are “bad”/”wrong” Governments (i.e. Government “interference”/”regulations”) and/or (excess) “greed” and/or “corrupt” corporate bosses, etc., and they FAIL to realize the internal contradiction in Capitalism itself (“free market”/ “laissez-faire” or not) – which is intrinsically unsustainable and was always “destined” to (eventually) reach a state of general over-production (in a World with virtually and practically LIMITED market and LIMITED resource), and hence, become decadent.

  • GA Patriot

    Don’t forget feminine hygiene products. Very valuable as currency after monopoly money collapses.

    • Joel

      And a lot of suppositories, because even if the Economy collapses we still will have to face a lot of as***oles who forgot to prepare for it :-)

      • df NJ

        I think people will need the opposite of suppositories when the false flag terrorist attacks start happening.

  • Econ1

    “Fortunately, the United States has not moved in a similar direction – at least not yet.”
    I think you are amiss on this statement. The train has already left the station on this one. Dodd Frank already put this into law.
    Can you smell the fuse burning???

    • df NJ

      I just finished reading Dodd Frank. Which part of the bill are you referring to that has bail-in provisions?

      • floydschrammeck

        Bail in is in Obumo s Health care that Pelosi said we didnt need to read, Remember? that has lots of crap like this in it. just Google eu

  • Marian Lawson

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  • Annette Smith

    Thought all hell was going to break lose on the 5th of June for Greece. Did they reach an agreement? What happened to that?

    • df NJ

      As long as the electricity keeps flowing and people are playing XBox nothing big is going to happen. But the moment the electricity goes out, gasoline stops pumping, and food stops showing up in the grocery stores the masses will panic. If video games are like heroin, when the withdrawal hits there will be millions of zombie gamers lumbering through our streets looking to score. That’s when the hunter killer robots come in and thin out the herd. Millions will die. Our skull-and-bones masters are as ruthless as any other pirates in history. Their power will come from abject terror in the streets.

      The idea that ISIS had no robotic capable will be completely ignored by the thankful masses. False flag terrorism is the root of all power. If not hunter killer robots, then a false flag nuclear attack will do the trick. We will see rise of the NWO and one world central bank. The new dollar issued by our new government will have Draghi’s picture on instead of Washington.

  • jakartaman

    If you’d not have guns/ammo to protect whats yours nothing else will matter

    • Nige Palmer

      guns and ammo was confiscated after Katrina by th army. dont think guns and ammo will help you. you all know if you hold a gun in th presence of a police oficer you die

  • DJohn1

    I have all the faith in the world that the bankers and their partners in government will take care of themselves before they lift a finger to help anyone else.
    The problem is in a name. Is a skunk any different if it is called a rose?
    Once a bank crosses that thin line between outright theft and the assortment of regulated theft they currently employ, then no one will ever trust them with money again. Been there done that. All my funds are through a local credit union supported by the military.
    So do away with money and force everyone to use credit cards?
    So do away with money and force all checking to be direct deposit?
    It is all ready happening.
    The entire idea being to force people to depend on banks.
    There are reasons. Reasons why derivatives are invested in even though they are a very poor credit risk. Reasons why defaulted houses are bringing the entire real estate industry down to its knees. Reasons why the government placed Social Security in the General Fund.
    Basically we are looking at an iceberg. That iceberg is bringing down the Titanic, the unsinkable ship. The banks are sinking because the entire structure is wrong.
    Some Genius sold the entire economic structure of this country down the river in 1970 and it has been sinking ever since.
    Another Genius sold the labor movement down the river in the 1990s and that sucking sound was all the jobs moving to Mexico and south.
    Those geniuses were our executive branch of government backed by our representatives in the congress.
    Yet none of these people are in jail? Something to think about.

    • df NJ

      The people in authority who would put the people in jail ARE the people who are committing the crimes. Time to make up.

  • VigilanteCaregiver

    If there is any good reason to pull your money out of the bank and take the inflation hit on it, this is it. And if the FBI asks why you’re pulling it out – be honest. Tell them it’s their fault; you want to avoid loosing your wealth and it’s a good move. Be surprised how often these guys accept honesty.

    • Annoyingandlovingit

      You said you left for good! Hypocrite!

  • john

    Michael. One request. Do not use the word haircut. The word haircut is an insult to the average human. Use the word “decapitation.” Or “maiming.” I think decaptitation is good but there might be something better. Something that doesn’t play into TPTBs narrative.

    • df NJ

      What do you call it when someone cuts off male genitals? That might be better.

  • Avner

    If you don’t hold it, and can’t defend it, you don’t own it.

    • df NJ

      Many people have had their gold and silver stolen from their houses.

  • http://www.linktoit.com Lord Rainchild of LinkToIt-com

    Can’t we all together invent a better system – all of us agree on a another currency similar to bitcoin, even distributed at first? I wish so, but I know we can’t. If we could only bankrupt these banks, reclaim all mortgages and properties to the people, and start over with a new currency.

    • df NJ

      There are two forces at work in the World that have absolutely no interest in your egalitarian values. First is the skull-and-bone pirates who are as ruthless as any pirates in history causing chaos, violence and murder for the purpose of taking prizes.

      The second force is the monarchy which runs the central banking system. Every president in our country who has opposed the central bank has been murdered while in office. Here’s commentary on Lincoln’s greenback currency during the civil war:

      Shortly after that happened, The London Times printed the following: “If that mischievous financial policy, which had its origin in the North American Republic, should become indurated down to a fixture, then that Government will furnish its own money without cost. It will pay off debts and be without a debt. It will have all the money necessary to carry on its commerce. It will become prosperous beyond precedent in the history of the civilized governments of the world. The brains and the wealth of all coun­tries will go to North America. That govern­ment must be destroyed, or it will destroy every monarchy on the globe.

    • jox

      The better system is already invented. Look to American Monetary Institute or the british Positive Money.

      • df NJ

        Elastic currency sucks.

    • floydschrammeck

      No Bitcoin, Need GOLD and Silver, Copper, etc, ALWAYS money not some phony paper printed by a country. Just look at History, Gold has been here 5000 yrs. NO PAPER money is worth anything. just faith and now you see the loss of faith starting by the smart people

  • D.B

    “Fortunately, the United States has not moved in a similar direction – at least not yet.” THEY JUST PASSED A BAIL IN LAW IN THE US…WTF. How do you miss our own crises right here about this.

    • floydschrammeck

      Obumo has it in the (BAIL IN) in his Obumocare that
      Pelose said we cant read it , Got to pass it first. That is where the depositors pay the piper cause Feds are broke, sold all gold in Fort Knox years ago, never had a audit since 1953. Ron Paul wanted to audit the gold this last year, nobody knows anything about money except people over 65 , That is the problem but old people have gold .

  • John Byde

    The EU taking legal action against you – now there’s a threat to scare the strongest!

  • Malcolm Reynolds

    Fortunately, the United States has not moved in a similar direction – at least not yet. It is always possible that during an “emergency situation” anything can happen

    Of course we have. It’s already done here.

    www dot shtfplan dot com/headline-news/warning-get-your-money-out-all-customer-deposits-in-the-united-states-are-now-the-legal-property-of-jp-morgan-goldman-sachs-megabanks_08122012

  • Rick

    Title 12 USC 5383: I do not see any “bail in” provision there – it covers Definitions of ’Predominantly Engaged in Financial Activities’ and ’Significant’ Nonbank Financial Company and Bank Holding Company”

  • Sandbagger

    A few years back, Pastor Lindsey Williams warned that when the euro collapsed, the dollar has maybe two weeks before it follows suit.

    Two weeks’ notice, everyone, to get your cash converted to goods or services before it’s worthless.

  • Baron Marbot

    What kind of conspiracy nut job site is this? Some people hold up signs that say the world is going to end, others work to make sure it doesn’t. I will leave the sign holding to you, there is a world to live and prosper in out there.

  • david5881

    Sadly the bail in legislation is written right into the EU agreement that everyone signed when the signed uo. It is not even hiding . It is not in the small print. It is as plane as day. Folks got hosed big time by their “leaders”

  • Paul X

    So, we are back to the bad old days of the 19th century when banks would go broke and expire, taking their depositors’ accounts with them. You know, the very thing the Federal Reserve was supposedly designed to prevent? The only difference is that now, instead of being allowed to fail (as they should), these zombie institutions are kept on life support forever. But the depositors will still lose their money.

    I am also amused at the notion that this measure is about government protecting the taxpayers. Who then, protects the taxpayers from government? The very notion of paying tax is a predatory one, the exact opposite of protection – unless we are talking about protection rackets…

  • A Dodgy Bloke

    I’ve read this blog off and on for years. I think Mike is on to something this time. Anybody paying attention from China to Europe things are getting shaky. (BTW Greece and the EU come to a deal before the end of the month remember where you heard it first)

  • Arnt

    Hi, is the bail in documents implemented in Norway and Luxemburg ??
    (part of EU but not fully member ?

  • Gonzogal

    “Fortunately, the United States has not moved in a similar direction”

    Yes they have…read the reports of the last two G7/G8 meetings where ALL of them agreed to “bail-in”

  • pilar zamorano

    Very interesting article. Why is Spain not included in the list if its economy is worse than France and Italy?

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