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REPLY TO THREAD
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Subject
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Wholesale Changes In Banking On Our Doorstep: Are You A Depositor, Or Are You An Investor?!?!?
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Original Message
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I was reading some comments from European Technocrats today regarding the decision by Cyprus to withdraw from the ECB Bailout of Cypriot Banks, when a certain comment by the German Finance Minister caught my eye.
It doesn't seem like much, just a word change, but legally it makes all the difference in the world.
So when you open an account at a bank, are you a Depositor? Or are you an Investor?
Because Depositors are protected by Insurance and Regulations regarding how the bank can use your funds...
Investors are not afforded these same protections...
This was the change in classification they used to steal billions from account holders at MF Global, a commodities trading firm. Now they want to use that same precedent in Banking...
It seems small, but this is a wholesale change in classification of account holders and it will have a tremendous impact on the future of banking around the world!!!
SNIP
"In a situation like this, when an insolvency looms, then the creditors have to participate if they want to avoid an insolvency. If you want to avoid that, then the investors in the bank have to make a corresponding contribution. Whether that's a 'bail in' or a levy, that's for Cyprus to decide itself."
Read more: [link to www.foxbusiness.com]
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