Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!Michael Snyder What you are about to see absolutely amazed me when I first saw it. The Canadian government is actually proposing that what just happened in Cyprus should be used as a blueprint for future bank failures up in Canada. The following comes from pages 144 and 145 of Economic Action Plan 2013 which you can find right here. So if taxpayer funds will not be used to bail out the banks, how will it be done? Well, the Canadian government is actually proposing that a bail-in regime be implemented So if the banks take extreme risks with their money and lose, certain bank liabilities (i.e. deposits) will rapidly be converted into regulatory capital and the banks will be saved. In other words, the banks will just be allowed to grab money directly out of your bank accounts to recapitalize themselves. That may sound completely and utterly insane to us, but this is how things will now be done all over the western world. According to RT, the European Parliament will soon be voting on a new law which will make Cyprus-style bank account confiscation a permanent solution for when major banks fail throughout the EU Are you starting to understand? The other day when I said that The Global Elite Are Very Clearly Telling Us That They Plan To Raid Our Bank Accounts, I was not exaggerating. And for those in Cyprus with deposits of over 100,000 euros, the news just keeps getting worse and worse. When the crisis first erupted, they were told that 10 percent of all deposits over 100,000 euros would be confiscated. Then a few days later they were told that it would be 40 percent. Now, according to the Washington Post, those with deposits over 100,000 euros at the second largest bank in Cyprus may lose as much as80 percent of those deposits Sadly, the truth is that those people will be lucky to ever see any of that money ever again. How would you feel if someone came along and wiped out your life savings so that banks that took incredibly reckless risks could be bailed out? Needless to say, a lot of people in Cyprus are very, very angry right now. The following reactions from outraged depositors in Cyprus are from Sky News A lot of people have just had their entire lives turned upside down. But there were some people that were told ahead of the crisis and were able to get their money out in time. According to the BBC, foreigners pulled a whopping 18 percent of their money out of Cyprus banks during the month of February alone So how did they know to pull their money out and who told them? In addition, branches of the two largest banks in Cyprus were kept open in Moscow and London even after all of the banks in Cyprus itself were shut down. So wealthy Russians and wealthy Brits have been able to take all of their money out of those banks while the people of Cyprus have been unable to. It is hard to even find the words to describe how unfair that is. The following is from a recent article by Mark J. Grant The wealthy always seem to come out ahead somehow, dont they? Meanwhile, those in Cyprus with deposits under 100,000 euros are now dealing with some very stringent capital controls. In other words, there are some very tight restrictions on what they can do with their money. For example, the maximum daily cash withdrawal has been set at 300 euros. The following are some of the other restrictions that are in force right now So get prepared while you still can. The more places that you have your money, the more difficult it will be for the powers that be to loot it. The global elite are fundamentally changing the game. From now on, no bank account on earth will ever be able to be considered 100% safe again. This is going to create an atmosphere of fear and panic, and no financial system can operate normally when you destroy the confidence that people have in it. Confidence is a funny thing it can take decades to build, but it can be destroyed in a single moment. None of us will ever be able to have confidence in our bank accounts again, and I fear that the next wave of the economic collapse may be closer than I had first anticipated. This article first appeared here at the Economic Collapse Blog. Michael Snyder is a writer, speaker and activist who writes and edits his own blogs The American Dream and Economic Collapse Blog. Follow him on Twitter here. 