Banking union in Europe

European opposition to TTIP  has focused on GMOs, chemicals, privatisation of public services in health and beyond, together with the Investor State Dispute Settlement (ISDS) proposals.

There are two sides to this transatlantic agreement. The US has made some attempt to reign in its banks, albeit the Dodd Frank Act  is too big and complex to be effective, but the EU is paving the way to grant even more power to the banking industry under supervision of the European Central Bank (ECB), run by ex-Goldman Sachs banker, Mario Draghi.

In the aftermath of the subprime mortgage crisis of 2008, which led to massive taxpayer funded bailouts, there were calls, on both sides of the Atlantic, to break up banks deemed to be too big to fail (TBTF).  But in Europe

things are moving in the opposite direction.

Why Are TBTF Banks So Happy With The EU Banking Union? by Don Quijones

On Tuesday, November 4th of this year, supervision of the Eurozone’s 130 biggest banks, representing 80% of total financial assets, will be passed from national authorities into the welcoming hands of the ECB. From that day on, European banking union will be a reality.

Hat tip to Gerry for this

People across the EU and US need to join forces to kill off TTIP and take back control by demanding that the banks be broken up.

Goldman Sachs and the other major banks precipitated the subprime crisis, manipulated LIBOR and the foreign exchange markets and laundered money on behalf of drug cartels, yet they're being given free reign to bring us to disaster.

The lunatics have the keys to the asylum.

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