Can Your Bank Now Steal Your Money? (Bail Ins Explained)

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Can Your Bank Now Steal Your Money? (Bail Ins Explained)

What are Bank Bail Ins?
I'm sure you will be familiar with a bank bailout, as these caused outrage during the 2008 crisis, where the government used taxpayer funds to bailout the banks. And this was quite rightly the biggest scandal in modern history.

A bank bail in is where the bank can TAKE your money or savings and actually turn it into worthless bank stock. Oh, and this is 100% legal.

The USA passed a law in 2010, known as “Statutory Bail-Ins” which includes expanded powers to the Federal Reserve, the Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), whereby bank holding companies and significant non-bank holding companies can be placed in receivership under federal control with the FDIC acting as receiver

The IMF then produced a paper on Bail Ins on the 24th April 2012, where a new plan was created for solving banking crises, this included a ‘bail-in’ mechanism that they say, and I quote: aims to ensure that banks’ shareholders and creditors pay their share of costs, the keyword here is ‘creditors’ - that’s what you and I are - we are bank creditors - and I’ll explain that absurdity in a moment

And just 11 months after this IMF paper was released, the first case of Bail-in was authorised in Cyprus in March of 2013.

So what happened? Well, the bank ‘bailed in’ 21,000 savers who had ‘deposits’ in their bank. Anyone with more than €100,000 in their account, saw roughly 50% of their savings converted to equity making them 81.4% owners of an insolvent bank. In other words, they got scammed.

Because who wants to own a bankrupt banking stock?
And how is this legal I hear you ask? Well, when you deposit money into a checking, current or savings account, that money no longer belongs to you. Technically and legally, it becomes the property of the bank, and the bank provides you with a promissory note or an IOU. As far as the bank is concerned, your savings are an unsecured loan to them, for which they pay you interest on that loan. Even if that’s a rate of 0.000001%

After the success of Cyprus in 2013, bail In law was passed pretty much everywhere where a modern banking system exists

In Europe, the Bank Recovery and Resolution Directive (BRRD), was introduced in 2014 across the then EU28 (which meant the 28 countries of the EU in 2014), and this policy included a ‘bail-in’ mechanism which they stated at the creation: aims to ensure that banks’ shareholders and creditors – including uninsured depositors – pay their share of costs.
But what share of costs? This is ridiculous, the blame lies with the banks, not the creditors.

So in effect, they don’t officially STEAL your money, they convert it into ‘bank stock’ - but that’s just a smoke screen, because if you don’t have a choice as to whether you want to own the stock in exchange for your money, then it’s theft.

So here’s the countries that have signed up to the bail in law as of today:
The G20: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and the European Union, comprising of another 27 Countries, which I won’t read out

In Summary: banks that are too big to fail will no longer be bailed out by taxpayer money. Instead, they will be 'bailed in’ by savers money. And the closer we get to zero interest rates, the more likely that bank bail ins will ensue in the future.

So what can you do to protect yourself?
1. Get your money out of the big banks, or at least diversify between a lot of different banks and credit unions
2. Get professional advice/guidance on your money
3. Join a finance community

DISCLAIMER
This video is for entertainment purposes ONLY & designed to help your thinking, not direct it. These videos shall NOT be construed as tax, legal or financial advice and may be outdated or inaccurate; all decisions made as a result of viewing are yours alone.

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Видео Can Your Bank Now Steal Your Money? (Bail Ins Explained) канала Neil McCoy-Ward