The European Banking Crisis is beyond description. A leak has come out
that the Commission will simply seize money from all the banks on a flat
rate basis benefiting the banks that have lost money from trading at
the expense of the small savings banks. Wolfgang Schäuble (born 1942) is
Germany’s Federal Minister of Finance. He is a German career politician
of the Christian Democratic Union (CDU) party. Schäuble has come out
disagreeing with the EU Commission saying that the seizure should be
proportional to any individual bank’s risk. He wisely realizes that a
one-size-fits-all in banking could set off a massive liquidation crisis.
The local banks that were not involved in trading will have to pay for
the big ones. That way, the EU Commission gets everyone’s accounts.
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