HomeAnother writer interprets Canadian federal budget “bail-in” as allowing for Cyprus-style confiscation of bank deposits

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Another writer interprets Canadian federal budget “bail-in” as allowing for Cyprus-style confiscation of bank deposits — 1 Comment




  1. If the muppets in Canada don’t wake up to the idea that our Canadian banks were complicit in the creation of this legislation, they are doomed.

    We are left to believe there was no discussion, no debate, no nuttin’ on this? Somebody’s telling me it’s raining outside…

    It was just slid in, hoping to be missed. And then, all of a sudden, up blew the Foreign Worker debacle and this dropped from the media. SUNTV was the only one to cover this stunner. Brian Lilley.

    Canuck Muppets are now on the hook for Canadian banks. But we should feel safe, right?

    Not so fast.

    Until the Canadian Banks come clean on their exposure to the derviative markets, the rehypoticated assets, the PMs backing their certificates, we are sitting there, with nothing more than hopium.

    http://www.zerohedge.com/news/why-uk-trail-mf-global-collapse-may-have-apocalyptic-consequences-eurozone-canadian-banks-jeffe

    This legislation has just rendered our deposit insurance moot, severed the risk/reward chain and turned the credit ladder upside down, where once the depositors were the last in line to get screwed, they are now first.

    Good luck, Canucks!

    I’d recommend a good safe, especially for what’s coming in a catastrophic cascading chain of events from the EU sooner or later.

    Hope I’m wrong.

    •∆•
    V-V

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