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The Canadian Government Offers "Bail-In" Regime, Prepares For The Confiscation Of Bank Deposits To Bail Out Banks

Reggie Middleton's picture




 

 

canadian dollar 400

Continuing my series of banks ready to "Cyprus" their depositors, I offer this reader contribution from Don from Canada 2013-03-29 23:11:

As part of the 2013 budget in Canada, the Minister of Finance tabled the Economic Action Plan 2013 which included the newest buzzword 'bail-in'.

Source: budget.gc.ca/.../...
Page 145
“The [Canadian] Government proposes to implement a “bail-in” regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants. Systemically important banks will continue to be subject to existing risk management requirements, including enhanced supervision and recovery and resolution plans.
This risk management framework will limit the unfair advantage that could be gained by Canada’s systemically important banks through the mistaken belief by investors and other market participants that these institutions are ‘too big to fail’.”

A depositor is an unsecured creditor to a bank. The Canadian government presents its position to be one of shielding the taxpayer from the need to pay for bailing out a failing bank. As a taxpayer that is comforting. 
However as a depositor, the phrase “rapid conversion of certain bank liabilities into regulatory capital” concerns me. My deposit is the bank’s liability. Could depositors’ funds fall under the definition of ‘certain bank liabilities’? 
I searched the entire 442 page document and I cannot find where the term ‘certain bank liabilities’ is defined.
The prudent approach I believe would be to assume that under certain conditions, certain bank liabilities will include depositors’ funds; at least those funds in excess of CAD 100,000 which is our so-called insured amount.
Even if it has noble intentions now, under a credit and derivatives collapse scenario, it is conceivable that the Canadian government could be coerced or bullied by external agents into grabbing depositors’ funds just like what is happening in Cyprus.
I find the newest ‘bail-in’ term being used since the Cyprus debacle quite amusing. It reminds me of the ‘sit-in’ and ‘love-in’ terms of the peace/hippie generation.
We all seem to be floating on the bathwater of fiat currency liquidity. The tub is being drained at the opposite end from where we are floating. The EU is circling the drain. The central banks are feverishly trying to replenish the tub with thimbles full of water, but it appears inevitable that some will go down the drain, whilst others will be left high and dry. The central bankers only have thimbles, not a drain stopper.

________________________________________________________________________
Now, tell me if this looks even remotely familiar... from an article publsihed in the Financial Times on February 10, 2013 which clearly, accurately and timely foretold the events to unfold over the following 45 days or so :
A radical new option for the financial rescue of Cyprus would force losses on uninsured depositors in Cypriot banks, as well as investors in the country’s sovereign bonds, according to a confidential memorandum prepared ahead of Monday’s meeting of eurozone finance ministers.

The proposal for a “bail-in” of investors and depositors, and drastic shrinking of the Cypriot banking sector, is one of three options put forward as alternatives to a full-scale bailout. The ministers are trying to agree a rescue plan by March, to follow the presidential elections in Cyprus later this month.

By “bailing in” uninsured bank depositors, it would also involve more foreign investors, especially from Russia, some of whom have used Cyprus as a tax haven in recent years. That would answer criticism from Berlin in particular, where politicians are calling for more drastic action to stop the island being used for money laundering and tax evasion.

Labelled “strictly confidential” and distributed to eurozone officials last week, the memo says the radical version of the plan – including a “haircut” of 50 per cent on sovereign bonds – would shrink the Cypriot financial sector, now nearly eight times larger than the island’s economy, by about one-third by 2015.

Senior EU officials who have seen the document cautioned that imposing losses on bank depositors and a sovereign debt restructuring remain unlikely. Underlining the dissuasive language in the memo, they said that bailing in depositors was never considered in previous eurozone bailouts because of concern that it could lead to bank runs in other financially fragile countries.

But the authors warn such drastic action could restart contagion in eurozone financial markets...

Oh, and it can get worse. Zerohedge reports, via Reuters, that there will be absolute wipeouts for some big depositors in Cyprus:

In what appears to be drastically worse than many had hoped (and expected), uninsured depositor in Cyprus' largest bank stand to get no actual cash back from their initial deposit as the plan (expected to be announced tomorrow) is:

    • 22.5% of the previous cash deposit gone forever (pure haircut)
    • 40% of the previous cash deposit will receive interest (but will never be repaid),
    • and the remaining 37.5% of the previous cash deposit will be swapped into equity into the bank (a completely worthless bank that is of course.)

So, theoretically this is 62.5% haircut but once everyone decides to 'sell' their shares to reconstitute some cash then we would imagine it will be far greater. Furthermore, at what valuation will the 37.5% equity be allocated (we suspect a rather aggressive mark-up to 'market' clearing levels).

Critically though, there is no cash. None. If you had EUR150,000 in the bank last week (net of insured deposits which may well be impaired before all is said and done) you now have EUR0,000 to draw on! But will earn interest on EUR60,000 (though we do not know at what rate); and own EUR56,250 worth of Bank of Cyprus shares (the same bank that will experience the slow-burn leak of capital controlled outflows).

In the post "EU Bank Depositors: Your Mattress Is Starting To Look Awfully Attractive - Bank Risk, Reward & Compensation", I offered a way to calculate what return you should expect to receive to take on the risk of a potential 40% haircut. The second tab offers what recent Cyprus bank rates were. Do you see a disparity??? To bring things up to date, up the haircut to 63% and you will find that no bank in the world will compensate you for the risk you assume in banking there. Banco Posturepedico shares: Strong BUY!!!!

Now that you see its just Cyprus - the perceived uber-conservative Canadian banks are prepping to Cyprus their depositors as well.
Oh, it gets worse.
I will start posting a list of definitive bank names that I have apparently caught in some amazingly duplicitous and misleading capital schemes, at least as it appears to me and my staff. I know I wouldn't have MY money in them, particularly after reading the info above. The first bank name and a description of their actions are avialable to all paying subscribers right now in the right hand downloads column and in the commercial bank research section of my site. I will release a new bank expected to be "Cyprus'd" every 48 hours to subscribers until I run out of definitive candidates. Yes it pays to be a BoomBustBlog member (click here to subscribe). 
This Easter weekend, I will also release a PSA (public service announcement) to give a heads up to non-paying subscribers and readers who are too comfortable with their current banking arrangement.
 
As a reminder for those who wish to ignore my banking calls as a frivolous episode of Chicken Little, BoomBustBlog is the place that was the first to reveal:
  1. The collapse of Bear Stearns in January 2008 (2 months before Bear Stearns fell, while trading in the $100s and still had buy ratings and investment grade AA or better from the ratings agencies): Is this the Breaking of the Bear? 
  2. The warning of Lehman Brothers before anyone had a clue!!! (February through May 2008): Is Lehman really a lemming in disguise? Thursday, February 21st, 2008 | Web chatter on Lehman Brothers Sunday, March 16th, 2008 (It would appear that Lehman’s hedges are paying off for them. The have the most CMBS and RMBS as a percent of tangible equity on the street following BSC. 
  3. The collapse of the regional banks (32 of them, actually) in May 2008: As I see it, these 32 banks and thrifts are in deep doo-doo! as well as the fall of Countrywide and Washington Mutual
  4. The collapse of the monoline insurers, Ambac and MBIA in late 2007 & 2008: A Super Scary Halloween Tale of 104 Basis Points Pt I & II, by Reggie Middleton, Welcome to the World of Dr. FrankenFinance! and Ambac is Effectively Insolvent & Will See More than $8 Billion of Losses with Just a $2.26 Billion
  5. The ENTIRE Pan-European Sovereign Debt Crisis (potentially soon to be the Global Sovereign Debt Crisis) starting in January of 2009 and explicit detail as of January 2010: The Pan-European Sovereign Debt Crisis
  6. Ireland austerity and the disguised sink hole of debt and non-performing assets that is the Irish banking system: I Suggest Those That Dislike Hearing “I Told You So” Divest from Western and Southern European Debt, It’ll Get Worse Before It Get’s Better!
The problems that plagued Cyprus banks plague banks in much larger nations within, and around the EU. From Ovebanked, Underfunded, and Overly Optimistic: The New Face of Sovereign Europe you see institutions that are literally too big to be handled safely...

The Banks Are Bigger Than Many of the Sovereigns

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Ready! Set! Bank Run!!!

Cyprus contagion rawCyprus contagion raw

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Sat, 03/30/2013 - 14:37 | 3391858 Fuh Querada
Fuh Querada's picture

I was thinking along those lines . (1) Split demand deposits among more than one bank (2) buy government bonds, but must be able to redeem them at any bank, not just the bank or broker you bought them through. What's the use of a bond sale when the proceeds are frozen. (3) Precious metals and some cash stored outside of the banking system -  stack the Eagles yourself and use Goldmoney for diversification

Sat, 03/30/2013 - 15:45 | 3392011 Matt
Matt's picture

other than the 90 days paper money, and gold/silver one ounce coins, rolls of copper pennies, nickel nickels and silver dimes may be a good way to diversify as well, for smaller purchases / breaking change for larger coins. I guess the question is, what are good ratios to have?

Of course, on the business side of things, I have no idea what to do to protect your float.

Sat, 03/30/2013 - 14:05 | 3391765 kaiserhoff
kaiserhoff's picture

Always a day or two behind the rest of the herd.

How much do people get paid to read this?

Sat, 03/30/2013 - 13:12 | 3391656 collon88
collon88's picture

Ellen Brown writes for Counterpunch that,

"In the US, depositors have actually been put in a worse position than Cyprus deposit-holders, at least if they are at the big banks that play in the derivatives casino. The regulators have turned a blind eye as banks use their depositaries to fund derivatives exposures. And as bad as that is, the depositors, unlike their Cypriot confreres, aren’t even senior creditors. Remember Lehman? When the investment bank failed, unsecured creditors (and remember, depositors are unsecured creditors) got eight cents on the dollar. One big reason was that derivatives counterparties require collateral for any exposures, meaning they are secured creditors. The 2005 bankruptcy reforms made derivatives counterparties senior to unsecured lenders."

You can get a free rating of your bank at www.bankrate.com.  It provides a very thorough and detailed evaluation of US banks, S&Ls and thrifts.  Unfortunately, I didn't see anything related to derivative exposure but it's not hard to guess who the players are. I closed my account at Chase and opened an account at a local bank last year.

 

 

Sat, 03/30/2013 - 14:13 | 3391794 Cone of Silence
Cone of Silence's picture

Ellen Brown is a Greenbacker who does not like the Fed because they do not print enough money. 

Sat, 03/30/2013 - 16:48 | 3392164 Professorlocknload
Professorlocknload's picture

Thanks for that! Beat me to it.

Sat, 03/30/2013 - 16:40 | 3392140 Pure Evil
Pure Evil's picture

Not sure if you can trust Bankrate's analysis. I just did a look up on Wells Fargo and they got a 5 star rating, which is the highest rating.

Sat, 03/30/2013 - 13:11 | 3391654 ebworthen
ebworthen's picture

"...in the unlikely event that a systemically important bank depletes its capital..."

Bernanke used the "unlikely" word when asked if the U.S. would place a "levy" on deposits.

Sat, 03/30/2013 - 13:10 | 3391650 hardcleareye
hardcleareye's picture

For "shits an giggles", there is a Canadian site I like to read called "The Greater Fool" by Garth Turner..

This is part of his resume

"Member of the Canadian Parliamant for nine years, serving as Member of Parliament, Cabinet Minister (in charge of Revenue Canada), national leadership contender (Progressive Conservative Party of Canada), House of Commons Standing Committee member and chairman (Consumer and Corporate Affairs, Finance), Special Advisor to the Leader of the Official Opposition. Member of the Privy Council of Canada."

This is his take on the language incorporated in the 2013 Budget.....

http://www.greaterfool.ca/2013/03/28/hysteria/

To summarize his take... nothing to worry about just move on.... the government is not going to let this thing collapse...

<...sadly shaking head....>

Sat, 03/30/2013 - 13:57 | 3391764 THECOMINGDEPRESSION
THECOMINGDEPRESSION's picture

Garth Turner is the BIGGEST loser I have ever read, he knows ZERO about economics, GOLD, HOUSING..anything. I have been reading him for years. He said to get out of GOLD at $850, $1000, $1200, $1400..you get the point..DUMB AS BRICkS..

Sat, 03/30/2013 - 13:03 | 3391645 ramacers
ramacers's picture

larry kudlow says things just great. and, btw, the Comcast Roberts Boys are just great also.

Sat, 03/30/2013 - 15:51 | 3392022 andrewp111
andrewp111's picture

Kudlow has a clear record of  perpetual optimism. His take is not surprising.

Sat, 03/30/2013 - 15:33 | 3391974 gordsav
gordsav's picture

   larry   kudlow   has   had   more   coke   up   his    dickless   nose  than   bolivia  ever   produced

Sat, 03/30/2013 - 13:00 | 3391640 Motorhead
Motorhead's picture

Why is it that everytime I see Reggie I think of Lauren Lyster?  (And it's not the other way around, hehe!)

Sat, 03/30/2013 - 12:50 | 3391623 LuchadorChumba
LuchadorChumba's picture

Bravo Reggie!

I liked you better in your Afro-centric spear holding warrior outfit. I knew you were a Luchador, not one of those fight club pendejos (complaining pussies). Since u knew about mucho cosas prior to happening, cuantos dinero you make on Bear Stearns? Me gusta! When MBIA and Ambac hit the urinal, you must of gotten some of those pesos.

Mira ZHedgehoggers, it plays to stay in the game. You just got to know the signs. ZH'r need to ask themselves, 'how can 'I' get into the missionary position. It's not by hiding su dinero in your fondio! 

Check out that Sandman guy above! Un grande calabasa on his neck, pero uno cosa he doesn't understand; we luchadors fight for gold AND blood. Gold meaning temporal control through finance, and blood meaning energy in all its presentaciones. No slaying the luchador in this realm compadre. What appears as my death is but me going back into the corner for a breather.

Que? Suddenly, you want to remedy the fight that you've enabled for cien anos?

Ah... the dreams of slaves.

Viva El Luchador

"Eat or be Eaten"

http://www.askchumba.com

 

Sat, 03/30/2013 - 14:55 | 3391894 ebear
ebear's picture

 

 

Luchadores del mundo entero!

http://www.youtube.com/watch?v=ZNqQTR_koCg

We are all One!

Sat, 03/30/2013 - 12:48 | 3391619 gordsav
gordsav's picture

  canadas   major   banks  lacked   the   fucking   venal   imagination   to  securitize   mortgages   ....  cibc    legendary   as  the   fucking   stupidest   of  the   big   five   was   just   getting   rolling  when   real  estate   cratered....possibly  the   only   disaster  i  ever   saw   them   dodge  in  40   years.

 

    we   have   100k    cdic   deposit   insurance     in  your   dreams     we   insisted  on   arcane   notioms like    cmhc     and   a   relic  called  a  down  payment    so  the   bullet  was   largely   dodged   due  to   the   scottish   conservatism   that   permeates     canadas   major   banks  very   cultures.     not    so  long  ago   all   5  were run   by   dour   scots      flinty   eyed   and   tight   as  ticks .... my   grandfather  was   one  of  them     plus   if  they   made   a    fucking   loan  they   fucking   owned  that   loan....   make   too   many   bad   ones    and   its   back  to   the   farm.

   he  is  long  dead   but  if   i   brought   him  up   in  the   cemetery    and   if   he   saw   both  the   worlds   banking   systems   or   god   forbid  these  openly   fascist    governments     he  would   scream in   horror   a  jump  back   in  the   box....   stealing   depositors   money      oh   please   what   the   fuck  is   going  on   sorry   to   rant

Sat, 03/30/2013 - 12:48 | 3391618 James
James's picture

CheapBastard you can't be serious W/PayPal.

They taught Corzine

http://www.paypalsucks.com/

Sat, 03/30/2013 - 12:43 | 3391610 bank guy in Brussels
bank guy in Brussels's picture

Where Reggie Middleton's absurd loyalty as a Google Inc fanboy, has not served his audience

Below, an expert review of the new Blackberry smartphone ... the new Blackberry pooh-poohed and slammed by Reggie with a short 'nothing special' dismissal

Review by a tech geek and financial blogger who has been, up till now, a Google Android user ...

Karl Denninger's conclusion after buying the new Blackberry:

« Best "new smartphone experience" I've ever had, bar none, period.  Sorry Samsung and Apple.  Android loses to a phone with thought instead of a robot at its core. »

Very detailed review, 'BlackBerry Z10: A First Look'

http://market-ticker.org/akcs-www?post=219150

Sat, 03/30/2013 - 19:18 | 3392455 Going Loco
Going Loco's picture

I read that review and it is very well written. It nearly convinced me until I saw a Youtube demo of the Z10's equivalent of a home page and how it forces you into organising your stuff how it wants instead of how you want. Trouble is that Denninger has been playing BBRY on the long side for months - he has published very detailed analysis and explanation - so he is really talking his book and you have to be cautious about his review for that reason.

Sat, 03/30/2013 - 12:17 | 3391516 CheapBastard
CheapBastard's picture

I bought a King Size Mattress this weekend. The SHTF is getting real.

 

My financial adviser says holding your money in places like Paypal may be safer then some banks. Times are changing, eh.

Sat, 03/30/2013 - 15:53 | 3392029 laomei
laomei's picture

Paypal has $0 insured and they can freeze funds at any time for any reason they feel like.

Sat, 03/30/2013 - 13:52 | 3391751 little buddy bu...
little buddy buys the dips's picture

holding your money in paypal is an extremely bad idea. don't think for a minute they won't swipe your cash, because they will. they have and they will. your mattress works just fine. so does the lake. so does any covered pit in your yard.

 

point is, do NOT let anyone hold your stuff. YOU do it.

 

NO ONE is coming to save anyone, understand this. YOU are responsible for SAVING YOURSELF, and that goes for your cash, stash and everything else.

 

Sat, 03/30/2013 - 12:04 | 3391504 falak pema
falak pema's picture

damn, who'd have thought the gangrene is in all banksta wounds.

Looks  like Canada's bankers are on RM's hit list of those who will sink into the drain along with France's big four. 

Are these bankstas being nationalised or are they being sanctified when this happens? 

One way or the other bank depositors will be crucified. 

Sat, 03/30/2013 - 12:29 | 3391559 JOYFUL
JOYFUL's picture

Don't worry bout the Canucks squire...crucifixion of Canistan happened long time back...

under the bootheel of the chosen ones who you favor with your fabulism.

Nobody really alive left to suffer another one there...

Canadians are generally a species of critter neither quite livin or dead...they just come out of their crypts to consult the lates MLS numbers on their housing 'investments' or to gnosh with others of their ilk about the great buy they made on a fixer upper they will sell for double what they paid for it.,,or the condo in Boca. 

Pity really...once they were warriors. http://youtu.be/g1awwAgU_t8 \

The Devil's Brigade - The Canadians Arrive
Sat, 03/30/2013 - 14:56 | 3391901 Fuh Querada
Fuh Querada's picture

"Joyful"'s reasoning has probably been impaired by frequent commenting over at "Muck to Market"

Sat, 03/30/2013 - 14:40 | 3391868 Blame Crash
Blame Crash's picture

You're bleatings are just plain old fashion dumb.

Sharpen up old boy!

Sat, 03/30/2013 - 14:25 | 3391823 PeeramidIdeologies
PeeramidIdeologies's picture

Cheap shot eh?! Lets not forget 1812.

We shall see who has the last laugh when all the dust settles...

Sat, 03/30/2013 - 14:09 | 3391787 Fuh Querada
Fuh Querada's picture

was it 80% or 90% of the land area that is uninhabitable?

Sat, 03/30/2013 - 13:00 | 3391641 Ahmeexnal
Ahmeexnal's picture

"EEEEEEEEHHH?????"

Sat, 03/30/2013 - 13:48 | 3391741 falak pema
falak pema's picture

lol, I love to see the demented butt heads...

Sat, 03/30/2013 - 11:58 | 3391487 Kina
Kina's picture

Appears that Australians didn't totally waste the past three years...

 

http://www.theaustralian.com.au/news/aussies-are-160bn-ahead-on-mortgage...

 

AUSTRALIAN families are now $160 billion ahead on their mortgages, squirreling away an extra $30 billion since the start of the GFC.

About half of the nation's three million home-loan customers have taken advantage of low interest rates to pay down debt at a pace the likes of which has never been seen.

New Reserve Bank of Australia figures show borrowers are a record 14 per cent in front on their combined $1.14 trillion of housing loans.

 

 

Sat, 03/30/2013 - 11:56 | 3391480 Sandmann
Sandmann's picture

This should not be surprising Reggie. The Corporation of the City of London has nurtured the Offshore Banking Sector with the connivance of the Bank of England as a counterweight to political power after 1945. Under Thatcher it was finally given its head after an abortive attempt under Edward Heath in 1971. This is the true nature of Globalisation, FIRE Sector cartels bigger than National economies rendering sovereign states as cutouts to bear the debt for Offshore Banking interests and floating pools of unregulated capital.

The Citizens of Nations will need to have Nationalist Politicians of a type not seen since 1945 to re-establish Political Power of the Nation State and that will probably mean execution of the political-banking elite and their families. There is no simple remedy as the Election System has been bought by the Banks, and only Leaders not infected with the corruption can lead the way forward.

In the meantime ALL forms of financial wealth are simply temporary credits which will be deleted rather as Amazon deletes "1984" from a Kindle

 

Sat, 03/30/2013 - 13:49 | 3391738 anonnn
anonnn's picture

..."nurtured the Offshore Banking Sector with the connivance of the Bank of England "..

Tne "buccaneer" [legal pirate] was a creation of the sea-trading merchants with the legal blessing of the Crown [aka king or queen]. Buiccaneering ws a stupendous success that brought in gigantic quantities of gold that paid for the building of a naval fleet to destroy the Spanish Armada. Thus England's control of the sea-trade routes guaranteed the import of riches/power equally shared by the Crown and the merchants

"Money" buccaneering is the natural successor.

Sat, 03/30/2013 - 11:48 | 3391465 Peter Pan
Peter Pan's picture

Ready. Set. Gone!

Sat, 03/30/2013 - 18:21 | 3392363 Buck Johnson
Buck Johnson's picture

Switzerland looks in major trouble, I can't wait when things start going bad.  Because there is no way that Cyprus is the only one.

Sat, 03/30/2013 - 12:20 | 3391540 Boris Alatovkrap
Boris Alatovkrap's picture

Canadia!? But Canadia is used to be safe!? We are so is screwed if Candada is go way of Cyprus!? Even if just is put on law books! No where is safe to hide from SHTF!

Sat, 03/30/2013 - 15:18 | 3391941 gordsav
gordsav's picture

  you   got  it   boris

Sat, 03/30/2013 - 13:47 | 3391740 Diogenes
Diogenes's picture

The Canadian financial system is a lot crookeder than you think. You just don't hear about it. Read Thieves of Bay Street by Bruce Livesey.

Sat, 03/30/2013 - 15:36 | 3391982 Mototard at Large
Mototard at Large's picture

Canadian bankers are so much nicer than those Yankee bankers. Canadian bankers say 'please' and thank you' and inquire about the health and well being of your family.

Then they take all your money!   :-) 

Sat, 03/30/2013 - 12:31 | 3391552 Boris Alatovkrap
Boris Alatovkrap's picture

Boris just remember, is still have mattress. Bit torn and must is share with family of small rodentia, but safer than bank.

Sat, 03/30/2013 - 14:00 | 3391767 TheMerryPrankster
TheMerryPrankster's picture

But Boris, you must remember Rodentia is the same specie as the Bankers belongs in.

Banker Rondenitia Giganticus

Banker Rodentia Imperius

Banker Rodenitia Federalis

 

will all eat your monies, pisses and shits upon its or just steals it, it is all belongs to thems anyhow and you are just using it.

Suggest cigar box. is much safer and can keep nice hand gun in it too.

How are moose and squirrel? Give my love to Natasha and fearless leader.

Sat, 03/30/2013 - 13:05 | 3391646 RockyRacoon
RockyRacoon's picture

Boris, rodents can get very hungry.  You should store the bank notes in tins, and be sure to wear a pair of those surplus army combat boots.  Rats start with the toes.

Sat, 03/30/2013 - 17:58 | 3392317 in4mayshun
in4mayshun's picture

Rats don't eat silver

Sat, 03/30/2013 - 15:55 | 3392033 andrewp111
andrewp111's picture

This reminds me of the story of a Greek who drew out all his Euros a couple of years ago and stashed them in the basement, wrapped in Saran Wrap. When he checked on them, he found that mice tore up his Euros to make a nest.

Sat, 03/30/2013 - 15:21 | 3391949 gordsav
gordsav's picture

where   do   coons  start   fuckface

Sat, 03/30/2013 - 14:33 | 3391839 Pinto Currency
Pinto Currency's picture

 

You'd swear this was a manufactured panic oordinated by the BIS with IMF assistance.

See this BofE speech: http://www.brotherjohnf.com/archives/148190

There is clearly only one solution - a world currency and UN control of banking systems. 

Throw in a multi-trillion dollar carbon tax for that 0.04% of the atmosphere that is C02.

Good times will then be infinite just like with Uncle Joe (yes Stalin).

Sat, 03/30/2013 - 17:00 | 3392074 Supernova Born
Supernova Born's picture

Oh, Canada...

Sat, 03/30/2013 - 17:04 | 3392194 ebear
ebear's picture

"You'd swear this was a manufactured panic oordinated by the BIS with IMF assistance."

Indeed.  It's telling that this story comes right on the heels of Cyprus.  After all, why would you want to keep your money in a nation that is self sufficient in food, water, energy and raw materials, and can trade same for necessary finished products (which it could go back to making in-house if push really comes to shove)?

I guess the hundreds of thousands of Chinese who have moved here over the last 20 years have it all wrong.

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