Trudeau’s Bail-In Now Law to Allow Banks to Confiscate Your Deposits

Canada Free Press ^ | 08/21/16 | Dr. Charles McVety

[Red Badger]

Atlas Shrugged...........

[Mjreagan]

Why the crash or why planned?

The crash is pretty straightforward...if people realize their deposits are not their own and that they can be confiscated to benefit the banks they’ll withdraw their money ASAP. I know as soon as anything like this hits the US news as a possibility I’m getting my cash out immediately. I’m sure this would happen in staggering numbers across the country.

Why planned? Other banking failures (bank runs) have been planned for consolidation of money and power. In this case, it would be to once again rape the taxpayers. Credit unions are becoming a popular alternative to the banking system and our masters can’t have that.

[bgill]

The government takes a cut of what little interest you’re getting so you’re just as well off burying it in the back yard.

[Mjreagan]

Everything you’ve said is correct. I keep money in the bank for convenience and ‘safety’ as I don’t want cash just sitting in my home. I wouldn’t put it in a safety deposit box either though, not long until they decide that anything there is their property as well.

[Pollster1]

Time to keep even less money in banks. Gold, silver, lead, brass, and blued steel are much more secure.

[butlerweave]

The people in Ontario that win all that Lotto money should buy a big safe

[wny]

Agreed. Every week I buy 4 ounces of silver.

[Chode]

i leave enough in my checking account to cover the monthly transactions and a small cushion but that's it.

[CurlyDave]

Wealthy people rarely keep much of their money in banks anyway.

Stock brokers are where its at for the well-to-do.

[headstamp 2]

Banks are the only ones allowed to commit bank robbery.

[HangnJudge]

Stock brokers are where its at for the well-to-do.

And where do the corporations park their cash?

[sheana]

We have a huge azz safe in our house. Just sayin.

[SgtHooper]

And, stocker brokers keep it where?

[Brilliant]

There are only about 5 Canadian banks. If you have no competition then you’re not likely to fail no matter what. These same 5 banks survived the Depression.

[Himyar]

And booze. Don’t forget the booze. Great trading goods.

[PAR35]

Not sure if this is accurate. Here http://www.fin.gc.ca/pub/C15/04-eng.asp#div5 it says:

“Only prescribed long-term debt would be subject to the bail-in power, and all deposits would be excluded. “

Still looking for the text so I can read it for myself.

[PrairieLady2]

If this is American banking law, it matters. Otherwise, it doesn’t.

[Mr. Jeeves]

I no longer keep more than $2,000 or so in my checking account. Everything else needs to remain in a more tangible form, in case of a sudden bail-in or insolvency.

[Intolerant in NJ]

In the crash of 2008 governments "bailed out" banks with billions of dollars...nice talking point, but maybe not quite - as I recall it, the government loaned billions to the banks so they all knew what they had to deal with for a period of time until they could set prices on their bad mortgages and collateralized bonds - the banks had to take the money whether they wanted it or not and were obligated to pay the it back with interest, which most did - not really the same as "bailing them out" in my book, and certainly not equivalent to confiscating people's deposits.....