Skip to comments.Cyprus-Style Wealth Confiscation Is Starting All Over The World
Posted on 09/26/2013 7:28:11 PM PDT by gotribe
Now that "bail-ins" have become accepted practice all over the planet, no bank account and no pension fund will ever be 100% safe again. In fact, Cyprus-style wealth confiscation is already starting to happen all around the world. As you will read about below, private pension funds were just raided by the government in Poland, and a "bail-in" is being organized for one of the largest banks in Italy. Unfortunately, this is just the beginning.
The precedent that was set in Cyprus is being used as a template for establishing bail-in procedures in New Zealand, Canada and all over Europe. It is only a matter of time before we see this exact same type of thing happen in the United States as well. From now on, anyone that keeps a large amount of money in any single bank account or retirement fund is being incredibly foolish.
Let's take a look at a few of the examples of how Cyprus-style wealth confiscation is now moving forward all over the globe...
(Excerpt) Read more at zerohedge.com ...
It makes me wonder if we will be able to drive to Canada or Mexico and withdraw money under the same circumstances. Might be time to open a bank account in Loonies or Pesos.
“It makes me wonder if we will be able to drive to Canada or Mexico and withdraw money under the same circumstances. Might be time to open a bank account in Loonies or Pesos.”
The Argentinians were drawing on their own (Argentine) bank accounts via ATM; you can already do that. I could imagine the flags set off if you opened a personal account in either of our neighbors, but it might be worth a try. I’d go with Canada; my car insurance doesn’t even cover me in Mexico but it does in Canada.
Can someone offer a primer on it?
You have to look at it from a bank's perspective. When you deposit money in a bank, you think it is still yours. It isn't. When it gets deposited in a bank, the money actually legally becomes a bank asset, and you become an unsecured creditor of the bank.
So when they are talking about a bail in, what they mean is that if a too big to fail bank fails, they will no longer get money from the government (good), but they will get money by taking all the unsecured creditor's money, and converting it to bank stock, at a conversion rate where the unsecured creditor will lose about 99% of the value of their deposit. What you thought was yours, isn't, in one blink of electrons. This is what Cyprus did, and now everyone will do it.
Don't lean on the FDIC for security. They will guarantee up to a certain amount, but that is all. There is no guarantee that you will ever be able to withdraw it. It may just have to stay there forever propping up a bank's balance sheet.
Also, look up hypothecation.
I made the comment that people need to keep their money out of the Matrix by the time this happens. What I mean is that your money needs to be stored in physical form somewhere in the real world, and not even a safe deposit box. Even on a normal day, you do not know where your money really is, because whoever you give your money to will send it around the world while you sleep. When things get bad, they will come for your money, and if it can be accessed electronically, they will get it. And they won't announce they are going to do it, they will just do it.
Funny how banks and governments find neutral synonyms for the word “stealing”. Real funny.
Me too, though it is rather hard to understand why 22 cal is so hard to get. Anyhow, what’s going on?