The Cyprus haircut to bank deposits can now legally happen in Australia! I quote from the “Barnaby is Right” blog:
“Just like the Canadian government did in March, and just as Europe, the USA and the UK have now done, the Australian government too is now beginning to make good on its 2010 G20 commitment to implement the Goldman Sachs-chaired, internationalist Financial Stability Board’s new regime for bailing out the banks using depositors’ money.”
On page 134 of the Portfolio Budget Statements of the Australian Prudential Regulation Authority for 2013-2014 there is the first hint of bail-in. Then, in appendix lll there appears this quote: “Carry out bail-in within resolution as a means to achieve, or help achieve continuity of essential functions”.
First it was Cyprus, then Europe, then Canada, UK, USA… sounds like a plan, The fiat monetary system will go bust eventually, the big boys know it, and when it does the Joe Sixpack’s of the world are going to get fleeced. Gold is looking good.