Memphis: Are we about to see the opening of the final act in this big play called Socialism?
Financially speaking, this will touch us all and affect our behavior.
Tho I have spoken/written often on the topic of a bank bail-in, depositor haircuts, the matter has suddenly received new life as the IMF thru the G-20 is showing urgency and a possible acceleration in their timetable.
By way of reminder, this is a "one off" type event so we should not expect tell-tale warning signs to precede.
I do not mean to appear alarmist here. This is simply too important a topic to let go without pointing!
I believe the timing of this news is closely linked (much more so than FATCA) to the re-pricing of the dinar. Can't prove it, just a hunch...
Another hunch? Armstrong is right that the Senate would never vote to pass such a treaty (legislation). It would be political suicide and so must fall to the executive.
Also of value, another recent Armstrong blog that is closely linked to this discussion:
Like Armstrong I will be watching with interest these coming days as the Dow rises.
There are people in North America who could probably carry off a feat of that kind, but you won’t find them in the current ruling elite.
That in itself defines part of the path to dark age America: the replacement of a ruling class that specializes in managing abstract power through institutions with a ruling class that specializes in expressing power up close and in person, using the business end of the nearest available weapon.
The process by which the new elite emerges and elbows its predecessors out of the way, in turn, is among the most reliable dimensions of decline and fall; we’ll talk about it next week.