A Great Post Title
California and Cypress ..... you don't have to read any more to get the point. But there is more at Legal Insurrection ...
I go off on a tangent however....
It made me think of Ontario and Cypress .... with something like 3 times the debt to GDP ratio and no hope of closing the gap under the current liberal government the Province of Ontario is poised to bring down the rest of Canada in the same way the failed socialist states of Europe are bringing down the EU. Their bonds are worthless and the economy will not sustain any taxation needed to repair the gap between what they owe and what they need to pay the debt.
And so the EU bureaucrats are forcing the national banks of Cypress (and any others they choose) to take money out of their customer accounts. THEFT to cover the debts incurred by government.
The big question today is "Will this allow the federal government to steal your savings?"
In the case of the state of California ... you can bet your ass that the Federal government inn the US will bail them out
Under the new federal budget there is an item which clears the way for them to do so.
systemically important banks. This regime will be designed to ensure that,
in the unlikely event that a systemically important bank depletes its
capital, the bank can be recapitalized and returned to viability through the
very rapid conversion of certain bank liabilities into regulatory capital.
This will reduce risks for taxpayers. The Government will consult
stakeholders on how best to implement a bail-in regime in Canada.
Implementation timelines will allow for a smooth transition for affected
institutions, investors and other market participants.