Economists believe that their equations describe reality accurately, but no model ever comes accompanied by a proof that it does. As Keynes pointed out, “Too large a proportion of recent ‘mathematical’ economics are mere concoctions, as imprecise as the initial assumptions they rest on”
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By law, in the insolvency of a bank, you as an unsecured creditor stand last in the queue of creditors to be paid out of any funds and or assets which the bank has to pay its creditors.
“Hitting depositors” could become the “new normal” of this diabolical project, serving the interests of the global financial conglomerates. There are provisions in the US, Canada and the EU pertaining to the outright confiscation of bank deposits.
Confiscating customer deposits in Cyprus banks was not a one-off, desperate idea, a joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making