From International Man “We shall wake up one morning and find that, overnight, things have changed, just as the people of Cyprus did a few months ago.” “We can be certain that governments will claim that their respective confiscation laws are only in place to save the banks from collapse, should an emergency occur. However, history shows that when someone is given the legal right to steal money, they will do so. If an "emergency" is needed, it will be created.” “It is safe to say, at this point, that the bailouts in both North America and Europe have not worked, as they have not fixed the economies in which the bailouts were employed. However, they have "worked" in the sense that they delayed the inevitable by several years. Now, that illusion of effectiveness is running out, and there is every reason to believe that those governments that did irreversible damage to their economies through the bailouts would not shirk from the next logical step: the bail-in.” “by the time we are that close to collapse, the currency controls will already be in place and it may no longer be possible to exit the system.”
Posted on: Mon, 17 Jun 2013 13:30:00 +0000
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