… 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.
Click to enlarge
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:
I am publishing a short e-book on Amazon in the next few weeks for people who are interested in investing in gold and silver. If you are interested in buying a copy from me directly in PDF format just email me at autonomousmind@hotmail.co.uk.
Autonomous Mind 
No link…?
Sorry Manufield, no link to what?
I think Manufield means the penultimate paragraph, last line where you say “using the link below”. The only link I can see is your email address. Does that mean “email me to find out”? Many financial people are moving their money out of Europe, now. Interestingly, Bullion Vault have just opened a vault in Singapore.
@Louis Rolls
Click on the Bullion Vault logo – I think that’s the link AM is referring to.
Ah I see. I will update to make it clear I’m inviting people to click on the Bullion Vault graphic.
But is BullionVault any safer than one of these Bank thingys? I mean if the Government can tell banks to hand over our cash, couldn’t they do similarly with gold ‘banks’? It seems to me the only way to escape is to send your money (such as it is) overseas and then you have to rely on a foreign bank to keep it safe. Putting your treasure in heaven seems the safest place…
So you get quite a decent kickback from that banner, no? Not just thenormal click through.
What about full disclosure in the interests of good faith? I’ll check back later to see if you’ve done it, then I’ll decide whether to retain you on my list of trusted bloggers.
Thanks
Ratio, I thought I had made it clear that I was referring people to the BullionVault site. I think their product is first rate and I endorse it. Existing members can benefit from referring new members, hence the link. If anyone was to sign up and buy bullion there I would get a percentage of the commission, that is the nature of a referral. People have a choice and I’m not doing anything underhand.
In the guide I am publishing I do not include the referral link, but I do state the following when listing BullionVault among several options:
In truth I’m not expecting that anyone will sign up. I’ve never made a penny from this site, never had a tip jar, and never advertised anything before. I’ve never had sponsorship and I’ve turned down a dozen offers to appear on TV discussion programmes. Yet the moment I put on a referral to my relatively small audience, with the possibility of making a few pounds for recommending something that would be beneficial to people, my integrity is called into question. Perhaps I should just give up blogging altogether and focus on other things.
Thanks AM, appreciate the full disclosure. Don’t be too annoyed, you’re entitled to your earnings in my view – I’m just glad to see you are what you say you are, not everyone is. Hence I am happy to stay as part of your audience if thats OK with you
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