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Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!

 
Chrit

User ID: 27088294
United States
03/29/2013 09:00 AM

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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
Please inform yourselves instead of panicking!!!

Deposits and savings in Canadian banks are insured: [link to www.cdic.ca]
 Quoting: Coquette 35733431


CDIC would not last very long on a full country bank run, they are a private corporation.

Also CDIC only covers the first 100k in very specific categories of accounts.

Foreign banks in Canada are not covered, Quebec’s main banking system is not covered, credit unions are not covered. Retirement saving are not covered. Any deposit with any risk is not covered.

But Canada’s government does have the right to close any bank it deems in trouble.

Last Edited by Chrit on 03/29/2013 09:43 AM
I'm only human, it's my biggest flaw.

We must all realize a sink a chair and a pillow are all luxuries of home and a soldiers helmet takes the place of all three.
celtic frost

User ID: 18883717
Canada
03/29/2013 09:01 AM

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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style bank account confiscation is actually 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 reportedthat 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 accountconfiscation 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.

What you are about to see absolutely amazed me when I first saw it. The Canadian government is actually proposing that what just happened in Cyprus should be used as a blueprint for future bank failures up in Canada.

The following comes from pages 144 and 145 of “Economic Action Plan 2013″ which you can find right here. Apparently the goal is to find a way to rescue “systemically important banks” without the use of taxpayer funds…


Read more at [link to investmentwatchblog.com]


gaspalone
 Quoting: waht

Gotta love how they call in a bail in, sounds less threatening, I don't think so.
Alexander

User ID: 15635858
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03/29/2013 09:10 AM

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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
10%... 40%... Now An 80% Confiscation Scheme?
[link to www.zerohedge.com]

The news coming out of Cyprus only gets worse. It was bad enough that the political class even promoted the idea of STEALING depositors’ savings. But now we’re finding out that they lied time and again about how much they’d take.

Initially the plan in Cyprus was the following:

Simply TAKING 6.75% of ALL savings accounts up to the official insurance limit of €100,000
A 9.9% levy (THEFT) on all deposits above the official insurance limit of €100,000.


The idea was put to a vote by the Cyprus Government, which rejected it. However, the facts remain that this idea WAS suggested. In fact, the original proposal from Germany and IMF was even more dramatic: Cyprus state broadcaster CyBC reported on Saturday that German Finance Minister actually entered the Eurogroup meeting on Friday proposing a 40 percent haircut on Cypriot bank accounts. Sarris stated on Saturday that this had also been the proposal of the International Monetary Fund. Sarris stated in Brussels that in view of the threat from the European Central Bank for banks in Cyprus to shut down and chaos to ensue, the increase in interest taxation and the haircut to bank accounts became necessary. “A disorderly default, that was a genuine possibility, has been averted,” he said.

[link to ekathimerini.com]

Please reread that first paragraph: Germany and the IMF wanted to take 40% of all depositors’ accounts. Imagine nearly half of your savings being simply TAKEN one day to bail out a bank. That’s what Germany and the IMF proposed.

And we now find out that it could be far worse than even that:

Cyprus's finance minister said Tuesday that large deposit holders at Cyprus Popular Bank PCL (CPB.CP), the island's second biggest lender, could face losses of as much as 80% on their deposits as the government moves to wind down its operations. Speaking in a television interview with state broadcaster RIC, Michalis Sarris indicated that it could also take years before those depositors see any of their money returned. "Realistically, very little will be returned," Mr. Sarris said.

[link to www.foxbusiness.com]

So… first it’s 10% on savings about €100,000… then we find out actually 40% was proposed… and NOW they reveal that realistically it could be as much as 80%.

As a quick aside, anyone who believes this could never happen in the US should consider that John Corzine stole over $1 billion worth of client funds during MF Global’s collapse in the US. Corzine is not in jail and in fact remains one of the most connected financial elites in the US. Indeed, NO ONE went to jail for MF Global’s theft.

There can be little doubt that European elites took note of the MF Global case and believed a similar idea could be foisted upon the European public during extreme times of Crisis. The only difference between MF Global and Cyprus is that in the former case the funds that were stolen were invested in commodity futures and other securities whereas in Cyprus they were savings.

Investors take note: a major development is at hand. As bankrupt nations and banks continue to spiral downward there will be more and more desperate attempts to plug the holes in their balance sheets by any means necessary. And it will be a LOT more than they claim,

The idea of confiscating savings is now on the table. And under an extreme enough crisis, this idea could indeed be implemented: the proposal will likely be “you, the people of this nation can choose…we can take 7% of your savings and your bank remains afloat or you lose everything.” Be prepared for this.
The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is.
Winston Churchill
Bluebird

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03/29/2013 09:13 AM

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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
Please inform yourselves instead of panicking!!!

Deposits and savings in Canadian banks are insured: [link to www.cdic.ca]
 Quoting: Coquette 35733431


CDIC would not last very long on a full country bank run, that are a private corporation.

Also CDIC only covers the first 100k in very specific categories of accounts.

Foreign banks in Canada are not covered, Quebec’s main banking system is not covered, credit unions are not covered. Retirement saving are not covered. Any deposit with any risk is not covered.

But Canada’s government does have the right to close any bank it deems in trouble.
 Quoting: Chrit


Chrit, I don't understand--this is from the article and says it is NOT a private corp.

Don't suppose it matters anyway. If the government does it, there is not much that can be done.

Quote:

CDIC — Who We Are and What We Do
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament in 1967 to protect your deposits made with member financial institutions in case of their failure. CDIC is NOT a bank. CDIC is NOT a private insurance company.
One of the most important aspects of conspiracy theories is being able to discern when there isn't one.

Oh yeah, like you'd understand anyway.

Where are we going and why am I in this handbasket?. . .J. Handy
Anonymous Coward
User ID: 28107574
Canada
03/29/2013 09:22 AM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
[link to en.wikipedia.org]

It says ATB (alberta treasury branch ) for legal reasons is not concidered a bank
Anonymous Coward
User ID: 7554855
Canada
03/29/2013 09:30 AM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
I find this whole movement of banks stealing depositors money from checking and savings both outrageous and depressing. It seems it's time to install a safe. It was bad enough with the interest they charge on credit cards (which we no longer use) and the bank bailout by the government. Where did all that money go? There is next to nothing on interest for savings so no real incentive to keep money in a bank these days.
 Quoting: Alexander


...and don't forget all those extraneous bank charges to manage your accounts, that you make dismal interest on. It's time in get a safe for your home & keep your monies there.

The other day I asked my 8yr old grandson if I gave him a bar of gold where would he hide it in his house to protect it from thieves. He said he would cut a hole in the underside of his couch and put the gold in there and sew back up the fabric. Smart kid eh?
Anonymous Coward
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Greece
03/29/2013 09:41 AM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
It Can Happen Here: The Bank Confiscation Scheme for US and UK Depositors

[link to www.washingtonsblog.com]
 Quoting: waht



It's already happened in the past in the US and will happen again.

The Savings And Loan Crisis

"The savings and loan crisis of the 1980s and 1990s was the failure of 747 out of the 3,234 savings and loan associations in the United States. "As of December 31, 1995, RTC estimated that the total cost for resolving the 747 failed institutions was $87.9 billion." The remainder of the bailout was paid for by charges on savings and loan accounts[63]—which contributed to the large budget deficits of the early 1990s."

[link to en.wikipedia.org]

Account holders wound up paying for it through their accounts and taxes.
Anonymous Coward
User ID: 33801296
Canada
03/29/2013 10:08 AM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
Please inform yourselves instead of panicking!!!

Deposits and savings in Canadian banks are insured: [link to www.cdic.ca]
 Quoting: Coquette 35733431


nobodies panicking......except the Canadian Gubmint who feels it's necessary to write up laws and contingency plans that involve taking depositors cash.

Next ya big dummy, it's only up to 100k. Anything after that would be the first to go.

3rd. Cyprus had insured savings and while they were finally 'saved' the original plan was to take money REGARDLESS. The end result is, that ALL cypriots money is FROZEN with an allowance of $300euro per day.

4th. FDIC in the US has less than 20 billion to cover TRILLIONS in deposit. I am sure CDIC is the same. If there was even 1 major bank run in either country it would wipe out all the insurance they have and then some.

5th. TRY to UNDERSTAND fractional reserve currency and then imagine insurance is a fraction of that fraction. If there is 1% of liquid cash money available relative to total deposits and then the the insurance has a fraction of that 'COVERED', how much is actually covered? Answer: not much.


Finally, if I know this, the people in charge know this and more. So what is the point of confiscating savings if it just ended up in a bank run, loss of confidence and ultimately fell back to the taxpayer?

The point is, they think they can do it, and you will eat it and you will like it.

Hows that for insurance?
Anonymous Coward
User ID: 37091624
Greece
03/29/2013 10:12 AM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
Please inform yourselves instead of panicking!!!

Deposits and savings in Canadian banks are insured: [link to www.cdic.ca]
 Quoting: Coquette 35733431


nobodies panicking......except the Canadian Gubmint who feels it's necessary to write up laws and contingency plans that involve taking depositors cash.

Next ya big dummy, it's only up to 100k. Anything after that would be the first to go.

3rd. Cyprus had insured savings and while they were finally 'saved' the original plan was to take money REGARDLESS. The end result is, that ALL cypriots money is FROZEN with an allowance of $300euro per day.

4th. FDIC in the US has less than 20 billion to cover TRILLIONS in deposit. I am sure CDIC is the same. If there was even 1 major bank run in either country it would wipe out all the insurance they have and then some.

5th. TRY to UNDERSTAND fractional reserve currency and then imagine insurance is a fraction of that fraction. If there is 1% of liquid cash money available relative to total deposits and then the the insurance has a fraction of that 'COVERED', how much is actually covered? Answer: not much.


Finally, if I know this, the people in charge know this and more. So what is the point of confiscating savings if it just ended up in a bank run, loss of confidence and ultimately fell back to the taxpayer?

The point is, they think they can do it, and you will eat it and you will like it.

Hows that for insurance?
 Quoting: Anonymous Coward 33801296


FDIC also gets up to 99 years to pay you if an insurance issue comes up. I'm sure it's something similar in other countries.
Cyprus has already said it will take at least 7 years if not more for insured accounts to be paid
99 years is a long time, really does no one any good.
Anonymous Coward
User ID: 37031724
Canada
03/29/2013 10:21 AM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
[link to www.theglobeandmail.com]
THE Professor !
User ID: 26614631
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03/29/2013 10:28 AM
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NEVER happen HERE !

Goldman Sucks and JP Moran would never do that, even though they OWN the government, and everyone ALREADY !

They are TOO busy manipulating the gold/silver/PMs markets, aren't they ?
Chrit

User ID: 27088294
United States
03/29/2013 10:40 AM

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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
Please inform yourselves instead of panicking!!!

Deposits and savings in Canadian banks are insured: [link to www.cdic.ca]
 Quoting: Coquette 35733431


CDIC would not last very long on a full country bank run, that are a private corporation.

Also CDIC only covers the first 100k in very specific categories of accounts.

Foreign banks in Canada are not covered, Quebec’s main banking system is not covered, credit unions are not covered. Retirement saving are not covered. Any deposit with any risk is not covered.

But Canada’s government does have the right to close any bank it deems in trouble.
 Quoting: Chrit


Chrit, I don't understand--this is from the article and says it is NOT a private corp.

Don't suppose it matters anyway. If the government does it, there is not much that can be done.

Quote:

CDIC — Who We Are and What We Do
The Canada Deposit Insurance Corporation (CDIC) is a federal Crown corporation created by Parliament in 1967 to protect your deposits made with member financial institutions in case of their failure. CDIC is NOT a bank. CDIC is NOT a private insurance company.
 Quoting: Bluebird


Just like the FDIC the CDIC is a Corporation legislated in to existence by the government, but their funds are not government provided, they run off profit and loss. They can still go broke because they are not a branch of government, they operate at arm’s length. So it is a standalone corporation that can lose everything and not a government funded entity.

So just as the U.S. FDIC was in bad trouble in 2009 and still is that same can happen to CDIC.

Here is a little article from 2009 about the FDIC and their options after they were going broke, I suspect the options will be close to the same for the CDIC.



Very telling read: [link to www.bloomberg.com]

Last Edited by Chrit on 03/29/2013 10:54 AM
I'm only human, it's my biggest flaw.

We must all realize a sink a chair and a pillow are all luxuries of home and a soldiers helmet takes the place of all three.
Anonymous Coward
User ID: 21963969
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03/29/2013 10:44 AM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
those of you that continue to downplay Cyprus please do so at your own peril.

Cyprus was the spark, the errant match

Mark my words
Anonymous Coward
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Greece
03/29/2013 10:52 AM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
those of you that continue to downplay Cyprus please do so at your own peril.

Cyprus was the spark, the errant match

Mark my words
 Quoting: Anonymous Coward 21963969


I agree.
Sleeping Giant16

User ID: 16218519
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03/29/2013 11:10 AM

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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style bank account confiscation is actually 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 reportedthat 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 accountconfiscation 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.

What you are about to see absolutely amazed me when I first saw it. The Canadian government is actually proposing that what just happened in Cyprus should be used as a blueprint for future bank failures up in Canada.

The following comes from pages 144 and 145 of “Economic Action Plan 2013″ which you can find right here. Apparently the goal is to find a way to rescue “systemically important banks” without the use of taxpayer funds…


Read more at [link to investmentwatchblog.com]


gaspalone
 Quoting: waht


Tell me again why anyone has their money in the bank? Even if there is a 5% chance that a Cyprus like situation could happen in the US, why do you have your money in the bank? Is it the sweet interest? That whopping less than a 1% your money is earning? Or is it earning anything at all. Some banks have fees. Fees for ATMs, fees for the amount of checks written etc etc etc. Now factor in the amount the FED has devalued the dollars you have in your account. Then factor in the sky rocketing cost of living. So your money in your accounts are not earning you anything, but actually your money is losing value.
For a simple realistic answer. Figure out how much money you need in your account to pay for the bills you pay online or direct checking payments. Take everything else out. Do you get direct deposit? Figure out the amount like I said above, and then take everything else out.
If your money is not earning interest, but losing value and there is a possibility that the government is going to rob you of your money. WHY THE HELL DO YOU HAVE YOUR MONEY IN THE BANK AGAIN? WAKE UP!!!!!!!!!
militia

Last Edited by Sleeping Giant16 on 03/29/2013 11:11 AM
X
Sleeping Giant16

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United States
03/29/2013 11:26 AM

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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
Oh if you need another reason to pull your money out of the bank.... [link to www.fromthetrenchesworldreport.com]
X
Anonymous Coward
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03/29/2013 12:11 PM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style bank account confiscation is actually 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 reportedthat 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 accountconfiscation 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.

What you are about to see absolutely amazed me when I first saw it. The Canadian government is actually proposing that what just happened in Cyprus should be used as a blueprint for future bank failures up in Canada.

The following comes from pages 144 and 145 of “Economic Action Plan 2013″ which you can find right here. Apparently the goal is to find a way to rescue “systemically important banks” without the use of taxpayer funds…


Read more at [link to investmentwatchblog.com]


gaspalone
 Quoting: waht


Tell me again why anyone has their money in the bank? Even if there is a 5% chance that a Cyprus like situation could happen in the US, why do you have your money in the bank? Is it the sweet interest? That whopping less than a 1% your money is earning? Or is it earning anything at all. Some banks have fees. Fees for ATMs, fees for the amount of checks written etc etc etc. Now factor in the amount the FED has devalued the dollars you have in your account. Then factor in the sky rocketing cost of living. So your money in your accounts are not earning you anything, but actually your money is losing value.
For a simple realistic answer. Figure out how much money you need in your account to pay for the bills you pay online or direct checking payments. Take everything else out. Do you get direct deposit? Figure out the amount like I said above, and then take everything else out.
If your money is not earning interest, but losing value and there is a possibility that the government is going to rob you of your money. WHY THE HELL DO YOU HAVE YOUR MONEY IN THE BANK AGAIN? WAKE UP!!!!!!!!!
militia
 Quoting: Sleeping Giant16


One problem is that normal people don't have inside information on what the Fed is going to do, and who is going to be protected.

While what you say is true, everything has risk to it. Currently (who knows for how long) it is still relatively safe to keep your money in the bank.

Money is supposed to be a store of value, or rather, a store of YOUR value that you created by working etc.

But as you said it's not.

Yes your money is 'losing' in an account, but there is a cost for the relative security.

You lose more if you take it out and stuff it in a mattress.

What are you going to do with it? Buy real estate? Is that a safe bet? Stocks? Bonds? Treasuries?

THAT is the reason why the gumints can do this. Rather than rant about it, what is a reasonable alternative?

And while I agree that gold and silver have intrinsic value, the RISK of owning is arguably higher than the bank account.

The only way this will end is when this system ends or is radically changed to give respect to an hours labour again.
Anonymous Coward
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03/29/2013 12:12 PM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
Please inform yourselves instead of panicking!!!

Deposits and savings in Canadian banks are insured: [link to www.cdic.ca]
 Quoting: Coquette 35733431


You are either stupid or a shill...

Insured up to $100,000 and only 1 account per person or corporation no matter if you have multiple accounts in multiple banks and only in Canadian Dollar Accounts and only if the fund does not go bankrupt (which it would instantly if this happened.)

If you are stupid then inform yourself!

If you are a shill then fuck off!
Anonymous Coward
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03/29/2013 12:34 PM
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they can have mine! i opeate out of overdraft. they will be inhereting -$900
Anonymous Coward
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03/29/2013 12:37 PM
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This is why they are going after americans guns.. Can you imagine what would happen in the usa if they took peoples savings... It would be one hell of a bloody war on bankers and politicians.. You also know why dhs bought ammo and tanks... Its to protect the heist of private wealth and land.. Get ready folks.. By summer this will be in full swing and it will be bloody..
Anonymous Coward
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03/29/2013 12:40 PM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
I will not panic, certainly not, I will just calmly walk into the CIBC and RBC and withdraw any money I have. Very calm and no panic! I will even smile!
Just by putting that into the new budget proves that it can and will happen, can't trust good old Stephen.
Stickywicket

User ID: 33865391
03/29/2013 12:43 PM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style bank account confiscation is actually 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 reportedthat 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 accountconfiscation 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.

What you are about to see absolutely amazed me when I first saw it. The Canadian government is actually proposing that what just happened in Cyprus should be used as a blueprint for future bank failures up in Canada.

The following comes from pages 144 and 145 of “Economic Action Plan 2013″ which you can find right here. Apparently the goal is to find a way to rescue “systemically important banks” without the use of taxpayer funds…


Read more at [link to investmentwatchblog.com]


gaspalone
 Quoting: waht


Tell me again why anyone has their money in the bank? Even if there is a 5% chance that a Cyprus like situation could happen in the US, why do you have your money in the bank? Is it the sweet interest? That whopping less than a 1% your money is earning? Or is it earning anything at all. Some banks have fees. Fees for ATMs, fees for the amount of checks written etc etc etc. Now factor in the amount the FED has devalued the dollars you have in your account. Then factor in the sky rocketing cost of living. So your money in your accounts are not earning you anything, but actually your money is losing value.
For a simple realistic answer. Figure out how much money you need in your account to pay for the bills you pay online or direct checking payments. Take everything else out. Do you get direct deposit? Figure out the amount like I said above, and then take everything else out.
If your money is not earning interest, but losing value and there is a possibility that the government is going to rob you of your money. WHY THE HELL DO YOU HAVE YOUR MONEY IN THE BANK AGAIN? WAKE UP!!!!!!!!!
militia
 Quoting: Sleeping Giant16


This sounds like great advice to me.
Stickywicket

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03/29/2013 12:44 PM
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I will not panic, certainly not, I will just calmly walk into the CIBC and RBC and withdraw any money I have. Very calm and no panic! I will even smile!
Just by putting that into the new budget proves that it can and will happen, can't trust good old Stephen.
 Quoting: Anonymous Coward 15854501


Will you be taking it to a credit union?
Anonymous Coward
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03/29/2013 01:53 PM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
Here is a very real question for you all. Let's say you sell your home for %
$500,000CDN & you want to rent for a while or whatever. Now, you don't want to leave that money in the banks because of this current situation. Can you see yourself cashing in that large cheque for $500 grand & bringing it home in a briefcase to your home & stashing it there. How do feel about doing this????

I have given this some thought and realised that it scares me to keep that kind of money at home. I also realised we have been programmed to never consider keeping our monies at home but the only safe place is the banks. Slowly over time we have been subtly manipulated into handing over our monies to them. Crazy eh?
Anonymous Coward
User ID: 1561549
Canada
03/29/2013 02:17 PM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
Sure a 100 k deposit insurance sounds good, right?
Factor in some Weimar type inflation when the US dollar dumps, and suddenly its not very much at all. Can some smart bank type/financial people comment on my thoughts.
Does this theory make sense?
Anonymous Coward
User ID: 15854501
Canada
03/29/2013 02:22 PM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
What about a credit union or a treasury branch?
They are not considered banks
Are they safe
 Quoting: Anonymous Coward 28107574


Before switching to a Credit Union, find out who is the Underwriter of any Loans they are giving out. If it is one of the major banks, stay away. For example if it happens to be the RBC that means they have an affiliation with that bank.
Coquette
User ID: 35733431
United States
03/29/2013 11:49 PM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
You are either stupid or a shill...

Insured up to $100,000 and only 1 account per person or corporation no matter if you have multiple accounts in multiple banks and only in Canadian Dollar Accounts and only if the fund does not go bankrupt (which it would instantly if this happened.)

If you are stupid then inform yourself!

If you are a shill then fuck off!
 Quoting: Anonymous Coward 30552057


Take a chill pill dude.

I'm not a shill. I'm just a person who isn't panicking over this fiasco.

Peace
Coquette
User ID: 35733431
United States
03/29/2013 11:54 PM
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Re: Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
Sure a 100 k deposit insurance sounds good, right?
Factor in some Weimar type inflation when the US dollar dumps, and suddenly its not very much at all. Can some smart bank type/financial people comment on my thoughts.
Does this theory make sense?
 Quoting: Anonymous Coward 1561549


Then it becomes a less of a banking problem and more of an economic one, no?

The whole purpose of the Bank of Canada is to keep inflation in check. Interest rates have been at historic lows globally for several years now... what is going on is unprecedented.

This has me concerned and worried, personally, as I am a saver rather than a spender.