June 2024

Will Chancellor Ed Balls impose “financial martial law” in Britain?

There’s a new phrase we had all better learn very quickly – “financial martial law” or “economic martial law”. We all know what “martial law” is – democracy breaks down in a crisis, the military is put in control and can impose whatever draconian measures it wants, one of which typically is a curfew with anyone breaking the curfew being shot on sight. Under martial law, there are no courts, no human rights and no rule of law.

Cyprus is bankrupt. Unlike Britain, Cyprus is not bankrupt from government overspending. The main cause of the island’s financial woes is the losses sustained by its banks on the money they loaned to Greece. However, Barroso, Merkel and their chums have decided that ordinary people in Cyprus should pay for these losses and they have forced the Cypriot government to impose “financial martial law”.

Although the final details haven’t yet been decided, it appears this “financial martial law” will include confiscating part of ordinary people’s savings, maybe nationalisation (stealing) of people’s pension savings, restrictions on how much money people can withdraw from their bank accounts, possibly a freeze on all bank deposits over 100,000 euros, restrictions (or even a freeze) on people moving money out of Cyprus and so on.

All this is pretty horrible to watch, it must be really dreadful if you have savings in a Cyprus bank.

But the big question for us must be – “Could this ever happen in Britain?”

As we all know, during an economic boom Labour managed to increase our national debt from about £350bn to over £700bn by more than doubling public spending. Unfortunately for us, the Tories have failed to make any meaningful cuts in public spending, so our debt will hit £1.4trn by the time of the 2015 election, £1.52trn by 2016, £1.64trn by 2017………

Of course, this can’t go on. At some point we must eliminate our deficit and start paying down our debt. But if our government (Labour or Tory) is afraid to cut public spending, it will have to find the money somewhere  else.

We have about £4trn in savings and pensions. There are trillions more in shares and in the value of our homes. This is where our future chancellor Ed Balls will find the money he needs to satisfy his financial incontinence. We should be grateful to the people of Cyprus. They have shown us what happens when a government gets desperate for money and imposes “financial martial law”. At some point over the next 4 to 5 years, we can expect some kind of “financial martial law” in Britain.

Laiki Bank’s acting CEO Takis Phidias said;

“They are testing the model for the next country that will need a bailout. Italy will be next, everyone knows that, and then France. Italy has two trillion euro worth of loans. Do you think Germany has money to save it with a bailout? So, they are testing the bail-in. Merkel’s adviser estimates that a 25 per cent bail-in on deposits will save Italy,”

Am I just scaremongering? I don’t know. But the day before the Cyprus meltdown, I predicted here that desperate bankrupt governments would launch punitive tax raids on people’s savings and I can’t see any way we can avoid a similar situation in Britain.

4 comments to Will Chancellor Ed Balls impose “financial martial law” in Britain?

  • John Fields

    I think our political system is finished. When M.P.s are elected they forget us, and the
    public seem disillusioned. We have got to find an alternative before the country is on it’s

  • Tony (HarshrealistUK)

    I have been following your site for about 3 months now, and I find it refreshing that you tell it as it is. Unfortunately our politicians fail to do this.

    In a nutshell, western economies operate a debt based fractional reserve banking fiat monetary system, and mathematically they end in failure, but where it is so spectacular today, is that, the collapse of the currency is synchronized.Also our greedy banking elite have found ingenious ways to significantly over leverage the monetary supply, they introduced credit cards, sub prime lending and derivatives (A time bomb waiting to explode).

    Cyprus is the canary in the mineshaft, is a taster of what is to come for the rest of us.Politicians are just kicking the can down the road. These are the facts:-

    1. In the US the fiscal cliff issue was not resolved
    2. The US debt ceiling should have been tackled in March, it has now been differed to May
    3. Quantitative easing in the US currently stands at 85 billion dollars per month including 45 billion of which are mortgage backed securities.

    Make no mistake at all, we are seriously over-leveraged, and there is no way the debt can be paid back, so yes martial law is coming to us all. I have bought 1 oz Krugerrands and 1kg silver bars, fiat currencies are being debased at an alarming rate, and because of the abuse of fractional reserve banking,theft by the Governments is a real possibility.

  • Paris Claims

    This chap needs some help to move his quest along

  • Paris Claims

    I was going to put this one up on your most recent post, but comments are closed….so here goes
    I was nodding in agreement ’till I arrived at points 6 & 7.
    Forget them….
    No more EU subs, No more foreign aid, shut down most quangos, starting with the Equalities mob and the Potato Board. Better solution than theft?

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