How long before it affects you too ?????
*************************************************************************Cyprus-Style Wealth Confiscation Is Now Starting To Happen All Over The Globe
By Michael Snyder, on September 24th, 2013
Now
that "bail-ins" have become accepted practice all over the planet, no
bank account and no pension fund will ever be 100% safe again. In fact,
Cyprus-style wealth confiscation is already starting to happen all
around the world. As you will read about below, private pension funds
were just raided by the government in Poland, and a "bail-in" is being
organized for one of the largest banks in Italy. Unfortunately, this is
just the beginning. The precedent that was set in Cyprus is being used
as a template for establishing bail-in procedures in New Zealand,
Canada and all over Europe. It is only a matter of time before we see
this exact same type of thing happen in the United States as well. From
now on, anyone that keeps a large amount of money in any single bank
account or retirement fund is being incredibly foolish.Let's take a look at a few of the examples of how Cyprus-style wealth confiscation is now moving forward all over the globe...
Poland
For years, there have been rumors that someday the U.S. government would raid private pension funds.
Well, in Poland it just happened.
According to Reuters, private pension funds were raided in order to reduce the size of the government debt...
Poland said on Wednesday it will transfer to the state many of the assets held by private pension funds, slashing public debt but putting in doubt the future of the multi-billion-euro funds, many of them foreign-owned.The Polish government is doing the best that it can to make this sound like some sort of complicated legal maneuver, but the truth is that what they have done is stolen private assets without giving any compensation in return...
The Polish pension funds' organisation said the changes may be unconstitutional because the government is taking private assets away from them without offering any compensation.Iceland
Announcing the long-awaited overhaul of state-guaranteed pensions, Prime Minister Donald Tusk said private funds within the state-guaranteed system would have their bond holdings transferred to a state pension vehicle, but keep their equity holdings.
He said that what remained in citizens' pension pots in the private funds will be gradually transferred into the state vehicle over the last 10 years before savers hit retirement age.
For years, Iceland has been applauded for how they handled the last financial crisis. But now it is being proposed that the "blanket guarantee" that currently applies to all bank accounts should be reduced to 100,000 euros. Will this open the door for "haircuts" to be applied to bank account balances above that amount?...
Following the crisis in October 2008, Iceland's government declared all deposits in domestic financial institutions were 'blanket' guaranteed - an Emergency Act that was reafrmed twice since. However, according to RUV, the finance minister is proposing to restrict this guarantee to only deposits less-than-EUR100,000. While some might see the removal of an 'emergency' measure as a positive, it is of course sadly reminiscent of the European Union "template" to haircut large depositors. This is coincidental (threatening) timing given the current stagnation of talks between Iceland bank creditors and the government over haircuts and lifting capital controls - which have restricted the outflows of around $8 billion.Europe
European finance ministers have agreed to a plan that would make "bail-ins" the standard procedure for rescuing "too big to fail" banks in the future. The following is how CNN described this plan...
European Union finance ministers approved a plan Thursday for dealing with future bank bailouts, forcing bondholders and shareholders to take the hit for bank rescues ahead of taxpayers.What this means is that if you have over 100,000 euros in a bank account in Europe, you could lose every single bit of the unprotected amount if your bank collapses.
The new framework requires bondholders, shareholders and large depositors with over 100,000 euros to be first to suffer losses when banks fail. Depositors with less than 100,000 euros will be protected. Taxpayer funds would be used only as a last resort.
Italy
As Zero Hedge reported on Tuesday, a "bail-in" is now being organized for the oldest bank in Italy...
Read More Here
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