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Default Take off hoser!

March 29th, 2013, 03:50
https://www.youtube.com/watch?v=04u58ifxmRA

Deposit theft is written into the recent Canadian budget:

http://www.silverdoctors.com/canada-…n-2013-budget/

See pg. 144 and 145 of the budget:

http://www.budget.gc.ca/2013/doc/pla…et2013-eng.pdf
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March 29th, 2013, 04:13
not sure how "conversion of certain bank liabilities into regulatory capital" means taking deposits.

I read it as assets owed can be converted to cash on hand, which is outright fraud with most companies.

quite frankly this legal jargon could mean anything though and I'm not sure you know how the Canadian legal system works and the bizarre relationship the government has with its voters.

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March 29th, 2013, 04:34
"The 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."

Liabilities = Deposits

http://www.investopedia.com/terms/b/…speed=noscript
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March 29th, 2013, 22:50
The fiasco in Cypress is having all sorts of fallout. I expect more governments to drool over this asset grab.

Sorry. No pearls of wisdom in this oyster.
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March 30th, 2013, 01:58
some obscure money websites are repeating this. the WSJ did too but didn't treat as a big gov't conspiracy to steal but I guess I'll agree with your assessment. Its a heavy handed tactic the Feds would try to pull (they likely can't get away with it -it would be too much for even them re: harmonized sales tax). Those qualifiers written into the code are meaningless of course but I can see Canadian judges hemming and hawing on something like this too.

But of course, I don't think that Canadian banks are a good place to hide money the way Cyprus was. With billions in Russian Oligarch capital you'd think the Cypriots would have done a better job managing their books the way that Switzerland, Lichenstein, the Caymen Islands and Frankfurt do. I'd mention the Vatican Bank but they just got caught too.

There's not a run on the Cyrpus banks that was expected and my guess is the Greek Cypriots may be experiencing some guilt.

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