World Net Daily – Banks “too big to fail,” or TBTFs, already have authority in the United States to impose an unlimited Cyprus-style “bail-in” that confiscates the savings of depositors, stockholders and shareholders in lieu of a federal taxpayer bailout.
The Cyprus-style bail-in for banks occurred last year when the Cypriot government decided to take all uninsured deposits above 100,000 euros to apply to recapitalizing the island’s failing banks. WND recently detailed the initial impact that such action caused depositors on that island country.
Such a bail-in is considered to be the “new collapse template for the Western banking system,” according to financial expert James Sinclair.
This template now is being applied in the United States on bank depositors’ savings accounts and on shareholders and stockholders, especially of banks said to be too big to fail.
These TBTSs include Citigroup, Bank of America and JP Morgan Chase.
“It’s now legal for a big bank to confiscate your money without warning and at their discretion,” Sinclair said.
Similar action is being undertaken in Europe following the example of Cyprus. As WND recently pointed out, finance ministers of the 27-member European Union in June had approved forcing bondholders, shareholders and large depositors with more than 100,000 euros in their accounts to make the financial sacrifice before turning to the government for help with taxpayer funds.
Read more - http://mobile.wnd.com/2013/10/u-s-banks-already-can-take-your-money/
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