SUPER-ALARM: The new EU bail-in law was passed to rob our bank accounts

August 9, 2013 · 7:51 am

GLOBAL LOOTING: The new EU bailin law was passed 8 days ago….did you notice?

Revealed: official details on how the EU will steal from us

lobsAre you a citizen with rights, or just a helpless crustacean?
Three beaming eurocrats – Barroso, Van Rompuy and Lithuanian Dalia Grybauskaite – emerged triumphant from a session two days ago, in which they mapped out the biggest bank heist in world history. This is to put flesh on the eurozone law hastily passed on August 1st (while EU citizens were on holiday) to deal with the inevitability event of a bank collapse. Under this draft proposal – which many expect to be applied to the entire EU – no depositor big or small will in future be able to feel safe with money deposited in a bank. The Slog now calls for those who represent us, across the entire cultural spectrum of European society – to do something.
In a barely read piece a month ago, the International Business Times reported on the rapidly drafted new EU law for “overhauling its policy on how banks receive bumper bailouts”. Be aware: this is an EU move, not a eurozone move: it is already law (it passed on August 1st) and although for now it applies only to the eurozone, it is an EU law. Hardly anyone has commented on this, but the approach being taken matches word for word the 3-card trick George Osborne used six weeks ago when he said:
“In future, taxpayers will not be called upon to bail banks out. It will be down to the creditors and the owners”.
The most remarkable example of double-speak to date, at the time I pointed out that creditors are taxpayers (they’re account holders, simple as that) and so as the Establishments daren’t ask us for higher taxes to bail out their mates in the banking system, they will take it via, if you like, Direct Debit. It is exactly the same principle of stealing the Troika wishes to apply to Greek private pension funds.
The initial piece at the IBT website noted that ‘Eurozone leaders agreed upon the major policy shift and also confirmed that the new rules will help protect the taxpayer and move the burden of bailing out the banks onto shareholders and junior debt holders.” Again, more bollocks: how will ripping your money out protect you? And note – junior debt holders…aka, you and I.
3monkropBut yesterday from the German site Deutsche Wirtschafts Nachrichten (German Economic News) came a piece reporting that all bets are off as far as the ‘guarantee of all funds under €100,000′ pledge is concerned. Under the current Lithuanian Presidency of Dalia Grybauskaite (seen left between a Trot and a poet), the proposal as drafted – and almost entirely ignored by the Western media – states as follows:
* Treatment will not be the same regardless of size of deposit, BUT small account holders will have to wait up to four weeks to get their money….’depending on how serious the insolvency is’. During that time, there will be a maximum withdrawal of €100-200 per day – again, perhaps less depending on the seriousness of the failure. (Based on the Cyprus experience, the haircut in the end will be at least 60%).
* The EU Parliament – allegedly – is demanding that deposits of €100,000+ euros should be confiscated within five days. (So much for MEPs offering us some kind of protection from the Sprouts).
* In the event of a banking collapse, all previous government commitments are null and void.  The force majeur of “exceptional circumstances” can lead to ways round such pledges. Part of the new plan suggests savers could also be subject to a ‘penalty tax’ if they have less than € 100,000 in the bank. (So much for Merkel’s promise to the German people).
George Orwell could’ve dropped acid and still not come up with a scheme quite so assumptive and brazenly deranged as this one. It is based on the following insane principles:
1. Putting money in a bank makes every citizen a creditor of that bank, equally prone to confiscation in order to repay….who exactly? The answer is, other banks it owed money. So it’s not really our money after all, it’s the banking sector’s money. After it’s been taxed by the Government, despite the fact that we earned it…it’s really all bankers’ money after all. Unbelievable.
2. If we are prudent enough to keep money in smaller amounts in lots of accounts, we will have to pay a ‘penalty tax’ – well of course we will: I mean, given it’s never our money really – we’re just borrowing it, or something – then quite right too. And because it isn’t really our money, we shall be given strictly limited spending money per day. The brass neck is beyond belief.
3. If you have been seditious enough in your life to actually make quite a lot of money legally, then within five days the money that was never really yours will be taken back by its rightful owners…the bankers….or the Government rescuing the bankers but without doing it in our taxes. Why five days – why not five seconds? I mean, it’s their money: we were just earning it for safe keeping, right? Of course we were.
4. Anything is an exceptional circumstance if they say it is. Even the Nazis in 1933 had to burn down the bloody Reichstag to declare a State of Emergency. In 2013, it requires just one dumb, over-leveraged, f**kwitted bank to collapse under the weight of its CEO’s ego, and we’re all pauperised by Law.
I think the time has finally come when we must give our legislators and ‘leaders’ here in the UK a gigantic kick up the jacksy. And I think the time has come for every decent organisation to mobilise even Wayne and Waynetta to GTF off the sofa and start making it clear to the scheming Wankers of Westminster that we’re not having any of this crap here in Britain.
As I tried to point out two years ago, this is no longer a political issue. This is a case of one simple rule by which decent citizens must abide: stealing things is wrong…especially when it’s done to repair your own stupid decisions in the past.
These are the questions we should address to everyone supposed to represent us, starting today:
1. To German Sloggers, demand Angela Merkel make the safety of ALL EU citizens’ bank money a solid Election pledge next month.
2. To the Christian, Jewish, Muslim and humanist leaderships of Britain: start an outcry in the media. Why aren’t you giving your parishioners more support? Where is the outcry about pilfering from innocent citizens? Where is the condemnations of illegal, amoral confiscation?
3. To the anti-EU Conservative Right, to UKip and its leader Nigel Farage, to our MEPs – especially Dan Hannan: do you realise the delayed referendum on EU membership will come far too late to stop this? When are you going to start spelling this out to your supporters and media contacts that this is now a matter of citizen survival? Why hasn’t there been uproar in the European Parliament about this? You guys talk a good game, but where’s the line in the sand?
4. To the TUC: Your members are about to be fleeced by the Co-op’s management, and stand to be ruined by the EU’s ECB-driven policy of slashing both the wages and assets of the European workforce. Can we have less political point-scoring, and more ecumenical organising action?
5. To the Labour Party leadership: show that you truly are our friend in tough times. Stop doing bloody focus groups and poncing about between the lines of bland policy statements designed to make you look harmlessly voteworthy. Come back off your holidays and take a stand – when are you going to start hounding Camerlot bigtime on this iniquitous policy? Or are you complicit in it? Please tell us.
6. To the whingers and it-won’t-make-any-difference-it’s-nothing-to-do-with-me brigade: sorry, but you just ran out of road. Like it or not, you’re involved. Start a movement now to remove every penny of current account and deposit monies from the bank. Are you a live Homo sapiens, or a braindead lobster?
The Co-operative scandal is just the beginning. They are going to take our money and leave us all penniless….at their mercy. To combat this, we really don’t need any slogan beyond this one:

43 Responses to GLOBAL LOOTING: The new EU bailin law was passed 8 days ago….did you notice?

  1. Jason
    It’s frightening, the transformation from customer to investor has happened over the past few months (okay it was always in the small print unbenknown to the ordinary man on the street).
    If a supermarket goes bust I am not expected to pay back thier debts because I shopped their once.
    Silver and gold looking better by the day.
  2. Been saying this for nigh on two years now and nobody paid any attention, remember me sayin’ You Ain’t Seen Nothin Yet? Well, you ain’t seen nothin yet…
    • Impoverished Psychologist
      I agree, although as you already say, it has been obvious for a long time that this was inevitable. When you start a game of Jenga you know that the game ends when the tower collapses but there is a lot of gameplay inbetween, we have been in that phase for a while now, the tower is looking wobbly and it is ready to come down.
      JW’s ‘CRASH2′ section contains all the evidence you need to confirm this but I think we have underestimated the low cunning of the eunatics, they are not fools, they can see what is on the horizon as well as everyone else, they have a plan it is not a crash, but a crush – to squeeze the wealth from the populace to throw into the euro bottomless pit which also simultaneously reduces those people to compliant and dependent serfs.
      I took every last penny out of the banking system a year ago – it requires a tad more effort to drip feed cash back into the system for direct debits but like JW implies, if you aren’t part of the solution you are part of the problem.
    • Hey, kfc1404 with you all the way. We aint seen NOthin yet.
      Depressing that people are soooooooo slow. The wake up is painful to watch. But, I got no solutions.
      so Solidarity. Help your friends and family if you can. Have a beer and take a back seat. Mebbe only a short time before the cull starts in earnest. Better be “philosophical”.
  3. Rodney Atkinson
  4. There is also a Konrad Adenauer Foundation which talks vaguely about the social market but appears to be about furthering the EU as a European Superstate, involving Barroso. The whole issue of Germany and the EU is a treacherous swamp of European power politics through which it is necessary to pick one’s way carefully. Check out the Wikipedia page on the Foundation as well as the original Foundation website.
  5. MH
    Hmmm, so we have abandoned the concept that a bank was just that a place to store safely your money or other precious assets and for which service you paid a small fee. They therefore had a duty of care and moral responsibility to hold that money safe, not to allow it to be stolen, destroyed or otherwise harmed or diminished. Once upon a time it seemed a good idea, for all of society, to allow said bank to lend some of that money it held to others, who could provide security for the load, a propensity to pay or capacity to pay and had a degree of moral character, the 3 C’s of old fashioned banking.
    The flaws and risks associated with fractional lending exposed with bank collapses in the 1890′s and 1930′s resulted in government(s) introducing legislation requiring banks to set aside a goodly percentage of the money as a safeguard that they would remain liquid and to ensure that confidence in the institution remained with its customers. This system and other monetary agreements held the sytems together for a long long time, UNTIL, the thieves and charlatans who ran the pretend banks (remember them the Merchant Banks or Corporate Banks) convinced the liers and fools who they paid to elect to abandon these safeguards and rules and to let fractional lendings rip (lets call it the exponential genii out of the bottle).
    Now we are going to substitute another piece of legal fiction, customers as creditors as if they were customers of a business, which ignores the moral basis of a bank and its licensing, and pretend therefore that a Bank is just another business or person. This goes beyond Bolllocks, this is downright evil and indicative of elites and power groups both immoral, stupid and downright criminal. They have in one fell swoop destroyed the very special character of a Bank, who in their right mind would keep any asset now in paper? who in their right mind would use so called money, excepting as a form of chit or paper exchange. No wonder all the smart folks have gone long in gold, gems, metals and real estate and other easily converted and exchanged commodities, they saw and knew what was coming. The potential for illegal and black markets to exchange commodities for commodities is gob smacking and will just explode while western businesses and the banks implode, Great work guys, you’ve really done it now! This is going to be one hell of a ride.
  6. Robin Banks
    Without savings you don’t have capital and without capital you can’t have capitalism.
    I must re-read When Money Dies and Dying of Money about the collapse of the Weimar Republic. The parallels are frightening only this time the destruction of people’s savings is global.
  7. bill40
    Bankers are very efficient at capital allocation, far better than nasty governments. they have been given free money, ZIRP and the power to create money as deposits. Yet now they need confiscation because they are still totally f**king things up.
    Why not just introduce 100% inheritance tax and give it to the banks, let’s just have done with it.
  8. GrahamD
    If the £85k guarentee no longer is seen to be there in the UK, I imagine many people will start putting their money elsewhere…Ditto EZ land…so how on earth does this help with Bank Re Capitalisation…even for the better ones ? Bank runs here we come…now what shall I spend the money on ?
    The RBS computer debacle ably demonstrated what happens when legitimate withdrawals are suspended. Direct Debits to Utilities, Council Tax or Loans for cars or Mortgage payments tend to come on one different day a month and all may well be more than one £200 chunk. So if none get paid during a Bank failure, I assume that chaos ensues? If one bank failure takes down another then I imagine that society as we know it comes to a pretty abrupt halt, let alone us worrying about how much we are being haircut.
    I do agree with the point that a 2017 EU referendum is looking far to late for the UK. Surely this is a radical enough change in EU rules for the citizens of the UK, to trigger an immediate referendum, as already agreed if such a major change in EU law came to pass? Nige should be shouting this one from the rooftops …and dear MSM…I honestly do not care if a panda might be pregnant right now !
    • Impoverished Psychologist
      Precisely, cascading bank failures would create chaos pretty quickly – they stared into that abyss already in 2008 when RBS was 3 hours away from shutdown. This is why they will engineer an orderly demolition of the system so it falls in its own footprint. Catastrophic failure is not an option for it robs the elites of control.
  9. Blue Diamond
    Fantastic piece John, I shall be making sure as many of my friends/acquaintances see it as possible. Don’t know if you’ve seen this:
    Note that it’s the Wall Street Journal not some tinfoil hat conspiracy site.
    The truth is getting out there but we have to keep pushing it!
  10. Viking Jack
    John, this is wishful thinking I’m afraid –
    “1. To German Sloggers, demand Angela Merkel make the safety of ALL EU citizens’ bank money a solid Election pledge next month.”
    Nice, but unfortunately we must face bitter realities! As she is recorded stating on video around 2007/2008:
    “Man kann sich nicht darauf verlassen, dass das, was vor den Wahlen gesagt wird, auch wirklich nach den Wahlen gilt!“
    Angela Merkel, CDU und Bundeskanzlerin”
    Which translates neatly as:
    “You cannot reckon on that which was clearly stated before the election also being really valid after the election.”
    Angela Merkel, CDU and German Chancellor”
    Here’s the video link:
    I cannot really imagine that she and and her sidekick, the dipsomaniac Wheelchair Wolfie, are likely to have amended their views – unless faced with weighty opposition from the AfD. But even that is not a certainty!!
    Would you like another couple of quotes:
    “… because we truly have no legal right to democracy and a social market economy for all eternity …”
    Angela Merkel, CDU and German Chancellor
    Does that mean its days are already numbered?
    Howzabout this one:
    “It is the task of politicians to reinforce the sense of threat in the population”
    Angela Merkel, CDU and German Chancellor, on 03.02.2003 in the Presidium of the CDU
  11. What was it Leonard Cohen said? “I’ve seen the future, and it ain’t pretty”
    • maxter
      Frank Zappa quote… The illusion of freedom will continue long as its profitable to continue the illusion. At the point where illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theatre.
  12. colin
    So why dont you all just get your money and buy a decent safe and store the stuff yourself if you are REALLY so worried about this theft ? That surely is something you can all do. Young people couldn’t give a rats arse about this because they have no money. This is all about the oldies vs the banks. There is not a hope in hell that all my oldie neighbours would get their money and store it themselves though – same for you lot.
    As for me, i have been buying houses in the last 18mths and so cash in the bank is very low. I have been banging on that the low point for the housing market was last autumn and finally the mainstream press are now shouting the same.
    • Impoverished Psychologist
      Hard physical assets and a small cash float… hard to argue with that strategy.
    • Peterloo
      Already am – I buy £150 in silver each month and put £100 in the safe. My mates and missus think I’m mad. I tell them that if I am I will treat them to a good feed and watering with the money when I know we are in the clear.
      Also, invest in a few 18L jerry cans and fill them with fuel. Remember to use and refill each month or so as fule will ‘go off’.
    • Monk
      What’s age got to do with it? The devastation of a bank going bust whilst ‘looking after’ the funds of businesses big and small won’t just affect OAP’s.
      Your portfolio of property provides scant defence against the collapse of society, however low the point of entry, they’ll actually become a liability.
      If the Western banks go bust, precious metal and the clothes on your back are the only things worth owning. Why do you think these financial institutions enjoy so much power or the phrase too big too fail came about?
      • Peterloo
        “If the Western banks go bust, precious metal and the clothes on your back are the only things worth owning.”
        Guns and ammo first – they are useful leverage in ‘negaotiations’ for the precious metals and clothes.
        Over the years I have learned one truth: there is no such thing as a fair fight – he who fights dirtiest is invariably the victor.
        “Violence, naked force, has settled more issues in history than has any other factor, and the contrary opinion is wishful thinking at its worst. Breeds that forget this basic truth have always paid for it with their lives and freedoms.”
        -Starship trooper, Robert A. Heinlein
  13. Jim
    ” Putting money in a bank makes every citizen a creditor of that bank”
    If you didn’t understand that concept before all this, I’d say your grasp of economics wasn’t that great. Heck, you only have to have watched ‘Its a Wonderful Life’ to know that your money isn’t really in the bank once you’ve deposited it there, and your only call on it is as a debt owed to you, effectively by the people the bank lent it to. If they knew that in 1946, you might have caught up by now. There really isn’t a pile of £20 notes in a box with your name on it you know.
    Fractional reserve banking and fiat money is a confidence trick. Everyone knew it (the thinking people anyway), always have. As long as everyone believes in it, it works. If they stop believing, it doesn’t. End of story.
  14. Reblogged this on Machholz’s Blog and commented:
    We in Ireland are already financial debt slaves as we the taxpayers have been forced to take on private debts of these toxic corrupt institutions. It’s just a step further for the banks to blatantly rob in broad daylight their own depositors! This of course is happening all the time as the same banks steal small amounts from every customer each time you go to take out your own money!
    Gangsters the lot of them !Take out your money from every bank and use Bit coins .try and shut off your dealings to your bank as much as possible ,when trading use barter whenever possible! My tuppence ha’penny worth!
    • Peterloo
      Isn’t bitcoin just a digital form of fiat currency?
      From a wholly uniformed position, I would have though Bitcoin would be more prone to influence and confiscation? Surley if TPTB wanted to they could just take all of the bitcoin servers off the web and ‘poof’ money gone?
      Happy to be educated though 🙂
  15. Important fact:
    When you put your money into a bank that money becomes the property of the bank. That’s right! The money you put into a bank isn’t even your money. ANY MONEY PUT INTO A BANK BECOMES THE LEGAL PROPERTY OF THE BANK!
    • Impoverished Psychologist
      If you can’t touch it, it is not yours…
      • maxter
        The money in your pocket, worthless paper IOUs belong to the banksters…it has their name on it and they created it. We only have possession and use of the debt.
      • Peterloo
        If you can stand in front of it and beat the crap outta those who want to take it, it aint yours!
  16. Paul Rutherford
    Just before I add my rant to the 100% negative reaction, does anyone have a link to the text of the actual “law”??
    It’s not that I don’t value the Slog’s opinion – it’s just that on an issue as important as this is would like to get there myself.
    I’ve looked in the obvious place (EU Lex) but this was last updated: 26/07/2013 and it isn’t there.
    • Peterloo
      Lol, the first thing I did when I read this piece was try to find the text or even an independent summary.
      But the web appears to be blank on this.
      So either JW has been pranked or the Eunatics are supressing it. I know which I would put my money on!
  17. Morningstar
    Still here ! Still spreading the word, and still in 99% agreement – Keep it up Mr Ward !
    (Going through a really tough patch at the moment so unable to join in as much at the moment…… sorting things slowly though and will be back with a vengence !)
  18. John trade unions & any other groups should be pushing for the return of pay packets
  19. fox77177
    Technically the Bank’s are correct and ALL the ‘money’ in our accounts belongs to them as we are creditors, which has been the case for over 200 years since the test case of Carr Vs Carr of 1811 and others, so they can take the money from you LEGALLY any time they like based on the promise to repay at some point. (ie. Law of ‘Bailment).These facts were further clarified by Lord Chancellor Cottenham in respect of Foley vs Hill and others in 1848 when he declared to Parliament:
    ”Money, when paid into a bank, ceases altogether to be the money of the principal; it is by then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it. The money paid into a banker’s is money known by the principal to be placed there for the purpose of being under the control of the banker; it is then the banker’s money; he is known to deal with it as his own; he makes what profit of it he can, which profit he retains to himself, paying back only the principal, according to the custom of bankers in some places, or the principal and a small rate of interest, according to the custom of bankers in other places. The money placed in custody of a banker is, to all intents and purposes, the money of the banker, to do with it as he pleases; he is guilty of no breach of trust in employing it; he is not answerable to the principal if he puts it into jeopardy, if he engages in a hazardous speculation; he is not bound to keep it or deal with it as the property of his principal; but he is, of course, answerable for the amount, because he has contracted, having received that money, to repay to the principal, when demanded, a sum equivalent to that paid into his hands”.
    ”That has been the subject of discussion in various cases, and that has been established to be the relative situation of banker and customer. That being established to be the relative situations of banker and customer, the banker is not an agent or factor, but he is a debtor”
    STAGGERING STUFF which 99.9% of the public do not know!!
    As I commented a few days ago John… NOTHING will change whilst the commercial Bank’s own and manipulate the entire FRB (debt based) money supply, which in reality operates no differently from the points created on a computer on a Tesco clubcard and which ONLY have ‘value’ inside the system/cartel. (ie. Unlike say Gold). As a result, it makes not a dot of difference which party is nominally ‘in power’ as the Lib/Lab/Con do exactly as their are told by the their masters the bankers. Cameron and the rest know this full well and so just use this charade to line the pockets of themselves and their cronies. Similarly the MSM propagate the myths/ignore the truth/distract the masses with endless BS from the likes of AEP when they can tear themselves away from the footie or Corrie for 5 minutes.
    • Bemused
      but he is, of course, answerable for the amount, because he has contracted, having received that money, to repay to the principal, when demanded, a sum equivalent to that paid into his hands”.
      What is the point of the guarantee limit if the banker has contracted to repay the principle?
    • Peterloo
      What people miss is that when you are a creditor of a company or individual who cannot pay on demand, then you can petition for the company’s liquidation or individual’s bankruptcy.
      I the case of the banks, us creditors are powerless – our recourse to the law has been taken from us. We just have to suck it up.
  20. John, I am glad you caught up with some of the pitfalls of the wonderful new “liability chain concept”. I say wonderful because I think it was ridiculous that tax payers were immediately volunteered to repay large banks and hedge funds. So all power to those who say “tax payers should come last!” But it has to be done right!
    I link below an article which I wrote about the pitfalls a month ago. There are indeed very major ones.
    Probably the greatest pitfall of all is: when you tell regular depositors that they will carry risk in the future, governments/regulators have to make sure that there are at least some banks which carry only normal risk of normal banks.
    Take Deutsche. It used to be “Germany, Inc”. As solid as the Bundesbank itself. Not even a thought to be wasted whether or not a deposit in Deutsche was safe.
    Today, Deutsche has almost 5 times as many ‘risk-free-assets’ as it has ‘risk-weighted assets’. Its total assets are financed at around 98% with debt. A leverage of about 40:1. That kind of a leverage would be considered high if it were a hedge fund. But in the case of Deutsche?
    Politicans are now saying to depositors something like “we know Deutsche used to be solid as a rock and you had nothing to ever fear and we know that Deutsche is now more similar to a gambling joint because regulators overlooked something; but because Deutsche is now more similar to a gambling joint, we have to ask you to share in any gambling losses”. (I cannot think of any TBTF-bank which carries the normal risk of a normal bank!).
    That, to me, is quite a proposition, to say the least! If someone put his money in an Icelandic internet bank because they paid 1-2% more than a solid-as-a-rock bank, he/she justifiably faced increased risks. If someone now puts his money, at market-conform low rates, in Deutsche because he/she justifiably thinks that Deutsche is not an Icelandic internet bank, then it is unacceptable for politicians/regulators to allow Deutsche to become even riskier than an Icelandic internet bank. More arguments in the link below.
  21. Paul Rutherford
    OK – I’ve found something (the draft directive??) at
    Was this is what was passed on August 1??
  22. Richard
    Sadly, the British government’s response to the final report of the Independent Commission on Banking, chaired by Sir John Vickers, contains the following: “6.11 The nature of the legislation required to implement statutory bail-in will depend on the final form of the EU crisis management framework. If this includes bail-in proposals, the Government would seek to put a bail-in regime in place as part of the implementation of the crisis management framework.” Not a good prospect, to say the least.
  23. mukoshi
    Has anyone here tried reading Frances Coppola @ Coppola Comment ? She adds a vastly new dimension to ‘smug’. I think she must be a reincarnation of whoever was advising Lord Norman at the Bank of England in the 1920s-30s.
  24. Mark Deacon.
    Only one thought, pull your money from the banks even purchasing toilet rolls is an investment for the future under Keynes because it earns the rate of return of the ever increasing value – that’s an investment. Once you have physical and that includes toilet paper, actually anything then you have hedged the inflation game.
    *for the next bit I hold currency (in the hand form) is very different to the safe in a bank (IOU form).
    You could liken the current situation to pass the parcel where everybody has something, be it IOU’s, currency and physical as the only 3 types. When the music stops all those with paper lose, that is everything from stocks and shares or banks statements for electronically stored IOU’s in banks.
    Currency in hand is equal to physical in that without a currency physical will be very difficult to trade. Physical though has the one advantage “it is not deflated away” so an ounce of gold or a roll of toilet paper is still that.
    Last point … Out of all of this who is going to backstop all these IOU’s and a bank statement is of the form of an IOU. From what I can see if all IOU’s are cashed in all at the same time there is not enough worth to cover it all.

By piotrbein