John Ward – Clubmed Bank Failures: More On The Ways, & We’re Going To Pay – 11 July 2014

The growing reality of banking collapse and bailin strategiesFollowing the difficulties of Banco Espiritu Santos in Portugal yesterday, it was notable that in Spain, the Spanish government issued a retroactive tax on bank deposits there “as an aid to stimulating economic growth”. Taking away aka stealing the spending power of consumers is not, I would contend, the method of choice for kick-starting a dead economy (which was anyway supposed to be doing so well)…..but I wonder if the Government in Madrid gave much thought to the illegality under the Lisbon Treaty of retroactive legislation?

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