Q: Is your money safe with your bank?
A: No, your bank is safe with your money.
“Banks may take your money to cope with crisis” (The Cyprus Model is adapted globally)
Below is the translation
The question is not if, but when the banking crisis occurs. And then the major banks have the right to take your life savings in order to save themselves and the financial system. The decision was clubbed through recently on the G20 and because of Sweden’s EU membership, Sweden must follow the directives.
The Swedish model had been clear.:When the Swedish banks have financial problems, the banks borrow Swedish state money. The system is called “bail out”. But this changed at the G20 summit in November last year. There was resolved on a new international standard for the world’s major banks. During a crisis, the bank is allowed to take their clients ‘capital, ie individuals’ savings accounts and pension funds, in order to save themselves — so-called “bail-in”.
The risk for savers is obvious, as you can read in the analysis alongside. The new system applies primarily to large banks with implications for the global economy, the so-called Global Systemi- Important Bank…………
And from Huff & Puff:
and “Timeline For “Bail-In” Of G20 Banking System”
This implies that the Dodd Frank and its revisions likely are the implementors.
(In order to implement evil–hide it in the boring.
“How did it happen?
How did we come to a place where an unknown, unelected body of bankers and bureaucrats — chaired since its inception by former Goldman Sachs men — has duped the G20 heads of government into endorsing a scheme to “bail-in” the insolvent private sector banking system by stealing the savings of taxpayers?”………..
If you want to keep your money safe: bank with us, at
Banc de l’asteroide B612
ALL RESPECT DESERVED
I cannot say anything about other countries policy but the Canadian government has stated.
Full article at http://www.theglobeandmail.com/report-on-business/ottawas-bail-in-plan-protects-deposits/article10823685/%3bjsessionid=ztLGTs6hRZZ1G0NFq93J7zJvMyySQXll5ptsYc8K8ncsyxyCTpSF!2015272784/?ts=140814140644&ord=1
@JustACanadian: You quote:
“Without elaborating on the plan, the Finance Department said consumer deposits of any amount are shielded from the bail-in scenario.”
I cannot avoid asking whether or not you believe them ?
The question is not what do I believe. The question its what does the legislation say.
I am not willing to assume that a sensationalist news/blog article is going to present a well researched, accurate picture of the legislation when there are more market for the extreme version. Especially if the extreme version is a better match to the ideology of the writer.
“…the ideology of the writer.”
Your point about what the legislation says is fair.
But making it by quoting the twice contorted ideological points of view of 1) the Globe and 2) the Finance PR person is a bit rich.
It’s amazing how the Brockers, astute and knowledgeable in matters of US taxation and US citizenship, fall for Ellen Brown, this self-described “activist”. See http://ellenbrown.com/author/
Canadian Govt members … have stated all sorts of things regarding the harmlessness of FATCA, how Canadians will not be affected and the security of people’s banking data … which turns out to be quite suspect does it not ? To my mind, these officials have surrendered their honour in my humble opinion. Peace.
The consultation paper (which is not legislation) can be found at http://www.fin.gc.ca/activty/consult/tpbrr-rpcrb-eng.pdf
So there is certainly some support for the PR spokesman position.
The problem is that everybody hears the phrase bail-in and them assumes it means that it will be exactly what happened in Cyprus. I dont think its necessarly a valid assumption. Ultimately it will depend on the exact terms of the legislation which has not been written yet.
I am not going to start panicking yet.
Here is an article that explains why the bail-in situation in Canada is a concern, and thankfully, is written at a level most people can understand. (It was posted this past August while comments could be sent in to the Department of Finance as per a public consultation on how to manage risk at Canada’s major banks: http://www.fin.gc.ca/n14/14-099-eng.asp)
Well, let’s look at exactly WHY any bail-in provisions would be deemed important to inject in the 2013 budget.
In the case of Cyprus, all deposits above $100,000 Euros($130,000 CDN at the time) were fair game and WERE taken (confiscated, stolen)
In the meantime all banks were closed, ATMs were giving out only $100 Euros. You could NOT get your money out of the bank at all. NO matter what. It went on for over two weeks and the people were in the streets. It made no difference.
THAT is how their ‘bail-in’ worked.
IF you look at John Corzine and MF Global. EVERYBODY lost everything. 600,000 customers who lost every dime. Corzine was asked where the money went. He shrugged his shoulders and stated he did not know.
End of story. NO charges. NO indictment. Nothing. He walked scot free and 600,000 depositors lost every dime they had !
When governments write in bail in provisions for the banks in their budgets and then write legislation that states that depositors are now creditors, the game is afoot and we had better pay attention.