World’s Oldest Bank Implements Bail In – Monte dei Paschi di Siena Wants Customers’ Money

Josh Sigurdson talks with author and economic analyst John Sneisen about Italian bank Monte dei Paschi di Siena’s bail-in implementation as shares plummet. The bank is Italy’s 3rd largest as well as the world’s oldest bank founded in 1472 in Siena, Italy.
While the bail-in is voluntary, it’s an obvious sign of the times. This is historic news considering the bank’s overall history. They’ve been through this before on several occasions, re-instituting and renaming after past crashes.
It once again goes back to the horrors of fiat currency and debt.
John Sneisen breaks down this complicated issue and the bank’s history.

Stay tuned for more from WAM!

Video edited by Josh Sigurdson

John Thore Stub Sneisen
Josh Sigurdson

Graphics by Bryan Foerster and Josh Sigurdson

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  • sunwarz

    make sure you convert your big paper bulls into smaller bills because if
    they get rid of the bigger bills like 50s and hundreds, when you take it to
    the bank to convert, they will know how much money you have, and they may
    not give you full value, they are trying to pull mattress savers and black
    market out, they want to get rid of cash so they can get their cut on
    everything, from yard sales to selling cookies at bake sale to buying a cup
    of lemonaid to a kid on a corner, they want everyone to use their cell
    phones to buy and sell so they can track every cent, they will know if you
    even sell a used car or old by cycle or antiques or anything and
    everything, they want it all!

  • coolacadien

    The majority of people must be so ignorant to trust a banking system who
    doesn’t know how to manage currency.
    The hole thing about we should save the banks to prevent the hole system
    from collapsing is bullshit.
    Collapsing the banking system will only crash the people who rely on the
    system to get a free meal.

  • coolacadien

    If it collapse the same thing will start all over again because the
    majority of people are to stupid to think outside the box. History keeps
    repeating itself, because people doesn’t want to learn and be bother. They
    prefer consuming and going into debt to their eye ball.

  • David Scott

    So is the price fix of. say silver or gold on say an exchange broker like
    Kitco, the melt value of the metal? The debt clock has those values at a
    much, much higher rate, and is the debt clock quoting registered coinage,
    and who is putting these numbers on the debt clock ?

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