Cyprus the model for future EU bank failures

Tim Worstall

This is an interesting little signal of how politics really works over here. A minor Dutch politician told everyone the truth about Europe’s banks and banking systems and immediately European bank stocks dropped by 4%. This showing quite how it really is all a game of confidence at present, all just smoke and mirrors.
As Felix Salmon points out, it isn’t that what was said was wrong. Quite the opposite in fact: the difficulty was that what was said was absolutely correct and true:

If a gaffe is what happens when a politician accidentally tells the truth, what’s the word for when a politician deliberately tells the truth? Dutch finance minister Jeroen Dijsselbloem, the current head of the Eurogroup, held a formal, on-the-record joint interview with Reuters and the FT today, saying that the messy and chaotic Cyprus solution is a model for future bailouts.
Those comments are now being walked back, because it’s generally not a good idea for high-ranking policymakers to say the kind of things which could precipitate bank runs across much of the Eurozone. But that doesn’t mean Dijsselbloem’s initial comments weren’t true; indeed, it’s notable that no one’s denying them outright.
Dijsselbloem’s interview can be summed up simply: we’re not bailing out banks any more. Instead, we’re going to let them fail.
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One Response to “Cyprus the model for future EU bank failures”

  1. Anonymous says:

    This is an interesting conclusion. They must be referring only to the commercial banks.

    I’m certain the entire BIS central banking cabal will not fall – and it must be the BIS who are, ultimately, in control of everything to do with global finance.

    Maybe this is a conformation that global socialism and the end of money – as we know it – really is coming, and very soon.

    Positive money, I noticed this week, are linked to the London school of Economics (how, I do not know) which was set up by the Fabien Society for just this purpose.

    I recently wondered why Positive Money were given a prime time slot on BBC Radio 4, when their goals would appear to be anti-banking and anti the creation of money as debt (i.e. all out money is created from nothing by private corporations and then lent to governments – or taxpayers, us – at interest)

    Therefore all money is debt and the debt can never be repaid. If all he money in the economy was repaid to the bankers, we would still owe the interest. Even then, there is still the trillions owed by taxpayers, which can obviously never be repaid.

    Gordon Logan commented, last year, that they do not want their money back! They want hard assets – gold, land, property. They know that their paper fiat currency money is as good as worthless.

    So, maybe next we can expect the end of commercial banking, the end of money, as we know it. Every asset in every country may be handed over to pay the debts that taxpayers now owe; firstly nationally owned assets followed by privately owed assets.

    This has been Roman Church-State doctrine for many centuries. Thomas Aquinas wrote about this plan, or ideal. It’s called ‘The Final destination of Goods’.

    It appears that the Jesuits are now openly in control of the papacy, as the new pope is a Jesuit. So is Van Rompuy, President of the European Council
    and Mario Monti, the Prime Minister (unelected, I think?) of Italy.

    Reading up on the London School of Economics is worthwhile. Among their central figures was Annie Besant – a key member of, and writer for, the Theosophical Society. The Theosophical Society are well worth looking in to, as well. They talk about the coming of The Christ – not Jesus Christ, but their own New Age christ. The New Age and the Theosophical society / religion is the religion of the UN. They also write about ‘the plan’ – which seems to be running completely to plan!

    (A good book to read up on the UN and their true agenda is ‘The Hidden Dangers of the Rainbow’, by Constance Cumby.)


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