COMMENTARY · 2nd April 2013
A few days ago I sent the Terrace Daily information that Canada has drafted legislation that will allow banks to confiscate money out of the deposits people have in Banks. Someone else did the same and by 6:00AM that morning Merv had posted his article entitled, CANADA LEGALIZED TAKING CANADIAN DEPOSITS JUST LIKE CYPRUS. You'll be hard pressed to find the information contained in that article in any main stream news source.
To this discussion I'd just like to reiterate something I've expressed in other articles on this site and to add a small but important item you may not be aware of.
First, the reiteration. Every dollar circulating within Canada's economy has been borrowed from the Bank of Canada and each one of those dollars is subject to an interest charge that ends up producing a debt greater than the amount originally borrowed. That means that there is never sufficient funds in circulation to repay the total debt.
This process creates a situation where, as money is removed from circulation in the repayment of government, business and personal debts, more money must be borrowed just to facilitate normal trade and commerce (otherwise we enter a recession). And thus, in case you haven't noticed, the debt just keeps rising. And this, I assure you again, will cause the situation seen in Greece, Cyprus and so many other countries in the world to one day show itself in Canada.
Now for the bit you may not be aware of. As Merv's article indicates;
in the event that systemically important banks experience distress or failure the government of Canada will implement a bail-in regime. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital.
Now an important question to ask is, “what certain bank liabilities are being referred to here. The answer here is: all the deposits held by the bank. You personal deposit in any financial institution is a liability. It's something the bank owes. It's owed to you the depositor. The plan is to take certain bank liabilities (your deposits) and turn them into regulatory capital (an asset) in order to recapitalize the bank and return it to viability. We should all be willing to give up our hard earned deposits because the worst thing for our economy is an unviable bank. Don't you agree? That's what your government's telling you.
I'm still not at the part you may not be aware of yet, so let me finally get there. There's a reason the government can take your money and give it to the banks. The truth is, IT'S NOT YOUR MONEY! Let me say that again, it's not your money!
To help you get used to this idea think about it in this way. If you borrowed a tool, let's say a rake from your neighbour, you never own the rake. Your neighbour has just granted the use of it to you. When your neighbour wants it back he or she just asks for its return and it must be returned. Now let's say another neighbour needed a rake for a short time and you allowed that person to use it. If the owner wanted it back he or she would be able to go to the second borrower and claim it back. The ownership of any borrowed item is never in doubt. The owner always has legal claim to it.
The same principle applies to borrowed money. Look at any Canadian bank note and you'll see the owners name clearly stamped on it. It reads, BANK OF CANADA – BANQUE DU CANADA. At any time the Bank of Canada can instruct the government to claim its property and to place that property wherever they wish. The Bank of Canada has the same right as any property owner. The right to its property.
Just something to think about.
Canadians think they're free!
Comment by Janice Robinson on 3rd April 2013
- Canadians work for money that is not theirs.
- Put it in the bank for safe-keeping. Heh, heh..
- Buy a house and property... that is never truly yours. Jed Clampett found oil under his shack by accident.....then, moved to Beverly Hills. Lol. If you find oil (or anything else worth millions) under your hard-earned shack...just get the hell out! It ain't yours!
- The banks charge us for giving them our hard-earned dollars......that they loan to some bum. Hahaha!
- What off-shore bank do you think the winners are using now?
- Chinese millionaires are buying up all (y)our precious land, and wouldn't dream of socking their $$$ in a Canadian bank....
Try buying some land in China. Oops, you're not allowed, nor are you welcome.
- But, continue to feel free..
Oh, CBC finally reported on this issue today. A day late, and a dollar short.
Comment by David Ealing on 3rd April 2013
Good question Larry. I would suggest that people send any relative questions to their MP, the finance minister or in this case The Canada Deposit Insurance Corporation (CDIC). Insurance corporations have a way of creating loopholes for themselves.
Very Interesting Article
Comment by Larry on 2nd April 2013
But one question.....what about CIDC insurance on the first 100,000. It again raises the question..who owns the money and who owns the deposit insurance. And how can CIDC guarantee something it does not own?
Just food for thought.