This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.
It's happening offshore. It's approved in Canada. It's coming to America. "What happened in Cyprus isn't a 'one-off,' " said Summers. When systemic crisis hits, things happen "FAST and FURIOUS."Cpyriot bailout talks continued for months. "And then the entire system came unhinged in one weekend."
Banks closed. Capital controls were imposed. People couldn't write checks. They lost access to their money. Limited amounts only were permitted. Insiders were tipped off. They exited early. Others uninformed now suffer.
Think it can't happen here? Think again. It's coming. Proposed FDIC legislation lets it "TAKE CONTROL OF BANKS IT DEEMS SYSTEMATICALLY IMPORTANT AND WRITE DOWN YOUR SAVINGS (AND OTHER BANK ACCOUNTS) AS PART OF THE BAIL-IN."
Dodd Frank financial reform capitulated to Wall Street. It did so at the expense of the economy, states, local communities, and ordinary people hit hardest.
It's wrongheaded. It provides a veneer of regulatory cover. It's a scam. It's laden with false diagnoses and fatal flaws. It lets Wall Street continue business as usual.
It's secret provision permits looting depositor bank accounts. Four months ago, formal strategy was drafted. It's ready when America's next crisis hits. Graham outlined three steps:
(1) Designate systematically important banks.
(2) Control those deemed at risk of default.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
4
4
2
