.... which allows banks to turn "certain liabilities" very quickly into regulatory capital.
It's not just Cyprus, and no - it's not just Canada either. I'm preparing a list of specific banks that I have 1st hand knowledge that would prevent me from keeping my money in them. Get "Cyprus'd"!!!
http://www.zerohedge.com/contributed...nk-deposits-ba
A sense of humor is absolutely essential to survival.
Oooops...link didn't work, can you try again please 😕
Sorry about that. 😳
Hope this one works.
http://www.zerohedge.com/contributed/2013-03-30/canadian-government-offers-bail-regime-prepares-confiscation-bank-deposits-ba
A sense of humor is absolutely essential to survival.
it works, I have book marked it to read later
For those who thought they would never take such steps here in this country it must have been quite a shock. Rather than the Government stepping in and bailing out a failed bank it is placed on those who borrow from or have assets in the failed bank. That our Government would go ahead and enact such a plan says something of its opinion of the banking system. The problem is that the depositors and customers of the banks have absolutely no way of controlling the operations, fiscal directional and the amount of risk that the bank takes. If they did it is not likely that the banks would get into such deep trouble in the first place. I am not one for over regulation but if there was ever a sector of the economy that was under regulated and controlled by a small number of elitists it is the banking sector.
For those who thought they would never take such steps here in this country it must have been quite a shock. Rather than the Government stepping in and bailing out a failed bank it is placed on those who borrow from or have assets in the failed bank. That our Government would go ahead and enact such a plan says something of its opinion of the banking system. The problem is that the depositors and customers of the banks have absolutely no way of controlling the operations, fiscal directional and the amount of risk that the bank takes. If they did it is not likely that the banks would get into such deep trouble in the first place. I am not one for over regulation but if there was ever a sector of the economy that was under regulated and controlled by a small number of elitists it is the banking sector.
If you read the Canadian 2013 budget pages 143-145 you will see the actual words for yourself. Plus where the source of these "bail-in" changes come from: the G-20 meetings. This means that every country who attends G-20 meetings potentially have written the same terms in their 2013 budgets. But hey, they don't even need to vote on little things like stealing the people's money... it's just a new "fee" or "tax" or "levy" or whatever word floats the IMF's boat.
“The ultimate test of a moral society is the kind of world that it leaves to its children.”
― Dietrich Bonhoeffer
"I think that I am very reasonable therefore ......." ICRCC