Canadian Deposits As Safe As Cypriot DepositsJeff Berwick 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. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants. Those bank liabilities that will be allowed to be converted into regulatory capital? Those include customer accounts. Apparently bailing out banks with tax money is too 2012. Now bail ins with customer money are all the rage. The report says in the unlikely event that one of the banks becomes non-viable. How do you think not having to worry about losses will affect the bankers attitude toward risk, however? Wed say that this government-guaranteed ability to raid deposits will make the banks act more recklessly and also guarantee that the deposits will raided. The big banks in Canada will get to take on enormous risks in pursuit of greater profits for themselves without having to worry about their losses. After all, any losses will now be covered by the bank customers money that they put in their with the crazy notion that it would be safe from theft. Personally, I cannot understand how anyone in Canada, the US or anywhere in the Western World could think even for a second that their money is safe in a bank, especially these days as The End Of The Monetary System As We Know It (TEOTMSAWKI) is forcing the governments and banks to show their true colors and just outright take peoples money. They arent even bothering to hide their larceny with inflation or borrowing anymore. The banks are the first line in the government-corporate offensive against individuals. Keeping your money in the bank at this point is like giving the keys to your house to a family of kleptomaniacs with pyromaniac tendencies. Dont be surprised if all your stuff ends up getting swiped and your house is burned to ground. Also, due to recent legislative reform, Canadian securities held by those with domicile in Canada can no longer be traded in accounts held in other parts of the world. Non-Canadian banks have been sending letters to their Canadian customers to inform them that they must sell or transfer any Canadian securities held in their accounts by an April 5 deadline. Canadians cant even transact with an offshore broker who isnt registered in their specific PROVINCE. Even US slaves are a bit freer in this regard as they only have to file with the SEC. Of course, the best of all worlds is to unslave yourself entirely by getting a passport in a freer country so you can let go of your US or Canadian slave card. The barriers for doing business outside their nation-states borders will only increase for Americans and Canadians. We believe that there will be a lot more slaves from the Western World fleeing out of their currencies into Bitcoin. Europeans, particularly the Spanish, are leading the way, but Americans and Canadians will be forced to start running too. You can also be part of the vanguard who is using technology to avoid the government-banking-fiat currency system altogether by switching from fiat currency accounts to the decentralized digital currency realm with Bitcoin. If you must have a bank account, dont keep it in one of the kleptomaniac banks of the Western World. Instead get the account in a safer, less indebted country. See how TDV can help you with offshore banking options here. Anarcho-Capitalist. Libertarian. Freedom fighter against mankinds two biggest enemies, the State and the Central Banks. Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media Services and host of the popular video podcast, Anarchast. Jeff is a prominent speaker at many of the worlds freedom, investment and gold conferences as well as regularly in the media. linkwithin_text=Related Articles: 