Robbing Bank Customers Is Fine As Long As Everyone Does It

The current robbery of Cypriot bank accounts (except for the well-connected who have moved their money in time) is not some exception. Our world banker leaders (or global financial hijackers, as I prefer to call them) are chomping at the bit to make this “the new normal.”

So, we read in Bloomberg:

“Uninsured deposits could be used in future bank failures provided global rulemakers agree on a common approach, according to Federico Ghizzoni, the chief executive officer of Italy’s biggest lender, UniCredit SpA. (UCG). Cutting large deposits in failing banks, along with other liabilities such as bonds, to offset losses is acceptable as long as small savers’ funds remain protected, Ghizzoni told reporters in Vienna late yesterday. The European Union has to introduce identical rules in all of its member states and ideally those rules would be coordinated globally, he said. Including deposits “is acceptable if it becomes a European solution,” said Ghizzoni, 57. ‘What we cannot accept is differentiation country by country inside the same area. I would strongly suggest to make this decision not only within Europe but within the Basel Committee, where all countries are represented. Otherwise we would open the market for arbitrage.’”

If I understand that last sentence right, he means that the banks that don’t steal from depositors will suddenly profit from new customers fleeing the other banks that have gone pirate. We must make sure all banks are robbers.

All talk about this process of robbing depositors is only in the EU is pretty much just noise. He says it but he discounts it in the same interview. No, he wants everyone in the Basel Committee to participate. That includes the United States. This man, the CEO of the largest lender in Italy, wants to save bondholders by a worldwide theft.

Another point: his claim that such robbery is acceptable “as long as small savers’ funds remain protected” is also noise. The first demand on Cyprus was that even the small deposits get raided. Reducing the demand to only the uninsured amounts was just backpedalling. If you are an intelligent reader you know that they are getting us used to a novel idea in order to expand on it later.

What does this tell you? If the global financial system was working and only required a few bailouts to be right again, would the bankers be advocating robbing their customers? No. This is a crumbling ponzi scheme. The entire edifice of fictional reserve banking is about self-destructing as everyone should have known it would. But rather than admit the immense wealth destruction we have engaged in, we are now being given false assurances while, at the same time, subjected to unprecedented confiscations.

In a sense, this is all good news. People should never have trusted banks like they have become accustomed to do. Knowing our global financial hijackers are now openly licking their chops to get hold of money in our bank accounts will make people afraid to use them. This will speed up the financial crisis but also teach people to not rely on government assurances. They will start keeping more cash on hand out of the jaws of the banks.

But clearly, Cyprus was not some idiosyncratic event. It was a model of the future as far as the world’s pirate class is concerned.

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