Excerpted from a long post on www.zerohedge.com.
Incredibly, even Canada is moving toward adopting these “bank bail-ins”. In a previous article, I explained that “bail-ins” were even part of the new Canadian government budget…
Cyprus-style “bail-ins” are actually proposed in the new Canadian government budget. When I first heard about this I was quite skeptical, so I went and looked it up for myself. And guess what? It is right there in black and white on pages 144 and 145 of “Economic Action Plan 2013” which the Harper government has already submitted to the House of Commons. This new budget actually proposes “to implement a ‘bail-in’ regime for systemically important banks” in Canada. “Economic Action Plan 2013” was submitted on March 21st, which means that this “bail-in regime” was likely being planned long before the crisis in Cyprus ever erupted.
So what does all of this mean for us?
It means that the governments of the world are eyeing our money as part of the solution to any future failures of major banks.
As a result, there is no longer any truly “safe” place to put your money.
One of the best ways to protect yourself is to spread your money around. In other words, don’t put all of your eggs in one basket.
If you have your money a bunch of different places, it is going to be much harder for the government to grab it all.
But if you don’t listen to the warnings and you continue to keep all of your wealth in one giant pile somewhere, don’t be surprised when you get wiped out in a single moment someday.
To read Tyler Durden’s entire post, click the link below:
A Swiss friend sent me the following story. It came from ActivistPost.com. The original story broke on the mainstream press through Reuters. When you read the article, think. You don’t think it could happen here? Man, I hope you’re right!
Our government is handing tens of BILLIONS of dollars a day away– for free– to banks guilty of mismanagement and incompetence, at the least, and fraud, at most. When the government pays for anything, that is YOUR money. The government’s money comes from your taxes or indebtedness. Our own United States Attorney General says criminal bankers are bullet-proof to prosecution. (I’ll embed a video on that statement at the end.) Given free rein, you don’t think bankers would suggest government do the same thing here as the government and it’s bankers just did in Cyprus? Notice “why” the finance ministers (translate former bankers) took the citizen’s money: to pay for free-spending government and PRIVATE BANK debt. What do you think our current QE programs are? The exact same thing. THINK!
Bottom line: Banks make bad decisions and face bankruptcy: YOU pay the bill.
THE CYPRUS STORY COULD HAPPEN HERE. Be a Boy Scout and Be Prepared.
Sunday, March 17, 2013
EU Raids Private Savings Accounts to Pay for Cyprus Bailout
ATMs are being drained in Cyprus after European Union chiefs decided late Friday night to raid private savings accounts to help pay for the country’s $13 billion bailout.Of course it’s a holiday weekend and banks are closed on Monday, preventing a panicked bank run. It is now being reported that the Cypriot cabinet has extended the bank holiday into Tuesday and possibly Wednesday in an effort to calm the growing unrest. Electronic transfers have also been halted in order to prevent capital flight. EU banksters really know how to pull off a heist.
The euro zone agreed on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risk of a wider run on savings. …. In a radical departure from previous aid packages – and one that gave rise to incredulity and anger across the country – euro zone finance ministers forced Cyprus’ savers to pay up to 10 percent of their deposits to raise almost 6 billion euros.
Cyprus president Nicos Anastasiades agreed to the deal, which completely reversed his previous assurances that it would not happen. (FAY’S NOTE: REMEMBER OBAMA DURING THE FIRST TERM CAMPAIGN: “I’m not going to take you guns.” FAST FORWARD TO TODAY: He’s promised Executive Order to take citizens’ guns if the legislature fails to do it. LESSON: Politicians lie.) It sets a very dangerous precedent for future bailouts. As if brutal austerity wasn’t enough, the EU is now demanding a bailout tax making citizens and expat depositors (FAY’S NOTE: Expats often are old people who have retired somewhere outside of their own country because it is cheaper to live. They have a fixed amount of money to live on. The government doesn’t care! And these aren’t even citizens of Cyprus! Their money is being seized anyway! NICE.) alike personally liable for government and private bank debts. Reuters also notes that according to a draft of the legislation, criminal penalties of up to 3 years in jail and 50,000 euros could be imposed upon anyone who doesn’t comply. (FAY’S NOTE: Now YOU are the criminal if you don’t pay for irresponsible acts by the government and the bank. HOW ABOUT THE LEGISLATION PROSECUTING AS CRIMINALS THOSE WHO CREATED THIS MESS!)
Eric Holder’s comments about his inability to go after criminal bankers courtesy of JSNIP4:
FAY’S NOTE: POLITICIANS LIE. REMEMBER THE RUN-UP TO MARCH 1 (SEQUESTRATION)? WE WERE MADE TO BELIEVE THE WORLD WOULD FALL APART IF THE GOVERNMENT HAD TO CUT SPENDING BY 3% ACROSS THE BOARD. LIARS. ATTORNEY GENERAL ERIC HOLDER USED THE SAME SCARE TACTICS WITH LAWMAKERS (TRANSLATE CONGRESS) TO EXCUSE BANKERS FROM PROSECUTION. IT’S A LIE! HE’S PROTECTING THE VERY ONES WHO ARE CREATING OUR ECONOMIC CRISIS.