by Stephen Lendman, SJLendman.Blogspot.com:
A previous article called them the new normal. Bad ideas spread fast. Canada endorses Cypriot harshness. Its “Jobs Growth and Long-Term Prosperity: Economic Action Plan 2013” says so.
On March 21, it was submitted. It endorsed depositor haircuts. It did so before Cypriot trouble erupted. Its “Establishing a Risk Management Framework for Domestic Systemically Important Banks section (pages 144-145) states:
“Canada’s large banks are a source of strength for the Canadian economy.”
“The Government….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, (have) negative impacts on the economy.”
Please follow SGT Report on Twitter & help share the message.