Bankers taking Depositers money Spreading

[pluMmet]

http://www.silverdoctors.com/canada-includes-bail-in-provision-for-systemically-important-banks-in-2013-budget/

 

Just as DieselBOOM accidentally admitted Monday, it appears that the Cypriot bail-in is anything but a one-off event, and is in fact the new collapse template for the entire Western banking system, and not just the ECB/ Eurozone!

SD has been alerted to an alarming provision that has been buried deep inside the official 2013 Canadian Budget that will result in depositor haircut bail-ins jumping to this side of the pond during the next bank crisis!

Titled ECONOMIC ACTION PLAN 2013 and tabled in the House of Commons by Minster of Finance James Flaherty on March 21st, the official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures!

From Page 144:

“The Government also recognizes the need to manage the risks associated with systemically important banks—those banks whose distress or failure
could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of
options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable.”

From Page 145:

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…

This will reduce risks for taxpayers???  Only those with 100% of their assets in physical gold and silver perhaps!

The bail-in provision in Canada’s 2013 budget can be found on pages 144,145:
www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf

[10 YEARS LATER]

Now that we're a Socialist State run by a mob a rabid, anarchist Marxist hell bent on driving the USA into the ground like a tentstake; all I can say is, you bet sweet arse it will happen here.

[Goldiegirl]

Well I guess it's a good thing that the small amount of money I have is under my mattress...

 

Canada has one of the strongest banking systems in the world.  Not likely it will come to that.

Edited March 27, 2013 by Goldiegirl

[Tripphood]

So if we as consumers mismanage our money and get overextended it would be like us just going out and robbing a neighbor or several neighbors to bail us ourselves out, like its okay. Can you imagine what that would be like..... Who do these banks think they are? Yet, we will just stand by and watch it happen. Where is the outrage? What happened to consumer protection? Wasn't that the reason for FDIC after the Depression?

[MyLadiesDaddy]

Well I guess it's a good thing that the small amount of money I have is under my mattress...

 

Canada has one of the strongest banking systems in the world.  Not likely it will come to that.

 

Well, dear, if your parliament thought so then why did they put this kind of 

 

thing on the books? I find it more than strange that governments are even 

 

​ beginning to think like this.   Life as we know it is about to change folks, If 

 

you're lucky enough to have any money at all I would suggest that you buy 

 

silver and keep that under your bed. Think about this when I was 19 yrs old 

 

in the Marines I could have bought an ounce of silver for @ $4.50. That was 

 

29yrs ago. Now if I had bought just one ounce of silver every week since then, (something

 

that would have been easy to do), my investment would not only be enough for me to 

 

retire on  now but would have changed my entire life. Today silver trades for 

 

around $30 an ounce, which is still affordable. It is projected by some that it can 

 

top $100 an ounce in the next 20yrs.  You can bet that I wont be making the same 

 

mistake twice.