Cyprus-Style: It's Now Legal For U.S. Banks To Confiscate Your Savings?

"It’s now legal for a big bank to confiscate your money without warning and at their discretion." So says WND and financial expert James Sinclair.

(WND) Banks "too big to fail," or TBTFs, already have authority in the United States to impose an unlimited Cyprus-style "bail-in" that confiscates the savings of depositors, stockholders and shareholders in lieu of a federal taxpayer bailout. The Cyprus-style bail-in for banks occurred last year when the Cypriot government decided to take all uninsured deposits above 100,000 euros to apply to recapitalizing the island’s failing banks. WND recently detailed the initial impact that such action caused depositors on that island country. Such a bail-in is considered to be the “new collapse template for the Western banking system,” according to financial expert James Sinclair. Read The Full Story

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