Apocalypses in mirror may be closer than they appear:
In the crash of 2008 governments “bailed out” banks with billions of dollars. The next time around banks will be permitted to seize your deposits and exchange them for shares, shares in a failed bank.
On June 22, 2016 Bill C15 became law along with its controversial “Bail-In Regime”. In the crash of 2008 governments “bailed out” banks with billions of dollars. The next time around banks will be permitted to seize your deposits and exchange them for shares, shares in a failed bank.
Some say that Canadian banks are so strong Canadians don’t have to worry. But the experts say “Canada is in Serious Trouble”. DBRS, Moody’s and Standard and Poors all have downgraded Canadian banks to a “negative” outlook. The Bank of Canada says our housing market is 30% overvalued, Deutsche Bank says 63% and CMHC says 35%. With average house prices now over over $1.3 million in Toronto and Vancouver a crash appears imminent.
Canada is trying to do this early, before it will trigger panic. But that means we are approaching the period when such an act would create panic, and collapse banks.
This is not the act of a government which is confident that bank collapses will not happen, and the economy is recovering. This is the act of a government resigned to what is coming.
China, Europe, a purposeful act to damage Trump, or some other event are all we are waiting on.
[…] Canada Prepares to Seize Bank Deposits In Apocalypse […]
If the banks were strong, there would be no need for this change. The only reason to make this change is to protect weak banks. Q.E.D.
This is not a violation of natural law but a return to it. It stands to reason that if you loan me money and I spend it all on hookers and booze, I won’t have the means to pay you back, and that’s no less true if I call myself a “bank”. Government could back me up by printing more money to cover my debts, but the Canadian dollar is looking rather shaky right now, and that’s forcing Canada to do the right thing.
A reasonable reform would be to require all banks to be partnerships, not corporations, and hold bank owners personally responsible for their customers’ deposits “to the last shilling and acre”. Bankers would be much more conservative lenders if that were the case.
Canada explicitly backs its banks on things like mortgages. This means that moral hazard contributed even more to the moon-shot of assets in Canada than it did in the USA.
Add in the fact that Canada’s economy is heavily dependent on resources, which of late have been exhibiting what happens in a deflation; their prices have fallen. A lot.
We stand balanced on the precipice. Every time before, during the last 21 years, the result of such a condition was retrenchment and a resumption of the counterfeit-(debt)-based prosperity train. Will it work this time?
Theresa May speaks of nuclear strikes, Putin has an advanced submarine fleet, Trudeau -The Yoga Princess -frolicks in a gay pride parade…now this bill. What a disgrace.
This the typical playbook where the middle class is ruined and the wealthy are bailed out.
all the G7 or G20 countries have enacted similar legislation recently. in Canada the process was started by the previous “conservative” administration.
the governments of the western countries have not been working in the interests of their populations for decades. the NWO people have been dictating.
North of the border has proven via immigration to be rather nutty, and I don’t even think fruit nut trees grow up there.