"We suspected that the same policy change had been made by the US & the UK, but was simply yet to be discovered, buried in the website of a Federal agency.
We suspected correctly…In the introduction, the resolution informs readers that the FDIC and the Bank of England have been working together to formulate the new bail-in model for future bank failures:
... The joint US/UK resolution states that depositor haircuts are already legal in the UK thanks to the 2009 UK Banking Act:
... And that the legal authority has already been given in the US
buried in Dodd-Frank:
... The resolution states that while the US would prefer large financial institutions be resolved through ordinary bankruptcy, depositor wealth confiscation will be pursued in the case of a systemically important institution (i.e. BOA, JPMorgan, Goldman Sachs, etc):
... The resolution authority states that shareholders would lose all value prior to depositor scalpings:
... The banksters plans for a bail-in resolution agency include investment banks and clearing houses as well as deposit bearing institutions!!!
... Exactly as played out with the Cyprus template, depositors will receive equity shares in the new, bailed-in institution:
... Exactly as played out with the Cyprus template, depositor funds will be stolen in whatever quantities are required to keep the TBTF zombie bank afloat:
... For now (until the rules are changed when a greater need for funds arises, funds will only be stolen from depositors with
more than the FDIC insured $100,000 in their account:
... In order for the resolution to work, the banksters state that the public must be convinced their deposits are safe, when in fact they are subject to bail-in confiscation:
"Similarly, because the group remains solvent, retail or corporate depositors should not have an incentive to “run” from the firm under resolution insofar as their banking
arrangements, transacted at the operating company level, remain unaffected. In order to achieve this, the authorities recognize the need for effective communication to depositors, making it clear that their deposits will be protected.0.1% interest on savings deposits with the now VERY REAL THREAT OF COMPLETE CONFISCATION in the US & UK doesn’t sound like such a great return to us.
The Fed appears to be making a calculated play to force savings out of the TBTF banks and into stocks and real estate, a move that is likely to backfire spectacularly."