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Den Of Vipers Ready to Charge It to the People

“Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.” — 7th U.S. President Gen. Andrew Jackson (1767-1845)

The modern model:

Step #1 – Trash savers with ZIRP and then NIRP, and then allow thieves and vipers to use the funds to speculate on God knows what.

Step #2 – Propose new EU legislation setting up rules on saving or shuttering derivative clearinghouses that would create resolution authorities with the powers to “wind a company down,” including writing down shares, debt and collateral. (Okay, so far Step #2 is proper, but then we get the small print that would cause a fit with the great, wise Andrew Jackson.)

Step #3 – Highway robbery via a taxpayer funded derivative bailout program. “Should these options be unavailable or be demonstrably insufficient to safeguard financial stability, government participation in the shape of equity support or temporary public ownership could be considered as a last resort,” according to the newly proposed EU legislation. Those steps would need to comply with EU rules on state aid.

Curious indeed considering that total derivative exposure of just Deutsche Bank alone exceeds the entire net value of everything in Germany.Italy’s banks are the Achilles heel of the Eurozone financial system. December 4th marks a critical Italian referendum, more on that later.

Step #4 – Have misguided Social Justice Warrior cretins pull down a statue of Andrew Jackson or other historically celebrated nationalist figures who warned us of said thieves and vipers.

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