GREEK BAIL INS ARE DIFFERENT

“Don’t Steal! The Government Hates Competition! – Ron Paul

“The person who profits from this law will complain bitterly, defending his acquired rights. He will claim that the state is obligated to protected and encourage his particular industry; that this procedure enriches the state because the protected industry is thus able to spend more and to pay higher wages to the poor workingmen.

Do not listen to this sophistry by vested interests. The acceptance of these arguments will build legal plunder into a whole system. In fact, this has already occurred. The present-day delusion is an attempt to enrich everyone at the expense of everyone else; to make plunder universal under the pretense of organizing it.” ― Frédéric Bastiat, The Law

Greek Bail Ins

Greek Bail Ins are different. The Greek pensioners heretofore were presented with bank “Bail Ins”. These are Government Bail Ins. The characteristics of bank Bail Ins to date are:
• Who – Cyprus, Spain, UK and M F Global
• Amount
o In billions of dollars in all cases
o Overnight
o Money went to Bank and depositors had their deposits converted without their knowledge to investments. These investments were proven by the fact that the people
 Were issued stock in a bankrupt bank
 Were told that they could not sell this “stock” for a year
 After a “year” the stock was worth much less
• The outright “Theft” described above has now been “covered” with black letter law.
o All nations belonging to the G20 (includes U.S.) will change or enact financial laws that incorporate the “Too big to fail” clause of the Dodd Frank Law in the U.S…
o The G20 Strategic Financial plan of 2012 defines “Bail Ins” and redefined the term for “Too Big to Fail” as Global Systemically Influential Financial Institution – G-SIFI. The concepts are congruent. The G-SIFI term is used to cover up the nature of the theft.
This time the Bail Ins are different
• The nation is desperate for money. They only have about 1 month’s cash left in the till.
• Greece is heading for total bankruptcy
• The terms of the Bail Ins are now stated as
o The Government gets the funds
o All cash is taken – no “Over 100,000 Euros” niceties.
o No stock is issued
o Probably no chance of recovery of assets
o No pretension as to adherence to black letter law. There is none to cove this.
o This is a full conversion of deposits to investments without the depositor’s knowledge or consent – – – this action is defined as theft but he bankers will call it “Government Bail Ins.”

The net effect is that their elected government has become desperate to remain in power and has apparently decided to not follow “Iceland’s” lead – Leave EU, Abandon the Euro, Reissue own Currency and go after the bankers and politicians that got them in this bad a financial shape.

In conclusion, if nothing changes such as the “Iceland approach”, it appears as if Greece is destined to be declared insolvent with the EU bankers in Belgium and Germany placing further austerity constraints on them. This will make them “debt slaves” for 50 year or two generations. After that, concepts of Liberty and Freedom from state control will be concepts in their distant past.

If they take this route, the only escape that I see is a Russian oil and gas pipeline scheduled to be diverted into Greece on its way to Europe. If that happens, then the revenue stream might be enough to keep them out of total default. It is currently being negotiated.