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Financial Martial Law.

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Is it true that amongst the banking elite there is discussion of negative interest rates ? In adition, abolishing cash altogether ? Whoever forms a government after the general election will they be forced to inpose some kind of financial martial law;enabling them to strip savers of their savings ?

 

Also could banks take away your right to withdraw your money altogether ?

Edited by petemcewan

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Yes. Negative rates are already in place in Japan and have been for some time. It's a useful tool to stop institutions from locking up capital and increasing liquidity.

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Obelix,

 

Thanks for that insight. I'll be reading this thread with a view to getting a bit of education.

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Also could banks take away your right to withdraw your money altogether ?
I don't believe so, but a government certainly can, and has regularly done so whenever there have been real risks of bank runs.

 

The general expression to Google is "capital controls".

 

They will be surfacing in the news before long, in the context of Brexit (the UK exiting EU means the end of the freedom of movement of capital, between the UK and other EU member states).

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Is it true that amongst the banking elite there is discussion of negative interest rates ? In adition, abolishing cash altogether ? Whoever forms a government after the general election will they be forced to inpose some kind of financial martial law;enabling them to strip savers of their savings ?

 

Also could banks take away your right to withdraw your money altogether ?

 

It's not your money :)

 

The case law you need to look at is Foley vs Hill (1848.) and Joachime vs Swiss Bank Corporation (I forget the year it's sometime just after WW1)

 

The money you deposit in the bank ceases to be yours on deposit. That means you cannot reclaim it, you cannot trace it if wrongly paid. The bank account is a record of the debt owed by the bank to you as an individual person, which is repayable on demand. If you demand payment and the bank refuses, the sole recourse is to sue the bank in the small calims or High Court as appropriate for the monies on offer.

 

Naturally since banks are based on the trust between them and their creditors and debtors you as creditor can destroy that trust with a well publicised court case so they try very hard not to let that happen - with the result that the only serious run on a bank and mass levelling fo such cases was Northern Rock in the UK.

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Obelix,

 

I've followed up on that information. One upshot is that my teacher's personal pension -which is paid directly into my personal bank account- is not really mine.

That is a rum do. There's no other way that my pension can be paid to me .

 

---------- Post added 08-05-2017 at 11:57 ----------

 

My apologies to the Forum. The title should be Martial Law.

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Didn't they take money out of ordinary people's bank accounts in Cyprus or somewhere?

 

Of course the easiest way for governments to part people from their money is to invent an arbitrary tax that everyone has to pay, and that's been done many times.

 

And beware becoming a cashless society which is what the banks want. That would take away our final freedoms and give the banks total control over us.

 

'Computer says No...'

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Anna seriously - you need to lighten up on the conspiracy theories. Your bank doesn't have anywhere near total control over you.

 

---------- Post added 08-05-2017 at 12:22 ----------

 

Didn't they take money out of ordinary people's bank accounts in Cyprus or somewhere?

 

No. A very quick google search would show you what the real terms of the deposit levy were.

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Of course to do such a thing another crisis is needed. Brexit is a great opportunity.

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Didn't they take money out of ordinary people's bank accounts in Cyprus or somewhere?
47.5 percent one-off levy on Bank of Cyprus deposit accounts with a balance above €100,000, Anna.

 

"Rich people who could afford it", Anna.

 

Do I hear an objection from you? :twisted::D

 

Playing the tax haven part (like Cyprus did) has its pitfalls. Which May would do well to remember in years to come. Tax havens (proper ones, fit for money laundering and other stashing) have not been flavour of the month with the 1st world for many years now. It's pretty much down to just the UK and its far-off islands nowadays.

Edited by L00b

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47.5 percent one-off levy on Bank of Cyprus deposit accounts with a balance above €100,000, Anna.

 

"Rich people who could afford it", Anna.

 

Do I hear an objection from you? :twisted::D

 

Playing the tax haven part has its pitfalls. Which May would do well to remember in years to come.

 

Of course you will. The definition of rich changes according to the level of fake news that is being generated to promote outrage...

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Of course to do such a thing another crisis is needed. Brexit is a great opportunity.

 

Ooh, you cynic...

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