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

*BREAKING SD ALERT

Just as DieselBOOM accidentally admitted Monday, it appears that the Cypriot bail-in is anything but a one-off event, and is in fact the new collapse template for the entire Western banking system, and not just the ECB/ Eurozone!

SD has been alerted to an alarming provision that has been buried deep inside the official 2013 Canadian Budget that will result in depositor haircut bail-ins jumping to this side of the pond during the next bank crisis!

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!

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Depositor haircuts have just jumped to this side of the pond, effective the next bank crisis/ failure:

From Page 144:

“The Government also recognizes the need to manage the risks associated with systemically important banks—those banks whose distress or failure
could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of
options for resolving these institutions without the use of taxpayer funds
, in the unlikely event that one becomes non-viable.”

Translated, Without the use of taxpayer funds means via depositor funds.

And the meat of the provision, from Page 145:

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.
Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants…

 

Confiscating wealth from depositors will reduce risks for taxpayers???  Only those with 100% of their assets in physical gold and silver, or those Canadian depositors who are somehow not also taxpayers perhaps!

The bail-in provision in Canada’s 2013 budget can be found on pages 144,145:
www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf

 

2013 Silver Eagles As Low As $2.59 Over Spot at SDBullion!

Comments

  1. Well isn’t this heartwarming. I was explaining this to my Wife. Looks like I’ll be taking the cash we have and making out a bank draft for that amount, and putting it in a safe deposit box.

    • Where in the heck is Duckvision at when you need him.  Dirt, please view Greggory Mannorino’s March 26 video.  It was made with you in mind.  

    • @Dirt:  Are you FUCKING KIDDING?  A safety deposit box????? Why not just make the check out to “Bearer” and sign  and date it and toss it out your window at a crosswalk.  At least  there’s a chance some deserving soul will get a nice gift?
      Read the fine print on your safety deposit box, then bend over and let your wife give you a good swift kick…I can’t be kind here.

    • my wife needs the swift kick. If I had my way it would all be in gold and silver.

    • Pollokeeper-You did it to yourself and now everyone has to pay the price.  Everyone will be dumber by watching his BS videos.  Actually, don’t watch the video.  It’s not worth your time.  Some old stuff he has been talking about for 2 years. Get out of the banks.  Wait, before you do that please “donate” to my personal business by using your credit cards that are controlled by the mega banks!  Oh, that sounds hypocritical. Oh well, they will never see past my bullshit.  He should stick with dollar index charts, x-wave theories, shorting the market, and scamming his viewers to buy his books.  Watch at your own risk.

      The video cannot be shown at the moment. Please try again later.

    • Won’t work in Canada. I moved from the Canada to the US in  97.
      Most people don’t have saving because of very high taxes. However many have RRSP (IRA in US).
      That they may go after.
      SilverHoarders . com webmaster.

    • Even if you put your valuables inside a safe deposit box, it still doesn’t change the fact “If you don’t hold it, you don’t own it!”. Keep all of your valuables at your own possessions!

  2. Capital Controls: Coming to a country near you.
     
    Got Phyzzz?

    • “Capital Controls: Coming to a country near you.”
      Actually, capital control is now in all countries around the world because they all have fiat currencies which controls people’s capitals with inflation.

  3. @Canadian Dirtlump
     
    Why would you keep anything inside a bank deposit box with the banks closing? Or was that sarcasm?

  4. what the f*ck

  5. Dont know what you think to this, but Im in the uk and my workplace employs 40 people. There are 4 of us regularly buying silver as of the start of this year. 

    • You might want to consider checking with a refiner if possible, with the combined power of 4 people buying and if you could raise enough capital you may see a better discount then buying a few Ozs at a time. Just curious, what are you paying by the Oz? Peace Tiger

    • I’m a Brit Stacker as well. Been watching from the shadows for 6 months or so. Silver at +20% VAT is a killer I pay £24 each for Maples here in the UK. Used to get from Germany at +7% but that ends at the end of this year and used to get VAT free from Guernsey but that has stopped now.
      Great people here (in the main) and like SD.

    • I also live in the uk and have been buying silver when i can for the last 3 yrs, biggest problem i have is i dont know of any local coin shops and get my silver online.
      there’s not only the mark up on your oz’s which is not particularly low, but there’s 20% VAT to pay too for silver, atm i’m looking at getting some britanias cos they’re capital gains tax free.
      i have a little bit of gold too but being currently unemployed silver is more affordable, allthough i can’t buy often.
      britanias are currently £35 per oz and most others including bullion bars are from £37-£40 per oz

    • The  British are coming, the British are coming!  Wait a sec… they’re HERE!  lol
       
      Welcome to all who drop in here and seek the light.  :-)

    • @I SAVE SILVER, Nice one getting a collective together, as TIGER Says join up and buy as a group
      Also from the UK, Stacking from Dec 2011 and reading SD articles ever since, the nearest coin shop is 60 miles away i dont drive so order all online.
      Really enjoy reading all the posts and comments,
      Big Thanks to all
      Keep Calm and STACK!
       

    • Tiger – I am currently paying just under £28 for maples and this includes postage, also we have to pay 20% vat. If you want to see my stack check 1974silverboy on yt.

    • Lucky you! I wish I had friends other people that I know who actually buy silver to protect against inflation!

  6. CDL
    please don’t put anything of value into your SDB  I’m both Canadian and US and I would trust the Canadian banks less than ours and I don’t trust ours as far as I can throw an F 250

  7. Well there it is. It’s in N America now! It was in before the news of Cyrprus even! This is the plan. Somewhere, in some law in the U.S. you will find the same sort of thing.

    • No doubt, RRG.  If there is one thing that cannot be contained it is government BS.  If we tolerate any, it soon becomes a LOT.

    • You never because it will happen in every Western countries because the politicians and the banksters are corrupted! So, you should never trust them!

  8. Can you all just feel how desperate things are becoming or am i pesimistic??!!

    • Yes, in fact, we can.  The awful part of it is that MOST of us ARE optimists!  And even we feel as if the S if H-ing TF.  X-p
       

  9. @TheDoc: Thx for the heads up. Most of us are already out of the banks. For those who thought we were immune… think again, huh!

  10. The avalanche image is worth a 1000 words! perfect.

    • Irresistable force ( Banksters governments and regulators ) meeting Immoveable object ( the last step taken before full scale revolution )
      is going to equal one helluva Big Bang. And we thought the creation of the universe was impressive ?!

    • @SilverToungueDevil: Before TSHTF it needs to roll down hill & then pile up. The first two stages are complete!

    • I agree.  The avalanche image is almost perfect for this.  Only thing it really needs is to be colored… brown.

  11. What I love especially, is we have a systemic micro bail in going on with zero, or close to it interest rate policy vs inflation… now in the (likely) event that the shiit hits the fan, they have the REAL bail in planned… put your guns in the skies boys..
     
     

    • LOL DIRTLUMP

    • I am reminded of Rooster Cogburn’s comment during one situation… “Fill your hands, you sonsofbitches!”.  And with that, he rode forth with guns blazing.  :-)
       
       

    • “put your guns in the skies boys..”
      What if your country doesn’t allow you to own guns or that has really strict gun ownership laws which makes a pain in the butt to get one? For Canadians, it is “put your lumberjack axes in the skies boys..”!

  12. Explain this article to me in Layman’s terms so I can understand the meaning. Are they talking about doing the same thing if necessary like was done in Cyprus?

    • yes. them expropriating bank liabilities, means in some measure taking bond holder and deposit holder moneys, and converting them into some form of bogus bank share..
      farking scary.

    • Precisely charlie.

    • True, guys, but here’s the REAL scary part.  None of these politicians have ANY idea how to run a bank or how to tell someone else to do so.  Even after they steal our money to fix the problems they created, no real fix will be done, and we will see an endless stream of this BS.  It would be MUCH better to just let these arsehole banks FAIL, jail the guilty, confiscate their ill-gotten gains, make the depositors whole, and move on with our lives.  The alternative is to be turned into money cows that are left permanently attached to the bankster milking machines.   Think The Matrix here.
       

    • Sadly, yes! That is part of the Canadian’s 2013 budget. Last year, the Canadian 2012 budget was mainly about phasing out the penny and now, it is stealing the Canadian people’s dollars! This is getting worst and worst!

  13. Pessimistic? Not hardly  SilverTD  If this rot spreads to the western banking system, no one and no account will be safe.  It’s like waiting for something bad to happen, knowing it will given time.  That’s no way to conduct business

    • My point exactly AGXllK… it has spread or at least come full circle now we await finality. 2008 we lost Shearson Leahman a pleathora of others since then, unprecedented currency devaluation, bubbles galore, market manipulation and Too Big To Fail / Jail and rule of law is no longer an option. Does anyone know how many straws can this camel take on ??!!

    • No, no one knows that.  All we do know is that the train is hurtling down the tracks at better than 100 mph, the Fed’s removed the brakes, and there be sharp curves and deep canyons ahead!
       

  14. @RocketsRedGlare: touche’

  15. We NDRP,  that covers everything we  own so don’t worry.  We’ll get absolutely no warning like our good friends to the north or the Euro zone.  Obama signed at Executive Order over a year ago. That was the shot across our bows but maybe the Congress may formalize the path to theft of our accounts.

    • there is no doubt that despite all my bitching about the price action of silver – I’m glad I got a position established before things went off.
       
      As we’ve all said, things are Ok, until they aren’t. The charade will continue, until it can’t. I keep warning people in my police state about this. I drive about 40 minutes to work on the highway here. I routinely see a heavy RCMP armored truck screaming up and down the highway for no goddamn good reason. At some point, it will be there for a reason.

    • For Americans, I’m pretty sure that the government will specially deduct dollars off of people’s IRA accounts. The US government might also search for other bank accounts around other countries.

  16. Nice to hear what the US Military Active/Vets have to say daily about the Bankster’Luciferians :http://www.veteranstoday.com/

  17. I am from Canada, and this is disturbing.. but is this what “bail-in” means? One website defined it as:
    instead of giving money to the financial institution to stay afloat (“bail-out’), it would involve an emergency take-over of the institution by regulators to restructure the existing debts and write them down (declare these debts as irrecoverable).
    This would immediately cause losses to some shareholders but allow the financial institution to protect the remaining shareholders rather than collapsing completely. (This is “bail-in” – staying afloat by using resources from within.)”
    Does it necessarily mean a depositor’s haircut? Or can it just mean writing down debts? Honestly just asking..

    • the bail in could mean many things, but certainlt depositor / bondholder confiscarion / forced equity conversion is ON THE TABLE.
       
      In my opinion, there is no reason to argue about this, just get your shit out of the bank.

    • Fair enough.

    • Yes, Jay, that is precisely what a bail-in means.  The catch is that some depositors WILL get a haircut no matter what fine language they wrap this up in.  Depositors HAVE money and money is what they are looking to find so it can be turned over to the banks that are so poorly run that they need a near continuous flow of it to replace that which their bungling has lost.  Unfortunately, this DOES NOT cure the problem; it only enables it to continue.  Like all other government programs, it is long on promise and short on delivery.
       

    • Directly from the budget : ”The Government intends to implement a comprehensive risk managementframework for Canada’s systemically important banks. This framework willbe consistent with reforms in other countries and key international standards”
      I guess we will have to wait and see how thing in Cyprus will finally turn out. That’s when i will make my decisions to move funds. What does anyone think of a silver : cash ratio higher that 1:1 ?

    • “Directly from the budget : ”The Government intends to implement a comprehensive risk managementframework for Canada’s systemically important banks.”
       
      Which is GovSpeak for, “Get your money OUT of any banks considered to be “systemically important”!  If you must have a bank, find a small local bank or credit union and bank there.

    • Jay there’s another way to look at this, and it’s not just an opinion – it’s fact:
       
      Customer funds held on deposit in a bank appear on the bank’s books as liabilities. In other words, the bank owes those deposits to the depositors. When a bank is facing insolvency, and the administrators take action to absolve the bank of its liabilities, one way of doing that is to tell customers they can’t have their deposits back (or part of them). In other words, what everyone is now calling ‘getting a haircut’ which in fact is nothing more than theft. It’s illegal for people to steal, but apparently it has become OK for banks to do it with no consequences.

    • I don’t really know what “bail-in” means but all I know is that I should withdraw as much dollars as I can from my bank account, especially because I am Canadian.

  18. …and if anybody here thinks that Switzerland is safer than the rest of the world; then how about this information:
    Already in August 2012, Swiss government operated FINMA  (http://en.wikipedia.org/wiki/Swiss_Financial_Market_Supervisory_Authority) issued an order stating in Art. 49 and Art. 50 exactly the same! An undercapitalized bank risking to become insolvent can alter assets deposited in customer accounts into stock capital of the bank. When I correctly read Art. 50 of the order, the FINMA authority is even entitled to confiscate money deposited in customer accounts. It appears that these actions are ”only” applicable for savings exceeding CHF 100’000.- (about U$  104’000.-).
    Those able to read a German text can find this unbelievable information in the official FINMA order online: http://www.admin.ch/ch/d/sr/9/952.05.de.pdf
     
       

    • switzerland has ostensibly rolled over on the US government’s strong arming too.

    • Switzerland is one of the safest place in the world but it is still not safe. I personally believe that Switzerland is the safest country in the Western part of the world. It’s because the corruption is everywhere with the elites that took over this planet!

  19. here is another America’s oldest Press: http://americanfreepress.net/

  20. Why would you want to miss this info??? http://americanfreepress.net/?p=9389

  21. Three Words to get you rich real quick…..Stick em’ Up!!!!
    Rolled up to the drive up window at my bank took out a little more cash to stash away.
    I know all you folks are fussing back and forth about, “is the govmint gonna steal my munie?”
    Well Hell Yes they are stealing from you and I right now. Do you really trust your government now that
    the entire World’s Central Banks have completed their mission to control all world governments?
    The more money is removed from banks the more worried they are when their deposits are depleting.
    Ho Ho Silver Awaaaaay!
    Ranger

    • “is the govmint gonna steal my munie?”
      Actually, the government is stealing our purchasing powers and money since the 1960′s with the debasement of silver from the monetary system and then the gold standard was removed which causes inflation still today.

  22. 3 hours gone by and all heck breaks loose
    Julie  Nope, people will stand in front of a Tsunami until it rolls over them. It can’t happen to me, they say
    Here is our tsunami
    MF Global started all this 2 years ago. They ran out of their money and dipped into customer’s segregated accounts.
    $1.6 billion vaporized–Corzine said he didn’t know where it went  He want to a small Caribbean island. JPM took the rest and just coughed up $500 billion in reparations.
    The IMF and ECB took a page out this play book and are taking 10 billion euros to bail out the banks.  It will take twice as much to get to the bottom of this.  The banks ran out of their money and now are eing forced to steal the customers money. Just as sacrosanct and just as foul an action as MFG.
    I vaguely recall an action by the Fed that allowed banks to dip into depositors money if they needed too. It was a small paragraph hidden in some large tract.  But if my memory is right, it gave the banks the right to take customers deposits for their working capital if they were short on funds.
    Egan Jones just downgraded the UK to A + from AA-.  Did anyone hear any more news about the B of E requiring the big banks to shore up their capital bases by 38 billion pounds.  There was a note yesterday on SGT or ZH telling about their really bad 2012?  last year was so bad they ended up losing tens of billions of pounds in bad loans, overhead, write offs and regulatory penalties in the billions.
    The news I heard was that this 38 billion deficit could come from account holder deposits.
    I don’t ahve confirmation on this news but will check around to see if the rot has spread to the UK.

    • “JPM took the rest and just coughed up $500 billion in reparations.”
       
      Was that $500M or $500B?  $500B seems like a LOT.  Banksters usually get out of trouble via the wrist-slap technique and $500B would be a lot more severe than that.

    • Actually, this big theft has started in the 1960′s when silver was debased from our currencies. Then in 1971, the gold standard was dropped which causes inflation still today. It’s just that the thefts are getting more and more common as we move on in time.

  23. Depositor Haircut In Canada???? I better get what little cash I have left out of my Canadian bank before the SHTF!

    • Withdraw every single penny out of your Canadian bank account. Oh wait, if you have, lets say 5.12$ in your account, then these banksters won’t give you back your two pennies because the Canadian penny has been phased out.

  24. I had my haircut last year losing money with PFGBest.   I hope they will not try and go back and try to collect your funds that have already been withdrawn.

    • Oh that sucks! I hope it wasn’t at least a big amount that stolen from your account! At least you have learned the meaning of “If you don’t hold it, you don’t own it”. :)

  25. So, another move on the chess board.  This time by Canada, aye.  What’s the strategy?  Why release this information about potential Canadian haircuts?  Is it to force people to move money out of banks and into bonds and equities?  Or, are they just idiots? 

    • Haha that’s true! I didn’t though of that! I believe the reason why the Canadian government announced it like that to the public is because most of them might not see this information or because the majority of the Canadians are less awaken to the truth.

  26. Get Rich Cheeting.



     this ones pretty good.

  27. Been on this for a few days… a couple of important points.
     . As noted, this was published in the official federal budget released last Thursday… but of course it was written weeks before Cyprus. The wording is eerily similar to statements that came out of the Cyprus fiasco… so we are talking a coordinated international strategy (conspiracy?)!
     . My searches did not turn up a single word in the Canadian press about this, even though the budget is thoroughly covered the day it is announced in Parliament and reporters are sequestered hours before the release to review it… and not one word from any of them!
    I emailed several Canadian business media outlets (and some US blogs) yesterday hoping to get some of them to get off their butts and start doing their job of holding the government accountable, but am not holding my breath. So much for the party line about how safe the Canadian banking system is… and “it can’t happen here”… sure!
    Thanks to The Docs for posting this (sure hope it goes viral) we have to stop King Harper (our corporate lackey of a PM) before it’s too late!

    • True! This is definitely a cascade of the banksters. I mean this is all planned where this kind of theft was announced on multiple Western countries around the world.

  28. UK silver stackers.You dont have to pay VAT and high premiums  If you are in Brighton on a saturday go to the silver stall in Upper Gardner st street market, we have bags of pre 1920 sterling coins in quarter and half kilo bags at 10% over the spot price (adjusted for sterling). We also sell by weight a  range of vintage and secondhand jewellery, cutlery,silverware, cigarette cases etc. We got the silver love for ya!

    • Thnx for the info m8, i may pop by at some point as i’m only in shoreham

    • Junk silver at 10% over spot price!? Darn that premium is a lot more than the American and the Canadian junk silver coins’ premiums! Although, I expect that all premiums on junk silver around the world will rise because these junk silver coins were made a long time ago so their supplies are diminishing.

  29. AGX – your post about MFG says it all.I remember when my money got caught there, I could not believe my funds actually belonged to MFG, and that Id become a common creditor, even standing behind the big secured bondholders like JPM. 
     
    Gold got taken down severely from $1750 end Nov last year – I wonder if the takedown was engineered by the Western Central Banks knowing that this new bail in “trend” was about to come out into the open, and that confidence in gold urgently needed to be broken (a spike/move into gold due to the new bail in game would alert depositors that something was very wrong, causing bank runs and chaos).
     
    My very well known London PM Advisory Service is 100% sure the BIS (Bank of International Settlements – being the Central Bank of the worlds Central Bankers) has been supplying the physical gold supply necessary for the shorts to succeed with price suppression. The move from gold 1660 to 1550 was caused by the big hedge funds – they probably knew about the coming bail in and the BIS plan to smack gold first. Those same hedge funds are now going long to ride the price up as depositors catch a wake up call and move into gold.
     
    I read somewhere in Europe 4% of depositors account for 60% of deposits. These are the depositors most exposed, who will run to gov bonds, stocks, gold etc. Central Bankers are becoming a little nervous about endless QE, and Bail in appears the only alternative for Central Banks to stop/lessen QE.
     
    What a dangerous mess.

    • It is indeed a great mess and one that will not be cleaned up easily.  Maybe what we need is a Liberty Bank, where “we don’t take what isn’t ours”, is the motto?  Can’t call it a bank, though… maybe something more like “Savings Club of North America” or some such?

  30. andyz  These elites of one sort or the other talk about their plans if they all can make money and create greater control.  Or they don’t talk if one of them needs to make a strategic strike against an adversary.  MFG claims it went bust because it bet wrong that the Greek bonds would ‘default’  If it was a default,  their profit by betting on that move would have been tremendous. 
    What they did not take into account was the JPM had more to lose in their derivative bets.  But the Greeks did not default. They got a haircut, not default. Thus the payday was thwarted and MFG had to go into the customer’s accounts to make good on their bets until the company went BK.  JPM trumped MFG and basically stole the customers gold, silver and other assets pledged by MFG for their JPM loans. JPM beat Corzine.  Or basically that’s the way I recall it. 
    But overall the BIS is the big dog and runs everything.  What BIS wants BIS gets.  That puts us at a real disadvantage if we are at the table.  I left a while ago and took my little stack home and refuse to play

  31. Ed B   JPM   Million, not billion  Good catch.  Maybe next time these SOBs get their butts in a crack  it will be $500 billion.  Their entire derivative book is in the 10 of trillions so look out Dimon.  Maybe that prediction will come true

    • Could be, AG.  JPM’s neck is sticking out a LONG way on that derivative nonsense.  Anytime a company can bet 30-40 times their net worth like that, they are really asking for it.  They have counted on Uncle Sugar to bail their buts out of various problems in the past but this is WAY beyond what CAN be bailed out.  JPM has about $75T on their derivatives book and there simply isn’t that much money on the entire planet.
       
      The banksters are always talking about their “net” exposure to derivatives.  This means that they expect to get 100% of the money that other derivatives holders OWE THEM.  Anyone can see, however, that when the derivatives market implodes, it will not do so in a nice neat way where everyone gets the money that is owed to them.  That would be like surgery while a collapsing derivatives market will be more like a TNT enema… BOOM! SPLAT!!  The SHTF and everything else in range too!!  IMHO, JPM and the other big banks will be lucky to get 1/3 of their money back from these wild-n-woolly investments.  That leaves their butt on the line for about $50T and there is no way they can get that… from anyone.
       

  32. Help me out guys. I’m long time follower new poster. Is there a typo in this article? I just went and read 144 and 145 and neither of those pages has those particular sections. Those pages have to do with export development, modernizing canadas general tariff regime, and ensuring effective trade policy and remedy system. What am I missing here? Is it not loading in my adobe correctly? Has anyone actually read the pdf to see if those two sections are really there?

  33. OK, so what are other options to protect ones money besides PM’s?  Specifically, are there any countries out there who’s banking systems and govt. CAN be trusted to not steal our money?  If this stuff starts going down in North America, I’m sure the govt. will put controls on wire transfers out of the county.  Might be smart to open up an account overseas….. somewhere to put a little money, just in case…  Anyone have any ideas on what country can be trusted?  Singapore maybe?  I have no idea.

    • No country that has a substantial amount of debt can be trusted, period.  They will all be doing everything they can to squeeze every penny they can from their citizens and businesses.  It is simply in their nature to spend more than they have.  They have done that for quite a while now and the bills are coming due.  At one time, New Zealand and Canada were both considered “safe” countries in which to live, work, and build a better future for yourself and your family.  As we have seen recently, even they are succumbing to thievery as regards their bank depositors.  They haven’t done anything along these lines that I know of but both are putting the legal framework in place to do just that.  Why would they do that if they did not expect to be making use of it fairly soon?
       
      It is now crystal clear that ALL national constitutions should have a specific fraction of the GNP dedicated to the government and not one penny more than that.  These douche-bags need to learn that they can only supply the amount of government that a nation has decided it can afford and no more than that.  They have well and truly put the cart before the horse on this, spending as much as THEY think necessary with no regard whatever to whether or not the country can afford it.  This is clearly bass-ackwards and unworkable.  The really sad part is that in spite of being awash in data that proves this, the so-called leaders of the Western countries seem blissfully unaware of it.
       

    • The other question is “What other commodities can you believe in that will preserve their values from inflation and even from the inevitable hyperinflation scenario which will lead to the collapse of the currencies?”. I believe copper pennies and nickels are good products and commodities that will protect you from inflation and they are already worth more than their face values.

  34. AGX – you are so right about how it went down at MFG. It was a giant warning sign of “confiscations” to come, but it blew over and people have grown complacent since then. And here’s Cyprus with another wake up call. You are indeed better off taking your paper chips off the paper table and holding tight onto your physical stack.
     
    FelixWankel – your questions are the same as those now being asked by millions of bank account holders in the West, but also, I suspect, by any bank account holder anywhere. Maybe some country like Singapore takes advantage of this and offers “bail in exempt” accounts – but my gut tells me that there too one will get let down eventually. It seems PMs are the only answer, but that that is good long term news for those that accumulate physical.

  35. The Government proposes to implement a bail-in regime for The Government proposes to implement a bail-in regime for systemically important banksThis 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.
    Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants…
    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.
    Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants…

    The Government proposes to implement a bail-in regime for systemically important banks. Who are these important banks? What solvent or insolvent banks.

  36. Not sure what Australia has planned, and it looks as though the Liberal Party will go back into government in September, but God help us if Labour retains power.
     
    Bear in mind that in Australian politics, Liberals are the GOOD guys and Labour are the black hats (socialists), who have just about broken the place in only two terms – TWO TERMS!! So much damage in so little time.
     
    Sorry to hear about the high taxes you Brits have to pay. I’m living in Singapore now, where they have eliminated taxes altogether on approved bullion products.
     
    Now how to get my AU$ to Singapore without getting fleeced by the banks on the exchange rates…
     
    It’s looking like I’ll need to open a Fx trading account to get the best rates. Any other ideas from the erudite readers?

    • I asked a similar question to Bob Chapman once. Getting your dollars out shouldn’t be that difficult. Open a new account in your present location. Use your bank routing and account numbers and transfer. Is there now capital controls in place in Aus.? Maybe I’m missing something.

    • Nah RRG there’s no capital controls in AU (yet) – I am just anticipating that the writing’s on the wall for it, Any government capable of bringing in a tax on CO2 (plant food) is capable of anything.
       
      As for transferring bank-to-bank, sure there’s no problem I’ve done it once, and got a 3% haircut via the outgoing bank’s exchange rate, as opposed to the ‘real’ exchange rate. I was just hoping to avoid that next time. I’ve heard there are non-banks that will act as the middleman and take a much lower buy/sell margin on the FX transaction.

    • @Speros: I C, makes since to avoid all the charges possible.

    • Re money transfer… would it be possible to transfer your money to another bank in AUS that has branches in Singapore?  HSBC might be an option there.  Once it is in an AUS HSBC branch, it should be pretty simple to transfer it to another HSBC branch in Singapore.  Most banks will waive any fees for such “in-house” money transfers, so only the money moved from your bank in AUS to the HSBC branch in AUS should cost anything.  Hmmm… can you transfer money from the old bank via writing checks to the new bank?  I have not tried anything like this before but it might be worth checking out.  The new bank should be quite willing to be helpful with this.

    • First of all New Zealand has also planned to do this type of theft to its people so Australia might follow soon, especially when it is close to it which means it can influence Australia more easily. 

  37. I am a Canadian, and I have an idea.
     
    You have probably heard the saying ” never let a crisis go to waste”.
     
    When the Canadian Banks need a bailout, I say we give them one (yes, the taxpayers are paying) , and we then take an appropriate equity position in those banks (a large position) and then run it properly, for the benefit of Canadians.
     
    Who could run those Banks then ?……certainly not featherbedding Civil Servants.

    Furthermore, we restore the role of the Bank of Canada in creating the credit for the nation (not borrow money anymore from private banks when we can do it ourself) ….we’ll say to the banks that the system isnt working and we have to go back and do things the way we used to (prior to 1974). You F***** up Big Time, and now youre done.

    No more derivatives, no more incest with Globalist Banks.
     
     

    • People who make noises like that tend to die early.  It’s a great idea, IMHO, but it’s best to get a Kevlar suit made first.

    • It sure is a good idea but I prefer walking out of this system like Chris Duane said on his YouTube videos. There is still the fractional reserve thing which means that we can never pay back our national debts. So, the collapse is inevitable!

  38. Kane  I’ll read up on this later today. Ammo run today.  In thegreat tradition of American bail-ins, I expect that gummint owuld inpose a tax surcharge much like Nixon did back to the eaerly 1970s.  I think it was 1971 and even at min wage, Inoticed that kick in. It really pissed me off at the time since wage and price freezes were imposed at the same time. I had just changed my party affiliation from donkey to elephant and after this, I didn’t know whether to s*** or go blind. 
    It would be pretty easy take $250-500 total from each tax payer spread over a quarter. The ability to take it, spread the pain and get the money without direct theft would be an epic means to acquire funds from 100,000,000 tax payers. That would come to about $50 billion.
    On the other hand, that would not be enough. We are spending $4 billion a day.  I would have to rethink the amount–maybe a waiver on all refunds for that year.  Or a one-time clip at the retirement funds.  How about a first born male child.  We’ll go from Cyriot to Egyptian. 

    • Don’t have any 1st borns I’d care to give up but I do have a younger brother I could do without!  Would that work?  :-D

  39. amazing how BITCOIN has gone from $18 to $93 in a month and from $50 to $93 in a week yet silver has done nothing. No shorting bitcoin and no govt reg. Kind of definitive proof of metals rigging isnt it

    • ISS – one big difference between bitcon (yeah I deliberately misspelled it) and physical PMs is that the PMs will still be around in 50, 100 and 1000 years.
       
      Bitcon? Pfffft.

    • It does seem a good idea to profit in fiat on bitcoin in the short term, pull the profits and buy silver or gold. 

    • Bitcoin being from 50$ to 93$? It is still a digital currency and not real money so it is not a surprise that something like this happened. I heard that now Bitcoin is at about 150$.

  40. If the bangsters can get away with this in Canada, and the same thing is under way in Switzerland, then no country is safe from them, and here’s what I guess is coming next: nationalisation of private bullion storage firms. Think about this: the governments of this world are largely controlled by the bangsters, so once they’ve raided all the cash they can pilfer from depositors’ bank accounts, what’s to stop them going after their gold too? OK so it may take martial law to pull off something like that, or maybe not, but these psychopathic monsters are beyond shame and reason.
     
    As far as I am concerned, the only safe thing to do is to keep your own safe and keep your mouth shut.

    • @Speros: TPTB have been talking about it in New Zealand too! That’s almost as close to you as Canada is me! It’s everywhere!

    • “As far as I am concerned, the only safe thing to do is to keep your own safe and keep your mouth shut.”
       
      That would be a great start but… if there is any paper record of any of your bullion buys, it WILL be found.  You might need to “lose” your bullion in an extra safe hiding place that no one but you and 1 or 2 very trusted family members know about.  Otherwise, the jackbooted thugs simply go to the top 20 or so bullion sellers and take their customer records.

    • I hear ya Ed – that thought has crossed my mind too. My dealer has all my details – address, phone #, email address, passport #, SSN. It’s scary.

    • The governments from all around the world are controlled by the elites, especially because all countries are in debt, have economic problems and have all fiat currencies. This will happen everywhere around the world!

  41. Robert Ian, on Chris Waltzek’s ‘Gold Seek Radio’, analogized this expanding trend of statutory hijacking of depositors’ property for ‘bank stability’, to a globe-spanning Killer Drone, poised to evicerate any country’s savers at will. As one who delights in these sorts of ‘mental image’ literal constructs, I thought it a bit of genius that I regard him as remarkably skilled at ‘painting’.

    Paper Rots, Coin Does Not.

  42. Alrighty then … 
    Can these buggers come after our RRSPs and RESPS?
    Don’t flame me gang, I do have some phyzz    ;-)
     

  43. Canada is also doing that!? Thank goodness that I only have 18 cents in my bank account! :D Last week, I only had a penny inside my account! So screw you cartel banksters! :P

  44. I’m late to this site, but interested in finding other concerned Cdn’s to put some discussion in place about whats happening in Canada. I have 2 questions:  1.  The Cdn banks just reported their quarterly profits …looks like another 20 billion plus year…what is the gov. doing to prevent systemic failure?
    2.  Im told the CDN banks are into derivatives to the tune of 20 Trillion ….is there no way to force these banks to back out of those derivatives?

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