to prevent ppl from withdrawing all their money???
Yes.
Their deposits are Insured by CDIC.
The reason for the closing has to be within the Banking Act .
Mapoui - Can a bank stay closed
I was looking for something very relevant to this question...as soon as I find it...
by now, especially in the western world there would be laws that permits government to shut down banks. if there is no actual individual law that permits a government to close down banks..I am sure it can be done under emergencies.
all Emergency Acts I have seen...governments can define what an emergency is and act accordingly. so if they say this or that situation is an emegency requiring emergency action, meaning the suspension of the constitution giving the arbitrary power ..there you go
by now, especially in the western world there would be laws that permits government to shut down banks. if there is no actual individual law that permits a government to close down banks..I am sure it can be done under emergencies.
all Emergency Acts I have seen...governments can define what an emergency is and act accordingly. so if they say this or that situation is an emegency requiring emergency action, meaning the suspension of the constitution giving the arbitrary power ..there you go
right! it would be in the laws that regulate banking...
and also under emergency. any emergency..even if defined by the government...gives government total power to act as it sees essential for the public good
and also under emergency. any emergency..even if defined by the government...gives government total power to act as it sees essential for the public good
[quote author=ketchim link=topic=78632.msg490597#msg490597 date=1364307726]
Yes.
Their deposits are Insured by CDIC.
The reason for the closing has to be within the Banking Act .
[/quote]
well take for instance whats happening with Cyprus right now....same thing?
Yes.
Their deposits are Insured by CDIC.
The reason for the closing has to be within the Banking Act .
[/quote]
well take for instance whats happening with Cyprus right now....same thing?
Political situations are Complex.
IF it is felt there are a " run " on the Banks :
the Banks cam close and avoid the Emptying of their Vaults by Customers !
IF it is felt there are a " run " on the Banks :
the Banks cam close and avoid the Emptying of their Vaults by Customers !
CYPRUS IS EMERGENCY...AND WHERE IT IS NOT...A HUGE AREA..IT IS TREASONOUS.
the european Union is actually dictating to Cyprus, telling them what to do under threat of severe pain.
I dont think this is possible under the various treaties voted on to set up the Euro Union. an unelected body..the Euro Bureaucracy is dictating the terms of all this, subverting Cyprus soverignty
the european Union is actually dictating to Cyprus, telling them what to do under threat of severe pain.
I dont think this is possible under the various treaties voted on to set up the Euro Union. an unelected body..the Euro Bureaucracy is dictating the terms of all this, subverting Cyprus soverignty
hide all you money under the mattress
the people of Cyprus are being compelled to act against their own best interest.
in the only place the people are being made responsible for for what they did not do. and their money is being stolen out of their deposits. the debts of the banks are being transferred to the people.
THAT IS TOTALLY ILLEGAL..SO THE EMERGENCY IS ONE CREATED BY THE CYPRUS GOVERNMENT AND THE EURO BUREAUCRACY.
IT IS A DEFINED EMERGENCY BY THE GOVERNMENT..NOT AN ACTUAL EMERGENCY FOR ANYBODY BUT THE BANKS.
in the only place the people are being made responsible for for what they did not do. and their money is being stolen out of their deposits. the debts of the banks are being transferred to the people.
THAT IS TOTALLY ILLEGAL..SO THE EMERGENCY IS ONE CREATED BY THE CYPRUS GOVERNMENT AND THE EURO BUREAUCRACY.
IT IS A DEFINED EMERGENCY BY THE GOVERNMENT..NOT AN ACTUAL EMERGENCY FOR ANYBODY BUT THE BANKS.
the banks are close because of fear of a bank run caused by the theft of the peoples money.
there is no other reason for a bank run that could trigger the Banking Act to shut down the banks. they can keep the banks in Cyprus closed only illegally..which is what is going on.
and all controls enacted to protect the banks are illegal as well. it is all to stop the people from protecting themselves by removing their money before it is all taxed away from them.
there is no other reason for a bank run that could trigger the Banking Act to shut down the banks. they can keep the banks in Cyprus closed only illegally..which is what is going on.
and all controls enacted to protect the banks are illegal as well. it is all to stop the people from protecting themselves by removing their money before it is all taxed away from them.
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