D-Day: Dijsselmbloem Day: laughs, panic or both?

Quite aristocratically the guy, mostly unknown for non-Dutch until yesterday, has four names before his hard-to-spell surname. Jeroen René Victor Anton Dijsselmbloem (pictured) is the Finance Minister of the Kingdom of the Netherlands and acting chairman of the Eurogroup.

And he has a big mouth.

In an interview with Reuters published yesterday that will no doubt go into the history books of the near future, he declared that the nefarious "bail-in" of Cyprus by which banksters' loses go to savers instead than to banksters themselves is a model to follow elsewhere in Europe:

A rescue programme agreed for Cyprus on Monday represents a new template for resolving euro zone banking problems and other countries may have to restructure their banking sectors, the head of the region's finance ministers said.

This declaration has sent all stock markets into confusion, even if, after the Ecofin corrected him, they managed in most cases to avoid loses (Dow Jones lost yesterday 0.44% and Spain's IBEX more than one percentile point today).

European credibility is on the brink, although I must admit that this Jeroen guy has a point: banks must fall. But not this way: they must fall like any regular company in normal bankruptcy, letting the insurance pay the deposits under the €100,000, as is by law, and then the res publica may want to acquire the skeleton of the bank and refloat it as public service banking facility, whose profits would go to social services and other public expenses.

That might work. But the bankster rulers of Europe are not at all concerned about social stability or the cost for commoners. They only care about keeping their profits, and therefore their power, up. That's why banks are being bailed out by the public or by any means necessary in a decadent spiral of financier parasitic Capitalist swan song.

This madness, like the Ancien Régime of Louis XVI, can't keep going for long. A revolution is needed like fresh air in a coal mine.