Josh Sigurdson talks with author and economic analyst John Sneisen about the recent call by the Bank of England to bail-in banks and accumulate £4 BILLION in bail-in debt by the year 2022.
According to the Bank of England, this measure is to avoid a massive bail out in the coming years, but the fact is, the global banking system is crumbling at its foundation and this is just another way to steal depositors’ money.
As John points out, this is mostly targeting bond holders.
Bail-ins are when banks take depositors’ money to pay off their risky debt and investment losses. It’s a so-called safeguard which dramatically affects individuals who have money in the bank. Technically a bank can cash out an entire account.
This goes to show what we at WAM talk about all the time. If your money’s in the bank, it’s not yours, it’s the bank’s.
Bail-ins were first historically noted in an ESF book from 1997, but most notably since 2009. Bail-in regimes have been written into the Canadian budget, used in places like Greece and Spain and attempted in Italy.
This whole story is further proof of the distress in the banking system and with governments across the board. This goes to show that the regards of the individual are not taken into account.
This will likely come down sooner than 2022 and is yet another sign of not only the banks’ desperation but the power shift that’s currently happening before our eyes.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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