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;