Why Paper Investments Can’t be Trusted

Jim Flaherty’s Cyprus-style bank rescue plan: Walkom

Be prepared. If you hold the wrong kind of bank accounts, Jim Flaherty may have your savings in his cross-hairs.

New rules would allow Canadian regulators to seize unspecified bank liabilities — including, perhaps, the savings of uninsured depositors — and use them to prop up a faltering institution. Which is exactly what Cyprus’ government did to deal with its banking crisis

That’s the message from the finance department, which has been set the unwelcome task of having to explain the government’s latest attempt to prevent a Cyprus-style financial meltdown in Canada.


The Money GPS is the book by David Quintieri.
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The Money GPS features Bob Chapman, James Turk, and David Morgan.

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