Say Goodbye to Your Safe Deposit Box
The comments above & below is an edited and abridged synopsis of an article by Jeff Thomas
In 2013, Cyprian banks confiscated the deposits of many of their clients. There was no warning, and there was little explanation. The banks had been mismanaged to the point that, unless the deposits were confiscated, they would fail.
Depositors had trusted the banks to safeguard their money, and this was theft. But the world accepted that when a bank gets in trouble, it should have the authority to rob its depositors in order to create a bail-in.
The precedent was set; we can expect banks and governments to pillage those who store their wealth in banks.
The EU and Canada have such laws. The US passed its bail-in law in 2010—prior to the Cyprus theft. Cyprus was a trial run to see if the banks and governments could pull off such a theft without causing rebellion. They were successful, and therefore opened the door for further confiscation.
The next step will be the confiscation of the contents of safety deposit boxes located in banks; the US and the EU have made inroads here.
Greece has led the way with the next trial balloon—mass confiscation of safe deposit boxes, plus confiscation of securities and wealth held in private homes.
Europe is over its head in debt and EU membership assures that all countries in the EU share that debt. In Canada and the US, the debt level is even greater. Greece will be the trial balloon for each of these jurisdictions.
There will be no announcements that such confiscatory laws will be passed, since the other confiscatory laws were also unannounced.
Since no notice is required that a confiscation is going to happen, you’re unlikely to know of your loss until you hear that the safe deposit boxes of other individuals have been emptied. At that point, yours may also have been emptied.
In periods of economic crisis, banks and governments have a habit of resorting to desperate measures to save their skins. Such a period is presently unfolding. The warning flag is out—soon, a safe deposit box will be anything but safe. You can wait until it has been emptied by the bank, or clear it out yourself.