The Phaserl


Depositor “Haircuts” [Theft, more accurately] Spreading

by Stephen Lendman,

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.”

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