'Bail-ins' taking depositors' money could be headed to U.S
WND
WASHINGTON – The questionable practice of “bail-ins” begun by Cyprus a year ago to keep banks solvent is beginning to spread to other nations, and holders of large deposits are starting to see their balances plunge literally overnight.
A “bail-in,” as opposed to a bailout that countries especially in Europe have been seeking from the International Monetary Fund and the European Union, is a recognition that such outside monetary injections won’t be forthcoming.
Consequently, banks have been seeking money from another source – from their large depositors whose funds exceed. The funds are simply taken and are then applied to a bank’s recapitalization in lieu of government bailouts.
Think of it as moving cash from your own savings account to the bank’s operating account, without your permission and without even any notice to you.
The example set in Cyprus when that island nation confronted its financial crisis now is spreading to such other countries as Italy, Poland, New Zealand, members of the European Union – and now Canada.
Get “I Want Your Money” and find out what may be coming to your neighborhood.
Financial experts agree that this practice soon could spread to the United States.
The “bail-in” a year ago in Cyprus developed after the island nation was refused further outside financing from the IMF and the European Central Bank of the E.U., of which the Mediterranean island is a member.
Cyprus never was looked upon as a place to spend money. Instead, it was seen more as a place to safely hide large deposits of cash for private individuals and companies not only in Europe and especially Russia but for major shareholders and top executives from all over the world.
Hiding such huge sums of cash was made easy in Cyprus with such mechanisms as outright bank deposits, shell and holding companies, with massive transfers taking place between them.
“Cyprus was a leader – in some circles and for some applications, the leader – in quiet storage, management and structuring of exceptionally large sums for private individuals and corporations all over the world,” financial expert Franklin Raff wrote in a March 2013 WND article.
“Cypriots were fast learners in the fields of global asset protection and ‘tax optimization,’” Raff said. “Cyprus’ 2004 entrance into the E.U. gave financial operations a deeper veneer of legitimacy and security.
Reposted with permission.
Read more about Governments Coming To Steal Savings Accounts
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