BIG SHORT ll

[biglentil]

Right on que here comes capital controls, rationing, CBDC...

https://www.zerohedge.com/markets/un-demands-all-central-banks-stop-rate-hikes-and-switch-price-controls-instead

[shtferbrains]

"The European Union's statistics office Eurostat said prices at factory gates in the 19 countries sharing the euro rose 5.0% month-on-month for a 43.3% year-on-year surge."

[LWeber]

"Its the end of the world as we know it - and i feel fine....

[LWeber]

I think Trudeau is itching to use the bail in legislation he put on the books in 2016. Give every saver a haircut 'for the greater good'. Maybe even cause a bank run. In the spirit of letting no crisis go to waste, CBDC and UBI will be the proposed solution. In the fine print will be the elimination of property rights.

I cannot stand JT - so don't go there.
________________________________________
https://policyalternatives.ca/publications/monitor/depositors-beware

JULY 1, 2013


But we Canadians can take comfort, can we not, from the oft-repeated assurance of the Harper government that our exceptionally sound Canadian banking system is immune from such abuses. How, then, are we to account for the fact that the 2013 omnibus Federal Budget, passed on June 10 courtesy of Harper's majority, included a barely noticed provision announcing that any major Canadian bank which may get into deep trouble will be rescued through a bail-in? Here is the wording of that provision:

"The Government proposes to implement a 'bail-in' regime for systemically important banks. This regime will be designed to insure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime for Canada..."

Included among "bank liabilities" are our deposits, since "regulatory capital" consists of shares of the bank's stock. With bank insolvency imminent, "certain bank liabilities" (how vague can you get?) — including insured and uninsured deposits, mutual funds, "guaranteed" investment certificates, retirement savings plans, etc. — would be subject to conversion into bank shares. The funds realized would be used in attempts to bring the troubled bank back to solvency. Depositors would no longer have immediate access to their money, but, as shareholders, would be free to sell their stock, perhaps at a considerable loss.

Responding to expressions of alarm about this Budget provision, the Harper government issued a "clarification": "The bail-in scenario described in the Budget has nothing to do with depositors' accounts and they will in no way be used here [in Canada]. Those accounts will continue to remain insured [up to $100,000] through the Canada Deposit Insurance Corporation, as always."

But can we trust this assurance? The legislation itself says nothing about guaranteeing protection for depositors. And even if insured deposits are intended for favoured treatment, we have no way of knowing whether the CDIC would have sufficient resources to cope with a financial meltdown. And we are expected to be comforted by the promise that taxpayers will be spared!

How did the bail-in procedure get imposed on us? It was embraced as an alternative to using bail-outs which might arouse resistance from taxpayers and governments, as occurred in Iceland. The Bank of International Settlements, which dominates the central banks of capitalist nations in the interests of private banking, pushed the bail-in alternative, which was approved by the G-20 nations at their 2009 meeting. With passage of our 2013 Budget, we can now be told that bail-ins have been "democratically" approved for Canada.

And the story gets even worse. As we know, the world's largest banks have been gambling with high-risk derivatives on an immense scale — in the U.S. some $230 trillion! Banks on the losing side of derivative bets can quickly be driven to insolvency. With the recently accepted bail-in strategy, we can expect that the winning derivative operator, the "counter-party," will now be given priority over all other creditors, including depositors.

We do not know the extent to which our Canadian banks are involved in risky derivatives. But so intertwined are global banking operations that our banks might suffer from a collapse initiated elsewhere. We are being set up for sudden, larger-than-ever shifts of wealth from the middle class to the already obscenely rich.

[furrowtickler]

I cannot stand JT - so don't go there.
________________________________________
https://policyalternatives.ca/publications/monitor/depositors-beware

JULY 1, 2013


But we Canadians can take comfort, can we not, from the oft-repeated assurance of the Harper government that our exceptionally sound Canadian banking system is immune from such abuses. How, then, are we to account for the fact that the 2013 omnibus Federal Budget, passed on June 10 courtesy of Harper's majority, included a barely noticed provision announcing that any major Canadian bank which may get into deep trouble will be rescued through a bail-in? Here is the wording of that provision:

"The Government proposes to implement a 'bail-in' regime for systemically important banks. This regime will be designed to insure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime for Canada..."

Included among "bank liabilities" are our deposits, since "regulatory capital" consists of shares of the bank's stock. With bank insolvency imminent, "certain bank liabilities" (how vague can you get?) — including insured and uninsured deposits, mutual funds, "guaranteed" investment certificates, retirement savings plans, etc. — would be subject to conversion into bank shares. The funds realized would be used in attempts to bring the troubled bank back to solvency. Depositors would no longer have immediate access to their money, but, as shareholders, would be free to sell their stock, perhaps at a considerable loss.

Responding to expressions of alarm about this Budget provision, the Harper government issued a "clarification": "The bail-in scenario described in the Budget has nothing to do with depositors' accounts and they will in no way be used here [in Canada]. Those accounts will continue to remain insured [up to $100,000] through the Canada Deposit Insurance Corporation, as always."

But can we trust this assurance? The legislation itself says nothing about guaranteeing protection for depositors. And even if insured deposits are intended for favoured treatment, we have no way of knowing whether the CDIC would have sufficient resources to cope with a financial meltdown. And we are expected to be comforted by the promise that taxpayers will be spared!

How did the bail-in procedure get imposed on us? It was embraced as an alternative to using bail-outs which might arouse resistance from taxpayers and governments, as occurred in Iceland. The Bank of International Settlements, which dominates the central banks of capitalist nations in the interests of private banking, pushed the bail-in alternative, which was approved by the G-20 nations at their 2009 meeting. With passage of our 2013 Budget, we can now be told that bail-ins have been "democratically" approved for Canada.

And the story gets even worse. As we know, the world's largest banks have been gambling with high-risk derivatives on an immense scale — in the U.S. some $230 trillion! Banks on the losing side of derivative bets can quickly be driven to insolvency. With the recently accepted bail-in strategy, we can expect that the winning derivative operator, the "counter-party," will now be given priority over all other creditors, including depositors.

We do not know the extent to which our Canadian banks are involved in risky derivatives. But so intertwined are global banking operations that our banks might suffer from a collapse initiated elsewhere. We are being set up for sudden, larger-than-ever shifts of wealth from the middle class to the already obscenely rich.

I am afraid you are absolutely right .
In the meantime the Marxist leftists have been cheering this on the whole time

[furrowtickler]

“There’s a bad moon on the rise”


CCR … way ahead of their time

[LWeber]

I cannot stand JT - so don't go there.
________________________________________
https://policyalternatives.ca/publications/monitor/depositors-beware

JULY 1, 2013


But we Canadians can take comfort, can we not, from the oft-repeated assurance of the Harper government that our exceptionally sound Canadian banking system is immune from such abuses. How, then, are we to account for the fact that the 2013 omnibus Federal Budget, passed on June 10 courtesy of Harper's majority, included a barely noticed provision announcing that any major Canadian bank which may get into deep trouble will be rescued through a bail-in? Here is the wording of that provision:

"The Government proposes to implement a 'bail-in' regime for systemically important banks. This regime will be designed to insure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime for Canada..."

Included among "bank liabilities" are our deposits, since "regulatory capital" consists of shares of the bank's stock. With bank insolvency imminent, "certain bank liabilities" (how vague can you get?) — including insured and uninsured deposits, mutual funds, "guaranteed" investment certificates, retirement savings plans, etc. — would be subject to conversion into bank shares. The funds realized would be used in attempts to bring the troubled bank back to solvency. Depositors would no longer have immediate access to their money, but, as shareholders, would be free to sell their stock, perhaps at a considerable loss.

Responding to expressions of alarm about this Budget provision, the Harper government issued a "clarification": "The bail-in scenario described in the Budget has nothing to do with depositors' accounts and they will in no way be used here [in Canada]. Those accounts will continue to remain insured [up to $100,000] through the Canada Deposit Insurance Corporation, as always."

But can we trust this assurance? The legislation itself says nothing about guaranteeing protection for depositors. And even if insured deposits are intended for favoured treatment, we have no way of knowing whether the CDIC would have sufficient resources to cope with a financial meltdown. And we are expected to be comforted by the promise that taxpayers will be spared!

How did the bail-in procedure get imposed on us? It was embraced as an alternative to using bail-outs which might arouse resistance from taxpayers and governments, as occurred in Iceland. The Bank of International Settlements, which dominates the central banks of capitalist nations in the interests of private banking, pushed the bail-in alternative, which was approved by the G-20 nations at their 2009 meeting. With passage of our 2013 Budget, we can now be told that bail-ins have been "democratically" approved for Canada.

And the story gets even worse. As we know, the world's largest banks have been gambling with high-risk derivatives on an immense scale — in the U.S. some $230 trillion! Banks on the losing side of derivative bets can quickly be driven to insolvency. With the recently accepted bail-in strategy, we can expect that the winning derivative operator, the "counter-party," will now be given priority over all other creditors, including depositors.

We do not know the extent to which our Canadian banks are involved in risky derivatives. But so intertwined are global banking operations that our banks might suffer from a collapse initiated elsewhere. We are being set up for sudden, larger-than-ever shifts of wealth from the middle class to the already obscenely rich.

Cotton was all over the bail s/h/i/t

[furrowtickler]

Yup absolutely

[furrowtickler]

[ATTACH]11163[/ATTACH]

Cotton was all over the bail s/h/i/t

And one other person that knew from
day one is / was Parsley

[jazz]

The average Canadian has no money or equity. They can’t bail anything out.

What they can do is pay interest on printed money which never stops.

[LWeber]

The average Canadian has no money or equity. They can’t bail anything out.

What they can do is pay interest on printed money which never stops.

2 DAYS AGO- STATSCAN:


Oh Canada...we stand on guard for thee...


Net worth for least wealthy affected more by recent economic turmoil
In contrast with earlier in the COVID-19 pandemic, households have recently faced a perfect storm of economic pressures, with asset values declining amidst turmoil in financial and housing markets, as well as increasing interest rates and persistently high inflation. On average, regardless of a household's demographic or economic characteristic, gains in household wealth acquired over the previous year have been erased. Average household net worth was $940,558 as of the second quarter of 2022, down $65,400 (-6.5%) from the previous quarter, and down $19,318 (-2.0%) from the second quarter of 2021.

The wealthiest households (top 20%) held more than two-thirds (67.1%) of all net worth in Canada, while the least wealthy households (bottom 40%) held 2.8%. Recent economic headwinds have been most acutely felt by more vulnerable households, such as the least wealthy, as their average net worth declined by 12.0% (-$8,828), more than double the rate of decrease of 5.9% in average net worth of the wealthiest (-$199,118).

Reductions in average net worth for the least wealthy were due mainly to increases in debt (+8.4%), coupled with decreases in financial asset values (-6.5%). Meanwhile, declines in net worth for the wealthiest were derived entirely from reductions in both financial assets (-6.0%) and real estate (-5.4%), while their debt remained relatively stable (+0.4%).

[Guest]

Yep , liberals look out for the little guy ***

[blackpowder]

Creating a new "middle class" lol.

[errolanderson]

Massive collapse in U.S. mortgage applications over past few days.

Collapse looks like-a-duck, walks like-a-duck, now quacks like-a-duck . . . .

[Herc]

Massive collapse in U.S. mortgage applications over past few days.

Collapse looks like-a-duck, walks like-a-duck, now quacks like-a-duck . . . .

Quack quack…