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Let the Headlines Speak
Apr 4th, 2013
Daily NewsFrom the Internet
Categories: Today's Headlines;Contemporary Issues

Sen. Cruz: UN Arms Treaty 'Must Never be Ratified'
While the U.N. General Assembly overwhelmingly approved the first international treaty attempting to regulate the $60 billion global small arms trade on Tuesday, the measure is likely to be dead on arrival in the U.S. Senate as Republicans have repeatedly voiced concerns that such a measure is a backdoor attempt to usurp Second Amendment gun rights.  

Earthquake hits Hindu Kush region in Afghanistan
Hong Kong: A moderate intensity earthquake of magnitude 5.4 on the Richter scale rocked the Hindu Kush region of Afghanistan on Thursday, as per the US Geological Survey. The quake lingered on for 10 seconds, sending tremors as far as Kabul and northwestern Pakistan.  

1 in 4 believe Obama may be Antichrist
The good news for the White House is that three of four respondents to a Public Policy Polling survey say they do not believe that Barack Obama is the Antichrist, the epitome of evil that the Bible explains will come to deceive people during the End Times. But on the other hand, 13 percent are convinced he is, and another 13 percent – for a total of one in four across the nation – say they aren’t sure.  

US Jews urge Israel to take ‘confidence-building steps’ for talks
Citing Obama’s March trip to Israel, 100 prominent US Jewish leaders call on Benjamin Netanyahu to ‘demonstrate commitment’ to peace...  

Cyprus-Style “Bail-Ins” Are Proposed In The New 2013 Canadian Government Budget!
The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style "bail-ins" are actually proposed in the new Canadian government budget. When I first heard about this I was quite skeptical, so I went and looked it up for myself. And guess what? It is right there in black and white on pages 144 and 145 of "Economic Action Plan 2013" which the Harper government has already submitted to the House of Commons.  

Temple Groups Practice Passover Sacrifice
Jewish groups held a mock Passover sacrifice on Thursday opposite the Temple Mount in Jerusalem. The ritual slaughter was not merely a historic reenactment, but, they say, practice in advance of the reconstruction of the Temple. The ritual was emotionally moving, Rabbi Glick reported. “The symbolism of standing opposite the Temple Mount and preparing for the real Passover sacrifice – it was without doubt a special moment,” he said.  

Earthquake shakes buildings in Manila
A moderate earthquake shook buildings in the Philippine capital Manila on Thursday, seismologists said, although there were no immediate reports of damage or casualties according to the government.  

5.9 magnitude earthquake hits parts of Pakistan
A 5.9 magnitude earthquake jolted Punjab, Islamabad and parts of Khyber Pakhtunkhwa, adjoining tribal belt and Azad Kashmir, Geo News reported Thursday. According to reports, the tremors were felt in Islamabad, Rawalpindi, Lahore, Peshawar, Swat, Azad Kashmir, Chitral, Kurram Agency Lower Dir, Battagram, Mianwali, Shangla, Mardan, Murree, Malakand Division, Nowshera and other areas.  

Moderate earthquake hits Kashmir, no damage to property
A moderate intensity earthquake measuring 5.4 on the Richter Scale hit the Kashmir Valley this afternoon, officials said. The tremor, which lasted for around 10 seconds, was recorded at 12:02 PM, an official of the Meteorological Department said.  

Have scientists found dark matter? £1.3 billion space station experiment finds 'first hint' of mysterious universe building blocks
A £1.3 billion ($2bn) experiment on the International Space Station is on the verge of explaining one of the more mysterious building blocks of the universe: The dark matter that helps hold the cosmos together. An international team of scientists says the cosmic ray detector has found the first hint of dark matter, which has never yet been directly observed.  

Red arcs over Europe: Astronomers capture bizarre phenomenon caused by magnetic storms for first time
Glowing red arcs invisible to the naked eye have been spotted high above Europe. The mysterious phenomenon has never been captured before, and are remnants of the magnetic storms that batter the Earth. An Italian telescope was able to capture them for the first time high up in the ionosphere, which stretches from about 50 to 370 miles (85 to 600 kilometers) above the Earth.  

Obama: Gun Control Won’t Lead to Confiscation Because ‘I Am Constrained by a System Our Founders Put in Place’
Obama said Wednesday that recent steps by Colorado to tighten its gun laws show “there doesn’t have to be a conflict” between keeping citizens safe and protecting Second Amendment rights to gun ownership.  

‘Hard to track, hard to stop’: Unusual bird flu strain kills 4 people in China
The samples taken from a Chinese man, who passed away in hospital in March, tested positive for H7N9, bringing the death toll of the new strain of bird flu to four people. Scientists warn the virus spreads silently and could be harder to track than H5N1.  

‘Cyprus deal split euro into two different currencies’
Well Armageddon has certainly not happened yet, that’s for sure, but of course what is happening now in Cyprus is a very bad situation for Cyprus, the Cypriot economy and the Cypriot people and it’s also a mile stone for the Eurozone in its totality because what we have today as a matter of fact is two euros, we have the euros locked in Cyprus and the euros outside Cyprus, and due to controls being put in operation in Cyprus, these are now effectively two different currencies.  

North Korea Approves Nuclear Attack On U.S.? 'Merciless' Strike 'Ratified,' According To Rhetoric
"We formally inform the White House and Pentagon that the ever-escalating U.S. hostile policy toward the DPRK (North Korea) and its reckless nuclear threat will be smashed by the strong will of all the united service personnel and people and cutting-edge smaller, lighter and diversified nuclear strike means of the DPRK and that the merciless operation of its revolutionary armed forces in this regard has been finally examined and ratified,"  

US could make preemptive strike on North Korea
Rep. Peter King (R-N.Y.) said Tuesday that the United States had the right to take preemptive military action against North Korea if there was "solid evidence" that Kim Jon Un planned to attack the U.S. or South Korea. "If we have good reason to believe there's going to be an attack, I believe we have the right to take preemptive action," King said on CNN's "Erin Burnett Outfront."  

North Korea moved missile to east coast
North Korea has moved a missile with "considerable range" to its east coast, South Korea's defense minister said Thursday, but he added that there are no signs that Pyongyang is preparing for a full-scale conflict. The report came hours after North Korea's military warned that it has been authorized to attack the U.S. using "smaller, lighter and diversified" nuclear weapons.  

John Kerry returns to Middle East on 'listening tour'
US Secretary of State John Kerry is to visit Jerusalem and the West Bank, his third visit to the Middle East. US state department officials denied Mr Kerry would present a new peace plan, calling next week's visit a chance "to see what is possible" on peace talks. The visit was added to Mr Kerry's scheduled trip to Asia, his first as secretary, and will be preceded by a stop in Istanbul to discuss Syria.  

German economic output 'at near stagnation'
Germany's economy slowed to "near stagnation" last month, while France's recorded its biggest contraction for four years, according to a closely watched survey. The Markit composite purchasing managers' index (PMI), which measures both the manufacturing and services sectors, declined to 50.6 in Germany last month, from 53.3 in February. Any figure above 50 indicates growth.  

Connecticut backs gun controls after Newtown massacre
The state legislature in Connecticut has approved gun control measures which campaigners say are the most comprehensive in America. The sweeping new restrictions include a ban on new high-capacity magazines and background checks on all gun buyers. President Barack Obama and gun control advocates say the measures are needed to curb an epidemic of gun violence.  

Japan bank's Haruhiko Kuroda in aggressive growth move
The Bank of Japan has said it will dramatically expand the country's money supply, as it tries to stimulate growth in the world's third-largest economy. The central bank vowed to boost an asset purchase programme and meet a 2% inflation target in two years, after a two-day meeting, the first chaired by new governor Haruhiko Kuroda. Japan's economy has been battling more than a decade of falling prices.  

Pakistan aid does not prevent extremism, say MPs
A £300 million education programme that Britain funds in Pakistan is not preventing Pakistanis turning to extremism, according to a parliamentary inquiry.  

Argentina: Flooding From Torrential Rains Kill 31
At least 25 people were killed by flooding overnight in Argentina's Buenos Aires province, the governor said Wednesday, bringing the overall death toll from days of torrential rains to at least 31 and leaving large stretches of the provincial capital under water.  

NKorea clears its military to attack US with nukes
North Korea warned Thursday that its military has been cleared to attack the U.S. using "smaller, lighter and diversified" nuclear weapons, while the U.S. said it will strengthen regional protection by deploying a missile defense system to Guam.  

Park Service Backpedals on Free Bible Ban
In a victory for free speech and the First Amendment, the National Park Service is once again allowing distribution of Bibles on federal property. Since 2011, Shirley Elliott has sold produce and homemade jellies at Thibodaux Farmer’s Market near Jean Lafitte National Historic Park in Louisiana. Additionally, Elliott has provided free Bibles on her table for anyone to take at will. On December 1, a park ranger told her to take the Bibles off her table because “they were on federal property.”  

Cyprus - Style “bail-ins” are Proposed in the New 2013 Canadian Government Budget
Apr 4th, 2013
Daily Newstheeconomiccollpaseblog
Categories: Today's Headlines;Contemporary Issues

The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style "bail-ins" are actually proposed in the new Canadian government budget. 

When I first heard about this I was quite skeptical, so I went and looked it up for myself. And guess what? It is right there in black and white on pages 144 and 145 of "Economic Action Plan 2013" which the Harper government has already submitted to the House of Commons. 

This new budget actually proposes "to implement a 'bail-in' regime for systemically important banks" in Canada. "Economic Action Plan 2013" was submitted on March 21st, which means that this "bail-in regime" was likely being planned long before the crisis in Cyprus ever erupted. 

So exactly what in the world is going on here? In addition, as you will see below, it is being reported that the European Parliament will soon be voting on a law which would require that large banks be "bailed in" when they fail. 

In other words, that new law would make Cyprus-style bank account confiscation the law of the land for the entire EU. I can't even begin to describe how serious all of this is. 

From now on, when major banks fail they are going to bail them out by grabbing the money that is in your bank accounts. This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the western world.

What you are about to see absolutely amazed me when I first saw it. The Canadian government is actually proposing that what just happened in Cyprus should be used as a blueprint for future bank failures up in Canada.

The following comes from pages 144 and 145 of "Economic Action Plan 2013" which you can find right here. Apparently the goal is to find a way to rescue "systemically important banks" without the use of taxpayer funds...

Canada’s large banks are a source of strength for the Canadian economy. Our large banks have become increasingly successful in international markets, creating jobs at home.

The Government also recognizes the need to manage the risks associated with systemically important banks — those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy. 

This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable.

So if taxpayer funds will not be used to bail out the banks, how will it be done? Well, the Canadian government is actually proposing that a "bail-in" regime be implemented...

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.

So if the banks take extreme risks with their money and lose, "certain bank liabilities" (i.e. deposits) will rapidly be converted into "regulatory capital" and the banks will be saved.

In other words, the banks will just be allowed to grab money directly out of your bank accounts to recapitalize themselves.

That may sound completely and utterly insane to us, but this is how things will now be done all over the western world.

Sometimes a "bail-in" can be done by just converting unsecured debt into equity, but as we just saw in Cyprus, often when there is a major bank failure a lot more money is required to "fix the banks" than can possibly be raised by converting unsecured debt into equity. That is when it becomes very tempting to dip into uninsured back accounts.

In fact, some European politicians are openly admitting as much. According to RT, the European Parliament will soon be voting on a new law which will make Cyprus-style bank account confiscation a permanent part of the solution when major banks fail throughout the EU...

A senior lawmaker told Reuters the Cyprus model may not be an isolated case, and is perhaps a future template in dealing with troubled European banks.

The new template is now likely to turn into a full-scale EU law, letting taxpayers off the hook in case a bail-out is needed, but imposing major losses on bigger savers on a permanent basis.

"You need to be able to do the bail-in as well with deposits," said Gunnar Hokmark, member of European Parliament, who is leading negotiations with EU countries to finalize a law for winding up problem banks, Reuters reported.

"Deposits below 100,000 euros are protected ... deposits above 100,000 euros are not protected and shall be treated as part of the capital that can be bailed in," Hokmark told Reuters, adding that he was confident a majority of his peers in the parliament backed the idea.

The European Commission has written the draft of the law, which now awaits approval from eurozone member states and the parliament on whether and when it can be implemented. It's been reported, the law is planned to take effect in the beginning of 2015.

Are you starting to understand?

The other day when I said that "The Global Elite Are Very Clearly Telling Us That They Plan To Raid Our Bank Accounts", I was not exaggerating.

And for those in Cyprus with deposits of over 100,000 euros, the news just keeps getting worse and worse.

When the crisis first erupted, they were told that 10 percent of all deposits over 100,000 euros would be confiscated.

Then a few days later they were told that it would be 40 percent.

Now, according to the Washington Post, those with deposits over 100,000 euros at the second largest bank in Cyprus may lose as much as 80 percent of those deposits...

A deal was finally reached in Brussels with other euro countries and the International Monetary Fund early Monday. The country’s second-largest bank, Laiki, is to be split up, with its healthy assets being absorbed into the Bank of Cyprus. 

Savers with more 100,000 euros ($129,000) in either Bank of Cyprus and Laiki will face big losses. At Laiki, those could reach as much as 80 percent of amounts above the 100,000 insured limit; those at Bank of Cyprus are expected to be much lower.

Sadly, the truth is that those people will be lucky to ever see any of that money ever again.

How would you feel if someone came along and wiped out your life savings so that banks that took incredibly reckless risks could be bailed out?

Needless to say, a lot of people in Cyprus are very, very angry right now. The following reactions from outraged depositors in Cyprus are from Sky News...

"They have stolen our money," Milton Loucas told Sky News.

"I have been working for 60 years. I am 80 years old. I cannot work again for my living - they have cut the lot.

"Our money, our social insurance - they have cut them. How are we going to live?"

Another Cypriot, Stelios, came out of the bank empty handed.

"I tried to get my February wages and they gave me a piece of paper only," he said.

"I have two children in the army and they asked for money - I don't have money to give them.

"The Government didn't pay anybody. My old parents didn't get their pension."

A lot of people have just had their entire lives turned upside down.

But there were some people that were told ahead of the crisis and were able to get their money out in time.

According to the BBC, foreigners pulled a whopping 18 percent of their money out of Cyprus banks during the month of February alone...

Information from the Central Bank of Cyprus released on Thursday showed that foreign depositors had already withdrawn 18% of their cash from the nation's banks during February, before the current crisis hit home.

So how did they know to pull their money out and who told them?

In addition, branches of the two largest banks in Cyprus were kept open in Moscow and London even after all of the banks in Cyprus itself were shut down. So wealthy Russians and wealthy Brits have been able to take all of their money out of those banks while the people of Cyprus have been unable to. It is hard to even find the words to describe how unfair that is. The following is from a recent article by Mark J. Grant...

So let us then turn back to Cyprus and see why the Russians are not quite so upset as they were at the beginning of the crisis. The answer to this question is Uniastrum bank which is headquartered in Moscow. Eighty percent (80%) is owned by the Bank of Cyprus. 

After the crisis began and right up until the capital controls were implemented the bank was open for business with no restrictions upon withdrawals. 

So the crisis began, was all over the Press and the Russian depositors walked into the local bank and withdrew their money from Uniastrum, the Bank of Cyprus, or had it wired in from the other local Cyprus banks and it was then withdrawn. Problem solved!

At the same time Laiki bank and the Bank of Cyprus had operating branches in London. There were no restrictions there either so people could walk into those banks and withdraw their money as well. 

No restrictions at all right up until the time of the Capital Controls. In the meantime, in Cyprus, people and institutions could not get at their money so the Russians and many British took out their money, closed their accounts while the people in Cyprus were left high and dry.

The wealthy always seem to come out ahead somehow, don't they?

Meanwhile, those in Cyprus with deposits under 100,000 euros are now dealing with some very stringent capital controls. In other words, there are some very tight restrictions on what they can do with their money. For example, the maximum daily cash withdrawal has been set at 300 euros. The following are some of the other restrictions that are in force right now...

As well as the daily withdrawal limit, Cypriots may not cash cheques.

Payments and/or transfers outside Cyprus via debit and or credit cards are allowed up to 5,000 euros per person per month.

Transactions of 5,000-200,000 euros will be reviewed by a specially established committee, with applications for those over 200,000 euros needing individual approval.

Travellers leaving the country will only be allowed to take 1,000 euros with them.

When the next great wave of the economic collapse strikes, capital controls and bank account confiscation will suddenly become "normal" all over the world.

So get prepared while you still can.

One thing that you can do is make sure that you don't have all of your eggs in one basket. The following is what Jim Rogers recently told CNBC...

"I, for one, am making sure I don't have too much money in any one specific bank account anywhere in the world, because now there is a precedent," he said. 

"The IMF has said 'sure, loot the bank accounts' the EU has said 'loot the bank accounts' so you can be sure that other countries when problems come, are going to say, 'well, it's condoned by the EU, it's condoned by the IMF, so let's do it too.'"

The more places that you have your money, the more difficult it will be for "the powers that be" to loot it.

The global elite are fundamentally changing the game. From now on, no bank account on earth will ever be able to be considered "100% safe" again. This is going to create an atmosphere of fear and panic, and no financial system can operate normally when you destroy the confidence that people have in it.

Confidence is a funny thing - it can take decades to build, but it can be destroyed in a single moment.