The Confiscation of Bank Savings to “Save the Banks”: The Diabolical Bank “Bail-In” Proposal !

• The Confiscation of Bank Savings to “Save the Banks”: The Diabolical Bank “Bail-In” Proposal! 
  by Prof Michel Chossudovsky, http://www.globalresearch.ca/ 
  Is the Cyprus Bank “Bail-in” a “dress rehearsal” for things to come? Is  a “Savings Heist” in the European Union and North America envisaged which could result in the outright confiscation of bank deposits?
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  In Cyprus, the entire payments system has been disrupted leading to the demise of the real economy. Pensions and wages are no longer paid. Purchasing power has collapsed. The population is impoverished. Small and medium sized enterprises are spearheaded into bankruptcy.Cyprus is a country with a population of one million.
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  What would happen if similar ‘hair cut” procedures were to be applied in the U.S. or the European Union?
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  According to the Washington based Institute of International Finance (IIF) (right) which represents the consensus of the global financial establishment, “the Cyprus approach of hitting depositors and creditors when banks fail, would likely become a model for dealing with collapses elsewhere in Europe.” (Economic Times, March 27, 2013).
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  It should be understood that prior to the Cyprus onslaught, the confiscation of bank deposits had been contemplated in several countries. Moreover, the powerful financial actors who triggered the bank crisis in Cyprus, are also the architects of  the socially devastating austerity measures imposed in the European Union and North America.
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  Does Cyprus constitute a “model” or scenario?
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  Are there “lessons to be learned” by these powerful financial actors, to be applied elsewhere, at some later stage, in the Eurozone’s banking landscape?
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  According to the Institute of International Finance (IIF), “hitting depositors” could become the “new normal” of this diabolical project, serving the interests of the global financial conglomerates.
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  This new normal is endorsed by the IMF and the European Central Bank.  According to the IIF which constitutes the banking elites mouthpiece, “Investors would be well advised to see the outcome of Cyprus… as a reflection of how future stresses will be handled.” (quoted in Economic Times, March 27, 2013)
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  “Financial Cleansing”. Bail-ins in the US and Britain
  What is at stake is a process of  “financial cleansing” whereby the “too big to fail banks” in Europe and North America (e.g. Citi, JPMorgan Chase, Goldman Sachs, et al ) displace and destroy lesser financial institutions, with a view to eventually taking over the entire “banking landscape”.
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  The underlying tendency at the national and global levels is towards the centralization and concentration of bank power, while leading to the dramatic slump of the real economy.
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  Bail ins have been envisaged in numerous countries. In New Zealand  a “haircut plan”  was envisaged as early as 1997 coinciding with Asian financial crisis.
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  There are provisions in both the UK and the US pertaining to the confiscation of bank deposits. In a joint document of the Federal Deposit Insurance Corporation (FDIC) and the Bank of England, entitled Resolving Globally Active, Systemically Important, Financial Institutions, explicit  procedures were put forth whereby “the original creditors of the failed company “, meaning the depositors of  a failed bank, would be converted into “equity”. (See Ellen Brown, It Can Happen Here: The Bank Confiscation Scheme for US and UK Depositors,Global Research, March 2013)
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