ITALIAN BANK PANIC & BAIL-IN – THE NEXT DOMINO TO FALL

On January 1st of this year the European Union passed into law an official ‘bank bail-in’ clause. The bail-in legislation put into law, across Europe, what was done in Cyprus in 2013 where bank account holders had their funds seized to ‘save’ the bank. To us, and anyone who is paying half-attention, this was a clarion call to get your funds out of European banks.
Not only was it clear that the European Union knew what was coming but it was also clear, again to anyone paying attention, that what happened in Cyprus would happen throughout the European Union.
In fact, I have said this numerous times, including last July in this interview in which I explained clearly what was going to occur, and probably sooner rather than later.
Jeff Berwick On The Financial Repression Authority – The Shemitah And Keynesian Insanity … Government debt in most countries has become so high that minor increases in the interest rate would lead to immediate default …
‘What is happening in Greece right now is just the beginning. It will eventually happen in other eurozone countries like Spain, Portugal, Italy, France and in countries all around the world, including the US.’

This post was published at Dollar Vigilante on JANUARY 26, 2016.