Holy Moly!

We are now screwed. If your bank is on the verge of failing, they take your deposit to make it solvent and you are outta luck! All legal now!
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Bank Bail-in Laws

Since the end of 2014, new G20 Bank Bail-In Laws have been signed and put into supra-national law.

Average bank depositors are now legally treated as unsecured creditors even in the largest economies of the world.

The following is a basic description of the G20 and a definition for Bank Bailins.

G20 - (n) the world’s largest 19 national economies, including the USA, and the European Union together, a group of 20. Additionally there are representatives of the International Monetary Fund (IMF) and the World Bank. The G20 finance ministers and central bank governors began meeting in 1999, at the suggestion of the G7 finance ministers in response to various financial crisis in the 1990s.


Bail-In - (n) to restructure a financial institution that is on the brink of failure by forcing its creditors and depositors to take a loss on their holdings. Regarded as a rescue of last resort to help a troubled financial institution's ability to attract future business. A bail-in is different from a bail-out, which involves the rescue of a financial institution typically by government credit extensions into the failing private sector.


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