Richard Wolff explains Bail-Ins

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Bail-ins. "You know what that is? Taking money from the depositors who put money in the bank and simply taking it to recoup their own capital that they can't get back from the people they lent to. Is it legal to have a bail-in, to take the money of the depositor and not give it back to them? The answer is yes. In many countries including the United States the laws now allow a bail-in. Should that upset you? Uh huh."

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[redsed]

People are more worried about a change in the weather! Bloody pathetic!

[truth]

Yes- in the UK, this law was passed on the 1st January 2016! (This date being chosen as while people were out celebrating the New Years ....and being a holiday for the whole day- this means it would be brought in so quietly that it could little, be detected!) But it can be found on the UK govt. website. This duplicity should send warning bells to everyone!

[davidbrown]

Excellent explanation. Now, how can a depositor protect their deposits? Now, every depositor must have audit power over the bank so that they can judge the solvency of the bank that they want to do business with. This is not going to happen.

[gianmariovolta]

In the EU the BRRD (Bank Recovery and Resolution Directive) since 2015 has authorized banks to get their hands on savers' deposits in case of crisis

[christinekennedy]

Australian One Party looks good for Australia if people voted them in.

[KiritPankhania]

There are no ethics or morals in so much of banking activities.

[boomerdoomer]

this is why I'm buying silver....

[jjones]

Who's watching in March 2020 as we just went to 0% Feds Rate????

[themiddlefinger]

Paying for the crimes of the ones who created it. The Banks.

You can't solves the problems of printing money, by printing MOAR moneh.

TIme for plan B.
#Bitcoin

[matejebach]

Truth. In my country you have this and advancement stupidity. For example your money in the bank disappears. Nobody take it out of bank but in the bank account is suddenly zero. And bank is not responsible for that. Responsible is some unknown official in the bank, who knows which and it is yours to try to find him and tear out your money from him. But beware of police. Bank haven't any responsibility for your account and their officials.

[muntee]

It should be loaned to the bank. At a healthy interest rate...
Otherwise, what is the disincentive for the banks NOT to do this? Public trust? PAH!
That's only a factor if the public has an alternative choice.
*a LEGAL one anyway...

[TheEminmFan]

Pretty interesting but it would be nice to see some sources as well

[thalesnemo]

What would happen if the individual depositors then turned on other businesses to pass on this “cost” and refused to pay their bills! The cascading effects would grind the economy to a halt!

[christpebbles]

Isn't it just banks worth over a particular amount and deposits over the $250k mark? Although, does the US Gov have enough for the US to bail out depositors and that would just come from tax payers...

[petergmarbles]

☔... thanKs from an old guy.... goOd to know...if i had any money I'd be buying gold, silver etc....thanks for aLL you have taught me over the last 10 years..
... peace

[chriss]

How can you tell if your bank will do this?

[electricman]

The system is like this coporate fascism at the top socialist comminusium at the bottom.

[johno]

Bail-ins are happening in the form of inflation.

[philb]

Is not the bail in for deposits over 250, 000 ??? . All other deposit below 250, 000 is protected by FDIC is this not correct ???

[wthornton]

I would be fascinated to know what Prof. Wolff thinks of the work of Richard A. Werner, Prof. of Banking and Finance at Oxford University? He has some interesting views on the role of banks and central banks in particular.