Idiotic Bankster: Global Deposit Confiscation Called For By Influential CEO Of Italy’s Largest Bank

The CEO of Unicredit Federico Ghizzoni said yesterday that it is “acceptable to confiscate savings to save banks.” He said that the savings which are not guaranteed by any protection or insurance could be used in the future to contribute to the rescue of banks who fail and that uninsured deposits could be used in future bank failures provided global policy makers agree on a common approach.

Idiotic Bankster: Global Deposit Confiscation Called For By Influential CEO Of Italy’s Largest Bank Goldcorebloombergchart2

He called for “a common solution in Europe” saying that the “EU should pass laws identical and shared in different member states”. Indeed he went a step further and called for a global coordination of deposit confiscations to rescue failing banks.

Including deposits “is acceptable if it becomes a European solution,” said Ghizzoni, 57.

“What we cannot accept is differentiation country by country inside the same area. I would strongly suggest to make this decision not only within Europe but within the Basel Committee, where all countries are represented.

Ghizzoni is also a Member of the Board of Directors of Institute of International Finance in Washington, Member of the International Monetary Conference in Washington and Member of the Institut International d'Etudes Bancaires in Brussels. He attended the powerful Bilderberg Group meeting in Spain in 2010 and he a frequent attendee at Davos.

It is important to realise that the Cypriot deposit confiscation was not a "haircut" rather this is a confiscation of people's deposits - 60% of individual and companies hard earned cash saved in a bank.

Cyprus is not a tax haven or offshore. It is in the EU and the majority of the deposits were held by EU citizens - Cypriots, Greeks, British, German, Italian and citizens and companies of other nations.

Russian deposits made up just 8% of the total and of that only a tiny fraction was 'Oligarch money'.

This is an attack on capitalism itself and something that one would expect in North Korea. It is a very dangerous precedent and what is more concerning is that there are policy papers calling for similar confiscation of deposits in the UK, Canada and New Zealand in future "banker bail outs" or “bail ins”.

We do not have a “crystal ball” however we are keen students of economic history and of the history of debt and financial crises. This clearly shows that sovereign nations, be they led by kings and queens or democratically elected governments usually resort to printing money and debasing the currency or expropriating assets.

Today, we have powerful supranational institutions who have little loyalty or affinity with ordinary people or businesses and whose primary aims seem to be to protect failing banks and a failing currency union.

The confiscation of deposits, especially deposits over the €100,000 level seems likely in other European countries and could be seen in indebted nations globally.

Individuals, families and companies need to diversify their assets and not have all their life savings and capital in banks.

http://www.goldcore.com/goldcore_blog/global-deposit-confiscation-called-influential-ceo-italys-largest-bank

Idiotic Bankster: Global Deposit Confiscation Called For By Influential CEO Of Italy’s Largest Bank

Idiotic Bankster: Global Deposit Confiscation Called For By Influential CEO Of Italy’s Largest Bank

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