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Europe Reveals How Accounts Will Be Frozen During the Next Crisis
In the last 24 months, Canada, Cyprus, New Zealand, the US, the UK, and now Germany have all implemented legislation that would allow them to first FREEZE and then SEIZE bank assets during the next crisis.
These moves will be sold as “for the public’s good,” when they happen. But the reality is that it’s all about stopping people from moving their capital into actual physical cash.
The whole template for this was set out in Cyprus in 2013. The quick timeline for what happened in Cyprus is as follows:
· June 25, 2012: Cyprus formally requests a bailout from the EU.
· November 24, 2012: Cyprus announces it has reached an agreement with the EU the bailout process once Cyprus banks are examined by EU officials (ballpark estimate of capital needed is €17.5 billion).
· February 25, 2013: Democratic Rally candidate Nicos Anastasiades wins Cypriot election defeating his opponent, an anti-austerity Communist.
· March 16 2013: Cyprus announces the terms of its bail-in: a 6.75% confiscation of accounts under €100,000 and 9.9% for accounts larger than €100,000… a bank holiday is announced.
· March 17 2013: emergency session of Parliament to vote on bailout/bail-in is postponed.
· March 18 2013: Bank holiday extended until March 21 2013.
· March 19 2013: Cyprus parliament rejects bail-in bill.
· March 20 2013: Bank holiday extended until March 26 2013.
· March 24 2013: Cash limits of €100 in withdrawals begin for largest banks in Cyprus.
· March 25 2013: Bail-in deal agreed upon. Those depositors with over €100,000 either lose 40% of their money (Bank of Cyprus) or lose 60% (Laiki).
The most important thing I want you to focus on is how lies and propaganda were spread for months leading up to the collapse. Then in the space of a single weekend, the whole mess came unhinged and accounts were frozen.
One weekend. The process was not gradual. It was sudden and it was total: once it began in earnest, the banks were closed and you couldn’t get your money out (more on this in a moment).
There were no warnings that this was coming because everyone at the top of the financial food chain are highly incentivized to keep quiet about this. Central Banks, Bank CEOs, politicians… all of these people are focused primarily on maintaining CONFIDENCE in the system, NOT on fixing the system’s problems. Indeed, they cannot even openly discuss the system’s problems because it would quickly reveal that they are a primary cause of them.
For that reason, you will never and I repeat NEVER see a Central banker, Bank CEO, or politician admit openly what is happening in the financial system. Even middle managers and lower level employees won’t talk about it because A) they don’t know the truth concerning their institutions or B) they could be fired for warning others.
Please take a few minutes to digest what I’m telling you here. You will not be warned of the risks to your wealth by anyone in a position of power in the political financial hierarchy (with the exception of folks like Ron Paul who are usually marginalized by the media).
Moreover, when the Crisis DOES hit, it will be much much harder to get your money out.
Consider the recent regulations implemented by SEC to stop withdrawals from happening should another crisis occur.
The regulation is called Rules Provide Structural and Operational Reform to Address Run Risks in Money Market Funds. It sounds relatively innocuous until you get to the below quote:
Redemption Gates – Under the rules, if a money market fund’s level of weekly liquid assets falls below 30 percent, a money market fund’s board could in its discretion temporarily suspend redemptions (gate). To impose a gate, the board of directors would find that imposing a gate is in the money market fund’s best interests. A money market fund that imposes a gate would be required to lift that gate within 10 business days, although the board of directors could determine to lift the gate earlier. Money market funds would not be able to impose a gate for more than 10 business days in any 90-day period…
Also see…
Government Money Market Funds – Government money market funds would not be subject to the new fees and gates provisions. However, under the proposed rules, these funds could voluntarily opt into them, if previously disclosed to investors.
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370542347
In simple terms, if the system is ever under duress again, Money market funds can lock in capital (meaning you can’t get your money out) for up to 10 days. If the financial system was healthy and stable, there is no reason the regulators would be implementing this kind of reform.
This is just the start of a much larger strategy of declaring War on Cash.
Indeed, we've uncovered a secret document outlining how the Fed plans to incinerate savings to force investors away from cash and into riskier assets.
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Best Regards
Phoenix Capital Research
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Theft will not viewed as illegal if it "is to save the system", it's for the children.
See: Ireland, Banking Crisis. All bullshit but just package the taxes as "for the children" & "future generations" (who will also be paying for the banks too) & we just suck it up. Just don't put too much tax on the price of a pint & we'll take any pain.
In the event banks were closed the answer is: any bankers stupid enough to not be in a secure fortified area will be hung first.
Next question
That would be the tellers; the people just trying to make a living. See how stupid does as stupid thinks. The real bankers will not be found.
They must come up for air sometime. No fun having all that money and having to dwell in a pampered hole for the rest of your life. The coke will run out and the whores will get stale with a quickness.
They WILL be found.
Certainly, if you can imagine all of this wealth confiscation happening in the first place, you can imagine that a new Committee on Economic Relations or some such statist creation will be doing the picking and choosing of WHICH corporations get raped into oblivion and which get bailed out ala nationalized.
This is the road to top down global communism. There is no other stop at the end of the tracks. Well, save for the bullet to the back of the head you will get if you don't go along.
Democracy has nothing to do with freedom. Democracy is a soft variant of communism, and rarely in the history of ideas has it been taken for anything else.
- Hans-Hermann Hoppe
I don't think we can even call it "communism". It will be a dictatorship where the entire world is owned and controlled by the Rotschild cabal. After all, that has been their plan since 1740. I just find it hard to believe they just might pull it off. Hard to say though because a lot of the banks are going to get wiped out, including the Fed. Will that hurt them enough to crush their empire sending the world into the dark ages for a while... or will the banking demons come out of it with their heads still on their shoulders? I don't think any of the great 'real' economic thinkers even know for sure.
And no... I don't plan to go along. And I won't be getting a bullet in the back of the head. There are other options.
Theft is not illegal if you call it a tax.
Theft is not illegal if you call it inflation.
And so do you have an answer to my question?
Those with connections will have magically just moved all of their money when accounts get seized.
You are right, beyond doubt. But I think we have seen enough about how they work that we will recognize signs. I mean, there were signs all over Greece for a full month that it was very likely a banking holiday was coming, before they actually did it. Same in Cyprus.
And after it's thawed out, there won't be anything there, it would of vaporized, poof gone, we don't know where it went, it just vaporized
Only idiots keep their cash in the banks.
If you still have some ones and zeros stored there you deserve to be robbed after so many warnings.
Keep physical cash, gold, silver and digital bitcoin.