Canada & World Confiscation of Bank Savings Legal Theft

Published on April 9th, 2013 | by -swansong-

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Confiscating Bank Savings:Legal Theft



By now we have all heard about the draconian steps taken by the government of Cyprus to save failing banks. In turning over depositors savings to private banks Cyprus essentially made Confiscating Bank Savings:Legal Theft.

We watched in stunned amazement as political officials stole the wealth of our global neighbors and handed it over to private enterprises apparently so important to their economy that even their utter mismanagement and recklessness would not be penalized by the same failure that would befall any of us.

There is little we can do for the people of Cyprus. The question is what will we do when it happens to us? You may think it unlikely but the mechanisms are being put in place, as we speak, for just such an eventuality.

Confiscating Bank Savings:Legal Theft

Canada Includes Depositor Haircut Bail-In Provision For Systemically Important Banks in 2013 Budget!

Titled ECONOMIC ACTION PLAN 2013 and tabled in the House of Commons by Minster of Finance James Flaherty on March 21st, the official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures

I must admit when I first read the term “bail-in” I assumed it was simply the author at the Silver Doctors website using a little dramatic license. When I read the .pdf for myself I found out just how wrong I was. The sections relevant to this article can be found on pages 144 and 145.

Link to Full Canadian Budget for 2013 .pdf

Budget 2013

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 risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada.

Politicians and bankers are always careful to cloak the details of their activities in a very special type of English designed specifically to keep us ignorant of their activities. Thankfully Prof. Michael Chussodovsky at Global Research is on hand to make it a bit more clear.

The word confiscation is not mentioned. Financial jargon serves to obfuscate the real intent which essentially consists in stealing people’s savings.

What this signifies is that if one or more banks (or credit unions) were obliged to “systemically deplete their capital” to meet the demands of their creditors, the banks would be recapitalized through “the conversion of certain bank liabilities into regulatory capital.”

The “certain bank liabilities” pertains (in technical jargon) to the money they owe their customers, namely to their depositors, whose bank accounts would be confiscated in exchange for shares (equity) in a “failing” banking institution.

You’d lose your cash but you’d gain shares in a company completely inept at managing it’s own affairs. Sounds exactly like the kind of deal that would make sense to the government. Assuming it’s not their money, of course.

The very thought that the government, on behalf of a private institution, could abet the seizure of the deposits of private citizens might have seemed inconceivable prior to Cyprus and may still seem so to many of us in North America but the concept is hardly a new one.

canadian currency

Bail ins have been envisaged in numerous countries. In New Zealand a “haircut plan” was envisaged as early as 1997 coinciding with Asian financial crisis.

There are provisions in both the UK and the US pertaining to the confiscation of bank deposits. In a joint document of the Federal Deposit Insurance Corporation (FDIC) and the Bank of England, entitled Resolving Globally Active, Systemically Important, Financial Institutions, explicit procedures were put forth whereby “the original creditors of the failed company “, meaning the depositors of a failed bank, would be converted into “equity”. (See Ellen Brown, It Can Happen Here: The Bank Confiscation Scheme for US and UK Depositors,Global Research, March 2013)

Frankly I don’t care who you are or what your business entails, if you get to the point where your business has become so large that it’s damage would harm the entire nation, then that business needs to be broken up into smaller pieces, not enabled to grow even larger through the theft of private wealth.

As far as banks go their situation in regards to the necessity of Confiscating Bank Savings:Legal Theft, is even more absurd. In Canada one, and only one, financial institution has the right to create currency. that institution is the Bank of Canada. A bank whose profits are held in trust by the Minister of Finance on behalf of all citizens of Canada. Unfortunately we abdicated that right to private institutions a long time ago. Ever since, Canada has seen it’s debt increase exponentially.

In a “debt-based” economy currency is created when it is loaned. There was a time when currency was spent into existence through public works projects. It’s how Canada was able to build a national railroad, highway, schools, fight in 2 world wars plus Korea and build a national healthcare system. Now new currency is created when you or I go into a bank and take out a loan.

As hard as it may be to grasp the money you borrow from banks in the form of loans, credit cards or mortgages literally never existed before you borrowed it. You borrowed it into existence. Every dollar in existence in North America has compounding debt attached to it. And if the only way to create new money is through borrowing at interest you can quickly see how it becomes impossible to ever pay off the debt.

One of the more easily understood and well produced videos concerning the creation and function of currency is Money As Debt. It’s a bit long at 46min but it is well worth the time. I recommend you share it with your friends. Regardless their level of awareness they will be able to follow along with this.

Confiscating Bank Savings:Legal Theft

Money as Debt

 



 

We in Canada were comparatively lucky in terms of the effects of the most recent financial meltdown but it certainly doesn’t mean we escaped unscathed. We were, after all, kind enough to come up with some 75 billion dollars in aid for major banks helping to turn a projected 2.3 billion dollar surplus for fiscal year 2008 into a 64 billion dollar deficit.

bank of canada

I’ve watched many videos about currency creation and debt based economies and of all of them I still like this simple approach by retired Canadian high school teacher Bill Abrams as he explains how preposterous our current system is.

Confiscating Bank Savings:Legal Theft

The Crime of the Canadian Banking System

 



 

As a matter of fact the premise is so simple that even a child can understand it…and explain it to a room full of adults. Meet Victoria Grant, speaking at a Banking Institute of America conference. She’s not even old enough to vote.

 



 

While this young lady seems to have no problem grasping the issue and the potential solutions Canadian politicians and even Canada’s former Prime Minister, Paul Martin, have a more difficult time.

Should you take the time to watch the entire video you will be entertained by politicians unable to answer (or answering incorrectly) the simplest of questions regarding the money we all rely on everyday. My favorite is the song and dance Mr. Martin does when this ambitious young man manages to get him to sit down for an interview.

Should you not have the time to sit through the entire video you can jump to my favorite portion of Mr. Martin’s comments at approximately the 38min mark. You really have to hand it to this young man. He did an excellent job of getting Martin to talk.

In this segment he is asking the former Prime Minister if countries like Canada have the right to create their own debt free currency, to which Martin replies that they do but choose not to because it’s…get this…inflationary. Oh, the irony.

 



 

As I said, the entire video is worth a watch, if for no other reason than to alert yourself to the fact that many of our politicians have no more idea how money or economies work or should work than we do. Obviously that means they are leaving it up to others to craft and determine financial legislation. And we all know who the “others” are. So, it’s up to us to educate ourselves and demand the change we desire.

Confiscating Bank Savings:Legal Theft

One fellow doing his part is our friend over at megatronicsmedia. No doubt inspired by our universal despisal of tax-time, he has put together an in depth article on currency and taxes that you would be wise to examine. The Grand Illusion:A Political Question of Freedom

Every year all of us so called free Americans, aka the U. S. Citizen, are required to file federal income tax returns and yet, how many will file for no other reason then stark, sweat inducing fear of the dreaded IRS agency? Personally, I would rather deal with those fabled Men-in-Black, rather than those double-talking, rude confiscation agents of federal-income inquisitions.

Indeed.

This idea that somehow money is a commodity, like oranges or soy beans is absurd. No modern society can properly function without currency to expedite the exchange of goods and services. Surely most people would not want to go back to a barter system. As such money/currency is as vital as water for the proper functioning of a society and should be managed by the people for the benefit of the people.

In turning over this right to private banks the Canadian government and governments around the world have literally sold off their countries to the highest bidders and we never even got a vote.

Change on this issue will come slowly, if at all. But I do know if it is to ever change it has to start with us, becoming informed and informing others then turning that information into demands for action.

In short, it’s not gonna stop til we wise up.

-swansong-

If you have any thoughts or questions about Confiscating Bank Savings:Legal Theft feel free to leave a comment. It’s always nice to hear from our readers.

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About the Author

Is just a guy...sick of the lies. A guy who is sick of the constant manipulating, spinning, massaging, altering, sensationalizing and outright bastardizing of the news. There's a reason they're called the "public" airwaves. They belong to us...and it's time we took them back.





3 Responses to Confiscating Bank Savings:Legal Theft

  1. ~curious~ says:

    Thanks swansong — I’ve been keeping an eye of these developments and acting accordingly. Here’s a piece by Ellen Brown that I found rather eye-opening, to say the least. Shocking is probably more an appropriate word.

    The Confiscation Scheme Planned for US and UK Depositors
    http://www.counterpunch.org/2013/03/28/the-confiscation-scheme-planned-for-us-and-uk-depositors/

    Also, I like Charlie McGrath of Wide Awake News for his hard-hitting commentary. Here are two recent videos, but there’s a lot more on his youtube channel, including guest Ellen Brown on March 27:

    FACING COLLAPSE AND CONTROL
    http://www.youtube.com/watch?v=WGQDc_waSSc

    DAY OF RECKONING
    http://www.youtube.com/watch?v=RQ4NjoYwR2o

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