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.
Barnaby Is Right 
You appear to have this all wrong. After the GFC taxpayers bailed out the big banks who then used the money to pay the normal huge bonuses to staff. THIS WAS WITH TAXPAYER MONEY, not shareholder money!!
I totally agree with letting organisations which should not be in business fail if they are badly managed. This is the way of the world. I note that if you or I defaulted on our mortgage then there would be no rescue plan from the federal government and neither would the same bank which rorted the bailout funds save any of us.
Get real Barnaby. This has to happen unless we are all to be done over yet again.
Mick, I agree with you. The point I have made previously, is that the general public has been duped into believing – and the bail-outs in 2008 actually compounded this – that their deposits in banks are “safe”. Indeed, that they are “guaranteed” safe, by the Federal government. That belief is not true. So for mine, the key issue now is that the public needs to be made aware that their money in banks is NOT safe. Do you think the banks, the government, or mainstream media are going to tell them that? Of course not! That would undermine “con-fidence”, and so bring about the very worst-case scenario they all fear.
Take our investments, then take our homes.
Take our cash, then take our homes. Government controlled.
But if you vote for a government which operates by man-made and not divine law, are you not implying consent?
Is the problem caused by government or do we get what we voted for?
For example, if the government has a vote to allow gay marriages and it passes,can you blame the politicians? The electors voted to have those people re-present them.
It is the electors rejectection of the Christian faith that is the problem.
” Many a truth spoken in jest”.
The above reminds me of a recent cartoon.
Teenage boy to father ; I am thinking of taking up a life of organised crime
Father; Private or government sector son?
“Take your money and run”
http://www.helpfreetheearth.com/news754_banks.html
Abacus Mutual Banking is a recent body that is comprised of Credit Unions and Mutual societies.They have assests of over $85 billion. http://www.abacus.org.au/ Currently I’m trying to find out how secure they are.ie What is their exposure to derivatives if any?
Even the Bendigio/Adelaide Banking organistion has exposure to derivatives and have large share holdings by the likes of HSBC ,JP Morgan and Citibank.
The Aust Banks total derivative exposure is over $ 19 trillion or 6 times our GDP.Who could bail them out?
So investigate this Abacus Mutual Society.Even if their rates may be a litte higher you money and your house could be a whole lot safer and more of our money gets to stay in Australia.