Another Nail In The Coffin Another Swiss Banking System Capitulation
Monty Pelerin / EconomicNoise.com
Switzerland, the land of the honest banker and honest banks, is following the path of the rest of the world by allowing “bail-ins.” Bail-ins, for those who may still now know, are what was demanded in Cyprus in order to get an ECB bailout. Bail-ins are the confiscation of all or part of bank deposits held by private individuals and corporations in a troubled bank (or banking system).
When the Swiss resort to such chicanery and theft, it is a likely sign that the financial system is irreparable. Governments seem to be recognizing that their prior efforts have not worked and cannot work and that another, bigger crisis lies ahead.
The laws being reversed in Switzerland have been on the books since 1934. Reports are that similar actions have quietly taken place in the US banking system. The notion that banks are a safe repository for your funds is rapidly being dispelled. Banks no longer appear safe.
Your mattress or traditional stores of wealth like gold appear to be the only safe alternatives. Does anyone think that the recent take-down of gold was not, at least partially, aimed at damaging this alternative? Can you have bank runs if there is no place to run?
Here is the Silver Doctors report on the Swiss change:
The Doc * Silver Doctors
The Swiss Financial Market Supervisory Authority (FINMA) has quietly joined the growing parade of western nations who have quietly re-written banking laws to allow depositor bail-ins upon the next banking crisis. If Switzerland, the once ultimate safe haven for banking deposits across the world is preparing to confiscate depositors funds, there truly is no protection anywhere other than physical gold and silver in your own possession!
In the event that a bank is failing or where its capitalization is no longer adequate, the Swiss Financial MarketSupervisory Authority (“FINMA”) may take measures to improve such bank’s financial viability rather than liquidating it. “Loss absorption” and “bail-in” are important instruments to support any such measures.
The Swiss document begins by advising that the FINMA now has legal authority to confiscate depositor funds, thanks to a revision of the Banking Act of 1934, completed in 2011, as well as the revision of the Bank Insolvency Ordinance completed Nov 1st 2012:
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Whistler Blowers, Insiders
Land is surely preferable and will not loose much of its value.
Grow your own organic food will help you survive if anything collapses.
Buy yourself a wind mill and solar panel for your emergency electricity.
Buy yourself a thermal solar panel for heating your water at least.
Buy a solar oven so you can cook during daytime.
The last thing to buy is gold since it does not feed your family.
Do not buy a gun since you cannot face an angry mob or trained organized gang.
Keeping gold in your secret deposit box in a train station or hiding those Gold Louis in your house walls is not going to be safer either. Even if you buy ten machine guns to protect your stuff unless you are part of a trained mercenary group deep in the African jungle.
Lets face it, capitalism is based on trust and over the last 15 years, they have done everything to break that trust. Tell that to the retired widows who lost every penny they have saved so hardly playing the economic game advocated by Enron or Andersen who have stolen everything from them.
All of that because the wealth went offshore.
The problem is simple, our governments should just take back the money which was stolen from the honest people. They have to shut down those offshore banks and recover those funds to save their sinking ships. There is no other solution but not even these new journalists seem to point to the real problems and offer the real solution.