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Bail in. Coming soon at a bank near you. (Stealing depositors money).


Parky
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Guest ObiChrisKenobi

I'd be rich if it went off the amount of ice-cream you've deposited over the years.

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Is this if the bank is in trouble they're taking people's savings as a bail out?

 

Yeah. Some countries they're changing the rules so depositors are redefined as creditors ie no protection against losing their money to a failing bank. Denmark and Canada are the latest...It will come to the UK I have no doubts about that...It's thier new scam after austertity (poverty)..QE (inflation)..:lol:

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This BOE bloke from Canada has been working on making it legal in the UK for failing banks to take our money...That's why he's been brought over...This is what was going on at Basel 3 (new banking rules). Coming soon in widescreen more banks nicking savers money.

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Not a chance over here, man.

 

What do you think will happen if it starts in the UK?

 

It won't, but I can imagine it'd be quite riotous. Wouldn't you? :lol: Would be funny if everyone moved to Islamic banks, The EDL would have a fucking fit.

 

:lol:

 

I hope it's fukin war bro....

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This has already happened in Cyprus, albeit auf gunpoint. If it's well-flagged and brought in gradually, I don't see what the big issue is. After all, when you put money in a bank or building society account it is no longer your money (unless it's held in trust, which very little is)- you are trusting them to pay you back, just as the bank trusts its borrowers to do likewise. That is fundamentally what the business of banking is. I've said on the other thread that there needs to be some de minimus protections in place, but we are still nowhere near being able to deal with banking failure, despite politicos having half a decade to give it in ounce of proper thought.

 

It's only in recent years that there has been a need to have blanket protection from reality such that depositors, borrowers and banks can all act with abandon, aided by a colossal government backstop- it's only in this age that we are so dependent on the credit money generated to keep showering the economy- and when banks had exhausted capacity, governments took over through QE.

 

Branko is right though- I can't really see it being politcally tolerable in the UK, but it might just give those in the corridors of power a hurry-up if they want to avoid a repeat of the whole mess- Co-op next?

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This has already happened in Cyprus, albeit auf gunpoint. If it's well-flagged and brought in gradually, I don't see what the big issue is. After all, when you put money in a bank or building society account it is no longer your money (unless it's held in trust, which very little is)- you are trusting them to pay you back, just as the bank trusts its borrowers to do likewise. That is fundamentally what the business of banking is. I've said on the other thread that there needs to be some de minimus protections in place, but we are still nowhere near being able to deal with banking failure, despite politicos having half a decade to give it in ounce of proper thought.

 

It's only in recent years that there has been a need to have blanket protection from reality such that depositors, borrowers and banks can all act with abandon, aided by a colossal government backstop- it's only in this age that we are so dependent on the credit money generated to keep showering the economy- and when banks had exhausted capacity, governments took over through QE.

 

Branko is right though- I can't really see it being politcally tolerable in the UK, but it might just give those in the corridors of power a hurry-up if they want to avoid a repeat of the whole mess- Co-op next?

 

We know all the quasi-legal mumbo jumbo horseface.

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Pretty despicable, imo. Sure, depositors stand to lose their money above the insured amount in the case of a bankruptcy, anyway, but not until after the shareholders' holdings have been wiped out.

 

The only fair and sensible solutions, imo, are a) ensure no bank is "too big to fail", or failing that b) introduce special bankruptcy laws for banks whereby the state can assume ownership of the bank rapidly and smoothly in the case of a default, and if the bank is successfully turned around, the state and therefore taxpayers will reap the rewards of the risks they assumed.

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