|
The financial industry has learnt nothing
Since the crash of Lehman Brothers bank in 2008, the financial industry has learned that it is sitting on the
jackpot, and is the sole winner from the crisis. All national budgets were dependent on the banks, central
banks would have to make concessions to keep banks solvent, politicians would have to make concessions to stay
in power.
So banks continue to gamble as they have always done, they promise investors everything under the sun and
collect fat bonuses for conduction bad business. They also make money out of being rescued, since the bank
bail-outs were carried out by means of
state support,
a fact which however is quickly concealed.
Now the EU Parliament has voted in favour of the creation of a majority mechanism designed to better protect the
Euro community against financial crises and wind up bankrupt banks, without asking the taxpayer to foot the bill.
This is impossible, but the intentions sound good; the fact that they are in themselves expensive has been
confirmed by the DZ Bank by means of a
study.
Banks have had to pay up to € 10 billion annually for the resurrection of ailing banks. In this case, they
are again building in principle on unsound foundations.
The details of the winding-up programme were decided by the EU Parliament, the EU member states and the EU
Commission in mid-March 2014. The huge money relocation programme is to be carried out under the supervision
of the ECB; the sum of € 55 billion (a rescue package for the rescue package of banks) is to be set up as a
fund within eight years. Where this money is to come from remains a matter of conjecture. The only ray of
light is a policy of investment security of the banks, which in future must hold 0.8% of protected investments
in national backup funds. Savings of up to € 100,000 per customer are protected; but this too must remain
nothing more than a promise,
because just as nonsensically and impossible as anything that had to do with the so-called Euro rescue, which
is based on
borrowing and a glut in the money supply,
the bank union will also contribute to the collapse of the entire edifice. This can only be good for us,
because this will at least put an end to a farce that is unrivalled in history.
|