Richard Wolff explains Bail-Ins

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5 жыл бұрын

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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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Пікірлер: 93

@redsed1565 3 жыл бұрын

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

@truth901 3 жыл бұрын

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!

@petek7822 3 жыл бұрын

Ok, but I've read the relevant BOE texts and the bail ins don't affect individual depositors, only financial institutions and companies.

@truth901 2 жыл бұрын

@@petek7822 No, everyone is affected. Gov.uk also subtly says this.

@petek7822 2 жыл бұрын

@@truth901 This from the BOE's own Bail In documentation: "Today bail-in is a recognised part of the toolkit of stabilisation powers available to the Bank and other resolution authorities. Bail-in means we can be more confident that banks will be able to keep critical services operating through resolution and restructuring, while maintaining appropriate financial resources and with costs borne by the failed bank’s owners and investors rather than by depositors or taxpayers". Also: "This includes most unsecured liabilities (unless subordinated); commercial or trade creditors arising from the provision of goods and services; uncovered depositors (eg financial institutions); covered depositors that are not individuals or SME for amounts in excess of £85,000".

@truth901 2 жыл бұрын

@@petek7822 Thanks Peter...I ll look further into this but my understanding was a similar policy to what happened in Cyprus 2011 where individuals had been bailed in. Theres a lot of talk that this event in Cyprus 2011 was a test bed for rolling out bailins further across Europe ....(though for the UK, things may have changed since Brexit.)

@petek7822 2 жыл бұрын

@@truth901 I'm having a friendly argument with my eldest daughter who is convinced Bail Ins target little Joe Public as well as corporate shareholders. I've not won the argument yet but she has gone very quiet! 😆

@AndyAnaya 5 жыл бұрын

am I upset? Uh Huhh

@davidbrown4868 2 жыл бұрын

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.

@mushroomhunter3606 Жыл бұрын

The only way I'd to keep most of your cash at home or a secret hiding spot...buy precious metals and crypto

@jb8408 5 ай бұрын

Your deposit is protected up to a certain amount (in the US, I think it's $250k). The bail-in rule would really be applied to large investors like corporations holding their assets at a bank.

@SmithTechTactics Жыл бұрын

There was a recent FDIC meeting on this November 9, 2022. Very interesting public information!

@christinekennedy2032 3 жыл бұрын

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

@KhemistryIBMOR 5 жыл бұрын

Wow!! Perish the thought!

@boomerdoomer7534 4 жыл бұрын

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

@FarooqAhmed 4 жыл бұрын

Buy bitcoin!

@curtisrandolph1887 3 жыл бұрын

@@FarooqAhmed Does Bitcoin have a Bond Market?

@FarooqAhmed 3 жыл бұрын

@@curtisrandolph1887 No

@jjones7837 4 жыл бұрын

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

@jfausset 4 жыл бұрын

I am! I know this is coming and I have friends I’ve told about it. I am brushing up.

@heatherflint1936 4 жыл бұрын

YUP

@KiritPankhania 2 жыл бұрын

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

@gianmariovolta2992 5 жыл бұрын

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

@TheRomanTimesNews Жыл бұрын

We are here meow papo ❤❤❤

@Redheadsailor 2 жыл бұрын

They are talking about that now in the uk

@vasvarvar4847 4 жыл бұрын

Will go get some cash tomorrow)

@GreenBoiler 4 жыл бұрын

Bitcoin Fixes This

@relevant.c5411 2 жыл бұрын

not anymore. biden signed an EO to allow the fed to control it. and bitcoin isnt backed by anything.

@TheEmin3mFan2 4 жыл бұрын

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

@MrRudderhead 4 жыл бұрын

1412somm.pdf

@MrRudderhead 4 жыл бұрын

www.newyorkfed.org/medialibrary/media/research/epr/2014/1412somm.pdf

@relevant.c5411 2 жыл бұрын

dude look it up urself. its fact. and read the fine print when u open an account. once u deposit it U NO LONGER OWN IT, THEY DO

@themiddlefinger5149 4 жыл бұрын

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

@karnafullyctg4795 2 жыл бұрын

Om gosh

@matejebach5487 5 жыл бұрын

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.

@chriss4365 2 жыл бұрын

How can you tell if your bank will do this?

@relevant.c5411 2 жыл бұрын

are they a bank? then they will do it when the wink is given

@christpebbles Жыл бұрын

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...

@muntee33 3 жыл бұрын

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...

@wthornton7346 5 жыл бұрын

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.

@dinnerwithfranklin2451 5 жыл бұрын

I'm not sure what Dr Wolff thinks about Dr Werner's work but it seems to me that he suggests a bandaid be applied to the broken system we currently have. I've not studied Dr Werner's work but it seems a stopgap measure designed to take the wind out of an angry public's sails

@wthornton7346 5 жыл бұрын

@@dinnerwithfranklin2451 I will let Prof. Werner speak for himself, he is very capable. What interests me is his descriptions and definitions of what 'banking' is, what 'deposits' are and how banks 'create' money. His 'bandaid', as you put it, seems to me to be aligned to the co-operative movement.

@dinnerwithfranklin2451 5 жыл бұрын

@@wthornton7346 Well said. Prof Werner should speak for himself. I apologize if I incorrectly got the idea that he has no issue with the capitalist system but only thought of a way to prop it up.

@wthornton7346 5 жыл бұрын

@@dinnerwithfranklin2451 I genuinely don't know his exact position on the organisation of society! However, his views on banking are really interesting and he does take some leadership roe in a not-for-profit community banking enterprise (something along the lines of the Bank of North Dakota I think, but I may be wrong). Prof. Wolff would be in a better position to judge. My feeling is that Werner is on to something potentially very powerful...?

@dinnerwithfranklin2451 5 жыл бұрын

@@wthornton7346 Thank you. That does sound interesting. I'll see if I can find out more.

@johno3288 Жыл бұрын

Bail-ins are happening in the form of inflation.

@lilpandanesegirl Ай бұрын

stop using banks.

@shellb1633 5 жыл бұрын

Would that be true for Credit Unions also?

@redsed1565 3 жыл бұрын

great question!

@curtisrandolph1887 3 жыл бұрын

The very question I was looking for an answer. I guess I could call the Credit Union and ask.

@19inkorrect91 2 жыл бұрын

@@curtisrandolph1887 like they're going to admit they can legally rob you. They will gently deny anything that will worry you.

@thalesnemo2841 5 жыл бұрын

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!

@jb8408 5 ай бұрын

Individual depositors are protected. it would only be applied to deposits which aren't certified. So, the rich would bail the bank out

@bobbyc.1111 Жыл бұрын

But isn't it true that the bank has insurance to cover your house once you get a loan. this means the banks are paid twice for your home once by insurance and once by you if youpay it off but even then its not yours its the banks that get the IRS to recover your house if you don't pay taxes on it.. The Preable used to say the right to own property and they changed it later

@philb5 Жыл бұрын

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

@tomodoleris 5 жыл бұрын

But if the deposits were insured the depositor can get it back

@tomodoleris 4 жыл бұрын

@SW Sweetie I agree the time is essentiall difference at this point, but nowadays everyone are getting bailouts anyway even individuals 😄

@relevant.c5411 2 жыл бұрын

KEEP TELLING URSELF THAT. IF 1 HAND IS CROOKED U THINK THE OTHER ISNT?

@Redheadsailor 2 жыл бұрын

Gold silver bitcoin fixes this

@electricman69 Жыл бұрын

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

@libertarianbitcoiner1014 4 жыл бұрын

Buy gold. Buy bitcoin. Bye banks.

@tradelearning Жыл бұрын

I would love to know what law governs the bail-in. I'm sure this doesn't seem like anything but a scam to everyone watching this video.

@clarestucki5151 5 жыл бұрын

If it were true that banks could seize depositors accountss for "bail-ins", nobody would be dumb enough to ever deposit any mony in those banks.

@stsr11 5 жыл бұрын

It is true. Legislation has been in place since 2012.

@david8157 5 жыл бұрын

It is true - you should check with your bank. Most governments do guarantee depositors funds up to a certain amount. Anything over that can be taken by the bank as part of a bail-in.

@clarestucki5151 5 жыл бұрын

@@david8157 Yes, but that "certain amount" is far more than normal people ever have in the bank, right??

@david8157 5 жыл бұрын

@@clarestucki5151 Well it's more than I have; but you should check with your bank so you know what the situation is for you.

@d4rkpkzz 5 жыл бұрын

@@clarestucki5151 Just take your money out of Wells Fargo, Bank of America, or whatever other Wall Street bank you may have it in, and put it into your local credit union.

@clarestucki5151 5 жыл бұрын

Re "It's the job of the banks NOT to lend to people who can't repay", but Wolff would be the first one to scream that the greedy banks discriminate against to poor people!!

@sidlee3118 5 жыл бұрын

he would also be the first one to say banks should be public, not private!!!! (like the bank of North Dakota). reading your comments is painfully embarrassing. please speak less and learn more.