Bitcoin Forum

Depositors bailing out banks may be the new norm in Europe

I saw this mentioned today from two different sources.  I think the implications for bitcoin will be big if it's the case that the ECB publicly says that all future eurozone bank bailouts will be handled by depositors taking "hair cuts" (getting a "hair cut" does having a nicer ring to it than "being robbed").

It was mentioned specifically by both Martin Armstrong and by Rick Santelli today.  They also both cited two different sources, the Irish Times, and of course Deutsche Wirtschafts Nachrichten, which i'm sure you're all familiar with.  Thought it was worth sharing, and a developing story worth keeping an eye on.

http://armstrongeconomics.com/2013/05/08/ecb-admits-depositors-will-bailout-the-banks/

http://video.c[Suspicious link removed]m/gallery/?video=3000167001&play=1

Here are the source articles:

http://www.irishtimes.com/business/sectors/financial-services/bank-deposits-of-over-100-000-may-be-at-risk-1.1384295

http://deutsche-wirtschafts-nachrichten.de/2013/05/08/asmussen-klaert-eu-parlament-auf-sparer-muessen-bei-bankenrettung-bluten/

Cheers,
BoB

that "suspicious link" above is  c n b c .c o m  

The US govt isn't going to like that idea.  The fed is inflating the dollar to stay under the euro and BTC might put a stick in their spokes...  The're already trying to kill it.

http://www.forbes.com/sites/timworstall/2013/05/07/now-this-really-could-make-a-dent-in-bitcoin/