theOtherNews: Trudeau’ ‘budget’ slips in proposal to seize your bank account if bank fails. HT: CIJNews.
Did you see what Justin Trudeau slipped into the budget this week, hidden away on page 223?
It’s called a bank “bail-in regime”.
That means if a Canadian bank starts to fail, it would be allowed to seize your bank account to pay its bills. Seriously.
It’s what they did in Cyprus three years ago, when bankers there made risky loans to Greece. In a back-room deal, politicians and bankers decided to pay off the bank debts by just seizing 10% of everyone’s deposits.
Power corrupts and absolute power?
If Trump get elected I’m moving to Canada…
uh, rats, never mind.
Trudeau didn’t slip in anything, the G-20 discussed and agreed (and Obama enthusiastically embraced the idea) back in April 2015.
January 1, 2016, the European Union and Australia made it effective law. Globally banks are in trouble and governments worldwide are broke. They have every intention of taking your every dime you have to pay for their social malfeasance.
A tin can on the shelf or an envelope pinned to your shirt is the safest place for your money.
They also banned the term ‘piggy bank’.
Well, you know why…
Seems to me insurance companies can sell a product. Just like Private Mortgage Insurance forced upon home buyers in early 2000s incase they defaulted on debt.
I trade for gold only once a month. Canada sold all their gold.
@ Rhettsgirl. I’ll just hide mine under my work boots. they’ll never touch those….
Actually Canada isn’t in the eu and it is questionable that a budgetif it ever came up item can substitute for legislation. that would be litigated if it ever came up.
My computer is so slow. A budget item could substitute for legislation
So he’s effectively incentivized failure.
HINT: Have you read the Dodd-Frank Act? 🙁
Reagan used to use the budget to get his tax reforms and policies through Congress but we hat a majority to get it approved. The power of the purse, to decide what got funded and what didn’t. now Obama funds what he wants and no one stops him. be that as it may, Banks are still private companies. citizens are free to examine a banks financials before they do business with them and the government backstop need not be and should not be a factor. caveat emptor. Laissez faire still applies here
Elect a socialist get socialist laws.
Sylvia – and now you know why they ( D & R) don’t worry about a 19 trillion dollar debt going to 20… and 21, 22, 23.
They know they can just take it anytime they want it!
Now that everything is locked up electronically, it’s ever easier!