Is anyone in Ottawa doing anything to protect Canadian sovereignty and resources from elected tyrants?
Is Canada the next Cyprus?
|- Judi McLeod Friday, March 29, 2013 |
| Print friendly | Email Us
It’s Good Friday and a government holiday in Ottawa.
No point trying to reach Canadian Finance Minister Jim Flaherty today. So rather than wait until Monday, Canada Free Press (CFP) is posing this cliff-hanger question:
“Is that a Cyprus-style “Bail In” proposed in the newly-minted 2013 budget?”
That’s what economic gunslingers on both sides of the border and dozens of letters to the editor are charging.
What began as a rumble is growing into an ear-splitting cacophony—and the Canadian government should post a truthful, detailed and in-plain-English explanation on its website.
If Canada is going the same direction as Cyprus and the European Union, we need to know as soon as possible.
The concept of a Canada taking money from unknowing bank depositors is not just within the realm of hysteria and hype.
Not when Page 144 of the 2013 Canadian budget states: “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.
Translated, Without the use of taxpayer funds means via depositor funds???’ asks one CFP letter to the editor writer.
A fair question In a world where western governments are now stealing and coveting the money of small bank depositors.
Back to the budget and the meat of the provision on Page 145: “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 marked participants…”
Readers can view in full detail the bail-in provision in Canada’s 2013 budget on pages 144, 145.
Mr. Flaherty, all need to know how the Canadian bank ‘bail-in’ regime differs from what is happening in Cyprus and being contemplated in the Euro region which some see as a blueprint for the United States of America.
And as untold numbers of people with money in Canadian banks are now asking: “Are my bank deposits really safe?”
The Canadian Government owes the answer to Canadians and depositors from any number of other countries.
While we’re in question mode, Mr. Flaherty, shouldn’t government accountability include warnings to the populace that if the United States of America economy fails, it will pull Canada down with it?
Too many forget that when Barack Obama nationalized General Motors, Ottawa and Ontario contributed $13.7 billion to help bail out North American automakers GM and Chrysler in 2009, and combined own about 9 percent of GM’s common shares.
Canada lives next door to a country whose president promises to fundamentally transform. Now that Obama publicly is operating unconstitutionally and getting away with it, is anyone in Ottawa doing anything to protect Canadian sovereignty and resources from elected tyrants?
No one, including the Republicans, is stopping Obama from systemically destroying America.
Are we in line for the same fate in Canada?
Waiting respectfully for your answers, Mr. Flaherty.
Most recent columns
Copyright © Canada Free Press
Judi McLeod is an award-winning journalist with 30 years’ experience in the print media. A former Toronto Sun columnist, she also worked for the Kingston Whig Standard. Her work has appeared on Rush Limbaugh, Newsmax.com, Drudge Report, Foxnews.com, and Glenn Beck.