Pg 145 of budget

[cottonpicken]

The Government proposes to implement a ―bail-in‖ regime for
systemically important banks. This regime will be designed to ensure that,
in the unlikely event that a systemically important bank depletes its
capital, the bank can be recapitalized and returned to viability through the
very rapid conversion of certain bank liabilities into regulatory capital.
This will reduce risks for taxpayers. The Government will consult
stakeholders on how best to implement a bail-in regime in Canada.
Implementation timelines will allow for a smooth transition for affected
institutions, investors and other market participants.
Systemically important banks will continue to be subject to existing risk
management requirements, including enhanced supervision and recovery
and resolution plans.
This risk management framework will limit the unfair advantage that could
be gained by Canada’s systemically important banks through the mistaken
belief by investors and other market participants that these institutions
are ―too big to fail.‖



Good God

http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf

[SASKFARMER3]

Ok this post should be WTF!!!!!!!!!!!
I think Canadians are in the Dark on what's coming down the pipe!!!!!!!!

[cottonpicken]

The term "bail in"is about 10 days old,yet here it is
published on march 21.

[cottonpicken]

I dont understand the angle.

I thought they would just go about it like the
americans did.

The only 2 things i can think of is:

1-the problem is so big it will need everything
throwen at it,200% to gdp(that we know of) gives us a
2.8 trillion dollar system,they get 250 billion in tax
revenue so if they tried to go it alone,the funding
costs would be to enormous and unlike the american
dollar which is in demand at the 3 trillion dollar a day
forex market,ours is not,so i imagine our currency
would have some real problems if the bank of canada
tried expanding its balance sheet with worthless
assets and the government will have its own hands
full with the impending cmhc debacle and current
massive fiscal imbalances of deficit,debt and
unfunded liabilities not to mention horrible real
losses in the canadian pension plan which is around
177 billion,even a 10% loss would be
devastating,sorry for the mis mash of thoughts.

2-its a smoke screen to get money velocity jacked up

[cottonpicken]

On the bright side,a whole new industry has been
born.

You can become an international tax evader bounty
hunter and 15% of any revenues collected over
100,000,you get.

You also get to become tv star in my upcoming
reality show.

Who wouldn't watch Pars putting paul martin in
handcuffs and collecting a few million bucks.

[bgmb]

Maybe a guy should keep building bins and just sell enough grain to fund the next crop.

[ColevilleH2S]

"sell enough grain to fund the next
crop" haha! You must not have a wife;-)

[bgmb]

lol. good one

It would be kinda neat to retire with half million bu of canola in the bins and just auger some out and take it to the elevator every time you needed some cash.

[cottonpicken]

''Very bad, very, very bad,'' says 65-year-old John
Demetriou, rubbing tears from his lined face with
thick fingers. ''I lost all my money.''

John now lives in the picturesque fishing village of
Liopetri on Cyprus' south coast. But for 35 years he
lived at Bondi Junction and worked days, nights and
weekends in Sydney markets selling jewellery and
imitation jewellery.

He had left Cyprus in the early 1970s at the height of
its war with Turkey, taking his wife and young
children to safety in Australia. He built a life from
nothing and, gradually, a substantial nest egg. He
retired to Cyprus in 2007 with about $1 million, his
life savings.

He planned to spend it on his grandchildren - some
of whom live in Cyprus - putting them through
university and setting them up. There would be
medical bills; he has a heart condition. The interest
was paying for a comfortable retirement, and trips
back to Australia. He also toyed with the idea of
buying a boat.

He wanted to leave any big purchases a few years, to
be sure this was where he would spend his
retirement. There was no hurry. But now it is all gone.

''If I made the decision to stay, I was going to build a
house,'' John says. ''Unfortunately I didn't make the
decision yet.

''I went to sleep Friday as a rich man. I woke up a
poor man.''

His money was all in the Laiki ''Popular'' Bank which
was the main casualty of Cyprus' bailout package set
by the European Union. Laiki is to be dismantled.
Savings of less than €100,000 are to move to the
Bank of Cyprus. Anything more than that will almost
certainly be wiped out as the bank is wound down, its
remaining assets taken by the bank's creditors.

Last week he heard a rumour that the bank was in
trouble and went into Aiya Napa to ask his bank
manager - a friend - if he should move his life
savings.

''There's no problem, nothing to worry about,'' he was
told.

Not so. ''I go to bed and I can't sleep. I walk around, I
have a coffee. I am thinking about my family.''

John's tears flow. As he chokes up, his son George,
who moved to Cyprus in 1990, explains.

''The whole family, we used to work at the markets. I
would work at the markets on the weekend to help
my parents while my mates were off having fun.
Honest work in honest jobs. Now all that hard work is
paying the debts of other people and the government.
It's disgusting, to be honest.''

George says he can start again - if things get worse
he and his family might move back to Australia.

''But not my dad. He can't go back to Australia. He is
not allowed to fly because of his heart, and anyway
where would he live? He has no house. He will have
€100,000 left to live off. Soon he's not going to have
a cent to his name.''

John has a thin hope. His money was sitting in the
bank in Australian dollars instead of euros, so he
wonders if it would be exempt from the bank's
collapse. But the bank's doors are closed, so he
doesn't even know to whom he should put that
argument.

''For the moment I am 'sitting on charcoal', as they
say,'' waiting to see if he gets burnt.

''It's not Russian money, it's not black money. It's my
money.''

There are almost 5000 Cypriot-Australians on the
island. Most are - or were - self-sufficient veterans of
the 1950s engineering boom or the 1974 war who
came back to retire or to be with family (John is
looking after his 90-year-old mother).

This week Britain stopped paying pensions into
Cypriot accounts, advising expatriates to open a
British bank account instead.

Australia's high commission in Nicosia has already
fielded inquiries from dual nationals seeking advice
on their pensions. They were told to set up different
payment arrangements, a spokeswoman for the
Department of Foreign Affairs and Trade said.

''We expect the main impact will be for Australians
who have invested large sums in Laiki Bank or the
Bank of Cyprus,'' she said. ''There is no need for
special measures at this stage.''



Some people give a shit when it happens 10,000
miles a way.

Some people give a shit when it happens a few
hundred miles away.

Some people give a shit when it happens to a
neighbour or friend or family member.

Everyone gives a shit when it happens to them.

Maybe we should all start caring and stand up to the
tyranny 10,000 miles away?Before its at your own
doorstep?

[SASKFARMER3]

This is what scares the shit out of me! Once it
happens and they see it works the rest of us are
F&$ked!

[cottonpicken]

The government of canada just told us they would do
exactly what the cyprus government did.

I dont watch mainstream news but i bet its safe to say
they didnt say a peep.Keep everyone watching b.s
issues like gay marriage and dancing with the stars.

[BFW]

The way i read it is the government is ensuring that the big domestic banks hold capital in reserve to replace money lost in a potential event such as the 2008 financial crisis. The American taxpayers where essentially held hostage by the "too big to fail" banks there and were coerced into paying the ransom to stop the system from imploding or financial armageddon as the bankers would have had us believe. Looks like the conservatives are learning from the mistakes of others and are trying to protect Canadian taxpayers with these measures.

[hobbyfrmr]

cotton, I have to agree with you. Im not the quickest bunny in the forest, but, I have noticed that most news broadcasts are strangely twisted towards the entertainment side of things instead of serious issues. It seems like in North America people expect to be amused at all times. Phones, games,crappy news, amateurs skating, singing, dancing, competing with each other by sitting in a house together. That is odd.

[cottonpicken]

I wonder what percent of the population knows that
their money isnt actually in the bank,its been lent or
invested and is subject to counterparty risk,fractional
reserve banking.

One of the reasons bank runs are scary.

These are private companies,kind of funny in a car
accident sort of way.

[checking]

When you grow up cp you will come to the realization that few care about your causes, even if your cause should be their cause. The only one you can rely on is yourself, and if you're lucky, your family.

Sure, you tell a touchy story on a Cypriot, maybe even plan your own cp riot, but really who was to blame. Could it be, we the people of Cyprus, which forms the government, or is it the retiree who puts his supposed entire wealth in one bank's basket that totally fails? Would you do that? I think not, nor would you hold out hope that just because those savings were in Australian dollars that they would be exempt. They would be the last to be protected, and the first taken.

What we are led to believe what he did is about as crazy a move as being 100% invested in paper gold.