One of my latest video reports!
See the original article below:
Josh Sigurdson talks with author and economic analyst John Sneisen about Mario Draghi and the European Central Bank's plan to bail in depositors' bank accounts following a recent announcement that the deposit protection scheme is no longer "necessary".
You can find much of this in Amendment 13 of the ECB's November 8th summary released on their website. Page 41.
As they say,
"'...covered deposits and claims under investor compensation schemes should be replaced by limited discretionary exemptions to be granted by the competent authority in order to retain a degree of flexibility.'"
What this means is the current €100,000 (£85,000) deposit level currently protected in the event of a bail-in will be done away with.
They go on to say,
"...during a transitional period, depositors should have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request."
So basically, the European Central Bank will decide how much of your own money you should be able to spend to stay alive. This is exactly what we've been warning about for years and gets worse if it becomes entirely centrally planned cashless currency.
As we've so often mentioned, if your money's in the bank, it's not yours, it's the bank's. You are lending it to the bank and they can do what they please with it and the insurance on the money is absolutely minimal if not almost non-existent.
Bail-ins have been proposed and utilized throughout the world for years. First noted historically in a book on the Exchange Stabilization Fund from 1997, it's been implemented in Cyprus, Spain (at Banco Popular) and attempted at Monte dei Paschi in Italy but failed. It's written into Canada's budget as well as a security for the state and banking system and blind robbery of individuals depending on the money they work hard for.
This is incredibly dangerous and needs to be acknowledged. Before it's too late.
Stay tuned as we continue to cover this subject!
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If this isn't an ominous warning sign of an impending banking/financial crisis, I don't know what is. Maybe that's why Bitcoin and the entire crypto space is exploding right now: the populace is finally starting to connect the dots.
The banks, are no longer relevant under the might of cryptos!
The banks love cryptos- it will help them create a global digital currency. They will create their own crypto and force everyone on it with draconian penalties for rebelling. A microchip won't be far behind.
You have a very basic understanding of blockchain. What the technology does is to decentralise systems, it negates the need for any centralised power. It adds uncrackable security to this so human greed and weakness is no longer a factor. Yes the banks can run their own centralised blockchain but you won't need to use them, like Apple runs itunes but anyone can download music peer to peer elsewhere. They can't stop it all they can do is create centralised versions and hope people are dumb enough to use their version. Also why microchip a population that willingly carries a tracking device which also tells them all relevant information on you ..... the mobile phone has been here a long time already. Maybe watch Alex Jones a bit less and research a bit more.
Do you think the Central Bankers are going to create a decentralized anonymous blockchain? No way. They are going to track everything you do and force you on their centralized crypto. The microchip is already here and people don't always take their phone with them. This problem is eliminated with the microchip.
Theres already a decentralised blockchain if you understand what decentralised means then you'd know your contradicting yourself using the word 'allow'. We don't need permission from our masters thats the point. People like you really are the lowest of all human beings. Your well aware of all the problems, your clearly not on the side of banks or authority yet you get some sort of kick out of trying to destroy people and projects who are really trying to bring freedom. You must be real proud. .
Really? So if the Govt says they will throw you in jail for using a decentralized crypto, you would still use it? You may, but a lot of people won't risk jail.
More unbelievably uneducated comments. actually in mainland China its technically punishable with the death penalty for using cryptocurrency yet many of them with an understanding of anonymity still use it. People like you don't want real change you want to come up with excuses and cower behind your keyboard while the brave and innovative people work hard and risk all for your freedom. If we all use something government can't throw us all in jail but they dont need to because they just scare the cowards among us and because you willing obey, you drag everyone into complying.
FYI: https://steemit.com/bitcoin/@justicia/us-senate-bill-s-1241-to-criminalize-concealed-ownership-of-bitcoin
Of course, you did't think the worlds greatest ever criminal cartel will go down without a fight? I think your own post contradicts what you began saying in these comments. you first made the point that central banks and governments 'love crypto' and now you changed the point to them wanting to regulate and control it. Neither will work, you cannot regulate nor control the mechanisms of mathematics. Maths exists with or without government. If bitcoin becomes regulated and controlled then users will move to Monero or any other privacy coin. This is the beauty of Blockchain, THE CENTRAL BANK KILLER! the power at last lies in our hands its a real shame to see people who are still afraid to use it.
Thanks for such an article it needs us to act before its to late because our money is not safe at all
"Deposit protection scheme is no longer "necessary"" isn't your heart burning. You are mentioning bout European Central Bank.
In Asian continent like India so called developing country the position is much much worse.
our dirty politicians from ruling as well opposition (not much difference... both are equal. the art is they find novel different want to loot people claiming that the earlier fellow is responsible for this position)
As you mentioned it is nothing robbery...I feel like calling (in my country India BA...) but I am not able to as I am not dirty as they are ... so not able to.
This is a very good post. I up voted and resteeming.
Europeans should follow the Iceland option.
http://www.independent.co.uk/voices/iceland-has-jailed-26-bankers-why-wont-we-a6735411.html
I wonder how Europeans would react if they stole a portion of their money out of all their bank accounts?
It might be just the push in the back that my fellow Europeans need to finally stand up and not take the money grabbing institutions and governments anymore...
We Europeans react zero. We are flooded with "Immigrnats" in all European Countrys. If you say a word you will be punisched. They get better medical care than any original European. They build houses for them. Some Immigrants rape our wifes. You can not go to a Christmas Market without fear. We are humans second class.
We don't have the bandwidth up here in the Rockies to watch on IPFS or DTube :( it buffers every 3 words even if I let it load for 20 min...so we are stuck to youtube
I am on cable modem and still pause every 15-20 seconds. I download the file first and then watch.
Oh thanks, I will give that a try...I would like to support DTube.
good news for every one
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Very interesting information. Too bad that banks fail to give guarantees on security of depositors ' money. Thank you.
It is bad that the banks involved in the process of cheating investors. To the banks of the population will not trust.
The state also can not be trusted. It is dangerous for society.
Enter Cryptocurrencies. I believe the bank and or stock market situations are part of the reason cryptos have risen so much recently. The FUD is real.
The banks (ref. JP Morgan) are against cryptos only because they know that their era where they can trick the customers is soon over. My money at the bank is not mine, so why keep it there?
The paradox is that, one beautiful day banks will invest that money in crypto currency.
people are so naive nowdays , with the rise of crypto assets atleast we have started seeing the light .