We Are All Now Cypriots-to-be in the New Age of Bail-Ins

According to the mostly ignored and hardly covered piece of news from a couple of weeks ago, it turns out that 11 of the 28 European Union countries have been scolded by the European Commission for failing to implement a new set of rules intended to prop up failed banks. Known as the Bank Recovery and Resolution Directive (BRRD), the stated purpose of the newly required rules is to purportedly protect taxpayers from having to cover the losses of any possible future bank failures, similar to the failures that occurred back in 2008. Taking the place of the more conventional taxpayer-funded "bail-outs," banks would see their losses recapitalized with the newly-minted practice of the "bail-in."

This is a companion discussion topic for the original entry at https://fromfilmerstofarmers.com/we-are-all-now-cypriots-to-be-in-the-new-age-of-bail-ins/

Bail-ins are just another example of how all modern society is just a remake of the Slaves on the Master’s Plantation way of life.

Jeepers, we don’t even ‘own’ our own homes, we are actually not home owners at all but TENANTS of the local municipality all paying our monthly rent by way of property rates.

Let’s face it…we are toast!

Yeah… for those paying attention, things don’t really look too good. I can’t say how all this is going to turn out, which is why I like to say that the least we can do is start up local currencies to try and cushion the fall. But of course, it’s not as if mortgages are going to be payable with the local scrip, and I’m not even going to try and guess how that’s going to work out. Nationalizing the currency, and so disallowing banks to create money out of thin air (and charge interest on top of that!), would at least give people a fair chance at paying back their debts. For as far as I see it, if we are “toast” as you say, one of the core problems, if not the core problem, is fractional-reserve banking.

As I said in reply to a comment from an earlier post, and as a friend said to me, “not much can be fixed until we fix the monetary system, but just fixing the monetary system isn’t necessarily going to fix anything.”