Here we go yet again "(Reuters) - Germany's Bundesbank said on Monday that countries about to go bankrupt should draw on the private wealth of their citizens through a one-off capital levy before asking other states for help." http://www.reuters.com/article/2014/01/27/us-eurozone-crisis-bundesbank-idUSBREA0Q0HV20140127 http://www.zerohedge.com/news/2014-01-27/bundesbanks-stunner-broke-eurozone-nations-first-bail-your-rich-citizens Their moves are being telegraphed, they are testing the waters and telling everyone what they are going to do. The proper response is of course this.
http://market-ticker.org/akcs-www?post=227991 "Not at all, since the tax payers cannot, under the law of most nations (including the US) sue to stop the profligacy of the government or even sue when there is outright fraud, waste and abuse, as the courts continually rule they have no standing to do so. The person who has no ability to stop something cannot be ethically held accountable for it. On the other side the entities that voluntarily go along with such a policy, advocate for it and enable it are the ones who should be held to account. That would be the banks, both central banks and commercial banks." Remember our discussion last year about the Cyprus fiasco as well as the link to a couple policy papers that mentioned possible bank bail ins? http://talk.newagtalk.com/forums/thread-view.asp?tid=377977 We talked about whether bank depositors would be classified as unsecured creditors ? http://talk.newagtalk.com/forums/thread-view.asp?tid=377977&posts=1#M3000536 Now we hear about HSBC trying to limit large cash withdrawals and bankers and tellers asking for proof of what the withdrawals are being used for. (They have since walked back these policies and statements somewhat saying customers are not "required" to provide proof what the money is for) http://www.zerohedge.com/news/2014-01-24/bank-run-fears-continue-hsbc-restricts-large-cash-withdrawals Lots of the comments on the ZH link agree and reiterate that bank depositors ARE unsecured creditors. So once you deposit the money in the bank it becomes theirs and is not yours you are merely an unsecured creditor for that amount. You need to do you due diligence on these matters. Can you really trust the institutions you are dealing with ? It's all an illusion.
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