Recently your humble blogger pointed out the original source documents proving that G20 Governments ALL Agreed To Cyprus-Style Theft Of Bank Deposits … In 2010.
Today, we draw your attention to a speech from Governor Jeremy C Stein of the Federal Reserve Bank just 3 days ago, confirming that US bank depositors will be Cyprused:
I will focus my remarks today on the ongoing regulatory challenges associated with large, systemically important financial institutions, or SIFIs. In part, this focus amounts to asking a question that seems to be on everyone’s mind these days: Where do we stand with respect to fixing the problem of “too big to fail” (TBTF)? Are we making satisfactory progress, or it is time to think about further measures?
I should note at the outset that solving the TBTF problem has two distinct aspects. First, and most obviously, one goal is to get to the point where all market participants understand with certainty that if a large SIFI were to fail, the losses would fall on its shareholders and creditors, and taxpayers would have no exposure.
Errr … as we keep saying, creditors of banks (ie, the depositors) ARE taxpayers.
…if .. a SIFI does fail, the orderly liquidation authority (OLA) in Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act now offers a mechanism for recapitalizing and restructuring the institution by imposing losses on shareholders and creditors.
Cash out while you still can.