Canadian Deposits As Safe As Cypriot Deposits

Canadian Deposits As Safe As Cypriot Deposits







Jeff Berwick
Activist Post

Rest easy, Canadians, for your bank accounts are going to be made as
safe as those bank accounts in Cyprus. Just take a look at the Canadian
government's budget plan for 2013, particularly pages 144 and 145 of Economic Action Plan 2013. There the Canadian government promises to use Canadian deposits to save "systematically important" banks (emphasis ours).
<blockquote class="tr_bq">The Government proposes to implement a "bail-in" regime for systemically important banks.This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the
bank can be recapitalized and returned to viability through the very
rapid conversion of certain bank liabilities into regulatory capital.
This will reduce risks for taxpayers. The Government will consult
stakeholders on how best to implement a bail-in regime in Canada.
Implementation timelines will allow for a smooth transition for affected
institutions, investors and other market participants.</blockquote>Those
bank liabilities that will be allowed to be converted into regulatory
capital? Those include customer accounts. Apparently bailing "out" banks
with tax money is too 2012. Now bail "ins" with customer money are all
the rage.

When a bank deemed "systematically important"
finds itself in trouble, taxpayers won't be on the hook to provide the
funds to rescue the bank from its bad decisions. Instead the bank will
get to look inward, toward its own customers and the funds in their
accounts. The Cypriot model is catching on.

The report says "in the unlikely event" that one of the banks becomes
"non-viable." How do you think not having to worry about losses will
affect the bankers' attitude toward risk, however? We'd say that this
government-guaranteed ability to raid deposits will make the banks act
more recklessly and also guarantee that the deposits will raided. The
big banks in Canada will get to take on enormous risks in pursuit of
greater profits for themselves without having to worry about their
losses. After all, any losses will now be covered by the bank customers
money that they put in their with the crazy notion that it would be safe
from theft.


Before you chuckle at the silly Canucks who thought they'd be safe, ask
yourself if your bank account is really safe too. Because this legal
right for the banks to steal deposits is becoming the new normal all
across the Western World. It's well on its way to becoming the law in
Europe as early as 2015. The European Commission has already written a
draft of the law which will protect deposits under 100,000 euros, but
which will treat deposits over that amount as capital that can be
"bailed in", i.e. stolen to make up losses.

Personally, I cannot understand how anyone in Canada, the US or anywhere
in the Western World could think even for a second that their money is
safe in a bank, especially these days as The End Of The Monetary System
As We Know It (TEOTMSAWKI) is forcing the governments and banks to show
their true colors and just outright take people's money. They aren't
even bothering to hide their larceny with inflation or borrowing
anymore. The banks are the first line in the government-corporate
offensive against individuals. Keeping your money in the bank at this
point is like giving the keys to your house to a family of kleptomaniacs
with pyromaniac tendencies. Don't be surprised if all your stuff ends
up getting swiped and your house is burned to ground.

Also,
due to recent legislative reform, Canadian securities held by those
with domicile in Canada can no longer be traded in accounts held in
other parts of the world. Non-Canadian banks have been sending letters
to their Canadian customers to inform them that they must sell or
transfer any Canadian securities held in their accounts by an April 5
deadline. Canadians can't even transact with an offshore broker who
isn't registered in their specific PROVINCE. Even US slaves are a bit
freer in this regard as they only have to file with the SEC. Of course,
the best of all worlds is to unslave yourself entirely by getting a passport in a freer country
so you can let go of your US or Canadian slave card. The barriers for
doing business outside their nation-state's borders will only increase
for Americans and Canadians.

We believe that there will be a lot more slaves from the Western World
fleeing out of their currencies into Bitcoin. Europeans, particularly
the Spanish, are leading the way, but Americans and Canadians will be
forced to start running too.

You can also be part of the vanguard who is using technology to avoid
the government-banking-fiat currency system altogether by switching from
fiat currency accounts to the decentralized digital currency realm with
Bitcoin. If you must have a bank account, don't keep it in one of the
kleptomaniac banks of the Western World. Instead get the account in a
safer, less indebted country.

Source:-
http://www.activistpost.com/2013/04/canadian-deposits-as-safe-as-cypriot.html