There was no warning, and there was little in the way of explanation, except to say that it was "necessary," as the banks had been mismanaged to the point that, unless the deposits were confiscated, the banks would fail.

Governments and banks the world over nodded in agreement. This was clearly the right thing to do.

But, hang on a moment. The depositors had entrusted the banks with the safeguarding of their wealth. This was a case of theft. The bankers had, in effect, robbed the banks.

At that time, I wrote on the subject, stating that, by endorsing the theft as "necessary," the banks and governments of the world had given the act their seal of approval.

Well, of course they would. They're all in the confiscation business, jointly and severally. Their approval is much the same as a sheep and two wolves voting on what will be had for dinner. With the depositor in the role of the sheep, the outcome of the vote is pre-ordained.