Your Deposits Will be Taken (by Bail-In ‘Claw’)
by the Technocracy (the Elite Top Floor of the Building You Rent in)
Note: Riot Police & Lock-Downs (Curfew) to used to Repel Resulting Upset Depositors
Credit: Jeff Berwick Activist Post Tuesday, November 5, 2013
If you have cash in a US bank, you can expect to have the federal government take it all the next time US banks find themselves in trouble.
The days of the federal government stealing money from taxpayers, or borrowing it from the Federal Reserve, to save troubled banks — as in they did in the 2008 crisis — may be over. Congress is considering imitating the theft in Cyprus and letting troubled banks “bail-in” depositor money in order to make themselves solvent.
Jim Sinclair, chairman and chief executive officer of Tanzania Royalty Exploration Corp., and whose family started Goldman Sachs, Salomon Brothers, Lehman Brothers, and others, has been warning of this for a while.
“Bail-ins are coming to North America without any doubt, and will be remembered as the ‘Great Leveling,’ of the ‘great Flushing’. Not only can it happen here, but it will happen here…It stands on legal grounds by legal precedent both in the US, Canada and the UK.”
Financial expert Michael Snyder adds, “When major banks fail, they are going to bail them out by grabbing the money that is in your bank accounts. This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the Western world.”
This news isn’t exactly new, but the story is still developing, the monetary system is much closer to collapse and the bail-in is imminent. In fact, US banks presented the Federal Reserve with a bail-in plan to pay for large banks’ restructuring in the event of a future crisis, The Wall Street Journal reports. The plan was presented to the US Federal Reserve in an attempt to preempt tougher rules from the regulators.
The private meeting was reportedly attended by officials from Wells Fargo & Company, Bank of America Corp, Citigroup Inc. and several other banks. The bail-in mechanism would be designed to place a greater burden on creditors, as opposed to the taxpayers (theft victims), in the event of a bank’s collapse. In addition to the fleecing of depositors in Cyprus, the burden keeping a bank afloat was put on bondholders already this year when the UK’s Co-operative bank unveiled a rescue package that forced the bank’s bondholders to take a £1.5 billion hit to plug the £1.5 billion hole in the bank’s balance sheet.
The proposal presented to Federal Reserve officials would involve the largest financial-services holding companies would be willing to hold a certain amount of debt and equity which would be used to prop up any failed bank subsidiary seized by regulators, but the regulators will likely stick to their own plans which involves more aggressive measures including capping bank-size, breaking-up institutions or forcing banks to take on more long-term debt.In the end, however, it’s not just creditors who will be on the hook but depositors as well. Jim Sinclair pointed out that banks legally own depositors’ funds as soon as the depositors hand those funds over to the banks. The money becomes the banks and the “depositors” actually become unsecured creditors holding promises to pay. Previously the banks were obligated to pay back this loan on demand with cash. Under the new Federal Deposit Insurance Company – Bank of England (FDIC-BOE) plan revealed this year, however, these promises to pay become equity in the bank, which won’t be able to be used as payments for bills, which is why most people have money in the bank in the first place.
The point is that your money is not yours while it is “deposited” with a bank. And bail-ins are coming to shatter any illusion that they are for US depositors. Notice that banks are already setting up deposits for seizure. Despite the excuses of the likes of JPMorgan, the banks are indeed clamping down on outgoing international wire transfers and now putting in limits for withdrawal that they are closing the doors. If you don’t get your money out now, possibly by end of this year or sooner, you may not be able ever to get it out. Once doors are closed the federal government might do a bank holiday and bail in to make the banks “solvent” again. At best you may get some “bank equity” that is both illiquid and which will ultimately be worth a tiny fraction of the deposit it replaces.
The bankrupting of Argentina (in 2001) https://www.youtube.com/watch?v=0CzS6eHqtnQ
was part of ‘Piecemeal Functionalism’. This is being waged now in the ‘Core West’ countries
FATCA comes into effect (July 2014). Then it will be nearly impossible for an American to get a bank account outside the US (it already is so; but will be even worse).
*Warning: Big banks are already making changes to prevent capital flight from the United States.
NSA ‘planned to discredit radicals over web-porn use’
The US authorities have studied online sexual activity and suggested exposing porn site visits as a way to discredit people who spread radical views, the Huffington Post news site has reported.
It published a document, leaked by former National Security Agency contractor Edward Snowden, identifying two Muslims said to be vulnerable to accusations of “online promiscuity”.
An official said this was unsurprising.
But campaign group Privacy International called it “frightening”.
“Without discussing specific individuals, it should not be surprising that the US government uses all of the lawful tools at our disposal to impede the efforts of valid terrorist targets who seek to harm the nation and radicalise others to violence,” Shawn Turner, director of public affairs for National Intelligence, told the Huffington Post.
Microsoft is considering rolling out new encryption initiatives, according to a report in the Washington Post.
It says Microsoft is concerned about a programme called Muscular alleged to involve the NSA and GCHQ working together to intercept data from the private cables connecting companies’ computer servers.
“These allegations are very disturbing,” said Brad Smith, general counsel at Microsoft.
“If they are true these actions amount to hacking and seizure of private data and in our view are a breach of the protection guaranteed by the Fourth Amendment to the Constitution.”
Google and Yahoo have already announced similar encryption moves.
By digitally scrambling the information, the companies would make it harder for the agencies to make sense of intercepted files, potentially making the cyber-spies more reliant on formal requests.
However, both the NSA and GCHQ are also known to be working on counter-encryption efforts.
Privacy International said: “This is not the first time we’ve seen states use intimate and private information of an individual who holds views the government doesn’t agree with, and exploit this information to undermine an individual’s message.”
The report came shortly after a group of United Nations experts adopted a “right to privacy” resolution.
It will be passed by the UN’s General Assembly before the end of the year, but is largely symbolic since it is not legally binding.
The UN’s Human Rights Committee said it was “deeply concerned at the negative impact” the interception of data “including extraterritorial surveillance” could have “in particular when carried out on a mass scale”.
The latest of Mr Snowden’s leaked documents is dated October 2012 and says it was distributed by the office of the director of the NSA to other US government officials.
It names six Muslims whom it describes as “prominent, globally resonating foreign radicalisers” about whom surveillance efforts had revealed potential “vulnerabilities that can be exploited”.
It says the information is largely based on gathered “Sunni extremist communications”, including material sourced by the FBI.
“Some of the vulnerabilities, if exposed, would likely call into question a radicaliser’s devotion to the jihadist cause, leading to the degradation or loss of his authority,” it says.
One example is evidence of the target “viewing sexually explicit material online or using sexually explicit persuasive language when communicating with inexperienced young girls”.
Others include proof of the target:
- using donations to pay personal expenses
- charging exorbitant speaking fees
- using questionable sources and contradictory language in public messages
None of the six individuals who appear in the report are accused of being directly involved in terrorism.
But the document says one of the two said to have been involved in “online promiscuity” had previously been imprisoned for inciting hatred against non-Muslims, and the other had been involved in promoting al-Qaeda propaganda.
Of the four other targets, one is said to be vulnerable to being exposed for being “attracted to fame” and another for having a “glamorous lifestyle”.
Privacy International spokesman Mike Rispoli said: “What is frightening about the NSA’s capabilities are that they collect massive amounts of information on everyone, including your political beliefs, contacts, relationships and internet histories.
“While these documents suggest this type of personal attacks are targeted in nature, do not forget that the NSA is conducting mass surveillance on the entire world and collecting a vast amount of information on nearly everyone.”
A spokeswoman for the NSA’s UK equivalent – GCHQ – declined to comment on details of the Huffington Post’s report.
But she highlighted the UK government’s Counter-Terrorism Strategy, which discusses using the internet to gather evidence against individuals in order to challenge terrorist propaganda.
“All of GCHQ’s work is carried out in accordance with a strict legal and policy framework which ensures that its activities are authorised, necessary and proportionate, and that there is rigorous oversight,” she added.
Tim Berners-Lee says ‘surveillance threatens web’
Web creator Sir Tim Berners-Lee has warned that the democratic nature of the net is threatened by a “growing tide of surveillance and censorship”.
The warning came as he launched his World Wide Web Foundation’s annual web index report, tracking global censorship.
It suggests that 94% of the countries in the index do not adequately monitor government internet interception.
Thirty per cent of countries block or filter political content, it indicates.
The report concludes that the current legal framework on government snooping needs urgent review.
“One of the most encouraging findings of this year’s web index is how the web and social media are increasingly spurring people to organise, take action and try to expose wrongdoing in every region of the world,” said Sir Tim.
Cannot play media. You do not have the correct version of the flash player. Download the correct version
“But some governments are threatened by this, and a growing tide of surveillance and censorship now threatens the future of democracy.
Bold steps are needed now to protect our fundamental rights to privacy and freedom of opinion and association online,” he added.
‘Appalling and foolish’
Sir Tim has been an outspoken critic of government surveillance following the revelations from whistle-blower Edward Snowden.
He described attempts by the spy agencies to crack encryption as “appalling and foolish”.
He has previously said that the checks and balances to oversee GCHQ and its US counterpart, the National Security Agency (NSA), have failed.
It is a view shared by digital forensic expert Professor Peter Sommer.
“GCHQ is a spying agency. It needs to produce good results. But how far anyone understands the techniques they are using is more unclear.”
“The things they are doing need a ministerial warrant but the ministers have a lot of other things to do. Did they have sufficient understanding of the technology? Who is doing the risk analysis?”
A Cabinet Office spokesperson told the BBC: “The success of our intelligence agencies relies on secrecy. But secrecy does not mean lack of accountability. The United Kingdom’s intelligence agencies operate under the tightest of controls and oversights.
“Our agencies only act in line with their strict legal mission, above all keeping people safe from harm.
“There is a triple lock to ensure every action is lawful, necessary and proportionate – interception underpinned by Ministerial warrants, world class internal controls and three safety nets of outside scrutiny by the Interception Commissioner, the Intelligence and Security Committee of Parliament and the Investigatory Powers Tribunal.”
Measure of influence
The report compiled by Sir Tim’s World Wide Web Foundation ranks countries in terms of the social and political impact of the web.
Sweden tops the annual web index, ahead of Norway, and followed by the UK, US and New Zealand.
It found that in 80% of the countries studied, the web and social media played a role in mobilising the public on a range of issues.
It also found that rich countries did not necessarily rank higher in the index. The Philippines, with a per-capita income of $4,410 per year, is more than 10 places ahead of Qatar, the world’s richest country.
Meanwhile Saudi Arabia is outperformed by 10 sub-Saharan African countries, and Switzerland, the third wealthiest nation, is only one place ahead of Estonia.
But in poorer countries the digital divide is growing ever more marked, according to the report.
“Ten years after world leaders committed to harnessing technology to build an inclusive information society, parents in 48% of countries can’t use the web to compare school performances and budgets, women in over 60% of countries can’t use the web to help them make informed choices about their bodies, and over half the population in developing countries can’t use the web at all,” said Anne Jellema, the foundation’s chief executive.
Joe Dion (1888-1960 an enfranchised Indian – non-status/treaty Indian – nephew of Big Bear see Dobbin) was a founder, organizer and president of the Metis association in Alberta from 1932 to the spring of 1940 when a provisional Executive Council proclaimed itself leading the association and Malcolm Norris was elected Chairman (according to the Edmonton Bulletin/Journal at the time). From there to 1960 the association was in a state of disarray; Adrian Hope became president in 1960 and the association became more organized and was finally registered in 1961 according to Lusty (1977). The Association was known by various names such as the “Half-breed” Association, The Half-breed Association of Northern Alberta (Dion was mentioned as the Secretary of this association in November 1932), the Metis Brotherhood of Alberta, and l’Association des d’Alberta by 1935 dropping the reference to the NWT, or the Metis Association of Alberta, 1961; and eventually the Metis National of Alberta Association.
Dion was a teacher at Kehiwin and lived in Gurneyville when the Association was incorporated. On December 28, 1932 in St. Albert after many community meetings organized by Dion and the Department of Lands and Mines through the summer including a general province-wide meeting July 15-16, 1932, Dion was elected president. The association was not registered but became more formalized as a provincial association (source: Dobbin 1981:63). He wrote a series of articles in the St. Paul newspaper on the Metis and these became a book “My Tribe, the Crees.” (Calgary: Glenbow Museum, 1996, 1979.)
At the time the Settlements (Colonies by Orders-in-Council 1938/39) were formed, Dion (appointed a provincial Commissioner of Oaths Feb. 3 1939 by OC 155/39) and Peter Tomkins were civil servants (Supervisors of Colonies around Fishing Lake and Grouard, respectively) under the direct supervision themselves of F. J. Buck and J. Blair (in the Alberta Bureau of Relief and Public Welfare – letterhead reads only Bureau of Public Welfare after Nov. 1939). They were also on the executive of the association and questions about conflicts of interest were raised particularly by James Brady and Malcolm Norris, fellow executive members.
Besides being a Supervisor in the Fishing Lake area in 1939 Dion applied for land patents he appears to have held since 1929. (Glenbow Archives, Dion files re: letters of requesting process for patent application to the Alberta Department Lands and Mines – May – October, 1939)]
Where do you fit in on this map?
What is acceptable to you? How valuable are your liberties to you? Do you rest well at night?
What do you want you children to grow up in? ‘Let us now arise from our sleep. We shall speak up while we still can; and for all those others who cannot.’