This came across the transom a couple of days ago, and SHTFplan.com has covered it here, but this REALLY needs to be pushed and publicized. You’ve GOT to get your wealth out of banks – most especially the big ones. This is truly sinister, and straight from the mouth of the Vice Chairsatan of the Fed, Stanley Fischer, and a speech given on August 11th at “The Great Recession–Moving Ahead,” a Conference Sponsored by the Swedish Ministry of Finance, in Stockholm, Sweden, as posted on the Federal Reserve Bank’s official website.
Additional steps have been taken in some countries. For example, in the United States, capital ratios and liquidity buffers at the largest banks are up considerably, and their reliance on short-term wholesale funding has declined considerably. Work on the use of the resolution mechanisms set out in the Dodd-Frank Act, based on the principle of a single point of entry–though less advanced than the work on capital and liquidity ratios–holds the promise of making it possible to resolve banks in difficulty at no direct cost to the taxpayer.As part of this approach, the United States is preparing a proposal to require systemically important banks to issue bail-inable long-term debt that will enable insolvent banks to recapitalize themselves in resolution without calling on government funding–this cushion is known as a “gone concern” buffer.
“Bailing-in” is what happened in Cyprus last year. Remember that?