Austrian Bank "Bail-In" Model for US BANK DEPOSIT CONFISCATION

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As Americans go about their business, the dominoes have begun to fall around the world. Currencies are being devalued and now a major bank in Austria has failed. 

And because of the recent legislation passed during the G20 meeting several months ago, depositors’ money in banks is now considered the bank’s property. When they “go bankrupt” they will take your deposits with them. 

But—-that’s Austria, not America. That would never happen here, you say. Not so, as the legislation that passed was “worldwide”. Let’s take a looksey at the first domino (bank) to drop, sooner or later to come to a bank near you…

(Bloomberg) – “Hypo Alpe-Adria-Bank International AG bondholders face losses after the Austrian government ruled out providing fresh capital for its bad bank and staged a premiere of new European Union rules to wind down failing banks.

The shortfall will now be met by forcing losses on creditors using tools created by the EU’s Bank Recovery and Resolution Directive…“It’s an extremely important message to the market that this is the way we will deal with things.”

 

“Austria’s Finanzmarktaufsicht regulator put Heta into resolution on Sunday and ordered a debt moratorium in preparation for imposing losses on creditors. 
 

Standard & Poor’s said in February. “The idea is they’re using the new rules to use as little taxpayer money as possible,” Olsson said in a telephone interview. “There are so many uncertainties at present, creditors don’t know how much they’re going to recover. We don’t know how this is all going to work out.”

Did you read that? They are now calling people who hold deposits in the bank “creditors”. Creditors don’t know how much they’re going to recover. Of their own money. Let’s now take a look at the regulations enacted several months ago in the US.
 

In December, it was revealed that the banks now have the power to confiscate depositors’ money in times of financial crisis. And not just money that’s over the FDIC limit, but everything you have in the bank, as the FDIC is woefully underfunded to cover depositors’ losses of any amount.
 

Read the rest of the story at GramsGold.com