Ukraine Proposes Depositor Bail-in On Deposits Over 100,000 Hryvnia

haircut bail-inThe 2013 Cyprus depositor bail-in should have proved a stark warning to the Russian people over the risk of holding paper assets in any bank with ties to the West and the IMF.  Those in Ukraine who failed to heed the warning are likely regretting the fact now, as Ukrainian officials have reportedly proposed a new tax plan, bailing in depositors with assets exceeding 100,000 hryvnia, and banning (read fully confiscating) any foreign currency deposits.  
DIESELBOOM strikes again.  [Read more...]

Bank Runs Begin in Crimea As Depositors Swarm Ukraine’s Largest Bank

ukraine bank runAs the US & EU prepare to level economic sanctions on Russia over the Ukrainian crisis (& Russia threatens to retaliate with economic sanctions of its own against the dollar and freezing all US assets) a bank run appears to have begun in Crimea as citizens lined up Thursday to withdraw funds from Ukraine’s largest bank, Oshad. 


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AGXIIK: Bitcoin/ Mt.Gox Was a Gov’t/CIA Set-Up!

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AGXIIKAGXIIK joins The Doc & Eric Dubin in this MUST LISTEN installment of Metals & Markets to discuss:

  • AGXIIK on why Ukraine is a stare-down contest between the West & Putin, & what is likely to happen when currency wars devolve into hot wars (there is no safe haven except physical gold & silver!)
  • Bitcoin Mt. Gox implosion: isolated event or a warning to Bitcoin holders?
  • First they ignore you. Then they laugh at you. Then they attack you. Then you win: Why Bloomberg’s in-depth coverage on bullion banks manipulating the London fix gold price has substantial implications on how close we are to the END GAME
  • AGXIIK discusses his attempted firearms up-training of 27 federal high security guards: “They looked like a one-legged monkey trying to have sex with a bagpipe“ 

The SD Weekly Metals & Markets With Special Guest Host AGXIIK is Below: [Read more...]

Bankers Will Steal Your Cash But Can’t Touch Your Gold/Silver!

bankrobberyBankers can and will steal your cash, but there is no way they can take your personally owned and personally held gold and silver The ongoing plan for 2014 is to buy and hold even more gold and silver and reduce your exposure to cash held in any bank.  Just keep enough to cover week by week expenses, and keep the rest of your cash at home, under the mattress, in a safe, buried in the backyard, anywhere but in a bank.
ANYONE who keeps money in any banking system in the Western world is sending an RSVP to bankers to access your funds, and they will not disappoint.  The confiscation of Cyprus banking accounts was bandied about as a template for other countries.  “No, that would never happen,” was a constant refrain.  Well, it was just the beginning.
If there is one thing about which you can be certain, concerning cash held on deposit, the government, has plans to steal it.  The bankers new motto:  “What’s yours is ours.”
You think Cyprus was a single event?  It was an elite trial balloon.  The blow-back from it? Not much, really.  Financial shock and awe, to be sure, especially for Cypriots, but just like every other banker-created scam, there are no real consequences.  The elites carefully monitored world response and learned one thing:  more of the same, in some fashion or similar form will work, and we [the bankers] will get away with it. [Read more...]

Germany Demands Broke PIIGS Bail-in Rich Citizens!

Germany BundesbankThe Bundesbank has dropped a DIESELBOOM on the European markets Monday morning, calling on Eurozone nations about to go bankrupt (ie Greece, Italy, Portugal, & Spain) to initiate a one-off capital levy bail-in on their wealthiest citizens prior to asking other nations (read Germany) for bail-out help.
Yes, you read that correctly, the most powerful Central Bank in the Eurozone has just openly called for Eurozone wide bail-ins. 
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New EU Bail-In Agreement Yesterday – What Bail-Ins Would Look Like

economic collapseThe EU agreed new rules yesterday for bank bailouts or “bail-ins.”
The new system will take effect from 2016 but emergency resolutions can be brought forward in the event of banks failing in the interim period. The “bail-in” will require that shareholders, bondholders and importantly now depositors will all suffer ‘haircuts’ or be burnt if a financial institution is in trouble.
The European parliament confirmed in a statement overnight that depositors with more than 100,000 euros ($137,000) would be bailed in after shareholders and bondholders. It is important to note that the 100,000 figure is an arbitrary figure and there is a possibility that this figure could be reduced by an insolvent government faced with an imploding banking system. [Read more...]

How Likely Are Bail-Ins? Bank of England Says U.S. “Could Do Today”

BOE Says U.S. “Could Do Today” And U.S Authorities Doing Simulation Exercises.
The U.S. already has in place plans for bail-ins in the event of banks failing. Indeed, the U.S. has conducted simulation exercises with the U.K. in recent weeks and will do so again in 2014.
On October 12, Art Murton, the FDIC official in charge of planning for resolutions, and the Bank of England’s Deputy Governor Paul Tucker, both confirmed that the U.S. system is ready to handle a big-bank collapse.
The Bank of England’s
Tucker, who has worked with U.S. regulators on the cross-border hurdles to taking down an international firm said that “U.S. authorities could do it today — and I mean today.” [Read more...]

Bail-In Regimes – The Key Attributes and Who Is Driving?

Fed monkeyWho Is Driving The Bail-In Regime?
It is revealing to examine the genesis and evolution of the centrally planned bail-in regime as discussed by central banks and international policymakers, since it highlights that the planning and preparation for a global bank “Bail-In Regime” has been on-going internationally at a high level for a number of years now, primarily under the auspices of the Financial Stability Board (FSB).

According to the FSB report, the implementation of the bail-ins should be undertaken by a resolution authority in each country with statutory resolution powers to enforce bail-ins.
Following on from the release of the FSB Key Attributes report in 2011, it became apparent that national monetary authorities and regulators had been actively working for some time on national bail-in preparedness and their own versions of the Key Attributes.

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Economists Warn Depositors May Be Burnt In Bail-Ins (Part III)

jump into fireGiven that the euro area is moving toward a pro-forma inclusion of the depositors bail-ins in the standard toolbox for dealing with the financially distressed national banking systems, the case for gradual cost-minimising increase in long term share of these instruments in individual investors portfolios is being made not only by the market forces, but also by regulatory changes.
Contrary to the short-term signals in the spot markets, gold and other precious metals role in delivering long-term risk management opportunities and tail risks hedging is becoming more important as the immediate volatility and short-term risks recede.
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The Era Of Depositor Bail-In Cometh

haircut bail-inThe era of bondholder bailouts is ending and that of depositor bail-in is coming.
The changing financial landscape post crisis poses challenges to savers and investors globally. It is important we consider how savings and investments can be protected.
Bail-ins are a risk in the coming years and yet there is a lack of appreciation of this risk as there was a lack of appreciation of the risks posed by property bubbles and the global debt crisis.
It will take a number of years for the final configuration of the new financial order to become clear. This means that there are difficulties inherent in selecting appropriate investments when the ultimate outcome is unclear. Apart from that, what we do know at present is that there are straws in the wind that should concern savers. [Read more...]

Bail-Ins And Deposit Confiscation Confirmed At ‘Future of Banking in Europe’ Conference

A major conference on the future of banking yesterday heard contributions on a European banking union which is being negotiated by Eurozone finance ministers. One of the aspects of that union will be a ‘bail-in’ of deposits when banks fail in the future. Michael Noonan, Ireland’s Minister for Finance confirmed yesterday that bail-ins or deposit confiscation will be used. [Read more...]

New EU Plan Will Make Every Bank Account In Europe Vulnerable To Cyprus-Style Wealth Confiscation

haircut bail-inDid you actually believe that they were not going to use the precedent that they set in Cyprus?  On Thursday, EU finance ministers agreed to a shocking new plan that will make every bank account in Europe vulnerable to Cyprus-style bail-ins.  In other words, the wealth confiscation that we just witnessed in Cyprus will now be used as a template for future bank failures all over Europe.  That means that if you have a bank account in Europe, you could wake up some morning and every penny in that account over 100,000 euros could be gone.  That is exactly what happened in Cyprus, and now EU officials plan to do the same thing all over Europe.  For quite a while EU officials insisted that Cyprus was a “special case”, but now we see that was a lie.  International outrage over what happened in Cyprus has died down, and now they are pushing forward with what they probably had planned all along.  But why have they chosen this specific moment to implement such a plan?  Are they anticipating that we will see a wave of bank failures soon?  Do the banksters know something that they aren’t telling us? [Read more...]

Jim Sinclair: Get Out of the System!

FarageWhat I strongly wish you do is free your assets from the balance sheets of the entity with which you are dealing in the entire Western world financial system, without exceptions. The official written evidence is overwhelming that in a systemic crisis of size depositors as unsecured creditors of a bank or broker by the simple act of having an account are lenders to that institution. In fact of law, the depositor, you, are very junior lenders as they are unsecured. You need to consider yourself as an informed Cypriot knowing that bail-in was coming a few months before it occurred. What would you do? My feeling is you would have done a lot more than just the thinking about it that you are doing now. [Read more...]

Central Banksters Have Put on the Ski Mask, Preparing to Rob Depositors!

bankstersToday, the central banksters have put on the ski mask, toting the gun and come into the lobby telling everyone to get on the floor.  They are taking over this place and anyone who looks crossways at us will get killed.
We the long suffering depositors, are going to get pillaged when the time is right. You have been warned once again.  Get it or don’t but don’t snivel when you get scalped!
Get the hell of your bank! [Read more...]

Jim Sinclair: Capital Controls and Bail-ins Will Grow and Reach Your Home!

In the wake of Monday’s news that Cyprus depositors have official been scalped by the ECB and IMF, Jim Sinclair has sent an email alert to subscribers warning that If you do not exit the system now, you will not be able to exit the system, and that Capital controls and bail-ins will grow and reach your home.
Sinclair warns that DIESELBOOM’S depositor haircut precedent for bank failures is coming to the entire Western banking system, a fact that we have repeatedly driven home here at SD upon uncovering bail-in legislation in Italy, Canada, Switzerland, the UK, and the US.
Sinclair’s full alert on the Cyprus bail-in and on exiting the Western banking system NOW is below: [Read more...]