Hang The Bankers http://www.hangthebankers.com Sat, 18 Apr 2015 15:01:27 +0000 en-US hourly 1 http://wordpress.org/?v=4.1.1 Central banking elite met today behind closed doors http://www.hangthebankers.com/central-banking-elite-behind-closed-doors/ http://www.hangthebankers.com/central-banking-elite-behind-closed-doors/#comments Sat, 18 Apr 2015 04:44:04 +0000 http://www.hangthebankers.com/?p=24509
From Filip Karinja, for Birch Gold Group

Today the financial heavyweights in the world of finance met behind closed doors to discuss the future of the global economic system.

Held in Washington, the meeting was titled, ‘Gold, renminbi and the multicurrency reserve system’.

Co-hosted by the World Gold Council, the purpose of the meeting was described on the website of the Official Monetary and Financial Institutions Forum (OMFIF) this way:

“OMFIF, in association with the World Gold Council, hosts a select group of central banks and other official sector institutions for a breakfast discussion on gold, the renminbi, and the multicurrency reserve system. Discussions are under Chatham House Rules and take place during the International Monetary Fund and World Bank Group spring meeting in Washington.”

If there’s any indication of how critical this meeting was, the European Central Bank (ECB) actually moved their scheduled meeting on monetary policy from Thursday to Wednesday just so they so they could be in attendance. You’d think that should be enough to get a few mainstream reporters asking questions. Yet the mainstream media completely missed the story.

Bank gate

It’s unlikely we’ll ever hear much about this meeting, as it falls under the secrecy of Chatham House Rules, yet there are some indications of what was covered by some of the world’s most influential central bankers. And since most of the media has been caught napping, we’re here to do our best to read the tea leaves.

Here’s what was likely discussed in regards to each of the three topics listed in the title of the meeting:

CHINESE RENMINBI

It’s no surprise that the Chinese renminbi is a chosen topic to be discussed as the eastern nation’s continued rise in power and influence is out in the open for all to see.

The introduction of the newly created Asian Infrastructure Investment Bank (AIIB) will further shift global power to the east and challenge the presently established western financial institutions, notably the IMF and World Bank.

No doubt the meeting will involve discussing how to incorporate the renminbi into the current systems as a means to limit its growing power.

Chinese Yuan world reserve currency

MULTICURRENCY RESERVE SYSTEM

With an increasing number of nations turning away from using the U.S. dollar in international trade, the shift from the world’s reserve currency has pundits asking, “What will come next?”

The most likely options are either the International Monetary Fund’s SDR currency basket, a gold-backed currency, or a combination of the dollar and SDR.

Every five years the IMF takes a look at its Special Drawing Right (SDR) currency basket. Currently the pool consists of the U.S. dollar, euro, British pound and yen, but later this year, it’s up for review. And considering its growing influence in the world, the renminbi is likely to be added.

When addressing whether the Chinese currency may be added to the SDR system, Christine Lagarde, head of the IMF, put it bluntly: “It’s not a question of if, it’s a question of when.”

There’s one other important currency that some have suggested could be added to the SDR. It’s one that could add much needed stability to global fiat currencies, and reinstate confidence in them…

GOLD: COULD IT BE ADDED TO THE SDR?

Lord Meghnad Desai, chairman of the OMFIF, was recently quoted as saying:

“A bit of gold” could help stabilize SDRs. “We could ask that gold be nominated as part of the SDR. That is one thing I think is quite likely to happen.”

There you have it. The Chairman of today’s meeting has openly told us that he would like to see gold added to the SDR.

For now, we can only speculate on the specifics of what was discussed behind the closed and private doors of the meeting. And with almost no one on the outside asking questions about what decisions were made, we might never find out.

But by reading what people who attended the meeting have been saying, and by looking at current trends, we can make some educated and logical guesses as to how this will play out:

  1. It’s quite possible that the U.S. dollar could lose world reserve currency status to the IMF’s SDR currency basket. The U.S. can gracefully cede this power, or market forces may soon dictate it.
  2. The Chinese renminbi will likely be added to the SDR currency basket. It could happen as soon as this year.
  3. Gold, the longest-lasting currency on the world, will likely regain its right role of prominence and prestige as it becomes an essential part of the global monetary system. If it isn’t added to the SDR this year, it may very find its way there within the next decade.

Read more…

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We should write the global economic laws, not China – Obama http://www.hangthebankers.com/global-economic-laws-china-obama/ http://www.hangthebankers.com/global-economic-laws-china-obama/#comments Fri, 17 Apr 2015 15:36:17 +0000 http://www.hangthebankers.com/?p=24505
The laws of the global economy should be written by the United States and not by the likes of China according to President Obama, as concern over China’s influence is growing.

Washington hopes a Pacific free trade pact will curb Beijing’s investment bank.

“When 95 percent of our potential customers live abroad, we must be sure that we are writing the rules for the global economy, not a country like China,” Obama said in his special message to Congress on Thursday, RIA reports.

The statement comes after an agreement by US lawmakers to fast-track international trade bills earlier on Thursday. The White House is now looking forward to completing the Trans-Pacific Partnership agreement this year to remove trade barriers between the participating nations which account for 40 percent of the global economy and more than a third of global trade.

“Our exports support more than eleven million jobs, and we know that exporting companies pay higher wages than others. Today we have the opportunity to open even more new markets to goods and services backed by three proud words: Made in America,” Obama added.

Xi Jinping China Obama

Meanwhile, the US and Japan are the largest economies in the 12 Pacific nations bloc and view it as a strategic economic partnership. The two countries have been voicing concerns over China’s increasing influence in Asia and did not join the Chinese Investment bank (AIIB). The AIIB is expected to challenge the Washington-based World Bank and rival Japan’s Asian Development Bank. It currently has 57 countries from 5 continents as founding members including the biggest European nations.

International trade and investment institutions are the latest contest issues between Beijing and the Washington-Tokyo alliance for influence in Asia.

“China wants to write the rules for the world’s fastest-growing region,” the US President said in his January State of the Union address to Congress. “Why should we let that happen? We should write those rules.”

Earlier on Thursday, US lawmakers agreed a deal that would “fast-track” the Obama administration’s ability to draft international trade bills and move them through Congress. It would permit President Barack Obama to expedite the process of authorizing trade deals like the Trans-Pacific Partnership.

Trans-Pacific Partnership agreement is the largest trade deal since the North American Free Trade Agreement of 1994. The implementation of the partnership is currently one of the major points of the Obama administration’s foreign agenda.

The agreement provides for a complete abolition of custom duties between the member countries. At the beginning it was joined by Chile, New Zealand, Brunei and Singapore and later by the United States and other Pacific countries of the Americas, Australia, Japan and several other nations.

Source: http://rt.com/business/250497-obama-economy-china-trade/

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Japan overtakes China as largest US debt holder http://www.hangthebankers.com/japan-overtakes-china-largest-us-debt-holder/ http://www.hangthebankers.com/japan-overtakes-china-largest-us-debt-holder/#comments Thu, 16 Apr 2015 13:39:01 +0000 http://www.hangthebankers.com/?p=24500
Japan now officially holds more US debt than China, which has been America’s major creditor since 2008.

In February Japan held $1.224 trillion in US government bonds compared to China’s $1.223 trillion.

Both countries reduced their US debt investment, with China reducing its by $15.4 billion, and Japan by $14.2 billion, data from the Treasury Departments monthly report on bond holdings, published on Wednesday, shows.

In the last year, Japan has boosted its US Treasury debt by $13.6 billion, while China has decreased holdings by $49.2 billion.

China displaced Japan as the biggest holder of US debt in August 2008, but has been gradually cutting down on its US debt since July 2014.

Japan markets

Economic growth in China, which is at a 25-year low, is the most obvious explanation for the scale back. With more capital leaving mainland China, the less the government needs US dollars to keep the yuan in check.

The opposite is true in Japan, where the weak yen under the Bank of Japan’s monetary stimulus continues to push up the demand for dollar-held assets. HSBC Holdings forecast Japanese investors may buy up $300 billion in US Treasuries in the next two or three years.

After Japan and China, Caribbean banking centers hold the third largest amount of US debt, at $350 billion in February, pushing Belgium back to fourth place with $354 billion.

In total, foreign holdings dropped 0.9 percent to $6.16 trillion in February.

Japan China US debt

Russia, the 20th largest holder of US debt, sold off $69.6 billion in bonds, the sixth consecutive month of scaling back. In 2014, Russian investment in US securities decreased by a third, or $52.6 billion.

Investors consider US debt as a safer investment compared to Europe, where near-zero interest rates and quantitative easing threaten to stamp out bond yields. Most economists forecast the US will tighten its monetary policy by hiking interest rates sometime this year.

The Treasury Department will report on data from March 2015 on May 15, 2015.

Source: http://rt.com/business/250149-japan-debt-holder-us/

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‘End ECB dictatorship': activist disrupts Mario Draghi speech http://www.hangthebankers.com/end-ecb-dictatorship-activist-disrupts-mario-draghi-speech/ http://www.hangthebankers.com/end-ecb-dictatorship-activist-disrupts-mario-draghi-speech/#comments Wed, 15 Apr 2015 15:03:27 +0000 http://www.hangthebankers.com/?p=24490
A female protester has interrupted the European Central Bank’s press conference screaming: “End ECB dictatorship”.

The woman clambered on top of a podium where the ECB president, Mario Draghi, was delivering his opening speech after the bank’s latest policy meeting, and threw papers at officials.

Some activists accuse the bank of trying to enforce budget austerity measures on eurozone countries, such as Greece, that are under financial bailout programmes.

Draghi reappeared on stage a few minutes later and carried on with his speech.

For video click here.

protest end dictatorship ECB

ECB protest end dictatorship

End ECB dick-tatorship

Source: http://www.theguardian.com/world/2015/apr/15/ecb-protest-woman-interrupts-mario-draghi-speech

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Afghan opium cultivation ‘grew 40-fold’ under US occupation http://www.hangthebankers.com/afghan-opium-grew-under-us-occupation/ http://www.hangthebankers.com/afghan-opium-grew-under-us-occupation/#comments Wed, 15 Apr 2015 04:31:59 +0000 http://www.hangthebankers.com/?p=24460
Opium production in Afghanistan has “grown fortyfold” in the 13 years of US Operation Enduring Freedom, according to the head of the Russian Security Council. The intervention has “exacerbated existing problems,” rather than solved them.

“Unfortunately, the failed policy of Washington did not solve, but on the contrary exacerbated, the existing problems,” Nikolai Patrushev has said while addressing the heads of the Shanghai Cooperation Organization Security Council.

At the same time, the aims of introducing foreign military to Afghanistan, including the destruction of Al-Qaeda and Taliban, were not accomplished, he added.

According to Patrushev, Afghan extremists’ organizations benefit from lax law enforcement and use their positions in northern Afghanistan to enter neighboring countries in Central Asia.

He stressed that the situation in Afghanistan is one of the crucial factors in building stability in the Central Asian region.

Afghan opium

In the meantime, opium production has been on the rise in Afghanistan over recent years despite US counter-narcotics efforts.

It was previously reported that since the US toppled the Taliban in 2002, opium production in the country has tripled.

Afghanistan remains a homeland for the largest opium poppy production and distribution network in the world, supplying more than 90 percent of the global crop.

The United Nations says opium cultivation in Afghanistan increased by 7 percent in 2014, hitting a record high despite costly US led efforts to battle the production.

Earlier the head of the Russian Federal Drug Control Service, Viktor Ivanov, said the area of poppy plantation is growing. He has called for this problem to be addressed on the UN level as it represents a threat not only to Russia but to the European security.

“The transit of heroin from Afghanistan though the Islamic State-controlled territory is huge financial sponsorship. According to our estimates, the IS makes up to $1 billion on Afghan heroin trafficked through its territory,”Ivanov said.

The International Narcotic Control Board says Heroin trafficking from Afghanistan has increased the consumption of opiate drugs in East European countries to levels higher than the world average.

Operation Enduring Freedom lasted for over 13 years and officially ended in December 2014. Currently thousands of NATO troops are still in Afghanistan as part of a peacekeeping mission.

Source: http://rt.com/news/249665-afghanistan-opium-us-operation/

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Japanese bank using multilingual robot to serve customers http://www.hangthebankers.com/japanese-bank-robot/ http://www.hangthebankers.com/japanese-bank-robot/#comments Wed, 15 Apr 2015 02:48:17 +0000 http://www.hangthebankers.com/?p=24462
One of Japan‘s megabanks, Bank of Tokyo-Mitsubishi, showcased a robot bank teller on 13 April at its down-town Tokyo branch in the hope that the multilingual robot will help foreign customers during the Tokyo Olympics in 2020.

NAO, the programmable 58cm mini-robot, is equipped with multiple sensors, and responds to customer requests with pre-recorded responses. It currently speaks Japanese, Chinese, and English.

“Currently in a lot of branches there are cases where quite a few customers don’t speak Japanese or English and so we can have Nao do an initial check (on their needs) so that it can lead to a trouble-free setting up of an account or other carrying out of other administrative issues,” Tadashi Betto, Bank of Tokyo-Mitsubishi UFJ Chief Manager of eBusiness and IT Initiatives Division, told reporters.

Surrounded by media, NAO performed Tai-chi before a few customers stepped forward and had conversations with the humanoid robot.

“He’s quite cute,” said one unidentified customer, “So having him around is actually quite good for the soul especially as banks normally tend to be quite quiet.”

NAO is produced by French robot maker Aldebaran Robotics. The robotics company also makes telecom giant SoftBank’s Pepper.

Japanese bank robot NAO

Source: http://www.ibtimes.co.uk/nao-robot-bank-teller-japanese-bank-tokyo-mitsubishi-unveils-pint-sized-customer-liason-1496152

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Austrian government no longer guarantees bank deposits http://www.hangthebankers.com/austrian-government-bank-deposits/ http://www.hangthebankers.com/austrian-government-bank-deposits/#comments Tue, 14 Apr 2015 12:08:29 +0000 http://www.hangthebankers.com/?p=24454
Bank deposits in Austria will no longer enjoy state protection and a state guarantee in the event of bank runs and a bank collapse when legislation is enacted in July.

The plan to ensure that the state is no longer responsible for insuring deposits has been readied by the Austrian government in conjunction with the EU two years ago according to Die Presse.

Currently, Austrians have their bank deposits guaranteed to a value of €100,000 – the first half to be provided by the failing bank and the other by the state. From July, however, the state will be removed from the process and a special bank deposit insurance fund is to be set up and paid into by banks to meet potential shortfalls.

Austrian government

The fund will be filled gradually over the next ten years to a value of €1.5 billion. In the the event of a failure of a major bank in the intervening period the legislation will allow the fund to borrow internationally although who will provide such funding and on what terms is not clear, according to Austria’s Die Presse.

However, even when the scheme is fully funded it is clear that €1.5 billion will be woefully inadequate to deal with a bank failure.

€1.5 billion amounts to a mere 0.8% of total deposits in Austria. It is highly unlikely that deposits of any major bank would be adequately covered and in the event of multiple concurrent bank failures it is likely that most savers would be wiped out.

Die Presse gives the example of Bank Corp in Bulgaria. When that bank failed it had €1.8 billion in deposits but there was only €1 billion in the deposit insurance fund.

On a positive note “inheritances, real estate transactions, a dowry or a divorce [will be] be protected for three months, even up to an amount of 500,000 euros,” according to Die Presse (via google translate).

It is telling that, as Die Presse reports, the framework for the legislation was agreed in Europe two years ago and the legislative change has to take place by this summer. It was on June 27th, 2013 that Irish Finance Minister Michael Noonan made his infamous declaration that “bail-in is now the rule.”

Savings safe from bail-ins

The Die Presse story suggests that the Austrians may have gotten a derogation or an exemption from the new bail-in legislation which was enacted in 2013.  “Bail-in is now the rule” as Irish finance Minister Michael Noonan warned in June 2013. Noonan admitted then that the move to not maintain deposits as sacrosanct was a “revolutionary move.” That it was and yet investors and depositors remain very unaware of the risks of bail-ins both to their own deposits but also to the wider financial system and economy.

At that time average depositors with deposits of less than €100,000 were given no indication that their savings may be at risk even as EU institutions were working on removing state liability for such deposits.

Romania’s Bursa newspaper points out that this is not some monetary experiment being foisted upon some peripheral Eurozone country. Austria is regarded as being part of the EU’s “hard core”.

What unfolds in Austria will likely follow across the EU. It may be that Austria was prompted to enact this legislation first among its European partners precisely because it anticipates major banks failures in the wake of the failure of its “bad bank”, Heta.

Also many Austrian banks have large exposures to Eastern European countries and property markets. Austrian banks are the most exposed to potential losses from tougher sanctions on Russia according to Fitch and the IMF.  Swedish, French and Italian lenders are also vulnerable, the International Monetary Fund also warned.

Deposits in the insolvent banking system are no longer safe. So where is one to place one’s savings?

Protect savings key considerations

As Germany’s Deutsche Wirtschafts Nachrichten opines “depositors will have to thoroughly research the situation of the bank they place their savings in”. It adds, “this task is extremely difficult, because of the muddy financial statements and of the complexity of the interdependencies in the banking system”.

While Austria may be the first in enacting this legislation there is no guarantee that savers, particularly in the peripheral nations, will receive any indication that their deposits may be at risk.

Emergency legislation can be drawn up over-night – as was the case when Ireland was “bailed-out” or rather Ireland’s banks were bailed out and Ireland’s tax payers were bailed in. The developing bail-in regimes, means that soon individual and corporate depositors could see their savings and capital ‘bailed in’.

These are important developments. Average savers can no longer rely on the state to protect their deposits. They provide a good reason for depositors to allocate some of their funds to physical gold stored outside of the banking system, in the safest jurisdictions in the world.

Source: http://www.goldcore.com/us/gold-blog/bank-deposits-no-longer-guaranteed-by-austrian-government/

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Ex-Blackwater guards jailed for killing 14 civilians in Iraq http://www.hangthebankers.com/ex-blackwater-guards-jailed-killing-14-civilians-iraq/ http://www.hangthebankers.com/ex-blackwater-guards-jailed-killing-14-civilians-iraq/#comments Tue, 14 Apr 2015 02:25:47 +0000 http://www.hangthebankers.com/?p=24440
A former Blackwater security guard was sentenced to life in prison and three others got 30-year terms on Monday in the massacre of 14 unarmed Iraqi civilians at a Baghdad traffic circle in 2007, closing a case that had outraged Iraqis and inflamed anti-U.S. sentiment around the world.

The Sept. 16 incident stood out for its brazenness and formed a tense backdrop to talks between the United States and Iraq over the continued presence of U.S. forces in Iraq. It also sparked debate over private security contractors working for the U.S. government in war zones.

The four guards opened fire with machine guns and grenade launchers on the Iraqis, including women and children, at Nisur Square. A heavily armed, four-truck Blackwater Worldwide convoy the men were in had been trying to clear a path for U.S. diplomats.

Nicholas Slatten, 31, of Tennessee was convicted in October of killing the driver of a car the defendants had argued at trial they believed contained a bomb.

Paul Slough, 35, of Texas; Evan Liberty, 32, of New Hampshire; and Dustin Heard, 33, of Tennessee, who were convicted of manslaughter, were each sentenced to 30 years in prison, the mandatory minimum they faced.

Blackwater guards jailed Iraq

Former Blackwater guards, from left, Dustin Heard, Evan Liberty, Nicholas Slatten and Paul Slough.

Momentarily choking up before he passed sentence in front of a packed court room, U.S. District Court Judge Royce Lamberth said it was an extraordinary case.

“It’s clear these fine young men just panicked,” he said. “But the overall wild thing that went on just cannot be condoned by this court.”

In addition to the killings, 17 Iraqis were injured.

North Carolina-based Blackwater was sold and renamed several times after the incident. It is now called Academi, based in northern Virginia.

U.S. federal prosecutors had called the guards’ action “horrendous” and urged longer sentences for Slough, Liberty and Heard.
In court today, Fatimah Al Fahdwi, whose 9-year-old son was killed, held up a picture of him before the judge.

“Why did you guys do this to me?” she said to the men, breaking down in tears. “Why did you guys kill my son?”
In their statements, all four former guards maintained their innocence.

“I could not and I did not kill your son,” Slough said to the family. “I feel utterly betrayed by the same government I served honorably.”

Lawyers for all four men said they would appeal.

An Iraqi woman looks at a blood-splattered car where two women were allegedly shot dead by private guards in Baghdad

An Iraqi woman looks at a blood-splattered car where two women were shot dead by Blackwater mercenaries in Baghdad.

Source: http://news.yahoo.com/former-blackwater-guard-sentenced-life-prison-baghdad-shooting-201420167.html

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Iceland to remove power from banks to steal money http://www.hangthebankers.com/iceland-remove-power-banks-steal-money/ http://www.hangthebankers.com/iceland-remove-power-banks-steal-money/#comments Tue, 14 Apr 2015 00:49:03 +0000 http://www.hangthebankers.com/?p=24432
Iceland‘s government is considering a revolutionary monetary proposal – removing the power of commercial banks to create money and handing it to the central bank.

The proposal, which would be a turnaround in the history of modern finance, was part of a report written by a lawmaker from the ruling centrist Progress Party, Frosti Sigurjonsson, entitled “A better monetary system for Iceland”.

“The findings will be an important contribution to the upcoming discussion, here and elsewhere, on money creation and monetary policy,” Prime Minister Sigmundur David Gunnlaugsson said.

Frosti Sigurjonsson Iceland banks

Icelandic lawmaker Frosti Sigurjonsson

The report, commissioned by the premier, is aimed at putting an end to a monetary system in place through a slew of financial crises, including the latest one in 2008.

According to a study by four central bankers, the country has had “over 20 instances of financial crises of different types” since 1875, with “six serious multiple financial crisis episodes occurring every 15 years on average”.

Mr Sigurjonsson said the problem each time arose from ballooning credit during a strong economic cycle.

Frosti Sigurjonsson’s report, entitled ‘A Better Monetary System For Iceland’

He argued the central bank was unable to contain the credit boom, allowing inflation to rise and sparking exaggerated risk-taking and speculation, the threat of bank collapse and costly state interventions.

In Iceland, as in other modern market economies, the central bank controls the creation of banknotes and coins but not the creation of all money, which occurs as soon as a commercial bank offers a line of credit.

The central bank can only try to influence the money supply with its monetary policy tools.

Under the so-called Sovereign Money proposal, the country’s central bank would become the only creator of money.

“Crucially, the power to create money is kept separate from the power to decide how that new money is used,” Mr Sigurjonsson wrote in the proposal.

“As with the state budget, the parliament will debate the government’s proposal for allocation of new money,” he wrote.

Iceland Landsbankinn bank

Iceland’s three largest banks collapsed

Banks would continue to manage accounts and payments, and would serve as intermediaries between savers and lenders.

Mr Sigurjonsson, a businessman and economist, was one of the masterminds behind Iceland’s household debt relief programme launched in May 2014 and aimed at helping the many Icelanders whose finances were strangled by inflation-indexed mortgages signed before the 2008 financial crisis.

The small Nordic country was hit hard as the crash of US investment bank Lehman Brothers caused the collapse of its three largest banks.

Iceland then became the first western European nation in 25 years to appeal to the International Monetary Fund to save its battered economy.

Its GDP fell by 5.1pc in 2009 and 3.1pc in 2010 before it started rising again.

Source: http://www.telegraph.co.uk/finance/economics/11507810/Iceland-looks-at-ending-boom-and-bust-with-radical-money-plan.html

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Activists stage first ever hologram protest against gag laws http://www.hangthebankers.com/activists-stage-hologram-protest-gag-laws/ http://www.hangthebankers.com/activists-stage-hologram-protest-gag-laws/#comments Mon, 13 Apr 2015 09:45:01 +0000 http://www.hangthebankers.com/?p=24427
People across the world took part in a unique protest against the Spanish law that limits the rights of the public to rally.

No one attended the virtual march, but holograms of protesters were projected outside parliament in Madrid instead.

Activists have recently launched a petition against the Citizen Safety Law, which has been called the “gag law” by opposition groups and the media, saying it “restricts citizens’ liberties, and criminalizes their right to protest.”

“To respond to this injustice” activists behind the “Hologramas para la Libertad” movement said they “saw the need to carry out a different kind of protest that would allow our demands to become unstoppable: the first hologram protest in history.”

The draconian law, which was passed in the lower house of parliament in December, gives sweeping powers to the authorities. It makes it illegal to protest outside government buildings, insult police officers or refuse to show identification documents.

Hologram protest

On top of that, there’s also a €600 fine for showing a lack of respect to anyone in uniform, while the photographing or filming of police officers, where they could be put in danger, will incur a €30,000 fine.

From now on the government can basically prohibit any protest if it fears order would be disrupted. People have to seek permission from the authorities to protest publicly. Any unauthorized protests outside buildings that provide basic services to the community will incur a fine of up to €600,000 ($746,000).

This covers a huge number of buildings, from universities to hospitals. The measure has been slammed by the international community in recent months since it breaks international and EU laws.

“If you are a person you can not express yourself freely, you can only do that here if you become a hologram,” a woman in the video released by the “Hologramas para la Libertad” said.

In February protesters got together in Madrid, as those demonstrating against a government decision to stiffen penalties for unauthorized demos blew whistles and banged drums before marching towards a square in the center of the capital. The organizers of the protests called for demonstrators to take to the streets in 20 other cities around Spain, AFP reported.

In December, marches took place in 30 cities around the country, with opponents of the law saying the draconian measure will take Spain back to the days of General Franco’s dictatorship.

Source: http://rt.com/news/248841-hologram-protest-spain-law/

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