The Phaserl


The Road to Serfdom: How Austerity and Bail-ins Will Pummel the 99%

by Derek Royden, OCCUPY:

The 2008 financial crisis left political and economic elites with two major problems: how to pay for the bank bailouts in the short term and how to prepare for the next financial collapse. The solution put forward for the first problem was to spread the pain downward, insulating the people who created the mess from the consequences of their chronic gambling. In second case, they looked to a policy of last resort that had only been used once before, during the Great Depression.

Of course, they had to create catchy, near incomprehensible terms for these policies in order to make an increasingly stressed out, debt-ridden population accept them as the new normal. Thus, they gave us austerity and later, the bail-in.

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1 comment to The Road to Serfdom: How Austerity and Bail-ins Will Pummel the 99%

  • JMiller

    This article from has misinformation. For example it says that “depositors in insolvent banks in Cyprus awoke to find that their bank accounts had been given a “haircut,” with accounts under 100,000 euros reduced by 6.75% while those over 100,000 lost 9.9%.” This is false. No depositor with 100,000 euros or less lost money (given a “haircut”). Only those that had over that amount.

    For see numerous articles:

    Just one of a number of articles with misinformation on this site (SGT Report).

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