In the wake of the BIS’ official bail-in blueprint, Jim Sinclair has sent an alert to readers urging them to exit the system immediately.
Sinclair states that even though readers are being told daily what is going to happen, 99.9% of even his close friends are in freeze-frame and have yet to move to pre-emptively protect themselves and their wealth from the bankster freight train rolling straight at them.
Sinclair’s full alert is below:
From Jim Sinclair:
For your sake get out of the system. You are being told daily what is going to happen to you but 99.9% of even my friends are in freeze frame and doing not much of anything.
I am doing everything a man can do to help you but so many say, “so what?” Do not let the lower gold price fool you. It is intended to do just that.
Gold is going to and through $3500 in the not too distant future. Act now for your own sake.
EU draft bank rescue law would not shield big deposits By Claire Davenport
STRASBOURG, France | Mon May 20, 2013 5:11pm EDT
(Reuters) – A draft law that a group of European Union lawmakers voted for on Monday would shield small depositors from losing their savings in future bank rescues, but customers with more than 100,000 euros in savings when a bank failed could suffer losses.
A group of lawmakers in the European Parliament’s economics committee overwhelmingly voted that, from 2016, large depositors in the EU might suffer losses if a bank gets into serious trouble. The plan was similar to a deal in Cyprus, where wealthy depositors at two banks took hits to save the country from bankruptcy.
Under the EU proposal, a bank would dip into large deposits of over 100,000 euros once it had exhausted other avenues such as shareholders and bondholders. But deposits under 100,000 euros would be spared.
“The case in Cyprus showed how important it is to have clear procedures for making shareholders, bondholders and ultimately depositors foot the bill,” a press release from the committee said after the vote.
Some countries have also mooted the idea of using banks’ deposit guarantee schemes. But lawmakers voted against this because it could hurt smaller savers.