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ECB Backs Dijsselbloem's Liquidation Policy "Template"

Tyler Durden's picture


It appears the European Central Bank is having trouble keeping its lies straight. When Jeroen Dijsselbloem ("Diesel-BOOM", "D-Boom", or just "Diesel") made his now infamous "template" comment last week, reality was shattered for many trend-following, momentum-monkey, hope-and-dreamers that actual real monetary pain could exist for a bank that was entirely incompetent (and insolvent). Instantly the rest of Europe stepped up to deny-deny-deny (as did D-Boom himself) explaining this was a 'unique' situation with French ECB Director Benoît Coeuré explicitly stating that Cyprus is not a model for future bank rescues.

However, as Reuters reports, it appears fellow-Dutchman and ECB Governing Council member Klaas Knot said last night that there was "little wrong" with J-Boom's comment and that "the content of his remarks comes down to an approach which has been on the table for a longer time in Europe. This approach will be part of the European liquidation policy." Further confirming D-Boom's perspective, Knot added that, "there has to be transparency about losses in the banking sector... and banks have to wind down their loss-making operations."

It seems that in 2012 the ECB split was between the Germans and Draghi on unlimited inflation threats; in 2013 it will be between those who want bail-ins and bail-outs.

Via Reuters,

European Central Bank Governing Council member Klaas Knot said on Friday there was "little wrong" with Eurogroup chair Jeroen Dijsselbloem's recipe for dealing with future euro zone banking crises, a newspaper reported.




Those comments - which Dijsselbloem later rowed back on -prompted a market selloff and led two other ECB policymakers, including executive board member Benoit Coeure, to say on Tuesday that Cyprus was a unique case.


But Knot, who sits on the bank's main decision-making body, said: "There is little wrong with Dijsselbloem's remarks.


"The content of his remarks comes down to an approach which has been on the table for a longer time in Europe. This approach will be part of the European liquidation policy."



In a speech on Thursday night in Amsterdam, Knot said euro zone banks needed to clean up their balance sheets by winding down loss-making operations.

"Firstly, there has to be transparency about losses in the banking sector. Secondly, banks have to wind down their loss-making operations," Knot said.

And now, once more, this time with feeling: Diesel-BOOM.


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Fri, 03/29/2013 - 15:10 | 3389114 kaiserhoff
kaiserhoff's picture

Of the 50 ways to leave your lover,

how can they always find the worst possible?

Fri, 03/29/2013 - 15:16 | 3389136 bank guy in Brussels
bank guy in Brussels's picture

It's the end of the euro as we know it

And I feel fine ...

(with apologies to music band R.E.M., 'End of the World as We Know It':)

Fri, 03/29/2013 - 15:40 | 3389169 McMolotov
McMolotov's picture

What's the frequency, D-Boom?

EDIT: Don't watch that muppet video if you're on peyote. Freaky shit.

Fri, 03/29/2013 - 15:41 | 3389230 The Shootist
The Shootist's picture

Speaking of Denmark, what's going on in th silber 'market'?

Fri, 03/29/2013 - 16:00 | 3389277 RSBriggs
RSBriggs's picture

Nothing.  It's closed today.  Prices seem to be moving up and down at random.

Fri, 03/29/2013 - 17:21 | 3389550 Gief Gold Plox
Gief Gold Plox's picture

Not random. It may say that the market is closed, but that does not mean no trading is taking place. As a matter of fact I believe Tyler explained this last year or maybe it was two years ago. "Market closed" just means that us mortals don't get to see the whole picture for a while. Shit happens in that time nonetheless. Someone please correct me if I'm wrong.

Fri, 03/29/2013 - 17:25 | 3389562 The Shootist
The Shootist's picture

I refer to yesterday's after hrs cmi trading.

Fri, 03/29/2013 - 15:46 | 3389242 ZerOhead
ZerOhead's picture

Deiselboom:  Nicosia Capitalflight 

(Based loosely on the Dutch band Diesel hit Sausalito Summernight )


We left for Nicosia in your Rambler...

The Bank of Cyprus running dry...

I've never been much of a gambler...

And would rather see the bastards fry...


Fri, 03/29/2013 - 15:55 | 3389266 EINSILVERGUY

God I feel Old

that had to be 1982 83, I was a sophomore in college when it cost $8 per semester hour.  12 hours could be bought for $350 a semester




Fri, 03/29/2013 - 15:36 | 3389211 Sudden Debt
Sudden Debt's picture

they should make a new movieclip like this one but about the euro...

there's euro's on the starboard bow, starboard bow..

it's money Jim, but not as we know it, not as we know it...

Fri, 03/29/2013 - 15:57 | 3389273 monopoly
monopoly's picture

Sudden, what do you see and hear from other Europeans as regards leaving their Euros in a European bank?

Fri, 03/29/2013 - 17:19 | 3389544 Sudden Debt
Sudden Debt's picture

terrible... most realise the shit is dangerous but... they don't do anything!
It's still to far!
And when I tell them cyprus is europe... they don't seem to care or realize it!

today I was talking to a guy who has a few 100k in his account.
well off.
He says he's kind of worried but won't his money, doesn't really believe in gold ... he says he'll buy some but he's been saysing that for 2 years now.
and he's about 60years old.

I tell him he'll mist likely won't get a pension at 65 because by than the system will be imploded...

it's hard for most people to graps the situation I guess.
The econemy has been perfect for the last 20 years! don't forget that.

it's a mirrage that nobody wants to see to end and that's why they don't want to thik about it.

I am now officially almost broke. I moved it all these last 3 years. It's all hidden. 3 houses sold, and the money is also transfered into PM.
I even took a loan to lower my net value and put it in PM's.

I can wait. got a great job and so does the misses so as long as the economy floats we'll do fine. when the shit breaks down, we'll move out of europe and start over with a little treasure chest :)
We are now applying for a second citizenship in the Antilles and I might buy a small appartment there if there's more time to keep all options on the table.

Most people just don't want to think like this.

AND 87% of them do that in paper!?!?


Fri, 03/29/2013 - 18:08 | 3389672 scatterbrains
scatterbrains's picture

Would someone mind explaining to me how in the face of massive global asset seizures and strict bank deposit controls this is bullish for pm's ?  Seems to me the pm's would get absolutely crushed during the time frame.. at least at first.  At some point if they reset the system assuming they anchor it to gold I could see it launch higher to what ever mix they use to tie it  to the new currency.  I would think there might be a chance to buy pm's dirt cheap in those initial panic flights.  I'd sure like a chance to add more gold if the opportunity presents itself.


Fri, 03/29/2013 - 18:21 | 3389709 kaiserhoff
kaiserhoff's picture

At least at first, yes.  There may be some panic selling of just about everything in the desperation to get liquid, but as SD points out, not that many people in the US or Europe own PMs.  PMs are valuable, transportable, and relatively fungible (easy to buy and sell with low costs).  All that is defensive, the least awful option given what is coming.

There are dozens of opinions here, but I think most would agree that there is a lot more paper than physical in gold, and manipulation in silver.  Once that becomes known, the party starts.

Fri, 03/29/2013 - 18:54 | 3389813 Sudden Debt
Sudden Debt's picture

I buy silver right now at a 40% discount in france.
i never thought this would happen.

Sure I curse my for buying a shitload on newyear but that's why I constantly buy.

There's a lot of antique silverware on the markets right now that's dirtcheap. auctions are pilling up to the sky right now.

and silver coins like eagles carry a 30% premium. go fish...

Fri, 03/29/2013 - 20:21 | 3390015 Son of Loki
Son of Loki's picture

I'll take Lesbos island...if they are sincerely liquidating Europe.....just give me Lesbos and I'll have a Happy Ending.

Fri, 03/29/2013 - 21:01 | 3390188 Buck Johnson
Buck Johnson's picture

We all are figuring out that they are going after the "rich" for their money (which really means the middle class businesses and corporations because we all know that if you have a few billion you can bribe the bank official to allow you to send whatever money to wherever and if not you can remind him you can pay for him to be killed).  Who's next, Reggie was going to write about who may be next for next week I can't wait and see.  I think it will be Spain.

Fri, 03/29/2013 - 15:16 | 3389137 francis_sawyer
francis_sawyer's picture

Just drop off the key Lee & git yourself free...

Fri, 03/29/2013 - 15:17 | 3389144 redpill
redpill's picture

The last thing I want to do is hurt you.....













....but it's still on the list.

Fri, 03/29/2013 - 15:31 | 3389198 rqb1
rqb1's picture

Its not you, it's me.

Fri, 03/29/2013 - 15:34 | 3389206 McMolotov
McMolotov's picture

"It's not yours, it's mine."

Fri, 03/29/2013 - 15:53 | 3389259 Spigot
Spigot's picture

"You didn't deposit that money. It was deposited by other people." - Zero

Fri, 03/29/2013 - 16:51 | 3389456 palmereldritch
palmereldritch's picture

C'est la vig

Fri, 03/29/2013 - 15:37 | 3389220 kliguy38
kliguy38's picture

list? what list? nobody told me bout no damn list..........

Fri, 03/29/2013 - 15:22 | 3389162 disabledvet
disabledvet's picture

This is the tragedy that SHOULD have befallen the United States in 2008...but did not. I've been chewing over possible alternatives to "this" but I can't think of any right now. Obviously I find it hard to believe anyone would be advocating the end of the euro from inside Europe...and I'm unclear if that's what's being done here. If I was using the euro in any capacity I would like to know of course. The same goes if I'm charged with protecting the Continent in some capacity. Is there a cost to a peace which has lasted well over 65 years now? I would like and would like it if many others said no of course.

Fri, 03/29/2013 - 15:29 | 3389193 LawsofPhysics
LawsofPhysics's picture

"This is the tragedy that SHOULD have befallen the United States in 2008...and will end the dollar"  Fixed, FYI, Texas wants their gold back.

Fri, 03/29/2013 - 15:32 | 3389202 McMolotov
McMolotov's picture

Better get in line behind zee Germans. Swiss are getting all uppity about "their" gold, too.

Fri, 03/29/2013 - 15:50 | 3389254 pods
pods's picture

You can only rehypothecate Libya's gold so many times.



Fri, 03/29/2013 - 18:04 | 3389660 JimBowie1958
JimBowie1958's picture

Better get in line behind zee Germans.

The Germans are fucking pussies; Texas will get its godamned gold back, bet on it.

(if they manage to pass the prerequisit law, of course)

Fri, 03/29/2013 - 15:40 | 3389224 NotApplicable
NotApplicable's picture

You call this peace?

I think you'll find the moniker "hostage crisis" is far more fitting.

"Do as I say and no one gets hurt!"

*blam, blam, blam*

"Well, except for him, but he had it coming."

Fri, 03/29/2013 - 15:10 | 3389117 Sudden Debt
Sudden Debt's picture

well... money can't buy you happiness...

Fri, 03/29/2013 - 19:47 | 3389926 mkhs
mkhs's picture

But it can keep you distracted.

Fri, 03/29/2013 - 15:11 | 3389118 ParkAveFlasher
ParkAveFlasher's picture

When you tell one lie, it leads to another
So you tell two lies to cover each other
Then you tell three lies and, Oh Brother,
You're in trouble up to your ears!

So you tell four lies to try to protect you
Then you tell five lies so folks won't suspect you
Then you tell six lies and you'll collect
A life filled with worries and fears

'Cause you can't remember how many lies you've told
And half the things you say aren't true
And sometime you'll slip up, you'll trip up and then
Whatever will become of you?

So you lie and lie without even trying
And each lie you tell will keep multiplying
'Till the whole wide world will know you're lying
Then you'll be
And you should!
When you lie, you're closing the door
On everything good

Fri, 03/29/2013 - 15:11 | 3389119 Northeaster
Northeaster's picture

"When it becomes serious, you have to lie,"

                                -Jean-Claude Junker


Fri, 03/29/2013 - 15:12 | 3389124 neutrinoman
neutrinoman's picture

But seriously, who's going to keep track of all the lies and make them harmonize? Not any easy job for anyone ....

Fri, 03/29/2013 - 15:15 | 3389135 palmereldritch
Fri, 03/29/2013 - 15:41 | 3389226 NotApplicable
NotApplicable's picture

Steve LIESman, duh.

Though the harmony is waaaaay off key.

Fri, 03/29/2013 - 18:07 | 3389667 JimBowie1958
JimBowie1958's picture

But seriously, who's going to keep track of all the lies and make them harmonize? Not any easy job for anyone ....

Thats what the politicians are there for....

Fri, 03/29/2013 - 15:11 | 3389120 firstdivision
firstdivision's picture

Got a liquidity problem, call 1-800-PtrNrth and ask for Diesel Boom to get prompt service

Fri, 03/29/2013 - 15:11 | 3389121 Mototard at Large
Mototard at Large's picture

Oh dear. it is going to be the savers vs the takers for the next while as banks and governments start to run out of new sources of money.  What we are seeing in Cyprus and Spain is unnerving for many people – especially savers as the takers get more bold and desperate.   The government, the Banks and supra-national organizations are creating new policies that say they can take your savings

(heads out to corner store to get more popcorn...)



Fri, 03/29/2013 - 15:12 | 3389123 Conman
Conman's picture

What they want to say is , we mean it only when stock market algos like it.

Fri, 03/29/2013 - 15:23 | 3389165 Urban Redneck
Urban Redneck's picture

The two quotes below might have been accurate - if they included a qualification to the effect "EXCEPT THE ECB"

In a speech on Thursday night in Amsterdam, Knot said euro zone banks <<EXCEPT THE ECB>> needed to clean up their balance sheets by winding down loss-making operations.

"Firstly, there has to be transparency about losses in the banking sector <<EXCEPT BY THE ECB>>. Secondly, banks have to wind down their loss-making operations," Knot said.

Fri, 03/29/2013 - 15:12 | 3389125 ziggy59
ziggy59's picture

ECB= Every Corrupt Bankster

Fri, 03/29/2013 - 15:16 | 3389139 ziggy59
ziggy59's picture

Not sure I like term liquidation...

Fri, 03/29/2013 - 16:03 | 3389284 RSBriggs
RSBriggs's picture

People might find out that "liquidation" has a slightly different meaning to any Russian Oligarchs (if any actually got ripped off) in Cyprus.

Fri, 03/29/2013 - 15:17 | 3389141 ekm
ekm's picture


And the cluless Lew is going to europe.

How come you americans appoint traeas sec somebody who has absolutely no clue about finance?

Fri, 03/29/2013 - 15:20 | 3389155 ziggy59
ziggy59's picture

We Americans didnt appoint him....CONgress did

Fri, 03/29/2013 - 15:21 | 3389159 ekm
ekm's picture



Fri, 03/29/2013 - 15:24 | 3389176 ChanceIs
ChanceIs's picture

No. No. No.

Lew worked for Citi.  Citi appointed him.  That is the same as saying the NY Fed did it.

Fri, 03/29/2013 - 15:23 | 3389161 ziggy59
ziggy59's picture

Maybe Lew wants to see firsthand the Shit spew from these idiots mouths, you know, on site training...

Fri, 03/29/2013 - 15:27 | 3389181 ekm
ekm's picture

It's so obvious how "leaks" happen, right on time.


It's just "coincidental" that FT and Reuters are publishing this stuff now, purely "coincidental".

Fri, 03/29/2013 - 15:26 | 3389187 disabledvet
disabledvet's picture

This has implications for other tax havens as well. New Sheriff in town? We shall see...

Fri, 03/29/2013 - 16:06 | 3389291 steve from virginia
steve from virginia's picture




Dijsselbloem has no choice but to say what he did, the EU has no choice but to rubber stamp what Dijsselbloem said.


The EU has a 'bank run' problem = liability imbalance problem = Target2 problem = big headache for both ECB and Germany. The EU is hinting that there will be 'levies' in all countries not just ones on the edge. The idea is to keep people from running into Germany or Finland ... and causing the balance sheet 'issues' that emerged in Cyprus!


The REAL big problems are:


a) People refuse to discuss the real problem (energy).


b) Europe attempts to solve an energy shortage with money, That is, by lending more or less money into circulation.


c) The energy problem solves itself, there is conservation by other means ... the bankrupting of entire countries. Just now Cyprus has been bankrupted. Next up are Slovenia and Hungary. Afterward, France and UK.


d) Instead of getting rid of the cars and keeping some residual functioning economies, the cars are clung to like baby rattles and entire economies are annihilated.


Good choice Dijsselbloem! I like Dijsselbloem the same way I like hard currencies: he's getting rid of the cars ... in his own way.


As long as one car runs in these god-forsaken countries there is more ruin ... until there is nothing at all left, not one stone standing atop another ... then there are no cars anyway.


Fri, 03/29/2013 - 15:24 | 3389171 ziggy59
ziggy59's picture

CLewless Lew ...better!

Fri, 03/29/2013 - 15:31 | 3389201 Toolshed
Toolshed's picture

We Amerikans appointed Lew the same way you Europeons appointed Draghi.

Fri, 03/29/2013 - 15:42 | 3389231 NotApplicable
NotApplicable's picture

Easy, "plausible deniability."

How do you think Bernanke got his job?

Fri, 03/29/2013 - 15:18 | 3389150 Belrev
Belrev's picture

I am getting weary of this Aaron Dieselblum

Fri, 03/29/2013 - 15:20 | 3389157 gwar5
gwar5's picture

Admitting they were lying... Moar loss of credibility.

Moar proof they're really just making it up as they go along. Not an inspiration for unbacked fiat currency. Guess they really do want depositor money to flood out of banks.

Fri, 03/29/2013 - 15:21 | 3389158 illyia
illyia's picture

Default already... this is getting so repetitive....

Or maybe it's the music....

Fri, 03/29/2013 - 15:24 | 3389177 ziggy59
ziggy59's picture

Still plenty of people, music and a few chairs left...

Fri, 03/29/2013 - 15:50 | 3389252 Doubleguns
Doubleguns's picture

And plenty of money. They will do it the moment the bank runs start.

Fri, 03/29/2013 - 15:23 | 3389166 TrumpXVI
TrumpXVI's picture

I vote, "D-Boom".

Definitely the best handle for him going forward.

Fri, 03/29/2013 - 15:24 | 3389172 morning_glory
morning_glory's picture

Boom Boom shake da room...

Sat, 03/30/2013 - 01:10 | 3390823 StychoKiller
StychoKiller's picture

"Boom boom, OUT GO THE LIGHTS!"

Fri, 03/29/2013 - 15:25 | 3389175 OutLookingIn
OutLookingIn's picture


New acronym;

Lowering the 'BOOM' on any and all account holders.

Stealing their funds and giving them to failed banks. Who in turn give it to their share holders - the 1% ' ers.

Aaaand...... Its gone! The rich get richer.  

Fri, 03/29/2013 - 15:29 | 3389183 OutLookingIn
OutLookingIn's picture

Duplicate - sorry!

Fri, 03/29/2013 - 15:29 | 3389196 Tulpa
Tulpa's picture

European Liquidation Policy?  That's actually not a bad description of what they're doing.

Fri, 03/29/2013 - 15:35 | 3389209 ebworthen
ebworthen's picture

"Knot" and "Diesel".

Tie you up then burn you.

Fri, 03/29/2013 - 15:44 | 3389241 Schmuck Raker
Schmuck Raker's picture

Thank you for giving Berlaymonster the attention he deserves.

Fri, 03/29/2013 - 15:45 | 3389245 sabra1
sabra1's picture

"The Not Fast and Really Furious Cypriots" featuring Vim Dijsselbloem 

Fri, 03/29/2013 - 15:46 | 3389246 earleflorida
earleflorida's picture

OT: can italy match point belgium's 535 days without a government... and who will play 'rompuy`stiltskin' as it dwarf's ones own first born 'dieselboomerangatango'? 

Fri, 03/29/2013 - 15:57 | 3389260 CaptainSpaulding
CaptainSpaulding's picture

This is going to drive the overdraft protection system wacko

Fri, 03/29/2013 - 15:54 | 3389261 I am a Man I am...
I am a Man I am Forty's picture

And that, gentlemen, is how you destroy a country.  Have you hugged your central banker today?

Fri, 03/29/2013 - 15:57 | 3389272 Bastiat
Bastiat's picture

If I had, I'd still have his nuts.

Fri, 03/29/2013 - 15:56 | 3389270 Yen Cross
Yen Cross's picture

     Abba - Knowing Me, Knowing You - YouTube

    This one is for you European Union .  Couldn't resist with all the other great comments posted. :-D

Fri, 03/29/2013 - 16:07 | 3389294 q99x2
q99x2's picture

Keep your money away from banksters. If they have it they act like drug addicts. If a bankster is caught with money he needs to be locked up. Arrest them.

Fri, 03/29/2013 - 16:10 | 3389297 THE DORK OF CORK
THE DORK OF CORK's picture

Liquidation policy.......


Liquidation suits the more extreme entrepot economies of the North.


What they really want is a transfer of PIiG consumption so that they can consume.


But they don't produce anything net either.


Indeed because they produce more industrial goods they consume energy at a faster rate.


The French at least produce Nuclear energy........


The Dutch & Germans produce nothing but painnnnnn.

Fri, 03/29/2013 - 16:28 | 3389385 surf0766
surf0766's picture

Amerikans will just roll over and let them take everything in the account. Dumb asses

Fri, 03/29/2013 - 16:57 | 3389477 Meat Hammer
Meat Hammer's picture

No matter the title of the ZH article the message is the same:

Hey Europe, they're going to fist-fuck you with no lube.  Get your goddamn money out!

Fri, 03/29/2013 - 16:59 | 3389490 Kirk2NCC1701
Kirk2NCC1701's picture

Moral:  When trust is an endangered species, you proceed independent of trust.  You proceed on principle:  "Show me, prove to me that..."

Q: Are you disappointed that they lied and continue to lie, or just angry that your need to put faith in other men remains unjustified?

Fri, 03/29/2013 - 18:10 | 3389630 JPMorgan
JPMorgan's picture

Ann Barnhardt closed up shop and has been sounding the warning sirens well before MF Global occurred.

The message is pretty simple...


You really couldn't be any clearer than that.


Jim Rogers

Quote " The EU/IMF raiding bank accounts in Cyprus to bail out the country's financial system sets a dangerous precedent and investors should " run for the hills ".

Fri, 03/29/2013 - 18:28 | 3389716 falak pema
falak pema's picture

bail out =SQuid + FED ; aka Pax americana meme.

Bail in = Merkel meme; core europe banks only. 

Can they do both...?? 

Bail-ins will inevitably lead to interest hikes as banks fight for equity consolidation amongst themselves to stay alive. The bad banks, LTRO tarred, will be the first to fall. That is what the Diesel Bloom doctrine of transparency implies.

Which is poison to USD/QE/ZIRP/FED. 

Fri, 03/29/2013 - 18:38 | 3389759 collon88
collon88's picture

"This approach will be part of the European liquidation policy".  It is also part of the US and British liquidation policies.  Ellen Brown, author of Web of Debt, has written an article that explains it here:

The worst part is that derivative exposure is senior to depositors, so if B of A or Chase or any bank goes under, she says, "In the US, depositors have actually been put in a worse position than Cyprus deposit-holders, at least if they are at the big banks that play in the derivatives casino. The regulators have turned a blind eye as banks use their depositaries to fund derivatives exposures. And as bad as that is, the depositors, unlike their Cypriot confreres, aren’t even senior creditors. Remember Lehman? When the investment bank failed, unsecured creditors (and remember, depositors are unsecured creditors) got eight cents on the dollar. One big reason was that derivatives counterparties require collateral for any exposures, meaning they are secured creditors. The 2005 bankruptcy reforms made derivatives counterparties senior to unsecured lenders."

Anyone with an account in a bank that has derivative exposure is asking for trouble.  Fortunately, I closed my account with Chase and opened one at a local bank last year.  

Fri, 03/29/2013 - 18:56 | 3389816 Downtoolong
Downtoolong's picture

At this point, the only way to know who's lying and who's telling the truth is to get on with another liquidation.

So, is everybody ready? Start the music.


Fri, 03/29/2013 - 19:33 | 3389892 Yen Cross
Yen Cross's picture

 Downtoolong  almost moved to my Bar-B-Que.   Your comment carries TRUTH!  It belies "Dark Inventory"

'Shadow REO': As Many as 90% of Foreclosed Properties Held Off the Market, Estimates Suggest | AOL Real Estate

  This estimate was from July-2012. You can fill in the blanks.

Sat, 03/30/2013 - 08:57 | 3391140 trebuchet
trebuchet's picture

FACT: D-Boom made  that comment. 

FACT: markets jittered, so for political expediency they did a backtrack Pr exercise.

FACT: markets calmed ( a bit) so the IDIOTS think - "we pulled it off, haha template works" 



Sat, 03/30/2013 - 10:39 | 3391286 Tango in the Blight
Tango in the Blight's picture

I have a name with an IJ in it and it always cracks me up when foreigners try to say it.

Mon, 04/01/2013 - 23:44 | 3398286 Herkimer Jerkimer
Herkimer Jerkimer's picture




This is NOT the template: They are developing it. This is the basic idea, being refined as we speak. Testing, evaluating the responses (How did the population react?) They have eyes on the ground observing.


Once they are satisfied, they will move this up the ladder, to a country, not big, but not as small as Cyprus.

To add further refinements to the model.


Then they will try a smaller country.


Once they are satisfied?


Spain. Italy. Portugal.


The Amercian and Canadian banks will fall, as the shadow banking relationships will draw them into the mess.



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