ECB - Not paying the piper when the 'jig' is up.....................from Rico

When the proverbial 'jig' is up, what does one do?

- Why, you simply change the rules of the game instead of paying the piper, at least that's what the ECB (EUropean Central Bank) thinks.

 

With the "bail ins" of banks in Cyprus a now faded memory, and with the ECB essentially 'broke' [read: insolvent] it's apparently time for the financial Ouroboros to consider devouring the little guy instead of itself.

- The ECB proposes ending deposit protection [read: changing the rules].

 

An 08 Nov 2017 ECB document (an excerpt of the 58-pgs attached, it's a mind-numbing read) considers that "deposits no longer need to be protected."

- Instead of 'fixing' the banking system, the banking system is being 'rigged' by the bankers to remove ALL protection of deposits. Say 'sayonara' to the Euro 100,000 deposit level currently protected from bank bail-ins.

 

In MEGO (my eyes glaze over) legal lingo, the ECB is considering that in the event of a bank bail-in, it will (instead of protecting deposits) give depositor's an "allowance" from their own savings. An allowance they will control.

- And only after a five-day wait period from time of a depositor's request, they will determine what is an 'appropriate' amount of your own money you can access for food, rent, and other expenses. 

 

If you have paid any attention to how the EU responded to BREXIT, or Catalonia, then you should clearly understand that these EU BureauRats could give a rat's ass about the little people.

- Another time we will discuss the Central Banker's push to implement a "cashless society" (gee, what could possibly 'go wrong' with that?*) while they buy physical Gold for themselves.....

 

*Think Puerto Rico when the power went out after their latest hurricane, for just one example. [No electricity=no digital money.]