Lxxx Posted May 7, 2013 Share Posted May 7, 2013 The following link is interesting reading. http://www.bankofengland.co.uk/publications/Documents/news/2012/nr156.pdf Recent planning by the US and the Bank of England to use depositors funds (over the insured limit) and shareholders 'investments' (not taxpayer funds anymore), to recapitalise a bank in the event it takes too many risks and goes belly up. Some may argue it was ever thus, that there was always an insured amount and everything over that was uninsured, which is strictly true, but it's interesting that after the bailouts of 2008 we're now entering 'bail-in' territory by official legislation. Never been more important to spread your wonga as far and wide as possible and not have it all sat in one place.....(if you're lucky enough to have over £85k!). Link to comment Share on other sites More sharing options...
GhoulishDoolish Posted May 7, 2013 Share Posted May 7, 2013 Their plans to rob the people are out in the open then. "These strategies have been designed to enable large and complex cross-border firms to be resolved without threatening financial stability and without putting public funds at risk." sort of thing you could imagine a modern day Sheriff of Nottingham saying Link to comment Share on other sites More sharing options...
GhoulishDoolish Posted May 9, 2013 Share Posted May 9, 2013 http://freeasthysweetmountainair.wordpress.com/2013/05/04/farage-nationalise-bank-of-england/ at 4.45 the bit about nationalising the bank of england as the solution is interesting Link to comment Share on other sites More sharing options...
woolley Posted May 16, 2013 Share Posted May 16, 2013 It seems to be worldwide now. Chap on MR at lunchtime on about this http://www.globalresearch.ca/the-confiscation-of-savings-in-canada-cyprus-style-bail-ins-proposed-by-ottawa-government/5329263 Link to comment Share on other sites More sharing options...
Lxxx Posted May 16, 2013 Author Share Posted May 16, 2013 It seems to be worldwide now. Chap on MR at lunchtime on about this http://www.globalresearch.ca/the-confiscation-of-savings-in-canada-cyprus-style-bail-ins-proposed-by-ottawa-government/5329263 We could be about to experience a huge wealth transfer if we get another 2008-style collapse again. Link to comment Share on other sites More sharing options...
Fichdich Posted May 16, 2013 Share Posted May 16, 2013 That article makes shocking reading. It makes no sense that the Western regimes should even consider such legislation. Any lingering trust in Banks anywhere will be knackered...felt sorry for the old Cypriot, 80 years old, 60 years of work and his life savings robbed. hey Lxxx where d'you buy your gold?I think it's time to prise up a floorboard or two Link to comment Share on other sites More sharing options...
woolley Posted May 17, 2013 Share Posted May 17, 2013 It is the epitome of corruption involving governments and the banking sector. When I was young there were old people still around who didn't trust banks because of collapses in the 19th century. My comtemporaries and I would think how old fashioned and ignorant this was, because in all of our and our parents' experience banks were as safe as the Rock of Gibraltar. How little we knew! Governments need not worry about sound management of economies because there is always the printing press and if that's not enough, just raid the savings of the population. This nonsense will shatter any remaining confidence in the system and will kill the enterprise culture. What is the point of striving and saving just to have the fruits of your labour stolen from you? Link to comment Share on other sites More sharing options...
GhoulishDoolish Posted May 17, 2013 Share Posted May 17, 2013 It is the epitome of corruption involving governments and the banking sector. When I was young there were old people still around who didn't trust banks because of collapses in the 19th century. My comtemporaries and I would think how old fashioned and ignorant this was, because in all of our and our parents' experience banks were as safe as the Rock of Gibraltar. How little we knew! Governments need not worry about sound management of economies because there is always the printing press and if that's not enough, just raid the savings of the population. This nonsense will shatter any remaining confidence in the system and will kill the enterprise culture. What is the point of striving and saving just to have the fruits of your labour stolen from you? +1 Link to comment Share on other sites More sharing options...
Lxxx Posted May 17, 2013 Author Share Posted May 17, 2013 It is the epitome of corruption involving governments and the banking sector. When I was young there were old people still around who didn't trust banks because of collapses in the 19th century. My comtemporaries and I would think how old fashioned and ignorant this was, because in all of our and our parents' experience banks were as safe as the Rock of Gibraltar. How little we knew! Governments need not worry about sound management of economies because there is always the printing press and if that's not enough, just raid the savings of the population. This nonsense will shatter any remaining confidence in the system and will kill the enterprise culture. What is the point of striving and saving just to have the fruits of your labour stolen from you? Every successful revolution in history has been initiated by the middle classes. As the current economic system crumbles around us this would be a perfect way of decimating that class in a fell swoop. Leaving again the haves and have nots to kick off a new system with normal balance of power resumed. Link to comment Share on other sites More sharing options...
woolley Posted May 18, 2013 Share Posted May 18, 2013 Also very interesting is the head scratching that seems to be going on this week among analysts about the rise and rise of the markets. FTSE, NYSE, DAX all flying high despite nothing particularly exciting for business prospects with economies mired in the doldrums. Seems obvious to me. Individual investors and institutions are getting the hell out of cash deposits and buying shares in (what they hope are) solid companies before the government comes and swipes the dosh. Link to comment Share on other sites More sharing options...
Lxxx Posted May 18, 2013 Author Share Posted May 18, 2013 Also very interesting is the head scratching that seems to be going on this week among analysts about the rise and rise of the markets. FTSE, NYSE, DAX all flying high despite nothing particularly exciting for business prospects with economies mired in the doldrums. Seems obvious to me. Individual investors and institutions are getting the hell out of cash deposits and buying shares in (what they hope are) solid companies before the government comes and swipes the dosh.Plus the unprecedented amounts of funny money being printed around the world have to end up somewhere. People said gold was in a bubble, well the biggest bubble at the moment is the stock market. Massively overpriced and ready for a very large correction. But of course the herd always follow rising charts so they'll now line up to give their cash to fund managers who'll gladly take a fee to throw it into the casino for them.They don't want people buying bullion as that takes the cash out of the rigged casino so they crash the paper prices to discourage people from buying. They also can't steal your wealth if it's not an electronic digit in a bank. >Cue Slim< Link to comment Share on other sites More sharing options...
GD4ELI Posted May 18, 2013 Share Posted May 18, 2013 They also can't steal your wealth if it's not an electronic digit in a bank. Of course 'they' can. Link to comment Share on other sites More sharing options...
Lxxx Posted May 18, 2013 Author Share Posted May 18, 2013 They also can't steal your wealth if it's not an electronic digit in a bank. Of course 'they' can. Keeping on topic, who ended up better off in the great bank heist in Cyprus; Bullion/property/physical asset holders or bank deposit holders? Link to comment Share on other sites More sharing options...
woolley Posted May 18, 2013 Share Posted May 18, 2013 Yes, that's true. But to be to pick up the point G4 is making, "they" can engineer a run on gold too if such is desired, and at the end of the day, you need a monetary system to negotiate the metal coz it's pretty useless otherwise. Link to comment Share on other sites More sharing options...
Slim Posted May 18, 2013 Share Posted May 18, 2013 >Cue Slim< I'd be wasting my time, wouldn't I? What do you do for a living Lxxx? What would you consider yourself to be a professional expert in? Link to comment Share on other sites More sharing options...
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