The road to ruin is on plain display and the playbook is easily seen at this juncture. Let’s take a look at how that playbook will unfold. Contrary to popular outrage of the SOLUTION being IMPOSED it is the correct one once the insured depositors where PROTECTED. In this edition the elites suffered FIRST followed by the private sector depositors who foolishly believed false BALANCE sheets which were POLITICALLY CORRECT but PRACTICALLY incorrect fictions approved by fiduciarily (regulations and regulators allowed ONGOING insolvent operations rather than protect the public by ending and prohibiting them) challenged governments (work for the banks and crony capitalists not for the public at large).
The pecking order of the losses was the CORRECT one: Shareholders FIRST, bondholder’s second and lastly uninsured depositors. Have we seen this anytime since the crisis began? It is clear that this is and what must be what’s done in the future. But for the countries in question to RECOVER they must RECOVER the ability to PRINT and devalue their currency to competitiveness.
Ask Iceland and Greece how the different paths turn out? Iceland (wiped out bond holders, shareholders, prosecuted the banksters and devalued its currency and is in RECOVERY mode), versus Greece (where the Troika holds all the debt, refuses to take a haircut, the bank shareholders and current bondholders (TROIKA) are intact, is forcing INTERNAL devaluations (to get their new slaves in line) rather than external and is in a perpetual DEPRESSION). Let’s look at how this is reflected in employment courtesy of http://www.zerohedge.com:……………………………………
fullarticle at source: http://www.marketoracle.co.uk/Article39809.html
- Witches Brew: Part 4 – Reality Bites (safehaven.com)
- Witches Brew: Part 4 – Reality Bites, The Specter of Things to Come (zerohedge.com)
- Cyprus Capital Controls First in EU Could Last Years – Bloomberg (bloomberg.com)
- Troika discussed depositor bail-in for two Greek banks in 2011 (ekathimerini.com)
- Cyprus Parliament President Says “No Future” Under Troika, Calls For “Iceland” Solution (poorrichards-blog.blogspot.com)
- Cyprus Forced Into Bailout Deal (safehaven.com)