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Readers Blog: Bail-in more destructive than bailout

The right to private property is one of the tenets of a civilised society and when bankrupt governments begin to impinge upon that sacred right, it is safe to assume that society as we know it is entering a season of decay and decline.

It is wrong and unjust that so many people should be homeless in the land of saints and scholars.

However, two wrongs do not make a right and the proposed policies of taxing unoccupied houses and coercing elderly people to vacate homes in order to qualify for healthcare are as morally corrupt as it gets.

A previous tax on private houses in the form of domestic rates led to many fine dwellings being stripped of the roofs as roofless buildings were exempt from rates. It would seem that landlordism is alive and well in the minds of stupid politicians and their urban media friends.

Irish people are familiar with the bailout idea, where reckless banks are refinanced by the taxpayer to the tune of billions.

The lost generation who are plying their talents all around the world is among those who are still paying a high price for failure to regulate the Irish banks.

Less well-known however is the newer idea of the bail-in, something that should be of great concern to anyone who has their pension or savings on deposit in a bank or valuables stored in safety deposit boxes.

The idea of the bail-in is that deposits or property held in banks would be
appropriated in the event of bank failure.

Ah, you say, but the government guarantees all bank deposits up to €100,000; more fool you if you believe the word of a politician. Cyprus hosted a trial run for the bail-in in 2013 as described below in an article by Doug Casey: “In 2013, the banks of Cyprus confiscated the deposits of many of their clients.

There was no warning, and there was little in the way of explanation, except to say that it was “necessary” as the banks had been mismanaged to the point that, unless the deposits were confiscated, the banks would fail.”

The article continues: “The EU now has a bail-in law that allows any bank within the EU to confiscate deposits if it unilaterally decides that it’s in an “emergency” situation. This law was passed in 2014.

Canada had already passed its bail-in law in 2013, and the US pre-empted the trend by passing its bail-in law in 2010 — three years prior to the Cyprus theft.

Cyprus was, therefore, the trial balloon to see if the banks and governments could pull off such a theft without causing rebellion. They were imminently successful and therefore opened the door for further confiscation.”

The right to private property is enshrined in the 1948 UN Declaration of Human Rights, Article 17 which states: (1) Everyone has the right to own property alone as well as in association with others. (2) No one shall be arbitrarily deprived of his property.

One more thought from International Man: “It is a neat solution for bankers and politicians, who don’t want to have to deal with another messy banking crisis and are happy to see it disposed of by statute.

"But a bail-in could have worse consequences than a bailout for the public. If your taxes go up, you will probably still be able to pay the bills. If your bank account or pension gets wiped out, you could wind up in the street or sharing food with your pets.”

While it would be a waste of time to appeal for justice to the totally corrupt EU as it is an institution that is built on lies and deceit, there may be a small chance that misguided individuals such as Minister for Housing Eoghan Murphy, Minister for Health Simon Harris and Taoiseach Leo Varadkar may be persuaded to act honestly, even if it is only just this one time.

Normal laws do not apply when the lunatics are running the asylum so, in such a scenario, it is wise to be prepared to use any means at your disposal to defend and secure your property.

Many observers believe that a monetary system reset is on the way, where the value of savings, pensions and welfare payments will be wiped out.

Think Venezuela for a taste of what results from unwise state interference in people’s lives and what may be on the horizon nearer to home when broke governments and the banking elite move to address their unpayable debts.

PJ Ó Domhnaill

Bun Beag

Co Dhún na nGall

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