Tuesday, June 23, 2015

Stephen Harper and The Canadian Banking System

Ultimate Treachery…your bank account

Please clink on the link above to view my new video blog mini-series.  Also please read accompanying text.

Have you
been listening to any of the internet chatter out there about the major banks
operating in Canada and the new “bail-in” rules?  And just what are the new banking “bail-in” rules compared to the old banking “bail-out” rules?  Well, it seems the new “bail-in” rules have the same purpose as the “bail-out” rules” that is, to make the tax payers pay for the horrific mistakes (i.e. greed) of our private banking system operators but with a new, more direct twist.  Instead of western governments using taxpayers’ money already collected to give it to the banks as in bail-outs, the new bail-in rules will just take it directly out of customers’ bank accounts and pension funds if banks and governments find this to be necessary to stabilize any of the big banks in Canada who get into trouble.  What?  Can the big banks really do this?

Well, they did it in Cypress.  Remember the banking crisis in Cypress in 2013 when taxpayer funds weren’t sufficient to deal with the situation?  When the Cypress government just allowed the banks to take what they needed out of citizen’s savings accounts? And guess what.  Stephen
Harper has already created the Canadian equivalent of the Cypress “bail- in” provisions by granting the same option to major banks operating in Canada if and when their greed and frenetic love of risk outstrips their immediate banking resources.  These provisions have been written into the Canadian government’s new banking rules called “Economic Action Plan 2013”  ( pages 144, 145).

On July 8th, 2014 CBC News reported that the “Investor ratings service Moody’s has changed its outlook for Canada’s biggest banks from
stable to negative, citing  concerns over the Canadian’s government’s plan
to implement a “bail-in” system in the event of a bank failure.”  So, here we are in Canada, with our government and banks boasting of how wonderful our banking system is when in reality our banks are rated “negative” by Moody’s.  And Moody’s senior vice-president David Beattie, author of the report, said “he believed the risk of a bank failure (in Canada) was
remote, but was concerned about the trend of governments worldwide to provide for bail-in measures, instead of the bailouts seen in 2008.”

Are bail-ins actually becoming a worldwide phenomenon at least in Western and European banking?  No way, how could it be possible that banks internationally think they have the right to simply dip into their customer’s deposits when they feel the need as they did in Cypress?  It can’t be true.  But it is.  And furthermore this unthinkable, even unspeakable banking form of highway robbery of innocents has now been agreed to by the international G20 leaders of the world. 

As Ellen Brown wrote for the Huff Post Business on 01/31/2015 “On the weekend of November 16th (2014) the G20 leaders were whisked into Brisbane, posed for their photo ops, approved some proposals, made a show of roundly disapproving of Russian President Vladimir Putin, and whisked out again.  It was all so fast, they may not have known what they were endorsing when they rubber stamped the Financial Stability Board’s “Adequacy of Loss Absorbing Capacity of Global Systemically Important Banks in Resolution”, which completely changes the rules of banking.”   
Russell Napier of Zero Hedge called it “the day money died”.  

Well, we know for sure that Stephen Harper knew exactly what he was signing in Brisbane because the same provisions had already been written into the Conservative budget in 2013 in Canada. Of course all Harper talked about at the meeting was what a threat Putin was to all of civilization and how Canada needed to get out into the war zones to prove what a powerful counter threat Canada could be to Russia and ISIS.  I don’t think either are shaking in their boots from Harper’s sword rattling but I think we should be shaking in ours, but from fear of what Stephen Harper and the banks together have lain the ground work for which is a massive theft of the people’s private deposits and pension funds.   

More later.

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