Bank bail-ins are not theft. The law* has been in existence for hundreds of years and was established in England by the House of Lords in the case Foley v Hill in 1848.
Silence is consent
When governments issue ‘Public Notice’ http://gazette.gc.ca/rp-pr/p1/2017/2017-06-17/html/reg4-eng.php and few people speak up, public silence is tacit or implied consent for the government to proceed. This is the Great con of man, the con hidden in one tiny word ‘consent’.
Canada bank bail-in exclusions: deposits (e.g. chequing and savings accounts, Guaranteed Investment Certificates, secured liabilities (e.g. covered bonds), eligible financial contracts (e.g. derivatives) or structured notes.
If you don’t hold it you don’t own it
Exclusions appear to offer a sense of security however did you know; when you deposit money in the bank you are giving the bank an unsecured loan in exchange for a promise to pay you back? In other words, if you don’t hold it you don’t own it … the money belongs to the bank. By law, in the insolvency of a bank, you as an unsecured creditor stand last in the queue of creditors to be paid out of any funds and assets that the bank has to pay its creditors.
Backed by government or not, most insurance schemes do not have sufficient monies to cover all the deposits in the banking system. A systemic collapse means there is no way for you to get your money back. The June 2017 Canadian government Public Notice is a clue. * http://www.globalresearch.ca/no-bank-deposits-will-be-spared-from-confiscation/5332743
12-year old exposes the immorality of the global banking system and why sound money is essential to freedom and stopping the spread of misery on this planet.
Deadline for submitting comments on draft bail-in regulations and draft TLCA guideline is July 17, 2017.
- On June 16, 2017, the Canadian federal government published its draft bail-in regulations for public comment
- Office of Superintendent of Financial Institutions published its draft total loss absorbing capacity guideline for public comment
- Key takeaways
- Overview of proposed bail-in process
- Potential tax implications
The 2008 global financial crisis has led a number of governments (especially members of G20) to pass financial regulations over the last few years as part of their reform agenda. An important part of this agenda is to address the potential risks to the financial system and broad economy of institutions perceived as “too big to fail.” One of the tools adopted by the G20 members to address this risk is “bail-in” – i.e., the power for domestic authorities to convert some of a failed bank’s debt into equity to recapitalize the bank, absorb losses, and help restore it to viability without relying on government bailouts.
Canada, as an active participant in the G20’s financial reform agenda, had previously announced its intention to adopt regulations to implement a bail-in regime and apply it to Canada’s domestic systemically important (D-SIB) banks (Canada’s six largest banks were named as systemically important by the Office of the Superintendent of Financial Institutions (OSFI) in 2013).
In 2014, the Canadian government issued a consultation paper announcing its intention to implement a bail-in regime in Canada. In its 2016 budget, the Canadian government announced a legislative framework for the bail-in regime via amendments to the Bank Act and Canada Deposit Insurance Corporation Act (CDIC Act) (see our May 2016 Osler Update which discusses the bail-in regime). Although the 2016 amendments to the Bank Act and CDIC Act established the bail-in legislative framework, they left the details of the bail-in regime to be implemented through regulations.
On June 16, 2017, the Canadian federal government published its bail-in regulations for comments. In connection with this publication (and also on June 16), the OSFI released for comment a draft guideline on Total Loss Absorbing Capacity (TLAC). OSFI’s draft guideline will apply to D-SIBs as part of the federal government’s bail-in regime and will require D-SIBs to maintain sufficient TLAC (i.e., capital plus debt convertible into equity under the recapitalization regime) in line with internationally established TLAC standards.
The deadline for submitting comments on the draft bail-in regulations and the draft TLCA guideline is July 17, 2017. READ more at https://www.osler.com/en/resources/regulations/2017/canada-publishes-bail-in-regulations
History of the Bank of Canada
CETA Constitutional challenge
Canadian constitutional lawyer Rocco Galati, on behalf of Canadians William Krehm, and Ann Emmett, and COMER (Committee for Monetary and Economic Reform) on December 12th, 2011 filed an action in Federal Court, to restore the use of the Bank of Canada to its original purpose, by exercising its public statutory duty and responsibility. That purpose includes making interest free loans to municipal/provincial/federal governments for “human capital” expenditures (education, health, other social services) and /or infrastructure expenditures. https://ourgreaterdestiny.wordpress.com/2016/10/27/ceta-constitutional-challenge-safeguarding-canadians-banking-and-financial-rights/
Canadian bank reformers
Since 1974 Canadians have paid $1.17 trillion in unnecessary interest!
Video provides overview of the book
In this book you will learn:
•How the Canadian Dollar is heading for failure and there is nothing the government or banks can do to stop it. Imagine a 90% loss of your net worth?
•How real money, commodities might be able to save the Canadian Economy when it collapses and how Gold and Silver is like a life insurance policy just for your wealth.
•How to take responsibility for your own money instead of giving it to the banks and the government
•And much more…
Hidden asset game in government book keeping
If each level of government in Canada has a CAnFR [Canadian Annual Financial Report], separate from the budget, undisclosed to the public, CAnFRs need to be made public. Funds from the CAnFR can be used to avert austerity in Canada, secure pensions, health care, restore infrastructure, pay off existing and unplanned debt
The way out of the mess we are in is together. It seems far wiser to face our fears now when we can mutually support one another, tell the truth respectfully, and chose our path forward, rather than doing nothing and risking the consequences. Please share and thank you.
Doreen Ann Agostino
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