One of my latest video reports!
See the original article below:
Josh Sigurdson talks with author and economic analyst John Sneisen about Mario Draghi and the European Central Bank's plan to bail in depositors' bank accounts following a recent announcement that the deposit protection scheme is no longer "necessary".
You can find much of this in Amendment 13 of the ECB's November 8th summary released on their website. Page 41.
As they say,
"'...covered deposits and claims under investor compensation schemes should be replaced by limited discretionary exemptions to be granted by the competent authority in order to retain a degree of flexibility.'"
What this means is the current €100,000 (£85,000) deposit level currently protected in the event of a bail-in will be done away with.
They go on to say,
"...during a transitional period, depositors should have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request."
So basically, the European Central Bank will decide how much of your own money you should be able to spend to stay alive. This is exactly what we've been warning about for years and gets worse if it becomes entirely centrally planned cashless currency.
As we've so often mentioned, if your money's in the bank, it's not yours, it's the bank's. You are lending it to the bank and they can do what they please with it and the insurance on the money is absolutely minimal if not almost non-existent.
Bail-ins have been proposed and utilized throughout the world for years. First noted historically in a book on the Exchange Stabilization Fund from 1997, it's been implemented in Cyprus, Spain (at Banco Popular) and attempted at Monte dei Paschi in Italy but failed. It's written into Canada's budget as well as a security for the state and banking system and blind robbery of individuals depending on the money they work hard for.
This is incredibly dangerous and needs to be acknowledged. Before it's too late.
Stay tuned as we continue to cover this subject!
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