Bail-Ins Coming – GoldCore Interviewed By Financial Repression Authority…“U.S. authorities could do it today — and I mean today … ”
By: GoldCore
GoldSeek.com
Friday, 10 July 2015
– Governments move toward ever greater financial repression
– Repression includes suppression of rates, capital controls, outlawing of cash and bail-ins
– Finance ministers discuss cashless society, giving banks total control over public’s money
– Bail-in legislation is at advanced stage internationally
– Bail-ins coming to indebted western nations – question is when …
– Legislation is devised to protect larger banks
– Ramifications of bail-ins have not been thought through
– Bail-ins will be destructive and may contribute to deflationary collapse
– Diversification both in asset classes and geographical diversification essential
Goldcore’s Director of Research Mark O’ Byrne joined Gordon T Long of Financial Repression Authority for an in depth discussion on the deepening financial repression in the world today, with particular focus on bail-ins.
Mark identified a number of elements which he believes amount to financial repression including the suppression of interest rates using QE, capital controls, the move towards a cashless society and most importantly – bail-ins.
He points out that bail-in legislation, while under reported in the mainstream media, is actually at a very advanced stage. He quotes from the Bank of England’s former Deputy Governor, Paul Tucker, who following a meeting between the Bank of England and the Federal Deposit Insurance Corporation (FDIC) in October, 2013 said:
“U.S. authorities could do it today — and I mean today … ”
Bail-in is the confiscation of bank deposits of savers and businesses which were formerly viewed as sacrosanct in the event of a bank failure. The deposits of “widows and orphans” are now at risk and treated akin to bondholders.
The Rest…HERE
