Canada is the next Cyprus

In my last article I wrote about the citizens of Cyprus having a proposed percentage of their bank deposits stolen from them by the government and the banks to recapitalize the banking system. This initial proposal failed to pass in a government vote. Thank goodness……I think. I also wrote that if this proposal did not pass, the scum sucking bottom feeders of the government and banksters would come back with another attempt to steal the money. And Voila!! The second proposal, which passed a vote in government, saw depositors lose 60% of their savings over $100,000. I told you they would come back and do it…and they did.

I also warned that this would be a template for other European countries. But I must admit that I never expected Canada to be the next country to adopt this bail-in scam. On pages 144 and 145 of the “Economic Action Plan 2013” it outlines that Canadian banks can convert “liabilities” (in other words client’s deposits) into capital.

“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 risk for taxpayers”.

I should point out that where it says, “that in the unlikely event that a systemically important bank depletes its capital…” That really means if the bank makes some bad bets, the depositors will pay the price.

As I always say, “do your own research.” Get a copy of the Economic Action Plan 2013. It’s all there in black and white. Your money will soon become the bank’s money.

As I said in my last article, get your money out of the banking system while you still can. I guarantee you that a month ago the citizens of Cyprus would have laughed at such a warning. I promise you that not a single Cypriotes is laughing now.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.