This story at first glance sounds like something right out of a Hollywood drama/thriller, complete with emotional intrigue that our internal “normalcy bias” tell us this could not happen to us.
However, when you look at the events that have recently occurred in Cyprus, and the stunning disclosure of the “Canadian Gov’ts Budget inclusion of Bank “Bail-In” status factored in, along with the revelation of financial titian Jim Rodger’s recent interviews stating that he is “deeply concerned about this precedent, and making preparations”, you realize the potential that this just could happen to us.
Here are some key quotes from the article;
The Wall Street Ticking Time Bomb That Could Blow Up Your Bank Account Derivatives turn the financial system into a casino. And the House always wins.
“The Cyprus bail-in was not a one-off emergency measure but was consistent with similar policies already in the works for the US, UK, EU, Canada, New Zealand, and Australia, as detailed in my earlier articles here and here. “Too big to fail” now trumps all. Rather than banks being put into bankruptcy to salvage the deposits of their customers,
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the customers will be put into bankruptcy to save the banks. ”