In 2008, the American people learned a new catch phrase during the credit crisis and bursting of the Housing Bubble. That term was known as 'too big to fail', and allowed the government and the Fed to use taxpayer money to bailout financial institutions that were not only created by Congressional legislation and supported oversight, but should have been allowed to fail as was the standard in the past for bankrupt companies.
Once again in 2011, the issue has proven not to have been addressed, and the Financial Stability Board (FSB) has issued a list of 29 banks that are given the gold seal of 'too big to fail'.
The initial list of G-SIFIS:
Belgium: DexiaWhat you may find interesting, is that many of these banks are owners of the US Federal Reserve, so this is the KEY fundamental which allows the designation of 'too big to fail'.
China: Bank of China
France: Banque Populaire, BNP Paribas, Crédit Agricole, Société Générale
Germany: Commerzbank, Deutsche Bank
Japan: Mitsubishi, Mizuho, Sumitomo Mitsui
Switzerland: Credit Suisse, UBS
UK: Barclays, HSBC, Lloyds, Royal Bank of Scotland
US: Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan, Morgan Stanley, State Street, Wells Fargo
The powers that be will NEVER allow their own to suffer, not when they can get their minions in government to protect them at all cost at the detriment of the people.