FX MONETARY POLICY by Ellen Brown


THE RISKS OF THE NEW BANKING UNION PLAN


Eurocrats authorize bailouts AND bail-ins allowing the confiscation of depositors funds


“As things stand, the banks are the permanent government of the country, whichever party is in power.”


Lord Skidelsky,


House of Lords, UK Parliament 31 March 2011


On March 20, 2014, European Union officials reached an historic


agreement to create a


single agency to handle failing banks. Media attention has


22 FX TRADER MAGAZINE April - June 2014


focused on the agreement involving the single resolution mechanism (SRM), a uniform system for closing failed banks. But the real story for taxpayers


and depositors is the heightened threat to their pocketbooks of a deal


that now authorizes both


bailouts and “bail-ins” – the confiscation of depositor funds.


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