02/01/2015 - Financial Repression – Bailins: “Adequacy of Loss-Absorbing Capacity of Global Systemically Important Banks in Resolution”Casey Research’s Jeff Thomas on the above new term by the G20 countries used to describe the bank bailin approach in the event of banking crisis – financial repression .. bailin legislation is now put in to most of the indebted world – including the U.S. & Canada .. “The wording of the legislation differs slightly in each country, but the objective is the same. Essentially, what it means is that the banks are pre-authorized by their respective governments to confiscate the savings of depositors, should they (the banks) decide that an ’emergency’ exists. I think it’s safe to say, that, even if an emergency does not exist, one can be trumped up. The temptation to legally steal trillions of dollars from depositors will prove too great.” – some caveats as some countries will have “insured” levels which are protected from confiscation & some countries will have the banks give something back like stocks in the bank which may not have much value in the event of a bank crisis .. Thomas advises moving deposit funds to hard assets like art, jewellery & especially precious metals outside of the banking system in secure storage locations of certain jurisdictions.
