Americans Warned Bank ‘Bail-Ins’ Coming! Experts Say Institutions Will Grab Deposits Without Warning!
- Americans warned bank ‘bail-ins’ coming!
by F. Michael Maloof, http://mobile.wnd.com/
Experts say institutions will grab deposits without warning!
WASHINGTON – With the United States facing a $17 trillion debt and an acidic debate in Washington over raising that debt limit on top of a potential government shutdown, Congress could mimic recent European action to let banks initiate a “bail-in” to blunt future failures, experts say.
Previously the federal government has taken taxes from consumers, or borrowed the money, to hand out to troubled banks. This could be a little different, and could allow banks to reach directly into consumers’ bank accounts for their cash.
Authority to allow bank “bail-ins” would be in lieu of approving any future taxpayer bailouts of banks that would be in dire need of recapitalization in order to survive.
Some financial experts contend that banks already have the legal authority to confiscate depositors’ money without warning, and at their discretion.
Financial analyst Jim Sinclair warned that the U.S. banks most likely to be “bailed-in” by their depositors are those institutions that received government bail-out funds in 2008-2009. Such a “bail-in” means all savings of individuals over the insured amount would be confiscated to offset such a failure.
“Bail-ins are coming to North America without any doubt, and will be remembered as the ‘Great Leveling,’ of the ‘great Flushing’ (of Lehman Brothers),” Sinclair said. “Not only can it happen here, but it will happen here. “It stands on legal grounds by legal precedent both in the U.S., Canada and the U.K.”
Sinclair is chairman and chief executive officer of Tanzania Royalty Exploration Corp. and is the son of Bertram Seligman, whose family started Goldman Sachs, Solomon Brothers, Lehman Brothers, Bache Group and other major investment banking firms.
Some of the major banks which received federal bailout money included Bank of America, Citigroup and JPMorgan Chase. “When major banks fail, they are going to bail them out by grabbing the money that is in your bank accounts,” according to financial expert Michael Snyder. “This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the Western world.”
Given the dire financial straits the U.S. finds itself in, these financial experts say that Congress could look at the example of the European Parliament, which recently started to consider action that would allow banks to confiscate depositors’ holdings above 100,000 euros. Generally, funds up to that level are insured.
Finance ministers of the 27-member European Union in June had approved forcing bondholders, shareholders and large depositors with more than 100,000 euros in their accounts to make the financial sacrifice before turning to the government for help with taxpayer funds.
Depositors with less than 100,000 euros would be protected. Considering protection of small depositors a top priority, the E.U. ministers took pride in saying that their action would shield them.
“The E.U. has made a big step towards putting in place the most comprehensive framework for dealing with bank crises in the world,” said Michel Barnier, E.U. commissioner for internal market and services.
The plan as approved outlines a hierarchy of rescuing struggling banks. The first will be bondholders, followed by shareholders and then large depositors.
Among large depositors, there is a hierarchy of whose money would be selected first, with small and medium-sized businesses being protected like small depositors.
“This agreement will effectively move us from ad hoc ‘bail-outs’ to structured and clearly defined ‘bail-ins,’” said Michael Noonan, Ireland’s finance minister. The European Parliament is expected to finalize the plan by the end of the year.
The purpose of this “bail-in,” patterned after the Cyprus model, is to offset the need for continued taxpayer bailouts that have come under increasing criticism of the more economically well-off countries such as Germany.
Last March, Cyprus had agreed to tap large depositors at its two leading banks for some 10 billion euros in an effort to obtain another 10 billion European Union bailout.
September 30, 2013 - Posted by mosesman | Economics, Social Trends | Bankruptcy, Collapse, corruption, Crime, Cyprus, Eurozone, Fascism, FederalReserve, Fraud, GreatDepression, Illuminati, Meltdown, US
Sorry, the comment form is closed at this time.
Societal and economics observer and commentator with an endtimes, future history perspective. Follow me at Twitter: socioecohistory
- Karen Hudes Exposes the Global Puppet Masters (Illuminati), the Biblical Nephilim (Seed of the Serpent) at the Core of the Illuminati!
- Gerald Celente: The United States Is Attempting To Destroy Russia!
- Paul Craig Roberts: Greatest Threat The World Has Ever Known!
- NSA Spy System DCS 3000 Uses Illuminati Owl of Minerva as its Logo, Same as Bohemian Grove!
- EU Imports of Russian Natural Gas!
9/11 Apartheid Bailout Bankruptcy Bible China CIA Collapse corruption Crime Currency depopulation Devaluation ethnic_cleansing EU Eugenics Eurozone Famine Fascism FederalReserve Flu_Pandemic Fraud Gaza genocide Germany Global_Warming Gold GreatDepression Greece Hyper-inflation Illuminati Iran Iraq Israel Japan Libya Martial_Law Meltdown MIC Middle_East MSM NATO Nazi Nephilim New_World_Order nuclear Obama Occult oil Palestine Police_State propaganda Psyop Riots Russia Satan Saudi_Arabia Silver Spain stock_Market Syria Terrorism Treasury Turkey UFO UK Ukraine UN Unemployment Unrest US Vaccine War weather Zionism
- Experts Fear Crimea Could Become Next Flashpoint!
- The History of the Illuminati ! The 13 Satanic Bloodlines!
- Current Membership List of The Illuminati "Committee of 300"!
- Jim Willie: Ukraine is the Waterloo Event for the US Dollar!
- Shaq Brags He's a "Real" Freemason!
- Obama to Start World War 3 in Ukraine? Putin Readies 150,000 Russian Troops!
- World War 3: Russia vs Ukraine, NATO and USA?!