The politicians of the western world are coming after your bank accounts. In fact, 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 exactly what in the world is going on here? In addition, as you will see below, it is being reported that the European Parliament will soon be voting on a law which would require that large banks be "bailed in" when they fail. In other words, that new law would make Cyprus-style bank account confiscation the law of the land for the entire EU. I can't even begin to describe how serious all of this is. From now on, when major banks fail they are going to bail them out by grabbing the money that is in your bank accounts. This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the western world.
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- SEE3772
- 03-29-2013, 02:39 PM
- Jackie S
- 03-29-2013, 03:31 PM
We have a President who constantly sends out a message that says: "Some people in this country make too much, we need to take some of their earnings in taxes and give it to those who don't make as much"
So, how far of a step is it to: "Some people in this country save way too much and have too much money in the bank, we need to implement a tax on their savings and give it to those who don't save".
Who's going to stop him? Certainly not the voters, because remember, we have reached a point in this Country where the "those who don't" out number those that do.
So, how far of a step is it to: "Some people in this country save way too much and have too much money in the bank, we need to implement a tax on their savings and give it to those who don't save".
Who's going to stop him? Certainly not the voters, because remember, we have reached a point in this Country where the "those who don't" out number those that do.