Get ready Canada... it's "haircut" time... Cyprus style

A buzz cut?



Bzzz!

Bzzz!

Originally posted by superman2012
reply to post by WhiteAlice

 

You explained it marvelously, that being said, I still don't trust dem bankers!

(nor the governmet). Thank you for your patience!

I don't blame you to be honest when it's not hard to see articles like this one: www.nytimes.com...

Chase lost $2 billion due to derivatives just this last month and the federal financial regulators have been acting kind of sketchy for years. There's plenty of examples out there that add up to not precisely trusting the big banks or their regulators. Hence why you'll see a lot of harping on about "public confidence" but if there is an issue with public confidence, then they brought it on themselves. There's also a number of those both within and without the industry that are pushing for corrections, justice, and accountability like this group: www.occupythesec.org...

And a whole lot of individuals. This stuff affects our careers and the respectability of our professions. As an accountant who believes in full accountability, small banks that are insured and diversify if necessary. The big banks are still playing some high stake games. As one friend likes to comment on things pertaining to financial frauds and the like, V.

Originally posted by daryllyn
reply to post by Bone75

 

Those leaves will be worthless if everyone takes your advice. If you are going to withdraw all of your money, buy guns, ammo, alcohol, drugs, gas, and food.... because you're gonna need it.

I hope that at this point, with various governments either outright stealing the citizens' money, or talking about it being a possibility in such an open manner, that everyone is doing something to prepare for the possibility.

My strategy is to wean off of the system now by becoming more self sufficient.

i remember an old prophecy i read about 20 years ago. "how goes russia so goes the rest of the world!"

so the best use of any assets one has would be to convert them into tools, garden, and food storage. thats why i moved to a semi-tropical area with good rainfall 25 years ago.

"how goes russia so goes the rest of the world!"

Not true. They have a higher murder rate and HIV rate than most other first world nations.

And if I had to take a guess I'd bet this saying was produced by some squinty- eyed Bolshevik like Stalin, fascist dictator who thinks that their country is the best.

reply to post by daryllyn


Okay so the next part of the new world order is well under place now, im glad i dont have anything but debt in the bank they can take 10% of what i owe them if they want............

Scary tho for people with money in the bank

reply to post by OptimusSubprime


Surely this turns the depositors into Investors....

So all depositors of all banks that can do this should also be earning dividends - if you're liable for costs of a business, then you should be liable for profits too.

The dividends should be back paid from the date these rules came into effect.

So, play them at their own game - use the system they've put in place to legally demand dividends from all banks of a percentage equal to that threatened by the 'haircut' and proportional to your savings. Sure those banks in dire straights won't pay out just yet, but they will have to once they're established shareholders are in the black.

In a court of law it will be hard to deny some investors (the depositor) dividends if other investors (the established shareholders) are receiving them. This is the clincher.... It means that any banks that could potentially be effected by the haircuts, but are currently paying shareholders dividends must start paying depositors dividends (back dated)

Of course this won't happen, intead we'll see the rules change yet again, but it will get the depositors off the hook.

I'm not a laywer and my argument is based purely on ethics, but if the law doesn't recognise this then the next step is to call the 'Law' out as unethical


Of course this needs a figurehead to rally all depositors globally into a Class Action (is that the correct term?). Julian Assange seems well placed to do this.


This needs to be taken seriously, since the combination of this thread and another recent thread by bigyin suggests a plot may be afoot:

UK Banks need to raise £60 billion…wonder how they will do that ?

Total hogwash.
Since our system is the most stable in the world, if we go, it will be to turn the financial lights.
Get real.

Americans do not believe in Government, so why should they believe in putting money in banks?

Intelligent people create hard assets - land, homes (mortgage free), gold, silver. Things which have always stood the test of time.

Government can take any of your assets, why only bank deposits? An entity that has the power to tax can take anything.

Originally posted by OptimusSubprime
The bottom line is that people should have a serious problem with a government even mentioning confiscation of deposits in any way, shape or form. The fact that the idea is even being floated should make people worry.

First and foremost, we should keep in mind that this worldwide financial crisis was caused by .... worldwide financial fraud. Fraud that is now being aided and abetted by politicians. Also worldwide.

One definition of conspiracy: " an agreement by two or more persons to commit a crime, fraud, or other wrongful act. "

We should be able to agree that the common man is being victimized worldwide by a conspiracy of our politicians. But, being worried is not the proper response. We should, quite literally, treat these politicians like the criminal conspirators they are.

I suggest that the correct course of action is the physical seizure of these politicians, a complete investigation, followed by jury trial.

I think the haircut will probably go something like this ...



you guys do speak a foreign language ... hey?

reply to post by daryllyn


Look at how rapid it became common practice? This entire "renormalization" of the "bail in" concept appears out of nowhere to the public but it is painfully obvious that this was a planned event ... a conspiracy to defraud ....

Well just give me a few more days and all my money will be out of the bank.

When they said Cyprus will be a template they weren't joking. This is moving fast.


reply to post by Cynic


I personally don't think we are doing all that well. The numbers that the Harper government are throwing out are full of baloney and I know most of my friends are living paycheck to paycheck. Heck, once interest rates start rising again they won't be able to afford their mortgages.

Also, we are now in a global economy. A huge downturn will sink Alberta in oil sales and essentially the rest of the country is still in a recession.

I agree that rising interest rates will cause destruction in the higher end markets like Vancouver, Calgary, Toronto and Montreal.

Anyone that's dumb enough to borrow 10 times their income to "buy" these houses due to extremely low interest rates, they and the Bank or Credit Union deserve the consequences when rates rise by half a point or when one of them loses a job due to a consolidation or bankruptcy of their employer.

As to our banking system, it's the envy of the world.

reply to post by Cynic


True, our standards for getting a mortgage are a lot more strict then the states, but in all honestly who can really afford the price of a home these days. The cost of a home in urban Ontario is insane. There is a report showing that 70% of younger people don't believe they will ever be able to afford a home at these prices.

Also, as to the banking sector, I believe The Bank of Montreal is a player in the derivative market - if things turn south I believe they will sink fast.

Here is the how and why Canada getting a haircut
and everybody else sooner or later
www.fdic.gov...

reply to post by Trillium


Cananda is not bailing out the US or EU banks.

reply to post by MidnightTide


All the banks are exposed to the derivative market some way or some how. You scare me about the BMO going down in a crash of the derivative market though.

All Canadian banks are interlinked by owning each others share offering and inventions like Asset Backed Commercial Paper and large joint loan ventures.

These joint ventures, and ownership of each other's holdings, coupled with depositor belief that the CDIC can make good on their promises to bail out depositors up to 100k ensures that if one of the Big 5 go down, all will go.

Before any collapse occurs however, one of the larger institutions would likely buy their competitor to ensure stability interest markets.

reply to post by Cynic


Well for me, Cyprus was when they crossed the line for me, and when the budget details came out - well, I won't trust my money in the banks.

reply to post by Trillium


That's the best laugh I have had in ages.
Since it was coauthored by one of the most indebted nations on the planet, IMHO it is highly suspect.
Just try and implement it here and the walls of trade barriers would go up hand over fist.
Remember that although America is Canada's largest trading partner, it needn't be, we have other countries which could replace them.
Unless America decides to send in the drones to nail Toronto or Montreal, then all bets are off.

Originally posted by Unity_99
reply to post by Trillium

 

Cananda is not bailing out the US or EU banks.

No but went most of the bank in US and UK go down the sh&t hole
Canada will be right next down the tube.

I started to move my egg in different basket two year ago.
had some LIRSP
getting some DCRSP from company i work for
House, car ,tuck and all my big boy toy payed for.
some gold and cold cash
lot more silver a hell of a coin collection from pass 35 year
and a lot of thing I do not want the your NSA to know or mine for that mater