The last budget on pages 144-145 gives the banks the power to change their liabilities to assets at the stroke of a pen when the next crisis comes. The term bail-in will become common which means your RRSP and bank accounts will be taken and you will have no recourse.
For those of who don’t know what liabilities are check out the definition and think back what happened in Cyprus last month and how many people lost a good percentage of their money. Bail-in are coming to Canada and we are going to pay for it.
The poor will be poorer and the rich will be way less rich.
The government is not your friend. —A.R.
This article appears in May 2-8, 2013.
No worries OP. By the time the next crisis rolls around Prime Minister Trudeau will have completely revamped our currency. The basic unit of exchange will be the Pepsi Bottle. 5 Pepsi Bottles will be worth a Rene Simard CD. 5 Rene Simard CDs will get you a large Poutine. 5 Poutines may be exchanged for a Habs Sweater. 5 ‘ockey Sweddurs will be worth a Mime. Start hoarding now.
^^^ right on cue…
And a mime is a terrible thing to waste.
How can the poor get poorer AND the rich get poorer???
The money has to be going somewhere…
and if it’s the bank’s board of chairmen, wouldn’t that mean the rich are actually getting richer, which is pretty much what’s happening already?
just in case, I’m getting enormous clown pants and loading em up with poutine…
in my eyes, it’s already currency.
I’m with Zed
Reread your bank contract. When you deposit money in the bank, what you are essentially doing is LOANING your money to the bank. They make investments and pay you a pittance of a return as interest. What “bail-ins” do is force customers to absorb the loss, not governments and taxpayers. I’m all for it. Why should my tax dollars pay for your investing in a shitty bank? Besides, the bail-in only applies to people who have a set amount of money in their account. I think in Cyprus, it was anyone with more than 100,000 or 150,000 dollars.
zZz the money IS going somewhere.
Mostly paying back that debt we owe China.
Crayons, your comment made me curious as to weather or not Canada is in debt to China the same way the U.S.A is. This is what I found:
“Our debt appears to be 600 billion and the USA is 16 trillion. so we appear to be 1/27 th of their debt. I find research to be very evasive concerning our debt to china. So, I wonder, “Why is it that Harper is trying to push things through parliament in regards to foreigners buying up our companies and resources? I fear that he is attempting to pay down our debt by allowing countries, to whom we are indebted, in through the side door…”
Personally I am sick of the corruption, senators/MLA’s helping themselves to our tax dollars, Harper losing 3.4Billion dollars and not being able to account for it…small potatoes compared to our gross national debt. Nothing is going to change until we make it change and nobody is going to figure out that we need to actively fight back against this sort of thing until it gets really ugly.
While ShITD is technically correct, that doesn’t mean the rules can’t be changed over night. It also doesn’t say anything in the bitch about ther banks closing for weeks at a time (or even longer) Nor does this bitch speak of the ability of them limiting how much you may be allowed to withdraw… if/when this happens, when they reopen. So protect yourself,
1- keep fiat currency on hand, hidden in your home or other secure/safe place.
2- plan for fiat currency to become worthless & have other items that can be used as a medium of exchange, whether that means some silver or gold, some pre 1967 silver coins or jewelery
3- either get out of dept or as far out of debt as you can & look to what can/does retain value & consider putting your RRSP funds there.
4- have some food on hand, how long could you feed yourself if access to food supplies dried up right this minute ?
IF using myself as an example, I started full time in the workforce in 1980, I also started a retirement savings plan at that time which was available through my employer. Every dollar I saved then has depreciated by 50% +/- a percent or 2 since, simply by the inflation of prices = deflation of our fiat currency. I would have been much better off had I instead purchased gold or took out a mortgage then…there are ways to protect yourself.
Saving money in a bank, an RRSP or a safety deposit box isn’t the best way by a long shot.
Did you vote?!
Couldn’t ANY country do this? No where would be safe using your paranoid mentality. Do you belong to the “Freemen of the Land”?
Better topic; Martial Law.
“Give me 5 Simards for a ‘tine you’d say.” – Grandpa Abraham Biscuit
“H’I h’am not fucking believe. Celin Dion ‘as finally play Citadel ‘ill, but scalpers har hask 5 Mime, for h’admision,generale
TABARNAC!
The most important thing was that I wore a donair on my belt … which was the style at the time. We didn’t have Lebanese donairs because of the oil embargo; only those large Imperial donairs made by some King.