Prof Michel Chossudovsky: The Confiscation of Bank Savings to "Save the Banks".

The Diabolical Bank Bail In Proposal. 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? 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. What would happen, if similar 'hair cut"procedures were to be applied in the US or the European Union? According to the Washington based Institute of International Finance, 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. 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. Does Cyprus constitute a model, or scenario? 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? According to the Institute of International Finance, hitting depositors could become the new normal of this diabolical project, serving the interests of the global financial conglomerates. The 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. What is at stake, is a process of financial cleansing, whereby the too big to fail banks in Europe and North America displace and destroy lesser financial institutions, with a view to eventually taking over the entire banking landscape. 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. Bail ins have been envisaged in numerous countries. In New Zealand a hair cut plan was envisaged as early as 1997, coinciding with Asian financial crises.