How long before it affects you too ?????
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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.
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.
Iceland
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.
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.
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.
Italy
As
Zero Hedge reported on Tuesday, a "bail-in" is now being organized for the oldest bank in Italy...
Read More Here
Alessandra Tarantino / AP
