While you were sleeping, leaders of the so-called “free world” have been actively transforming their financial systems and now it appears that everybody’s bank account is fair game.

Could the U.S. and the U.K. become the next Cyprus where private bank deposits are seized to recapitalize failed banks? According to a report written by the Federal Deposit Insurance Corporation (FDIC) and the Bank of England called: “Resolving Globally Active, Systemically Important, Financial Institutions,” the answer is yes.

The 15-page report, dated December 10, 2012, was written, according to its executive summary, to address: “the importance of an orderly resolution process for globally active, systemically important, financial institutions (G-SIFIs),” after the 2007 financial crisis. Since then the United States and the United Kingdom have been working together to develop resolution strategies that could be applied to their respective largest financial institutions.
Semper Fi (USMC 1981-1991)
Molon Labe
I am a cancer Killer.