Canada’s banking system is the best! We have no problems here in Canada! Recession, what recession? This will never happen HERE!
All of those terms have come from the mouths of our Government officials over the past 3+ years when talking about our banking system compared to the rest of the world!
This past week plus we have been reading and hearing about how the EU has plans to steal Cyprus banking depositor’s money from their personal bank accounts to pay off the massive debts their Government has run up, so that the EU can dump more money into the banks so they can remain “solvent”.
To call this a Ponzi scheme is mild!
Could this ever happen here in Canada?……………….don’t even mention something that ridiculous!
Guess what?……………..IT ALREADY IS!
Like the Green Energy Madness forced on citizens without any opt-out clauses the Canadian Government has now squeezed a really evil little clause into their nauseating “Economic Action Plan ” which we all have to endure watching every 15 minutes during our prime time TV shows every single night of the week.
No wonder Harper has a “locked-door” type of policy in effect with his fellow MP’s so that they can’t “go off message” with what the Government is really doing to the Democratic ideals of this country!
Cyprus has become the example for all that’s wrong in this world of finance right now………………Canada’s politicians seem to really like it!
CANADA INCLUDES DEPOSITOR HAIRCUT BAIL-IN PROVISION FOR SYSTEMICALLY IMPORTANT BANKS IN 2013 BUDGET!
MARCH 27, 2013 BY THE DOC
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!
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.”