… does the UK Banking Act (2009) contain the same provisions to confiscate the wealth of depositors in banks, in the way the EU, ECB and IMF ‘Troika’ did, if UK banks get into trouble?
The screenshot below is from a joint paper published in December last year by the Federal Deposit Insurance Corporation (US) and the Bank of England called ‘Resolving Globally Active, Systemically Important, Financial Institutions‘. It can be found on the Bank of England website. This section is on page ii.
It couldn’t happen anywhere else, the Eurocrats keep saying. So why are the provisions necessary?
The reality that too many people do not understand is that putting your money in a bank makes you a creditor. You are lending money to the bank so the bank can use that money to lend it out at a profit to others. You get some of the profit back as interest. If the bank gets into trouble like Laiki Bank in Cyprus, you are just one of many creditors who stands to lose your money.
Cyprus did not have to restrict its confiscation of people’s deposits to those over €100,000. The ‘insurance’ policy is worthless if the money is taken as a tax or as part of a restructuring plan. The promises that underpin fiat currency and the treatment of your money by the state and the bankers are as worthless as the paper promisory notes people are queuing for hours in Cyprus to obtain.
The best option is to put some of your wealth out of the reach of the government, the banks and their crooked financial system. I’ve removed a proportion of my savings and bought physical gold, and physical silver which is stored in a private, independently audited vault in Switzerland. If you want to preserve some of your wealth I refer you to sign up and buy gold and silver securely by clicking on the BullionVault banner below:
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